Sukuk Prihatin, a government initiative under the National Economic Recovery Plan (PENJANA), has been oversubscribed, registering a total subscription of more than RM666 million.
Thus, this is surpassing its initial target issuance size of RM500 million, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
"In response to the encouraging demand from eligible subscribers, the government has decided to upsize the total issuance by an additional RM166 million," he said in a statement today.
The Sukuk was introduced by the government to provide an opportunity for the rakyat to contribute to the nation’s rebuilding efforts due to the COVID-19 pandemic.
The subscription period opened on Aug 18 August and closed on Sept 17.
Proceeds from Sukuk Prihatin will be channeled to the Covid-19 Consolidated Fund for the implementation of recovery measures such as enhancing connectivity to rural schools, supporting research on infectious diseases and financing micro-entrepreneurs.
The Sukuk Prihatin was offered through JomPay and/or DuitNow, accessible through the digital banking platform of 27 banks in Malaysia, with Maybank as the main distributing bank.
The online subscription is a commendable achievement and made history as the first-of-its-kind digital Sukuk in Malaysia.
"The government would like to thank all Malaysians who subscribed to the Sukuk Prihatin. The oversubscription and successful issuance of Sukuk Prihatin is a testament to Malaysians’ solidarity and cooperation in facing this challenging period, in line with the #MalaysiaPrihatin spirit.
"The government believes that embodying the spirit of ‘we are all in this together’ is what makes Malaysia a stronger nation," added Zafrul.
The subscription period ended on Sept 17 and the Sukuk Prihatin will be issued on Sept 22 with a maturity period of two years.
It offers a profit rate of of 2.0 per cent per annum, which is tax-exempted and will be paid on a quarterly basis.
Sukukholders also have the option to donate the principal amount either in part of in full upon its maturity on Sept 21.
-- BERNAMA
Bernama
Sun Sep 20 2020
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said, in response to the encouraging demand from eligible subscribers, the government has decided to upsize the total issuance by an additional RM166 million. BERNAMA file pic
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.