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RHB Islamic Bank redeems 500M ringgit of Islamic bonds

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RHB Islamic Bank redeems 500M ringgit of Islamic bonds

RHB Islamic Bank Bhd. has fully redeemed 500 million ringgit worth of subordinated Islamic bonds, or sukuk murabahah, that it issued in 2014.

In order to replenish the redeemed sukuk, the bank issued 500 million ringgit of 10-year sukuk murabahah with a profit rate of 4.32% per year.

The proceeds raised from the issuance will be be used for the bank's Shariah-compliant working capital and for general banking purposes.

RHB Islamic Bank is a unit of RHB Bank Bhd.

As of May 21, US$1 was equivalent to 4.18 Malaysian ringgit.