Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Bank Islam Malaysia Berhad (Bank Islam) has announced the issuance of its maiden MYR 500 million (USD 111.8 million) Additional Tier-1 Capital Sukuk Wakalah, under a MYR 5 billion (USD 1.1 billion) nominally-valued Sukuk Wakalah programme, and based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 24th of August 2022.

Why it Matters?

The offering has a perpetual tenure that is non-callable for five years and is set to qualify as Bank Islam’s Tier 1 regulatory capital, in accordance with the Capital Adequacy Framework for Islamic Banks set by Bank Negara Malaysia.

Details

RAM Rating Services Berhad gave the Sukuk an A3/stable rating. The principal adviser, lead arranger, lead manager and...