Business Blog

CIMB Islamic, the sharia compliant unit of Malaysia's second largest bank, is preparing an Islamic bond programme to raise up to 5 billion Malaysian ringgit (USD 1.58 billion), according to ratings agency MARC.

CIMB Islamic, the sharia compliant unit of Malaysia's second largest bank, is preparing an Islamic bond programme to raise up to 5 billion Malaysian ringgit (USD 1.58 billion), according to ratings agency MARC.

The Malaysia-based International Islamic Liquidity Management Corp (IILM) lengthened maturities in its Islamic bond programme on Monday by auctioning USD 400 million of six-month sukuk, its first sale of that tenor.

As many as eight locally incorporated insurance companies, including a reinsurance firm, will offer shares to investing public within three years to comply with the recent amendments in insurance law.

Misr Insurance Holding Company Chairman Dr. Mohamed Youssef said it is expected that the company will announce for launching Leasing firm within the coming weeks with EGP100 million capital.

Malaysian property developer Sunway Bhd SWAY.KL will raise up to 2 billion Malaysian ringgit (USD 633 million) by issuing Islamic bonds to fund investments, capital expenditure, working capital and pay off future debt.