Sukuk Bank Negara Malaysia Ijarah (SBNMI)

 

Features

  • This sukuk based on the Al-Ijarah or ‘sale and lease back’ concept, a structure that is widely used in the Middle East;
  • A special purpose vehicle, BNM Sukuk Berhad has been established to issue the sukuk Ijarah;
  • The proceeds from the issuance will be used to purchase Bank Negara Malaysia’s assets. The assets will then be leaded to Bank Negara Malaysia for rental payment consideration, which is distributed to investors as a return on a semi-annual basis;
  • Upon maturity of the sukuk Ijarah, which will coincide with end of the lease tenure, BNM Sukuk Berhad will then sell the assets back to Bank Negara Malaysia at a predetermined price;
  • Debt arising out of the buying back of the asset is securitized through the issuance of BNNN;
  • SBNMI can be traded in the secondary market;
  • The tenors issued are between 1 to 3 years;
  • Zero credit risk is assigned as it is issued by Bank Negara Malaysia.
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