Bank Muamalat Considers Issuing Dollar Sukuk in 2011
The country’s major Islamic lender PT Bank Muamalat is studying the possibility of issuing dollar-denominated sukuk, or Islamic bonds, next year to help expand its credit business. Bank Muamalat as the nation’s first full-fledged Shariah bank, which is partly owned by Islamic Development Bank, had postponed its planned Rp 1 trillion ($111 million) rights issue to June after foreign investors expressed interest in buying a stake in the bank. The share sale had been planned for May. Several firms, including property companies PT Lippo Karawaci and PT Bakrieland Development, this year expressed interest in raising debt denominated in foreign currencies, capitalizing on strong gains in the rupiah and low interest rates offshore. Company director also stated that investor from investment bank in Bahrain eager to buy sukuk issue denominated in foreign currency.
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