IslamicFinance.de

Sukuk sales by Malaysian lenders seeking to comply with Basel III rules are drawing strong demand, prompting arrangers to predict a rush of offers. CIMB Islamic Bank Bhd has reportedly submitted a proposal to the Securities Commission for a RM5 billion (S$1.9 billion) programme. Moreover, Public Islamic Bank Bhd received approval for a similar-sized programme, an April 23 stock exchange filing shows. AmIslamic Bank Bhd, Maybank Islamic Bank Bhd and RHB Islamic Bank Bhd have sold a combined RM2.2 billion of Basel III sukuk since late February.

AMMB Holdings has announced that its Islamic banking arm, AmIslamic Bank has on 28 February 2014 successfully issued its inaugural issuance of RM200.0 million Basel III-compliant Tier 2 Subordinated Sukuk Murabahah. The issuance is also Malaysia's first Basel III-compliant Tier 2 Subordinated Sukuk issuance and the world's first Basel III-compliant Tier 2 Subordinated Sukuk to be issued under the Shariah principle of Murabahah based on commodity trading (via a Tawarruq arrangement).

AmIslamic Bank, subsidiary of AMMB Holdings, has received the necessary approvals from both Bank Negara Malaysia and the Securities Commission of Malaysia to set up a subordinated Sukuk Murabahah programme with a value of RM3bn. The subordinated Sukuk Murabahah programme has a tenor of up to 30 years from the date of issue and each tranche will have a tenor of five years minimum. In a market filing the issuer said that RAM Rating Services had assigned a preliminary long-term rating of 'AA3' to the Subordinated Sukuk Murabahah under the programme.

AmIslamic Bank has obtained approval from the Securities Commission Malaysia to establish a subordinated sukuk murabaha programme of up to 3 billion ringgit (US$903.60 million), which would represent the first Basel III-compliant sukuk in Malaysia. AmIslamic is given the flexibility to issue subordinated sukuk murabaha during the availability period of the programme based on the bank's funding requirements. The AmIslamic programme has a tenor of up to 30 years from the date of the first issuance of the subordinated sukuk murabaha. Each tranche to be issued shall have a tenor of at least three years, subject to their maturing on or before the expiry of the programme. AmIslamic's sukuk murabaha is rated AA3 by RAM.

AmIslamic Bank has launched the first tranche of its proposed RM2bn ($627m) subordinated Sukuk program, the notes being launched under a Musharakah contract.
The Sukuk program has been assigned a long-term rating of A1 by Malaysian-based RAM Rating Services.

Emirates NBD's asset management arm and Man Group will tie-up in order to see the hedge fund firm manage one of the lender's sharia-compliant funds.
Emirates Islamic Alternative Strategies Fund will be taken over by Man Investments. The assets will be assigned to the Man GLG Multi-Strategy Fund.
Deon Vernooy, senior executive officer of Emirates NBD Asset Management, revealed the fact that the Emirates Islamic Alternative Strategies Fund is now worth $20 million.