AIX Issues Kazakhstan’s First Sukuk
Astana International Exchange (AIX) is proud to announce the successful issuance at AIX of first local Sukuk[1], marking a significant milestone in the advancement of Islamic finance in the country.
The Sukuk was issued by Gamma-T SPC Limited (Ticker Gama.1227), a subsidiary of Gamma-T LLP, whose primary business involves the maintenance services to coal mining entities.
The first tranche under the Sukuk programme registered with AIX has been structured as Ijarah Sukuk with maturity on 05 December,2027.
Birzhan Astayev, Chief Markets and Products, noted:
“This issuance represents a landmark achievement for both AIX and the promotion of Islamic finance in Kazakhstan. By facilitating the listing of debut local sukuk, we are creating more diverse and inclusive investment opportunities and strengthening our link to global Sharia-compliant financial markets. This accomplishment highlights the AIX’s commitment to driving innovation and contribution to the sustainable growth of the country’s financial ecosystem in general.”
The Ijarah structure is a Sharia-compliant leasing agreement wherein the usufruct[2] of a specific asset is transferred from the asset owner (lessor) to the lessee for agreed rental payments. Key features of the Ijarah Sukuk are around the assets which shall be compliant with the Sharia principles, the title for the assets remains with the lessor while routine maintenance falls under the lessee’s responsibility.
Reference:
AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. www.aix.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. www.aifc.kz
[1] Sharia-compliant financial instruments similar to bonds, representing ownership in an asset or a business, and providing investors with returns generated by these assets without involving interest.
[2] In the context of Ijarah (Islamic leasing), usufruct represents the lessee’s right to use the leased asset for an agreed period in exchange for rental payments, while ownership remains with the lessor.
