Indonesia’s CIMB Niaga Auto Finance to Issue Sukuk Worth IDR 1 Trillion  

Indonesia-based PT CIMB Niaga Auto Finance (CNAF) has announced the issuance of Sukuk Wakalah Bi Al-Istitsmar I Year 2023 with a total value of IDR 1 trillion (USD 64 million), as per a prospectus published on the 9th of January 2023.

Why it Matters?

The Sukuk will be offered in two series yet the value and yields that each series offers have not been specified. After deducting the costs associated with emissions, all of the funds raised through this Sukuk sale will be put to use as working capital for Shariah financing business activities for automobiles.

Details

Vehicle financing will be provided by the company to clients with Murabahah contracts, while Wakalah returns will be paid every three months in accordance...