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The Finance Department’s argument for the introduction of Sukuk is that the long-term impact of government investment projects in the infrastructure sector is enormous, which cannot be expected through the private sector. To do this, the government has had to finance the deficit of the conventional banking and financial system. However, Islamic banks and financial institutions can also participate in this process.
The Finance Department had prepared a list of seven projects for funding through Sukuk. Of these, 12 billion rupees will be needed for five projects. In addition, 5 projects worth Tk 600 to 1000 crore, 12 projects worth Tk 400 to 700 crore and 48 projects worth Tk 200 to 400 crore were identified.
Mudaraba (profit sharing), Musharaka (profit and loss sharing), Murabaha (profit sharing), Ishtisna (product development), Karj Hasan (good credit), Salam (advance purchase) in different countries of the world said several officials from the Islamic banking services banks in the country. And the sukuk of leasing (rent) is frequent.
Malaysia currently ranks first in the world in terms of leaving Sukuk. Sukuk is also used in Bahrain, Indonesia, Pakistan, Qatar, Saudi Arabia, Singapore, and the United States. Sukuk is now used in both Muslim and non-Muslim countries.
According to the ‘Global Islamic Economic Report’ published by the international research organization Thomson Reuters in 2016-17, the amount of global Islamic funding in 2015 was two trillion or two trillion US dollars. The growth of the Islamic economy is said to be so positive that in 2021 it will reach three and a half trillion dollars.
