State registration of the first issue of Islamic certificates of equity participation (Sukuk al Mudaraba) of Intercascade, Islamic Special Financial Company LLC was carried out in Kyrgyzstan.
According to the State Service for Regulation and Supervision over the Financial Market, the issue was made in the amount of 750 million certificates for a total amount of 750 million soms and was assigned the state registration number KG1001233814 dated May 25, 2023 with a circulation period until December 31, 2030.
The originator is Intercascade Trade and Finance Limited, registered in accordance with the laws of Hong Kong.
The originator intends to raise additional funds for business development and is ready to provide investors with shares in the profits from the use of the funds raised. The originator’s business consists in trading in large wholesale quantities of household and industrial equipment from the markets of Southeast Asian countries to the markets of Central Asian states.
An investment agreement based on the principles of Mudaraba agreement was concluded between the issuer and the originator.
It should be noted that according to the law on the Securities Market, Islamic securities are assets issued on the basis of Islamic principles of financing (Sharia standards), certifying the ownership of an indivisible share in the established property or business of the issuer.
