BMA Offers $50m in Ijara Securities

Bahrain Monetary Agency (BMA) is offering its fourth issue of Islamic leasing (Ijara) securities, worth $50 million which will be open for subscription from November 10 - 17.

The securities are for three years, from November 19 and carry a rental return of 3 per cent to be paid every six months on May 19 and November 19 each year.

The minimum subscription has been set at $10,000, which is also the par value of each certificate. The securities will be allocated on pro-rata basis in case the issue is oversubscribed. They are 'directly and unconditionally' guaranteed by the Bahraini government.

All commercial banks and Islamic banking and financial institutions and national insurance companies operating in Bahrain are invited to participate in the issue.