PM: Sukuk to help rebuild economy

PUTRAJAYA: The issuing of the RM500mil sukuk Prihatin Islamic bonds is in response to the people’s desire to help the government rebuild the economy in the post-Covid-19 pandemic era, says the Prime Minister.

Tan Sri Muhyiddin Yassin said the government decided to implement a ‘bottom-up’ approach in the issuance of sukuk Prihatin to open opportunities for the public and the corporate sector to subscribe.

“This is a form of resource consolidation that reflects the solidarity of Malaysians in rebuilding the country’s economy, ” said Muhyiddin at the launch of sukuk Prihatin here yesterday.

Also present was Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, who witnessed the launch of the Islamic bond yesterday, also agreed to become a subscriber.

Sukuk Prihatin, which is a syariah-compliant investment instrument, can be subscribed starting with RM500 with a profit rate of 2% per annum for two years.

There is no maximum limit to its subscription.

The subscription period started yesterday until Sept 17.

The sukuk’s profits will be paid every quarter of the year and is tax exempted.

Towards a better future:Sultan Abdullah (centre) witnessing the launch of the sukuk Prihatin fund at the Finance Ministry. Looking on is Muhyiddin (left) and Zafrul. — BernamaTowards a better future:Sultan Abdullah (centre) witnessing the launch of the sukuk Prihatin fund at the Finance Ministry. Looking on is Muhyiddin (left) and Zafrul. — Bernama

It can be subscribed only through digital banking services, using JomPAY and DuitNow facilities.

“I am moved when informed that the government has received many offers from honest and sincere people who want to support the government’s efforts to revive the country’s economy, ” said Muhyiddin.

He said the subscription from sukuk Prihatin would be channelled into the Covid-19 Consolidated Fund and programmes to be funded by sukuk were for the benefit of those affected by the pandemic.

The programmes included improving connectivity for rural schools, funding grants for research into infectious diseases and financing micro-small and medium enterprises, especially women entrepreneurs, he added.

Muhyiddin said the government would also allocate some of the proceeds from the sukuk Prihatin fund for health concerns, including research on infectious diseases.

“This will benefit efforts by the Ministry of Health and public research institutions, as well as institutions of higher learning, in their study of infectious disease or epidemic, ” he added.

Since the focus of the sukuk Prihatin fund was for the needy, he said, the government promised to ensure that no one would be left behind in the economic recovery efforts after the Covid-19 outbreak.

He said the sukuk Prihatin initiative met the three focus points of the Shared Prosperity Vision and was part of an approach that would benefit the most targeted group worst affected by Covid-19.

The three focus points of the Shared Prosperity Vision are to restructure the economy by ensuring development for all, addressing inequality by bridging the income gap and building the country towards a united, prosperous and dignified nation.

“I am confident that this noble effort will ensure the people get to enjoy a decent standard of living through the best approach through cooperation between the government and the people, ” he added. — Bernama

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