Tuesday, July 13, 2010

Nomura Holdings lists US$100m sukuk on Bursa Malaysia

KUALA LUMPUR: Bursa Malaysia has received its second foreign listing of US$100 million (RM332 million) sukuk in an issuance by Nomura Holdings, Inc, as announced during the signing of the Subscription Agreement between Nomura and Kuwait Finance House (Malaysia) Bhd recently.

This is the first sukuk listing by an Asian and a Japanese international entity. The sukuk is structured based on the globally accepted syariah principle of ijarah ("leasing").

Kuwait Finance House is the Mandated Lead Arranger for this listing exercise. In a joint statement issued by Bursa Malaysia and Nomura on July 13, Bursa Malaysia chief executive officer Datuk Yusli Mohamed Yusoff said Malaysia remains the world's single most active corporate sukuk market at present.

"We certainly have made great strides in the sukuk market and the listing of Nomura's sukuk is further demonstration of foreign players' confidence towards Islamic securities and instruments issued out of Malaysia," he said.

Nomura deputy president and chief operating officer Takumi Shibata said that with the landmark transaction, Nomura has further diversified its funding sources and tapped the large and growing Islamic finance market for the first time.

"This issuance is part of Nomura's ongoing push to diversify its funding sources to drive growth. Islamic investors and Islamic finance are a very important and rapidly growing sector globally and this transaction is highly significant for Nomura and for corporate Japan," he said.

Bursa Malaysia said the sukuk listing from Nomura would further strengthen it a as a preferred sukuk listing destination, elevating the overall position of Malaysia as an international Islamic financial hub.

With this listing, Bursa Malaysia's sukuk listings recorded a total of US$20.9 billion worth of sukuk programmes with 15 sukuk listed by 13 issuers, from which two of them are international issuers, it said.

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