Monday, October 02, 2006

Sarawak Enterprise Corp Berhad (SECB) to isse RM1.165 billion sukuk

"SECB signs funding arrangement for power plant", Malaysian Star, October 2, 2006

The company is working with the RHB Islamic Bank in Malaysia to offer the RM1.165 billion (US$316 million) sukuk to fund a coal-fired power plant. The companies involved praised the issue as innovative in bringing Malaysian Shari'ah standards in closer agreement with those of the Middle East. Convergence of Shari'ah standards is widely seen as a needed move in order for the Islamic finance industry to become more globalized.

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