PETALING JAYA: Malayan Banking Bhd (Maybank) has set up a sukuk programme of up to RM10bil, rated AAA, to fund its investments in ringgit-denominated and foreign currency-denominated Islamic financial instruments.
Maybank Investment Bank Bhd (Maybank IB) said yesterday that Maybank may issue up to RM10bil under the senior sukuk murabahah and/or subordinated sukuk programme under the syariah principle of murabahah.
“The sukuk programme will give Maybank the flexibility to raise funds via the issuance of senior sukuk murabahah and/or subordinated sukuk murabahah from time to time,” it said.
The funds can be utilised, among others, for Maybank’s investments in ringgit-denominated and foreign currency-denominated Islamic financial instruments and the Islamic business activities of Maybank’s subsidiaries and overseas branches.
RAM Rating Services Bhd has assigned a long-term rating of AAA for issuances of senior sukuk murabahah and AA1 for issuances of subordinated sukuk murabahah by the bank.
Issuances of subordinated sukuk murabahah under the sukuk programme will qualify as Tier 2 capital of Maybank.
Maybank Investment Bank is the principal adviser, lead arranger, lead manager and bookrunner for the sukuk programme.
Maybank Islamic Bhd is the syariah adviser for the sukuk programme.