IslamicFinance.de

The Malaysia unit of Japan's Toyota Motor Corp. plans to setup a 2.5 billion ringgit ($667 million) programme to raise funds via both conventional and Islamic bonds. The proposed programme from Toyota Capital Malaysia Sdn Bhd was rated AAA by RAM Ratings, and follows a 1 billion ringgit sukuk programme setup in 2008 that matured earlier this month. The Malaysia unit has two other conventional debt programmes that can raise a combined 1.8 billion ringgit; It sold a debut sukuk in 2008. The move comes at a time when Japanese firms are renewing efforts in the sector, with Japan's financial regulator relaxing rules for domestic banks to use Islamic financial products.