Bank Rakyat Launches MYR 10 Billion Sukuk Wakalah Programme Via Special Purpose Vehicle

Bank Kerjasama Rakyat Malaysia (Bank Rakyat) has launched a Senior Islamic Medium Term Notes (Sukuk Wakalah) programme of up to MYR 10 billion via Imtiaz Sukuk II, which is a special purpose vehicle (SPV), according to local media reports.

Why it Matters?

The launch comes ahead of the issuance of MYR 300 million of Sukuk Wakalah (Series 3) and MYR 700 million of Sukuk Wakalah (Series 4) on the 19th of April 2021. Proceeds of the Sukuk Wakalah will be used for Bank Rakyat’s Shariah-compliant business expansion programme, working capital, general banking, as well as general corporate purposes. Meanwhile, proceeds from the Sukuk Wakalah for Imtiaz Sukuk II will be used to invest in a portfolio made up of the Commodity Murabahah Investment and Shariah Compli...