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Tuesday October 26, 2010

IDB sukuk issue to go for dual listing

PETALING JAYA: The Islamic Development Bank’s (IDB) successful issuance of five-year US$500mil Emas sukuk marks Malaysia’s march towards a multi-currency platform for sukuk issuances.

The Malaysia International Islamic Finance Centre (MIFC) secretariat said in a press release that the sukuk’s successful closing reflected Malaysia’s evolution into a multi-currency platform for sukuk issuances.

The secretariat said the sukuk would be listed on Bursa Malaysia under an exempt regime as well as the London Stock Exchange.

“This is a significant transaction under the MIFC initiative as it is the first US dollar sukuk issuance by a multi-lateral development institution in Malaysia,” it added.

Other foreign-currency Emas Islamic financing instruments issued under the MIFC initiative in the last 18 months inluded Petroliam Nasional Bhd’s US$1.5bil sukuk, Government of Malaysia’s US$1.25bil sukuk, Nomura’s US$100mil sukuk and Khazanah Nasional Bhd’s S$1.5bil sukuk.

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