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November 24, 2010 17:15 PM

AmIslamic, SCC Sign RM100 Million Islamic Banking Facility

KOTA KINABALU, Nov 24 (Bernama) -- AmIslamic Bank Bhd and Sabah Credit Corporation (SCC) on Wednesday signed a RM100 million Islamic banking facility that is set to spur Sabah's economic development.

"We are indeed pleased to be associated with SCC, a catalyst for Sabah's socio-economic development," said Ambank Group Chairman Tan Sri Azman Hashim.

He said the Ambank Group, which had a long standing relations with SCC since 1990s, hoped to further enhance its services to the corporation by leveraging on its dedicated financial institutions group platform and expertise.

"Ambank Group is grateful for the opportunity to work together with SCC and looks forward to work closely with and support SCC in its next phase of continued growth," he said after co-witnessing the signing of the agreement together with Chief Minister cum State Finance Minister Datuk Seri Musa Aman.

AmIslamic Bank Chief Executive Officer Datuk Mahdi Murad signed on behalf of the bank while SCC was represented by its Chief Executive Officer Datuk Vincent Pung.

Meanwhile, Azman said AmInvestment Bank has been appointed sole principal adviser/lead arranger for SCC's maiden RM1 billion sukuk issuance programme, targeted to be launched next year.

"We believe, with our solid track record in Malaysia's Islamic and conventional debt capital markets, SCC's sukuk offer will pave the way for future sukuk offerings by Sabah corporations and relevant government departments and agencies," he said.

Azman said the RM1 billion sukuk issuance programme would further deepen and strengthen Malaysia's growing Islamic capital market and the country's position as a leading Islamic financial centre.

The sukuk issuance programme would further attract new investors and enhance SCC's currently diversified investor base from both East and West Malaysia, he said.



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