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Friday, February 27, 2015

Khazanah plans RM1 billion sukuk to fund schools

Khazanah Nasional head Tan Sri Azman Mokhtar says a planned 'social impact sukuk' worth RM1 billion is awaiting approval from financial regulators. – The Malaysian Insider file pic, February 27, 2015.Khazanah Nasional head Tan Sri Azman Mokhtar says a planned 'social impact sukuk' worth RM1 billion is awaiting approval from financial regulators. – The Malaysian Insider file pic, February 27, 2015.
Malaysia's US$40 billion sovereign wealth fund Khazanah Nasional plans to issue a sukuk worth up to one billion ringgit to help fund schools, its managing director said on Thursday.
Speaking to Reuters on the sidelines of an Islamic finance event in London, the fund's head Tan Sri Azman Mokhtar said the planned "social impact sukuk" is awaiting regulatory approval from Malaysian financial regulators.
The move is aimed at opening funding for education to a broad pool of investors rather than financing it out of its own reserves, he added.
Mokhtar said "a lot of charitable organisations, family offices and trusts" wanted to participate in the fundraising and this had helped prompt Khazana into setting up the sukuk rather than using its own money.
Khazanah announced in January that during 2014 it posted a 7.7% increase in the value of its assets, which include stakes in some of Malaysia's largest listed firms, including mobile services provider Axiata Group and property firm UEM Sunrise. – Reuters

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