Al Baraka bank announces second #Sukuk issuance to raise R400m
Al Baraka bank announced the raise of R400m via its second Sukuk issuance. The Sukuk issued by Al Baraka will pay a variable return over its 10-year life and qualifies as tier 2 capital for the bank. Al Baraka SA financial director Abdullah Ameed said the intention is to raise the R400m in tranches of R100m. The first tranche should be completed by the end of the year, then the lender will look to raise R300m over the course of 2020. Al Baraka CEO Shabir Chohan says the proceeds will allow the bank to continue growing its advances book, despite the weak economy.
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