RM3 Billion 1Malaysia Sukuk on the way...

Hmm...we have plenty of bonds and trust funds by the government. Where to get so much money to buy ??!!!

The Malaysian government will be issuing the Sukuk 1Malaysia 2010 amounting to RM3 billion on June 21 this year, a statement from the Ministry of Finance (MoF) said Monday.

The Sukuk, which will be scripless and based on Syariah principles, will have a three-year tenure and offer a return of five per cent per annum.

Malaysian citizens, 21 years and above may apply for the Sukuk 1Malaysia 2010 during the subscription period, from May 20-June 9, 2010, said MoF.

The minimum subscription amount will be RM1,000 and the maximum will be RM50,00 per subscriber.

The Sukuk has a resaleable feature whih provides the flexibility for investors to sell and purchase the sukuk before the maturity date, the MoF said.

It can be subscribed at most commercial banks, including Islamic banks, Bank Kerjasama Rakyat Malaysia Bhd, Bank Simpanan Nasional and Agrobank.

Allocation of the Sukuk 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.

Successful applicants will be notified by their agent banks on the amount of Sukuk 1Malaysia 2010 allocated to them. Profit payments will be made on quarterly basis through the sukukholder's accounts with their agent bank.

Bernama