Monday, April 13, 2009

First Batch of Sukuk Bonds Open for Sale

Tuesday April 14, 2009

PETALING JAYA: The first batch of the dual-series RM2.5bil Islamic bonds, which offer returns of 5% per year, is open for sale today.

Applications can be made at any commercial or Islamic bank, or development financial institution in the country from today to May 13. Allocation is on a first-come, first-served basis.

The minimal allocation is RM1,000, while the maximum value is capped at RM50,000.

The first series of this Islamic bond, called Sukuk Simpanan Rakyat (SSR) 01/2009, is part of the Government’s RM60bil stimulus package announced on March 10, where up to RM5bil in saving bonds will be issued this year for people aged 21 and above, and with a maturity period of three years.

This programme is designed for Malaysian citizens as an alternative savings vehicle providing double the current fixed deposit rates, with option for account holders to withdraw their money any time.

Features include flexibility for holders to redeem as early as the first quarterly profit payment, including profits, and without an early exit penalty.

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