Sunday Observer Online

Home

News Bar »

News: Over 10,000 jobs at FTZs ...           Political: Sri Lanka needs no foreign blessings - JHU ...          Finanacial News: Strict rules to regulate private buses ...          Sports: Wayamba - Kandurata clash in inter-provincial final ...

DateLine Sunday, 13 January 2008

Untitled-1

observer
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

First Shariah Compliant Bond for People's Leasing

First Global Group, a multi-disciplined Islamic financial institution together with Investec Capital (Pvt) Ltd, a boutique investment banking institution, acting as joint lead arranges have executed Agreements to issue the first Sri Lankan Sukuk (Shariah Compliant Bond) to People's Leasing Company Limited - Islamic Finance Services Unit.

Deutsche Bank AG, Colombo Branch would be appointed as the Trustee to manage the Trust on behalf of the Investors. First Global Group will also act as the Structuring Advisor along with Investec and as Shariah Advisor to the transaction.

The Agreements executed by the Institutions permits People's Leasing Company Ltd. - Islamic Finance Services Unit (IFSU) to diversify its funding sources and lower its cost of funding through Shariah Compliant debt instrument, which is a first of its kind in the country. People's Leasing Co. Ltd. (PLC) incorporated in 1995, is a fully owned subsidiary of the People's Bank. The PLC (IFSU) was set up in November 2005 with the objective of venturing into the Islamic Finance market in Sri Lanka to tap into the enormous growth potential in the industry.

The nature of the issuance would be beneficial for both the Investors and the Issuer PLC, as the receivables are segregated through beneficial ownership. This is a landmark deal of PLC as this is the first instance the IFSU intends using its Rs. 1 billion (approx) receivables portfolio for a sukuk issuance. The IFSU of PLC has established a strong footing in Islamic Leasing Industry and is a market leader in the leasing business.

EMAIL |   PRINTABLE VIEW | FEEDBACK

Gamin Gamata - Presidential Community & Welfare Service
www.sigirilanka.com
www.srilankans.com
Ceylinco Banyan Villas
www.news.lk
www.defence.lk
www.helpheroes.lk/
www.peaceinsrilanka.org
www.army.lk
 

| News | Editorial | Financial | Features | Political | Security | Spectrum | Impact | Sports | World | Plus | Magazine | Junior | Letters | Obituaries |

 
 

Produced by Lake House Copyright © 2007 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor