(Albany, NY) Today, Senator Parker introduced a bill that will create a new type of bond designed to attract more foreign investment to New York, creating jobs and opportunities for small businesses and working families.
Senator Parker’s bill mandates the creation of “alternative finance investment bonds (AFIBs),” which are also known as sukuk. Unlike traditional bonds, these innovative new bonds open up investment opportunities to those whose religious or personal beliefs proscribe them from engaging in transactions where interest is charged. These investors are therefore precluded from using conventional debt instruments such as bonds.