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AmIslamic Bank Issues Basel III-compliant Sukuk Murabahah
The issue is also Malaysia's and world's first Basel III-compliant, Tier 2 Subordinated Sukuk issued under the syariah principle of Murabahah based on commodity trading, it said in a statement today.
The new issuance, which carried a semi-annual profit payment of 5.07 per cent per annum, has a maturity of ten years and callable at the end of year five, it said.
"While a number of conventional banks have issued Basel III-compliant capital instruments in Malaysia and the region, incorporating the required characteristics of Basel-III capital instruments into an Islamic context presented a number of additional challenges," it said.
AmBank Group Managing Director, Ashok Ramamurthy, said the successful closing of the landmark transaction represented a significant milestone for the Malaysian sukuk market.
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