Bank Muamalat to raise $87M through sukuk

Bank Muamalat will issue Islamic debt papers in July with the hope of raising Rp 800 billion or US$87 million.

This was relayed by the National Sharia Council.

he council, a unit under the Indonesian Ulema Council, approves or endorses companies’ sukuk prospectuses. According to the council, 28 Indonesian companies have raised money in this way since the first launch by PT Indosat Tbk in 2002.

In 2011, only two companies, PT Bank Pembangunan Daerah Sulawesi Selatan and PT Bank Nagari, both egional development banks from South Sulawesi and West Sumatra, respectively, issued sukuk, each worth Rp 100 billion.

Kanny blamed the low interest among Indonesian companies in using sukuk on a misunderstanding that the procedures involved were complicated.

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