The Sukuk shall qualify as Tier 2 regulatory capital of Bank Islam in compliance with Bank Negara Malaysia’s Capital Adequacy Framework for Islamic Banks .“The Sukuk, redeemable at their full nominal value upon maturity, comes with a call option on its fifth anniversary and is rated A1/stable by RAM Rating Services Bhd, ” it said.Under the programme, the bank has the flexibility to issue subordinated Sukuk Murabahah and/or senior Sukuk Murabahah during the period.
RAM Ratings reaffirmed a final long-term rating of ‘A1/stable’ and ‘AA3/stable’ to the subordinated Sukuk Murabahah and senior Sukuk Murabahah. Bank Islam is also the principal adviser, lead arranger, lead manager and Shariah adviser for the Sukuk Murabahah programme. Bank Islam CEO, Mohd Muazzam Mohamed said the RM10bil is the second Sukuk programme established by the bank.
It issued its first tranche on Nov 7,2018 amounting to RM300mil, followed by the second tranche on March 26 this year at RM400mil.
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