Malaysia's Bank Islam issues first sukuk tranche worth $83 million

Malaysia's Bank Islam issued its first sukuk tranche worth 300 million ringgit ($83.13 million) under its 1 billion ringgit sukuk murabahah programme, BIMB Holdings Bhd said on Wednesday. The tranche has a 10-year tenure and could only be redeemed after 5 years. Proceeds will be used to finance its banking activities and working capital, all of which would be sharia compliant.