Issuance of Sustainable Sukuk Mudharabah I of Maybank Indonesia Phase II amounting to Rp 700 billion was 2-times oversubscribed. The high market interest indicates a minimal supply of corporate sukuk in Indonesia Stock Exchange (BEI). Throughout this year, only two issuers issued corporate sukuk with a total value of Rp 800 billion.
“We welcome the high interest of the market. The success of Sukuk Mudharabah issuance will support the increasing business growth of Maybank Syariah Indonesia Business Unit,”said Taswin Zakaria, President Director of PT Maybank Indonesia Tbk (BII). The funds from the sukuk issuance will be used for the distribution of funding according to the principles of sharia. Maybank Indonesia set the indicative rate of Sukuk Mudharabah profit sharing income by 8.25% per year.
Sukuk Mudharabah issuance is part of the Public Offering Sustainable Sukuk Mudharabah I Maybank Indonesia with target total funds of Rp 1 trillion. Maybank Indonesia also plans to issue Subordinated Bonds Sustainable Maybank Indonesia II Phase II amounting to Rp 800 billion. The Subordinated Bonds are issued as scripless, seven-year term with a fixed interest rate of 9.625% per year.
In January 2016, PT Bank Pembangunan Daerah Sumatera Barat (Bank Nagari) issued Sukuk Mudharabah Bank Nagari II worth Rp 100 billion. Sukuk Mudharabah has a term of five years and provides an indicative level of income for a yield of 10.99% per year. (*)
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