EPF-backed MBSB Bank proposes RM5b Islamic bonds

The Employees Provident Fund's (EPF) 65.4%-owned subsidiary Malaysia Building Society Bhd's (MBSB) wholly-owned subsidiary MBSB Bank Bhd has proposed to issue RM5 billion worth of Islamic bonds or sukuk under the wakalah principle to raise money to finance the financial services provider’s operations.

According to Malaysian Rating Corp Bhd (MARC) analysts, MARC Ratings has assigned a financial institution (FI) rating of A+ to MBSB Bank and a preliminary rating of A+IS to the bank's proposed RM5 billion sukuk programme. 

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