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Bursa Malaysia welcomes double ‘firsts’ of the listings of its inaugural Islamic securities, also known as sukuk together with the conventional debt securities/bond by Petroliam Nasional Berhad (PETRONAS) and Cagamas MBS Berhad (Cagamas MBS). Both companies are listing their sukuk and conventional bonds on the Exchange today.
PETRONAS, via its special purpose vehicles, is listing its USD1.5 billion sukuk and USD3 billion conventional bonds on Bursa Malaysia and Labuan International Financial Exchange (LFX), an international exchange wholly owned by Bursa Malaysia. Both securities issued in US dollars will be for a period of five (5) and ten (10) years respectively. The PETRONAS’ maiden global sukuk to be listed on Bursa Malaysia is structured based on the globally accepted Shari’ah principle of Ijarah (Leasing).
Cagamas MBS is listing all the outstanding sukuk and bonds issued under its five (5) Residential Mortgage-Backed Securitisation Transactions (RMBS), totalling approximately RM4 billion of sukuk and RM6 billion of bonds on Bursa Malaysia. Both sukuk and bonds were issued in Ringgit Malaysia (RM) and have tenures of between 3 - 20 years. The Cagamas’ sukuk to be listed on Bursa Malaysia is structured based on the accepted Shari’ah principle of Musharakah (Profit and Loss-Sharing).
These two listings will be on ‘exempt regime basis’ and are therefore, not exchange traded.‘Exempt regime’ means that sukuk or debt securities that are listed on the Exchange will not be quoted or traded on the Exchange.
Dato’ Yusli Mohamed Yusoff, Chief Executive Officer of Bursa Malaysia said, “We are doubly pleased by these listings – the first sukuk and conventional bonds listing on Bursa Malaysia. Malaysia is already renowned as a destination for Islamic finance and investments, and the listing of the sukuk in particular on the Exchange further strengthens our position as a hub for Islamic Finance globally.”
“Cagamas MBS is delighted and honoured to be the first company to list its Ringgit Malaysia (RM) sukuk and bonds on Bursa Malaysia. We are committed to playing a pivotal role in the development of the sukuk and bond markets. This listing will add greater depth and width to the Malaysian capital markets,” said Mr. Steven Choy, Director of Cagamas MBS. Malaysia is known to be the world’s largest sukuk issuance centre where more than 60% of sukuk outstanding globally are originated here. It hosts the world’s largest sukuk market at an estimated USD152.8 billion outstanding for 2008. The sukuk market has also been the driver of growth for the Malaysian Islamic market. Its comprehensive legal, regulatory and Shari’ah framework ensure that market integrity and investors’ confidence remain high.