Written by Joseph Chin
Tuesday, 29 December 2009 11:12
KUALA LUMPUR: CIMB Islamic Bank Bhd (CIMB Islamic) listed its tier 2 junior sukuk programme of up to RM2 billion in nominal value on Bursa Malaysia on Tuesday, Dec 29.
Bursa Malaysia said the listing from CIMB Islamic further strengthened the stock exchange's proposition to develop Malaysia as an international Islamic financial centre as well as CIMB Islamic's position as a global leader in Islamic finance.
CIMB Islamic chief executive officer Badlisyah Abdul Ghaniof said the listing of the Islamic sub-debt on Bursa Malaysia further strengthened the bank's commitment in developing the Islamic debt capital market.
"Though not a retail offering as yet, we hope this listing will be a precursor to the development of a vibrant retail sukuk market tradable on Bursa Malaysia," he said
Bursa Malaysia chief executive officer Datuk Yusli Mohamed Yusoff described CIMB Islamic's listing as a milestone for the stock exchange as it was the first Islamic financial institution to list their sukuk on the exchange.
"This move signifies the relevance and appeal of Bursa Malaysia to bigger players in the Islamic finance industry, as well as boosts investor confidence."
Bursa Malaysia registered its first sukuk and bond listings by Petroliam Nasional Bhd and Cagamas in August this year, followed by GE Capital's non-ringgit sukuk listing in November.
Malaysia has attracted over 60% of worldwide sukuk issuances, making this country a global hub for Islamic finance and investments. This is due to the investor-friendly regime coupled with a robust regulatory and Shari'ah framework.