May 19 2011
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Muamalat to issue Sukuk
Bank Muamalat is the second largest Islamic bank in Indonesia- as well as its oldest - and would use the funds to help implement its overseas expansion plans.
President director of the bank, Arviyan Ari (pictured right), indicated that the Sukuk, which is likely to have a tenor of five years or less, would be offered to investors in the Middle East and Malaysia and told reporters that: "We will issue the Sukuk this year
as soon as we open a branch office in Jeddah."
The finance director of Bank Muamalat, Hendiarto, indicated that the bank also hoped to issue subordinated Sukuk worth between IDR800bn ($93m) and IDR1.5tr ($175m) for general corporate finance uses and which would be denominated in rupiah and which would be sold domestically.
© The Islamic Globe 2011
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