Bank Islam Issues Third Tranche of MYR 700 Million Subordinated Sukuk Murabahah

Bank Islam Malaysia Berhad (BIMB) issued its third tranche of subordinated Sukuk Murabahah amounting to MYR 700 million under its MYR 10 billion Sukuk Murabahah Programme on the 21st of October 2020, according to local media reports.

According to a statement issued by BIMB, the Sukuk qualifies as Tier 2 regulatory capital of the bank in compliance with Bank Negara Malaysia’s Capital Adequacy Framework for Islamic Banks, and will enhance the capital adequacy of BIMB in line with Basel III requirements. BIMB is the principal adviser, lead arranger, lead manager and Shariah adviser for the programme.

The subordinated Sukuk, which is rated A1/Stable by RAM Rating Services (RAM),...