Malayan Banking Bhd., also known as Maybank, has established a sukuk program, as well as a commercial paper and medium-term note program.

The bank said Dec. 14 that it established a sukuk program of up to 10 billion Malaysian ringgit, under which it will issue senior sukuk and subordinated sukuk.

The capital raised from issuances under the program will be used to fund the bank's investments in ringgit-denominated and foreign currency-denominated Islamic financial instruments, the Islamic business activities of Maybank's subsidiaries and overseas branches and any other Shariah-compliant business activities of the bank.

In addition, Maybank established a commercial paper and medium-term note program of up to 10 billion ringgit, the bank said in a separate release the same day.

Under the program, Maybank will raise capital via the issuance of commercial paper and medium-term notes to fund its working capital, general banking and other corporate purposes, including the refinancing of any existing borrowings incurred or any existing debt instruments issued by the lender.

Maybank Investment Bank is the principal adviser, lead arranger, lead manager and book runner for the sukuk program, as well as the commercial paper and medium-term note program. Maybank Islamic Bhd. is the Shariah adviser for the sukuk program.

As of Dec. 14, US$1 was equivalent to 4.45 Malaysian ringgit.