July 3, 2014 / 9:11 AM / 4 years ago

Indonesia's PT Adira Dinamika to issue sukuk in Malaysia by year-end

KUALA LUMPUR, July 3 (Reuters) - Indonesian lender PT Adira Dinamika Multi Finance plans to raise funds with ringgit-denominated Islamic bonds in Malaysia by the end of the year.

“We do plan to issue ringgit sukuk in Malaysia, but it is not detailed yet,” President director Willy Suwandi Dharma told Reuters on Thursday.

He did not specify the size of the sukuk, but said it would be at least 500 billion rupiah ($42 million). Dharma said liquidity in Indonesia had tightened since last year, so the bank had to raise funds overseas where they can obtain better yields.

Dharma previously told reporters on Wednesday that the bank was considering foreign and domestic bonds to meet its funding needs, the newspaper said.

PT Adira, a unit of Bank Danamon, provides automotive loans to retail consumers. As of May, the bank had 11.4 trillion rupiah in bank loans and 10.9 trillion rupiah in debt repayments.

$1 = 11,920.0000 rupiah Reporting by Al-Zaquan Amer Hamzah and Fathiyah Dahrul in JAKARTA; Editing by Jacqueline Wong

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