JAKARTA, April 5 (Reuters) - Indonesia’s first Islamic bank, PT Bank Muamalat, is planning to issue 1.5 trillion indonesian rupiah ($164 million) of corporate sukuk to expand business and credit financing, the firm’s director said on Thursday.
Bank Muamalat director Adrian Gunadi said 800 billion rupiah will be issued as the first tranche in mid 2012, with a 10-year tenure and buyback option on the fifth year.
The second stage of the corporate sukuk is expected to be issued in the second half of 2012 or early 2013, but further details were not available.
Muamalat has appointed Bahana Securities, Danareksa Sekuritas and Indo Premier Securities as underwriters on the deal.
In February, Bank Islam, the second largest sharia bank in Malaysia, was reportedly in early talks to buy a stake in PT Bank Muamalat.