Islami Bank’s bond approved

The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has approved the bonds of listed Islamic banks. The approval was given at the 790th meeting of the BSEC on Sunday (September 5).

This information has been given in a press release signed by BSEC Executive Director (Current Responsibilities) and Spokesperson Mohammad Rezaul Karim.

Islami Bank has approved Unsecured, Contingent-Convertible, Fully Paid Up, Floating Rate, Non-Convertible Basel-III Complaint II Perpetual Bonds of Tk.800 crore. The bond of Tk 720 crore will be issued through private placement and the remaining Tk 80 crore through public offer. The face value of the bond is Tk 5,000 per unit. The bond will be issued in favor of financial institutions, mutual funds, insurance companies, listed banks, regional rural banks, trusts, organizations, autonomous institutions and other eligible investors and general investors. This bond issue will strengthen Islami Bank’s Additional Tier-I capital base. The trustee of this bond is SBL Capital Management and the issue manager is Prime Bank Investment and UCB Investment Limited.

Sunbd/NJ