Regulatory Alerts2025-08-04
Added
DMD Circular Letter No. 13: Regarding Sukuk Allotment Quota
The document redefines the allocation percentages for Sukuk issuances among three investor categories: Shariah-based banks, finance companies, insurance companies, and Islamic branches/windows of conventional banks are allocated 80%; conventional banks, finance companies, and insurance companies are allocated 5%; and individual investors, provident funds, deposit insurance, investment companies, corporate entities, gratuity funds, and mutual funds are allocated 15%. In cases where bids exceed the quota in any category, allotment is made pro-rata among bidders in that category, with any surplus distributed pro-rata to other categories with excess demand. This circular cancels previous circulars DMD Circular Letter No. 06 dated August 27, 2023, and DMD Circular Letter No. 05 dated January 22, 2025, and takes immediate effect.