BIMB issues second tranche sukuk worth RM400m

26 Mar 2020 / 14:39 H.

PETALING JAYA: BIMB Holdings Bhd’s wholly owned subsidiary, Bank Islam Malaysia Bhd has issued the second tranche of subordinated sukuk Murabahah amounting to RM400 million, as part of its RM10 billion sukuk programme.

According to the group’s filing with Bursa Malaysia, the sukuk has a tenure of 10 years with a non-callable period for the first five years. The maturity date is March 26, 2030.

The sukuk has been given an “A1/stable” rating by RAM Ratings Services Bhd.

BIMB said the sukuk will qualify as Tier 2 regulatory capital of Bank Islam, in compliance with Bank Negara Malaysia’s Capital Adequacy Framework for Islamic Banks (Capital Components).

“Hence, it will enhance the capital adequacy of the bank in line with the Basel III requirements.”

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