Islamic Finance

Malaysia’s Tabung Haji inks 65 mln pounds Islamic financing with Standard Chartered Saadiq


Malaysia’s pilgrims board Lembaga Tabung Haji (TH) has signed an agreement with Standard Chartered Saadiq for 65 million pounds ($85.14 million) of Islamic financing.

TH said in a statement on Wednesday (Dec 18) that the two-year Shariah-compliant financing facility is for two of its subsidiaries for the refurbishment and refinancing of office properties in the UK.

“Under the terms of the financing, TH has the flexibility to convert its financing collateral from cash to sukuk, allowing it to fully optimise its existing sukuk investment, while Standard Chartered Saadiq is given the option to extend the facility for another year,” said TH.

The statement said that this is the first Islamic structured funding deal for Standard Chartered Saadiq in Southeast Asia.

($1 = 0.7635 British pounds)

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