KUALA LUMPUR, Aug 24 — Bank Islam Malaysia Bhd has issued its maiden RM500 million Additional Tier-1 capital Sukuk Wakalah under a Sukuk Wakalah programme of up to RM5 billion in nominal value.

In a filing with Bursa Malaysia today, the bank said the sukuk was based on the Shariah principle of Wakalah Bi Al-Istithmar.

It said the sukuk tenure is perpetual (non-callable five years and was rated A3/stable by RAM Rating Services Bhd.

“The sukuk shall qualify as Tier 1 regulatory capital of Bank Islam in compliance with Bank Negara Malaysia’s Capital Adequacy Framework for Islamic Banks (Capital Components).

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“Bank Islam is the principal adviser, lead arranger, lead manager and shariah adviser for the Sukuk Wakalah Programme,” it added. — Bernama