Bank Rakyat chief executive officer, Datuk Rosman Mohamed said the Sukuk programme would also enable the bank to obtain long term funding with a fixed rate in addition to diversifying the long term funding composition.
The 30-year programme would be implemented through a special purpose company, Imtiaz Sukuk II Bhd; the first issue of the sukuk is expected to begin soon with a size of RM500 million and an option to increase it.He represented Bank Rakyat in signing the agreement with a number of financial institutions including principal adviser and lead arranger Maybank Investment Bhd, which was represented by its CEO, Fad'l Mohamed.
Entrepreneur Development and Cooperatives Minister Datuk Seri Wan Junaidi Tuanku Jaafar was present to witness the formality. Meanwhile, Wan Junaidi in his speech said the Wakalah Sukuk programme reflects Bank Rakyat's proactivity in capital management, especially in the current challenging economic environment.