| [Business Times]Bank Pembangunan Malaysia Bhd has put in place a RM2 billion Islamic commercial paper (CP) and/or conventional commercial paper programme to fund its Islamic financing activities and for general working capital. "The first issuance will be done through an open-tender process, monitored by the facility agent, AmInvestment Bank Bhd," Bank Pembangunan said in a statement. The seven-year CP programme was jointly arranged and managed by AmInvestment Bank and Hong Leong Islamic Bank Bhd, while Hong Leong Islamic Bank's Syariah committee acting as the Syariah adviser for the Islamic CPs. The Islamic CPs are based on the Tawarruq principle, known as Commodity Murabahah, and is supported by Bursa Malaysia's Bursa Suq Al-Sila's commodity trading platform. "The advisers believe that the structure's mechanism and the tripartite arrangement will be able to attract a wide range of investors as it is widely accepted and practised both locally and internationally," the bank said. |
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