IslamicFinance.de

MNRB Holdings Bhd has planned the launch of a Sukuk Mudharabah programme worth up to RM150mil. At the same time, the company has secured a RM200mil revolving credit-i facility from Standard Chartered Saadiq Bhd. According to the reinsurer, RM120mil will be used for refinancing the short-term revolving credit facility maturing on December 10th 2012. The remaining money will flow into the group's general working capital. The Sukuk programme has a five-year tenure and will be issued without a prospectus via direct placement.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/15/business/20121...

Gan Yen Kuan reported on 10 April in The Edge Daily that MNRB Holdings Bhd has proposed to invest GBP 8.96 mn in the non-listed British Islamic Insurance Holdings Ltd (BIIH), being an equity stake of maximum 9.99 % based on a private placement effort. MNRB aims to diversify the business and to expand into international business and the potentially lucrative market in Europe.

MNRB is Malaysia’s largest re-insurer.

BIIH has an authorised share capital of GBP 100 mn. Its issued and paid-up share capital is GBP 4.1 mn with a share premium of GBP 42.1 mn. It is incorporated on 27 February 2006.

BIIH has two wholly owned subsidiaries, namely BIIH General Ltd (BIIG) and BIIS Ltd., both have yet to obtain permission from the UK’s Financial Services Authority (FSA) to carry out their respective business in general insurance and insurance intermediation services.

BIIH is unlisted but aims to be listed on the Alternative Investments Market in London and on one or more suitable GCC based exchanges later.

Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Artic...