Tuesday, August 24, 2010

Islamic Devt Bank lists RM1b sukuk on Bursa

KUALA LUMPUR:'' The Islamic Development Bank (IDB) listed its RM1.0 billion sukuk medium term note (MTN) programme on Bursa Malaysia on Tuesday, Aug 23.

Bursa Malaysia said this was the first multilateral development bank to list its Ringgit sukuk MTN programme on the Exchange.

The sukuk was issued via IDB's special purpose vehicle, Tadamun Services Bhd and it is the inaugural sukuk by IDB to be issued in local currency.

This RM1.0 billion sukuk MTN programme has a tenure of 10 years and is rated AAA by Standard & Poor's. The proceeds raised will be used for general corporate purposes relating to IDB's business activities.

IDB's Ringgit sukuk MTN programme is listed under the 'exempt regime' basis and is therefore, not exchange traded.

'Exempt regime' means that debt securities or sukuk issued under the programme that is listed on the Exchange will not be quoted or traded on the Exchange.

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