KARACHI, Sept 24: A $600 million Malaysian sovereign Islamic bond (Sukuk) has been listed on the Bahrain Stock Exchange (BSE). A listing agreement between the two sides was signed in Manama, according to a press statement from Bahrain Monetary Agency (BMA) received here.

The BMA is the single regulatory body of the entire financial sector comprising banking, insurance and capital markets.

The Malaysia Global Sukuk is the first Malaysian bond issue to be listed on a stock exchange in the Middle East region. The Sukuk, a floating rate note, was issued in July 2002 and matures in 2007.

The central banks of Bahrain and Malaysia have worked together to establish a number of multilateral institutions related to Islamic finance, including the International Islamic Financial Market, Islamic Financial Services Board and International Islamic Rating Agency.

The listing of Malaysia Global Sukuk brings to a total of 13 the number of bond issues listed on the BSE with a face value of $2 billion.

Pakistan is also working hard to develop an Islamic version of treasury bills or ijarah sukuk to promote Islamic banking here.