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Malayan Banking Closes MYR1.2 Billion Islamic Debt Issue

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Malayan Banking (KLSE:MAYBANK) completed the issuance of 1.2 billion ringgit worth of Subordinated Sukuk Murabahah under its sukuk program, according to a Wednesday Malaysian bourse filing.

The issuance comprised three tranches with tenures of 10, 12, and 15 years, carrying initial profit rates of 3.78%, 3.87% and 3.95% per annum, respectively.

The lender will use the proceeds to fund Shariah-compliant investments, support Islamic business activities of the bank's subsidiaries and overseas branches, as well as other Islamic financing activities.

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