Lender is­sues RM500m sukuk

New Straits Times - - Business -

KUALA LUMPUR: Pub­lic Bank Bhd’s wholly-owned sub­sidiary, Pub­lic Is­lamic Bank Bhd, has is­sued a sec­ond tranche of the sub­or­di­nated sukuk muraba­hah worth RM500 mil­lion un­der the sukuk muraba­hah pro­gramme.

In its fil­ing with Bursa Malaysia, the bank said the pro­ceeds will qual­ify as Tier 2 reg­u­la­tory cap­i­tal for Pub­lic Is­lamic Bank as well as Pub­lic Bank and its sub­sidiaries in ac­cor­dance with the Cap­i­tal Ad­e­quacy Frame­work for Is­lamic banks (Cap­i­tal Com­po­nents) is­sued by Bank Ne­gara Malaysia.

“The pro­ceeds of the sub­or­di­nated sukuk muraba­hah would be made avail­able to Pub­lic Is­lamic Bank with­out lim­i­ta­tion for its work­ing cap­i­tal, gen­eral bank­ing and other cor­po­rate pur­poses, all of which would be syariah-com­pli­ant,” it said.

RAM Rat­ing Ser­vices Bhd has as­signed a fi­nal long-term rat­ing of “AA1” to the sub­or­di­nated sukuk muraba­hah.

BLOOMBERG PIC

Pub­lic Bank says sukuk pro­ceeds will qual­ify as Tier 2 reg­u­la­tory cap­i­tal for Pub­lic Is­lamic Bank as well as Pub­lic Bank and its sub­sidiaries.

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