Sukuk

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Sukuk

Cagamas issues Sukuk via its existing RM20 billion Islamic/ Conventional Commercial Papers (ICPs/ CPs), RM40 billion Islamic/ Conventional Medium Term Notes (IMTNs/ MTNs) programmes and RM5 billion ICP/ IMTN programme (commonly known as Sukuk ALIm).  The instruments issued under the programmes as follows:

  1. IMTNs
    IMTNs issued by Cagamas have tenures of more than 1 year and carry a profit which is determine at the point of issuance.  Profit of the Sukuk is paid on half-yearly interval.  The redemption of the IMTNs is at nominal value together with profit due upon maturity.
     
  2. Variable Rate Notes (VRN)
    Cagamas have also issued variable rate Notes.  These Sukuk have tenure of more than 1 year and profit variable pegged to the KLIBOR.  The profit is paid at 3 or 6 monthly intervals.  The face value redeemed together with profit upon the maturity.
     
  3. ICPs
    The short term Islamic instruments with maturities ranging from 1 to 12 months with the profit paid on semi-annual basis or such other periodic basis as determine by Cagamas.

    Cagamas may issue ICP and IMTNs based on but not limited to the following Syariah principles:

    • Murabahah 

    • Istisna

    • Ijarah
    • Wakalah

    • Mudharabah

    • Al-Bai'

    • Musyarakah        
    • Al-Bai' Bithaman Ajil  

Sukuk Wakalah Bil Istithmar

Sukuk Wakalah Bil Istithmar is a type of fixed income agency investment sukuk.

Its investment portfolio consists of debts (commodity trading) and equity assets (Mudharabah) at 70:30 ratio.

Sukuk Al-Amanah Li Al-Istithmar (ALIm)

Sukuk ALIm is a fixed income investment sukuk.

Its investment portfolio comprise of tangible asset (property investment) and debt (commodity trading) at 51:49 ratio.

Sukuk Murabahah/Commodity Murabahah

Sukuk Murabaha is a deferred payment sukuk that is structured on cost plus basis.

The sukuk proceeds is used by the SPV as capital to purchase an asset and sell it to the obligator on a cost-plus-profit-margin basis.

Where permitted by the respective trust deeds, Cagamas may at any time purchase its debts securities and the repurchased debt securities shall be cancelled according to the requirements of the trust deeds and FRS139.

Outstanding Cagamas Sukuk as at 30 September 2017
Instrument Foreign Currency (mil) (RM million)
Islamic Medium Term Notes (IMTNs)   11,072
Variable Rate Notes (VRN)   -
Islamic Commercial Paper (ICPs)   -
Fixed Rate FCY Sukuk (EMTNs)    
  SGD 50 158
Total   11,230