RHB Islamic completes RM300mil senior sukuk wakalah issuance

KUALA LUMPUR: RHB Bank Bhd’s wholly-owned subsidiary, RHB Islamic Bank Bhd, has completed its first RM300mil senior sukuk wakalah issuance under a multi-currency sukuk wakalah programme of up to RM5bil in nominal value.

In a filing with Bursa Malaysia, the bank said the senior sukuk wakalah, rated AA1 with a stable outlook by RAM Rating Services Bhd, was issued with a tenure of five years and carries a fixed periodic distribution rate of 3.79% per annum, payable semi-annually in arrears.

“Proceeds raised from the senior sukuk wakalah will be utilised for RHB Islamic's Shariah-compliant working capital, general banking purposes and/or refinancing of its outstanding Islamic financings or Shariah-compliant capital instruments,” RHB said.