IslamicFinance.de

Volatile currency markets could hamper Malaysian mortgage lender Cagamas Bhd's plans for its first foreign currency sukuk, the state-backed firm's chief executive Chung Chee Leong said. In November, Cagamas set up a US$2.5 billion (RM9.2 billion) programme to issue multi-currency sukuk in an effort to broaden its investor base. Chung said that at this moment, dollar was just not attractive, adding that US dollar issue was still the most likely option. He hopes the issue could still come this year. Asked about expansion plans, Chung said Cagamas was not working on opening subsidiaries in other countries, but would rather aim to take on loans that Malaysian lenders made outside the country through their Malaysian offices.