Bank Rakyat Signs Agreement for MYR 10 Billion Sukuk Wakalah Programme

Bank Rakyat has signed an agreement for a 30-year Sukuk Wakalah Programme (Sukuk) with a nominal value of MYR 10 billion on the 18th of September 2020, according to local media reports. The Sukuk, which is structured on the Shariah principles of Wakalah Bi Al-Istithmar, will be conducted through special-purpose company Imtiaz Sukuk II, with Maybank Investment Bank acting as principal advisor and lead arranger.

According to Datuk Rosman Mohamed, Chief Executive Officer at Bank Rakyat, the first issuance of the Sukuk will take place in the near future with an issue size of MYR 500 million to be offered between three and five years, and an option to increase the issue, with Bank Muamalat Malaysia, CIMB Investment Bank, May...