Islamic Finance

Malaysia’s Aeon Credit sets up 2 bln ringgit sukuk programme


Malaysia’s Aeon Credit has set up a 2 billion ringgit ($482.74 million) sukuk programme.

The company said in a bourse filing on Wednesday (Dec 17) that the programme will fund disbursements to customers in the form of Shariah-compliant financing, and refinancing of any existing debt of the issuer.

The programme will issue senior sukuk and/or subordinated sukuk based on wakalah and murabahah (via tawarruq) contracts.

Aeon Credit last issued a sukuk in October, a 390 million ringgit sale that was its biggest since its Islamic commercial papers programme was established in May 2015.

CIMB Investment Bank and Hong Leong Investment Bank are joint principal advisors and joint lead arrangers for the new sukuk programme.

CIMB Investment Bank, Hong Leong Investment Bank and MUFG Bank Malaysia are joint lead managers, and CIMB Islamic Bank is Shariah advisor for the sukuk programme.

Aeon Credit’s products include credit cards, easy payment, hire purchase financing for motor vehicles, and personal financing.

($1 = 4.1430 Malaysian ringgit)

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Sukuk