United Overseas Bank’s push into Islamic finance crystallised with the establishment of a sukuk wakalah programme capped at RM5 billion ($1.16 billion). Within that framework, the bank printed a debut RM500 million tier 2 sukuk, an instrument designed to shore up capital while opening the door to Shariah-compliant investors.
Interest was deep and varied: 42 accounts ranging from fund managers and takaful operators to private banks, commercial lenders and corporates took part.
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