Sukuk Services
Pacific Trustees Islamic
Islamic Corporate Trust Division of Pacific Trustees Berhad
The emergence of Sukuk is one of the most significant developments in Islamic Capital Markets and Islamic Debt Securities and has been continuing to grow in recent years.
Today, Pacific Trustees Islamic is conversant to act as Trustee for Islamic Debt Capital Market products specifically on the issuance of Islamic Bonds (Sukuk), Islamic Medium Term Notes, Islamic Commercial Papers adhering with Shariah Law as advised and approved by Shariah Advisory Council (SAC) appointed by the Securities Commission Malaysia. The following are the Shariah principles, concepts and arrangements that commonly govern the underlying Islamic transactions structure for Sukuk Market and Islamic Debt Securities:
Bai` Bithaman Ajil (BBA) (Deferred-payment sale)
A contract that refers to the sale and purchase of assets on a deferred and instalment basis with pre-agreed payment period.
Tawarruq (Tripartite sale)
Purchasing a commodity on a deferred price and then selling it to a third party for cash.
Wakalah (Agency)
A contract where a party authorises another party to act on behalf of the former based on the agreed terms and conditions as long as he is alive.
Kafalah (Guarantee)
A contract of guarantee whereby a guarantor underwrites any claim and obligation that should be fulfilled by an owner of the asset. This concept is also applicable to a guarantee provided on a debt transaction in the event a debtor fails to fulfill his debt obligation.
Hibah (Gift)
A gift awarded to a person on voluntary basis.
Ibra’ (Rebate)
An act by a person to withdraw his rights to collect payment from a person who has the obligation to repay the amount borrowed from him.
Musharakah (Profit and loss sharing)
A partnership arrangement between two or more parties to finance a business venture whereby all parties contribute capital either in the form of cash or in kind for the purpose of financing the said venture. Any profit derived from the venture will be distributed based on a pre-agreed profit sharing ratio, but a loss will be shared on the basis of capital contribution.
Murabahah (Cost-plus sale)
A contract that refers to the sale and purchase of assets whereby the cost and profit margin (mark-up) are made known.
Ijarah (Leasing)
A contract whereby a lessor (owner) leases out an asset to a lessee at an agreed lease rental for a predetermined lease period. The ownership of the leased asset shall always remain with the lessor.
Pacific Trustees Appointments as Sukuk and Security Trustee
Pacific Trustees Islamic has been appointed as Sukuk and Security Trustee for a number of Sukuk issuance and Islamic Debt Securities with various types of underlying Shariah principles and structures including:
- Aspion Sdn Bhd (Adventa Bhd) – Issuance of RM200.0 Million Islamic Commercial Papers/Islamic Medium Term Notes Programme
- Maxis Berhad – Proposed Issuance of Unrated Islamic Medium Term Notes pursuant to an Islamic Medium Term Notes Programme with an aggregate nominal value of up to RM2.45billion
- Efinite Structure Sdn Bhd, Originator: Johor Corporation - Proposed Issuance of Up To RM420.0 Million of Sukuk For the Tenure of Ten (10) Years
- Unitapah Sdn Bhd, Originator: Crest Builder International Sdn Bhd – Proposed Issuance of up to RM600.0 Million of Sukuk for the Tenure of up to 22 Years
- KDU University College Sdn Bhd – Proposed issue of islamic medium term notes pursuant to an islamic medium term notes programme of up to RM350.00 million in nominal value based on the islamic principle of ijarah.
- OCK Setia Engineering Sdn Bhd – Proposed Issuance of Up To RM150.0Million Unrated Sukuk
- SP Setia Bhd – Proposed Issuance of Unrated Subordinated Islamic Perpetual Notes pursuant to a Proposed Sukuk Musharakah Programme of up to RM700.0 Million in Nominal Value
- LYC Mall Sdn Bhd – Issuance of Medium Term Notes Programme of up to RM500.0 Million in Nominal Value, consists of Conventional Medium Term Notes and Islamic Medium Term Notes (Sukuk)
- Sentoria Group Bhd – Issuance of RM250.0 Million Rated Bonds for the tenure of Fifteen (15) Year.
