The Goldman Sachs 1-year murabaha sukuk transaction is a murabaha of the second type where GSCL, a sharia-compliant special purpose entity, is the seller and GSI, a subsidiary of Goldman Sachs Group, is the purchaser.
For this to be a tawarruq transaction, it would require the presence of additional elements: a) GSI (not GSCL, as above) buying the commodities solely with the intention of immediately selling the commodities to a third party to generate cash, and/or b) GSI must sell the commodities back to the original supplier or its nominee.
Joseph Marboa-Rockson, Acting Managing Director of GSCL, a limited public liability company engaged in shipping, forwarding and clearing, announced this while speaking at the official outdooring of a new Friday wear for staff of GSCL, said the plan for the proposed merger was made by the Minister of Trade and Industry (MOTI), Dr.
The Friday wear, which aims to encourage GSCL staff to work hard for the growth of the company, was designed by the Akosombo Textiles Limited (ATL).
Speaking after signing the MoU in Accra recently, the GSCL MD Dr.
GSCL has inked the deal with South African Oreport Pty Limited to secure commercially viable supply opportunities in Ghana and give same options to Oreport, according to the MD.
As part of the MoU, Oreport will offer $3m to be spent by Oreport and GSCL; plus deliver trade finance essential for the subsequent supply of goods and services plus secure goods and services and delivery of goods to Ghana and West African sub-region from the global market.