Malaysia's Bank Muamalat to raise up to 2 bln rgt with sukuk

KUALA LUMPUR, June 24 Mon Jun 23, 2014 11:24pm EDT

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KUALA LUMPUR, June 24 (Reuters) - Malaysia's Bank Muamalat , a unit of sovereign fund Khazanah and auto-to-property conglomerate DRB-Hicom Bhd, will raise up to 2 billion ringgit ($621.7 million) with Islamic bonds, credit agency Malaysian Rating Corp Bhd (MARC) said on Tuesday.

MARC gave the sukuk programme a preliminary rating of A or 'stable' to reflect the bank's capital position, financial performance and "modest" asset size of 20.1 billion ringgit. ($1 = 3.2170 Malaysian Ringgit) (Reporting By Al-Zaquan Amer Hamzah; Editing by Gopakumar Warrier)

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