The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Reuters
Malaysia’s Bank Muamalat will set up a 1 billion ringgit ($243.4 million) sukuk programme, after the Islamic lender said on Wednesday it would redeem 400 million ringgit worth of subordinated sukuk on June 15.
Bank Muamalat’s new sukuk programme has loss-absorption features to meet Basel III criteria, qualifying as Tier 2 capital, rating agency RAM Ratings said in a regulatory filing.
The bank is 70 percent owned by conglomerate DRB-Hicom , while the remaining shares are held by Malaysia’s sovereign wealth fund Khazanah Nasional Bhd.
In February, Bank Muamalat and Malaysia Building Society Bhd called off merger talks that would have created one of the country’s largest standalone Islamic banks.