Takaful Malaysia in RM1bil sukuk proposal
KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia) has proposed the establishment of a tier-two subordinated sukuk programme of up to RM1bil in nominal value based on the syariah principle of wakalah bi al-istithmar.
The company said in a filing with Bursa Malaysia that the programme, known as the sukuk wakalah programme, will be used to issue tier-two subordinated sukuk with a tenure of not less than five years from the issue date.
Takaful Malaysia said it had lodged the required information and relevant documents with the Securities Commission pursuant to the regulator's guidelines on unlisted capital market products under the Lodge and Launch Framework.
The company said it has been accorded a takaful financial strength rating of AA2 by RAM Rating Services Bhd, while the sukuk programme has been given a credit rating of AA3.
CIMB Investment Bank Bhd is the sole principal adviser, sole lead arranger and sole lead manager for the sukuk wakalah programme.
CIMB Islamic Bank Bhd, meanwhile, is the syariah adviser. — Bernama
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Takaful Malaysia in RM1bil sukuk proposal
The company said the sukuk programme has been given a credit rating of AA3 by RAM Rating Services. KUALA LUMPUR: Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia) has proposed the establishment of a tier-two subordinated sukuk programme of up to RM1bil in nominal value based on the syariah principle of wakalah bi al-istithmar. The company said in a filing with Bursa Malaysia that the programme, known as the sukuk wakalah programme, will be used to issue tier-two subordinated sukuk with a tenure of not less than five years from the issue date. Takaful Malaysia said it had lodged the required information and relevant documents with the Securities Commission pursuant to the regulator's guidelines on unlisted capital market products under the Lodge and Launch Framework. The company said it has been accorded a takaful financial strength rating of AA2 by RAM Rating Services Bhd, while the sukuk programme has been given a credit rating of AA3. CIMB Investment Bank Bhd is the sole principal adviser, sole lead arranger and sole lead manager for the sukuk wakalah programme. CIMB Islamic Bank Bhd, meanwhile, is the syariah adviser. — Bernama
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Takaful Malaysia proposes RM1bil Tier 2 subordinated sukuk programme SUBORDINATED SUKUK PROGRAMME
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