Bank Rakyat Malaysia Issues MYR 500 Million Senior Wakalah Sukuk in Three Tranches  

Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat) has announced the issuance of Islamic Medium-term Notes (IMTN) Sukuk Wakalah worth MYR 500 million (USD 106 million) in three tranches, under its MYR 10 billion (USD 2.1 billion) Senior Wakalah Sukuk Programme and via special purpose company (SPV), Imtiaz Sukuk II Berhad.

Why it Matters?

The issuance, which was priced on the 27th of October 2022, was successful in generating favourable demand with a bid that was 2.58 times its original amount. Bank Rakyat will utilise the proceeds from the offering for Shariah-compliant uses, such as working capital needs, capital expenditures, general investment, financing provision, and general business purposes.

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