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BIMB's Bank Islam issues RM40 mln sukuk

BIMB's Bank Islam issues RM40 mln sukuk
BIMB said the sukuk's tenure would be 10 years, with non-callable five years, and the maturity date would be Dec 15, 2025. - File photo
KUALA LUMPUR: BIMB Holdings Bhd's wholly-owned unit, Bank Islam Malaysia Bhd, has issued the second tranche of the Subordinated Sukuk Murabahah amounting to RM400 million under the Subordinated Sukuk Murabahah Programme.

In a filing to Bursa Malaysia today, BIMB said the sukuk's tenure would be 10 years, with non-callable five years, and the maturity date would be Dec 15, 2025.
"The proceeds shall be used to finance Bank Islam's Islamic banking activities, working capital requirements and other corporate purposes and/or, if required, to redeem any outstanding Subordinated Sukuk Murabahah issued under the Subordinated Sukuk Murabahah Programme," it said BIMB said all utilisation of proceeds shall be syariah-compliant and the sukuk was rated 'A1/stable' by RAM Rating Services Bhd.

On Oct 10 last year, Bank Islam obtained approvals from Bank Negara Malaysia and the Securities Commission Malaysia to establish the Subordinated Sukuk Murabahah Programme.
It was further announced on Apr 22 this year that Bank Islam had issued the first tranche of the Subordinated Sukuk Murabahah amounting to RM300 million.