Fusang Exchange
Tokenised Sukuk Info Sheet
Learn more about the tokenised sukuk, its features, how it is structured, and how Fusang's exchange members can participate now.
World's First Institutional Tokenised Sukuk Backed by a Sovereign-Linked Instrument Listed
Fusang, a digital stock exchange operator, has listed the world’s first institutional tokenised sukuk backed by a sovereign-linked instrument, opening up access to a short-term A-1 rated sukuk for global institutions and their clients.
How does the FUSANG Depository Receipt (FDR) work?
- FDR means Fusang Depository Receipt and it is created by referencing to the American Depository Receipt mechanism. FDRs are tokens that directly represent assets held by the Depository on behalf of token holders.
- FDRs represent direct legal claims on the underlying assets, and can be redeemed back into the underlying assets if investors want.
- Tokenised sukuk, specifically the Islamic Liquidity Sukuk Fusang Depository Receipt (symbol: ILSF) have the same legal and financial features as the underlying sukuk (in this case, the IILM underlying sukuk), and are themselves shariah-compliant securities. Fusang has obtained its own Shariah pronouncement for the tokenisation of the sukuk.
- ILSF can be listed for secondary market trading on Fusang Exchange.
- ILSF can be transferred between the regulated financial institutions who are participating Members of the Fusang Exchange.
- Upon maturity of the underlying sukuk, ILSF holders will be paid out in USD via their subscribing broker.
What is IILM?
International Islamic Liquidity Management Corporation ("IILM") is an international organisation established by 8 central banks and a multilateral organisation to create and issue shariah-compliant sukuk to fulfil its mandate to facilitate effective cross-border Islamic liquidity management.
Steadfast backing by central banks: Current shareholders of IILM comprise the central banks of Indonesia, Malaysia, Mauritius, Qatar, Nigeria, Turkey, Kuwait, U.A.E., and the multi-lateral organisation, Islamic Corporation for the Development of the Private Sector.
For more information on the IILM and its Sukuk issuances, please refer to the IILM's website www.iilm.com
Disclaimer:
The International Islamic Liquidity Management Corporation (the “IILM”) is not in any way affiliated with Fusang nor any of its affiliates, parent(s) or subsidiaries. Any references to the IILM are not intended to indicate participation, expressly or implicitly, on the part of the IILM or any of its shareholders, in this tokenisation exercise.
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