The Malaysians are wise enough. There is very remote chance for the current BN government to fall. So brave up and buy this new issuance of RM3 billion govt sukuk fund issued by yours truly, Bank Negara Malaysia.
According to a press release from Bank Negara yesterday, those aged 21 and above who wish to subscribe to the sukuk may do so from May 20 to June 9. The minimum subscription is RM1,000 with a maximum of RM50,000 per subscriber.
The sukuk, with a three-year tenure, offers annual returns of 5%.
Profit payments would be made quarterly.
Allocation of Sukuk 1Malaysia 2010 will only take place after the close of the subscription period. All subscribers will be allocated with an amount less than or up to the amount subscribed, depending on the total number of subscribers and the total subscriptions received, so says BNM.
It added that the sukuk came with a resaleable feature providing flexibility for investors to sell and buy the instrument before the maturity date.
Beginning June 22, investors can sell and purchase the sukuk at agent banks. The purchase of sukuk is based on a first-come, first-served basis, with no maximum limit, subject to the availability of the sukuk sold by existing holders,it said.
Last year, the Government issued RM5bil worth of Sukuk Simpanan Rakyat with a three-year tenure as part of the RM60bil stimulus measures aimed at boosting the economy following the global economic slump. The entire RM5bil sukuk were fully subscribed within nine days.
Besides the sukuk, the Government has also issued Merdeka bonds, with the first bonds based on syariah principles issued in February 2004 until the eighth issuance in October 2005 when they were discontinued.
These bonds were issued again in two tranches each of RM1bil last year.
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