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Friday, 14 June 2013

Islamic Bank of Thailand to revive nation’s first sukuk

BANGKOK: Islamic Bank of Thailand is reviving plans to sell the nation’s first sukuk after the government approved legislation that avoids double taxation of the securities following a two-year delay. 

The lender will sell five billion baht (RM504 million) of 10-year notes in the fourth quarter,said chief executive Thanin Angsuwarangsi. 

The bonds will have to pay 150 basis points over the sovereign amid concerns about the bank’s rising bad debt, according to Porntipa Nungnamjai, a fund manager with Krungsri Asset Management. 

(Business Times / 14 Jun 2013)

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