Billion-dollar sukuk deals may be new to Singapore corporates but syariah-compliant lending has been growing rapidly in recent years, reports The Edge Singapore.
Singapore-listed property firm City Development Ltd (CDL) has until now depended on traditional avenues of funding. However, as the credit crunch squeezes, even a large player like CDL has been forced to look at more exotic instruments like ijarah-based sukuk. CDL's plunge into Syariah-complaint borrowing comes in the wake of local banks adopting a far more cautious approach to corporate lending, according to the report.
Singapore's second largest property firm had inked a deal for an unsecured S$1 billion (RM2.39 billion) Islamic multi-currency medium-term note (MTN) programme, or sukuk — the largest Syariah-compliant financing obtained by a listed Singapore corporate.
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