Indonesian Council of Ulama Fatwa No. 70 of 2008 on Methods of Issuing State Shari'a Securities

This fatwa states that in order to guarantee transparency and accountability, state shari'a securities are generally issued via auctions and book building. Therefore, auctions and book building, including the stipulation of state shari'a security prices, must be in accordance with shari'a principles. The fatwa specifies that prices may be stipulated pursuant to one of two methods:

  1. uniform pricing; or
  2. multiple pricing.
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