Bank Muamalat issues sukuk mudharabah worth Rp500 bln
Wed, May 30 2012 21:24 | 1490 Views
Jakarta (ANTARA News) - Islamic lender Bank Muamalat on Wednesday announced the issuance of sukuk mudharabah (profit-sharing bonds) worth Rp500 billion as the first phase of its plan to issue subordinated sukuk (sharia bonds) worth Rp1.5 trillion.
Arviyan Arifin. (ANTARA)
"The sukuk has a maturity of 10 years, with call option in the fifth year."
"This is the first phase of the issuance of all of our subordinated sukuk, totalling Rp1.5 trillion," Bank Muamalat President Director Arviyan Arifin said here.
"The indicative yield of sukuk mudharabah is 9.5 to 10.5 percent," he added.
The book-building process of the subordinated sukuk mudharabah will be from May 30 through June 12 this year.
The bank is expected to start offering the sukuk mudharabah to the public on June 25-26, with allotment scheduled for June 27.
Arviyan said the issuance of sukuk mudharabah was aimed at strengthening the bank`s capital adequacy ratio, a measure of a bank`s capital, expressed as a percentage of a bank`s risk-weighted credit exposures.
"It will be earmarked to expand Bank Muamalat`s financing business. With the addition of Rp500 billion, we will be able to expand our financing business by at least 10 times, to Rp5 trillion," he explained.
The bank has appointed a number of sukuk underwriters, including PT Bahana Securities, PT Danareksa Sekuritas, and PT Indo Premier Securities.
It also has appointed state lender PT Bank Negara Indonesia as a trustee agent.
"The sukuk has a maturity of 10 years, with call option in the fifth year," Arviyan stated.
Local credit rating agency Pemeringkat Efek Indonesia (Pefindo) has assigned idA+ (single A sharia) rating for the bank`s first phase of sukuk.
Editor: Priyambodo RH
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