Ninth tranche of Bank Islam sukuk issued
KUALA LUMPUR: Bank Islam Malaysia Bhd has issued RM1bil senior sukuk murabahah under its RM10bil sukuk murabahah programme on July 25.
The issuance marks the ninth tranche under the bank's RM10bil sukuk murabahah programme.
In a statement, Bank Islam said the sukuk had received an overwhelming response from investors with a high bid-to-cover ratio of three times.
The senior sukuk murabahah is rated AA3/stable by RAM Ratings Services Bhd and carries a competitive profit rate of 3.85% per annum for a seven-year tenure, it said.
'The proceeds will be used to finance Bank Islam's banking activities, working capital requirements and other corporate purposes. The utilisation of the funds will be in accordance with syariah principles,' it added. — Bernama
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