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
- Acuma names new UAE head
- Qatar says no plans to issue international debt in 2014
- Motivation 'is crucial for growth'
- Islamic banking ‘sustainable way forward’
- Top Swiss group acquires Merrill Mideast units
- AAIB unit starts crisis assistance travel service
- Abu Dhabi may need to lower industry growth target
- Kuwait credit hits 5-year high; tops $1.3bn
- UAE stocks rally, Abu Dhabi tops 4,000 mark
- Abraaj completes 15 exits in 2013