PETALING JAYA: Malayan Banking Bhd (Maybank) has established a sukuk programme of up to RM10 billion in nominal value under the syariah principle of Murabahah (via Tawarruq). Tawarruq is an arrangement that involves a purchase of a commodity or asset based on deferred payment basis by way of Murabahah. Maybank told Bursa Malaysia yesterday that the sukuk programme would provide the bank the flexibility to raise funds for its investments in ringgit-denominated and foreign currency-denominated Islamic financial instruments, Islamic business activities of its subsidiaries and overseas branches, and any other syariah-compliant business activities. The sukuk programme has been assigned a long-term rating of ‘AAA’ for issuances of senior sukuk Murabahah and ‘AA1’ for issuances of subordinated sukuk Murabahah by RAM Rating Services Bhd. Maybank IB is the principal adviser, lead arranger and manager, and book runner for the programme.