PT Bank Muamalat Indonesia, the nation’s oldest shariah-compliant lender, said it will offer $50 million of dollar-denominated Shariah-compliant bonds in the fourth quarter of this year.
“The medium-term note sale will be a bilateral arrangement with a foreign bank in Malaysia,” Chief Financial Officer Hendiarto said at a press briefing in Jakarta today. The sukuk will have a tenor of not more than five years, he said in May. (source)
“The medium-term note sale will be a bilateral arrangement with a foreign bank in Malaysia,” Chief Financial Officer Hendiarto said at a press briefing in Jakarta today. The sukuk will have a tenor of not more than five years, he said in May. (source)
The bank will also raise funds by selling $800 billion rupiah of subordinated debt next year to boost capital, said Hendiarto, who like many Indonesians goes by a single name.
Bank Muamalat Indonesia, the country’s second largest Islamic bank, has almost 400 branches in Indonesia and one in the Malaysian capital, Kuala Lumpur. There are 11 shariah- compliant lenders in Indonesia and 23 other banks that offer Islamic services through so-called window operations, according to data from the country’s central bank.
Indonesian companies, including banks, have sold 200bn rupiah ($23m) of Islamic bonds this year, compared with 700bn in 2010, data compiled by Bloomberg show. Global offering of the securities, which pay asset returns to comply with Islam’s ban on interest, more than doubled to $14.7bn this year from a year earlier.
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