Malaysia's MBSB plans 900 mln ringgit covered sukuk issuance

April 13, 2015 2:06 AM

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April 13 (Reuters) - Malaysia Building Society Bhd (MBSB) plans its third issuance of covered sukuk (Islamic bonds) worth 900 million ringgit ($244.9 million), according to a regulatory filing by credit rating agency RAM Ratings.

Covered sukuk are rare in Islamic finance but work in much the same way as conventional covered bonds, where investors are entitled to claims not only on the issuer but also on assets backing the structure, giving them two layers of security.

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