Monday 16 Dec 2024
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KUALA LUMPUR (July 15): Bank Islam Malaysia Bhd (KL:BIMB) said on Monday it has issued RM1 billion in senior sukuk murabahah under its RM10 billion sukuk murabahah programme, which was lodged with Securities Commission Malaysia in 2018.

In a statement, Bank Islam said the issuance of the senior sukuk murabahah received an “overwhelming response" from investors, with a bid-to-cover ratio of over 3.2 times the issuance size after upsizing from RM500 million.

The two-series senior sukuk murabahah will see series-1 with a nominal value of RM400 million and a five-year tenure. Meanwhile, series-2 will feature a nominal value of RM600 million, with a seven-year tenure.

It said proceeds from this sukuk issuance will be utilised for its banking activities, working capital requirements and other corporate needs.

The sukuk murabahah is rated AA3/stable by RAM Ratings Services Bhd. It offers fixed profit rates of 4.01% and 4.13% per annum.

Bank Islam is the principal adviser, lead arranger, lead manager and shariah adviser for the sukuk murabahah programme.

Shares in Bank Islam closed one sen or 0.40% higher at RM2.50 on Monday, valuing the company at RM5.67 billion.

Edited ByS Kanagaraju
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