Islamic Bank to sell Bt5-billion domestic bond

The Islamic Bank of Thailand plans to sell Bt5 billion of domestic sukuk and US$150 million of global sukuk, Dheerasak Suwannayos, the bank's president, said today in the Islamic Finance News Roadshow 2011 in Bangkok.

The Shariah-compliant bonds, which will be denominated in the Thai baht, will probably be sold in third quarter of this year and the global issue will follow, he said.

The Islamic bonds use asset returns to pay investors to comply with the religion's ban on interest.