Malaysia rejects BIMB sukuk plan
Kuala Lumpur, September 3, 2013
Malaysia's central bank has rejected plans by BIMB Holdings to issue an Islamic bond and raise $884 million it needs to gain full control of Bank Islam, the country's oldest and largest standalone Islamic bank.
BIMB last month proposed a 10-year sukuk of 1.5 billion ringgit ($456.66 million) as part of a plan to acquire the 49 per cent stake it does not own in Bank Islam held by Dubai Group and Tabung Haji.
Malaysia's central bank has rejected BIMB's proposal to secure the sukuk with shares of the company.-Reuters
More Finance & Capital Market Stories
- GIH picks ex-Barclays banker as investment head
- Jeddah Economic Company names new CEO
- Saudi real GDP growth surges to 3.1pc in Q3
- UAE business activity growth hits record high
- Global Islamic banking assets ‘set to top $1.7trn’
- Egypt back in business, says new survey
- United Arab Bank backs UAE-Turkey business
- Islamic finance 'facing integration challenge'
- Bahrain tops in developed Islamic finance sector
- DME sets new trading records