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Alliance Islamic Bank establishes sukuk programs

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Alliance Islamic Bank establishes sukuk programs

Alliance Islamic Bank Bhd. established a perpetual sukuk program to issue up to 2.5 million ringgit of Islamic bonds, as well as an Islamic commercial papers program to issue up to 300 million ringgit of Islamic bonds.

Under the bank's perpetual sukuk program, it will issue up to 1.2 billion ringgit of senior sukuk murabahah, up to 800 million ringgit of Tier 2 sukuk murabahah and up to 500 million ringgit of additional Tier 1 sukuk wakalah.

Under the lender's Islamic commercial papers program, it will issue up to 300 million ringgit of sukuk murabahah.

Alliance Islamic Bank will use the proceeds from issuances under the programs for Shariah compliant general banking, working capital and other corporate purposes.

Alliance Investment Bank Bhd. is the principal adviser, lead arranger, lead manager and facility agent for the two sukuk programs, while Alliance Islamic Bank is the Shariah adviser.

Alliance Islamic Bank and Alliance Investment Bank are units of Alliance Bank Malaysia Bhd.

As of March 13, US$1 was equivalent to 4.09 Malaysian ringgit.