Published: July 20, 2012
SME Bank Bhd will issue a RM3 billion government-guaranteed Islamic Medium-Term Notes Programme (IMTN Programme) with
tenure of up to 20 years for its syariah-compliant working capital requirements.
Its managing director, Datuk Mohd Radzif Mohd Yunus, said the first issuance of the IMTN programme would employ the wakalah structure, which was widely accepted in the Gulf Cooperation Council region.
"The sukuk programme will help us revamp our business model to support growth and empower small and medium enterprise (SME) ecosystem through our network and provide additional funds to assist more SMEs," he told reporters at the signing ceremony of the sukuk issuance in Kuala Lumpur today.
In line with the other recent government-guaranteed issuances, income tax payable by investors on the periodic distributions of the bank's sukuk would be remitted in full, Mohd Radzif said.
"The first tranche involves RM500 million for a tenure of seven to 10 years, while the second tranche will probably be issued by year-end or early next year," he said. -- BERNAMA
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