IslamicFinance.de

CIMB Group Holdings Bhd. plans to sell a sukuk backed by a pool of loans, becoming the world’s first Islamic bank to sell the type of collateralised debt that contributed to the global financial crisis. The Malaysian lender is seeking to raise RM1 billion (US$275 million) from an offering of five-year notes this quarter, CIMB Islamic Bank Bhd.’s Chief Executive Officer Badlisyah Abdul Ghani said. The securitized debt will diversify funding options in the Islamic finance industry. CIMB Islamic’s new notes will be sold via private placement to investors who are comfortable with this type of security, CEO Badlisyah added.