- BIMB Holdings Berhad – Issuance of Up To RM2.43 Billion in Nominal Value of Sukuk
- Etiqa Takaful Berhad- Proposed Issuance of RM300 Million Subordinate Sukuk Facility for the Tenure of 10 Years
- AEON Credit Service (M) Berhad – RM400.0 Million in Nominal Value of Subordinated Islamic Perpetual Notes (Perpetual Sukuk) under a Programme (Perpetual Sukuk Programme) based on the Shariah Principles of Musharakah and Musawamah
- Bumi Armada Capital Malaysia Berhad – Establishment of Up To RM1,500,000,000 Unrated Sukuk Murabahah Programme by Bumi Armada Capital Malaysia Sdn Bhd (Issuer) and Guaranteed By Bumi Armada Berhad (Guarantor)
- IJM Corporation Berhad – Issuance of RM3.0 Billion Sukuk
- Grand Sepadu (NK) Sdn Bhd – Issuance of Up To RM210.0 Million Nominal Value of Sukuk Murabahah for the Tenure of Up To Twelve (12) Years
- Hiap Teck Venture Berhad – Proposed Issuance of Up To RM213,718,300 Redeemable Convertible Unsecured Islamic Debt Securities (RCUIDS) for the Tenure of Five (5) Year.
- Scientex Quatari Sdn Bhd – Issuance of Sukuk Murabahah Programme of up to RM500.0 Million for the Tenure of up to 15 Years
- Country Garden Real Estate Sdn Bhd – Issuance of a Rated Sukuk Programme of up to RM1.5 Billion under a 20 Years IMTN Programme Structure
- Cahya Mata Sarawak Berhad – Issuance of IMTN Programmes of up to RM1.0 billion for the tenure of up twenty (20) years
Islamic Financial Institutions (Banks)
AmIslamic Bank Berhad
Issuance of Up To RM3.0 Billion Senior Sukuk Programme
AmIslamic Bank Bhd
Issuance of AmIslamic Bank Berhad Tier 2 Capital of RM2.0 Billion
BIMB Holdings Berhad
Issuance of Up To RM2.43 Billion in Nominal Value of Sukuk
Insurance Company
Etiqa Takaful Berhad
Issuance of RM300 Million Subordinate Sukuk Facility for the Tenure of 10 Years
Healthcare
Aspion Sdn Bhd (Adventa Bhd)
Issuance of RM200.0 Million Islamic Commercial Papers/Islamic Medium Term Notes Programme
Point Zone (M) Sdn Bhd – Originator: KPJ Healthcare Berhad
Issuance of RM500.0 Million of Nominal Value Islamic Commercial Papers / Islamic Medium Term Notes Programme (ICP/IMTN)
Telecommunication
Maxis Berhad
Issuance of Unrated Islamic Medium Term Notes pursuant to an Islamic Medium Term Notes Programme with an aggregate nominal value of up to RM2.45billion
Education
KDU University College Sdn Bhd
issue of islamic medium term notes pursuant to an islamic medium term notes programme of up to RM350.00 million in nominal value based on the islamic principle of ijarah.
Port
Efinite Structure Sdn Bhd, Originator: Johor Corporation
Issuance of Up To RM420.0 Million of Sukuk For the Tenure of Ten (10) Years
Kuching Port Authority
RM180.0 Million Al Bai’Bithaman Ajil Islamic Debt Securities (BaIDS)
Developers
SP Setia Bhd
Issuance of Unrated Subordinated Islamic Perpetual Notes pursuant to a Sukuk Musharakah Programme of up to RM700.0 Million in Nominal Value
LYC Mall Sdn Bhd
Issuance of Medium Term Notes Programme of up to RM500.0 Million in Nominal Value, consists of Conventional Medium Term Notes and Islamic Medium Term Notes (Sukuk)
Sentoria Group Bhd
Issuance of RM250.0 Million Rated Bonds for the tenure of Fifteen (15) Years
Bumi Armada Capital Malaysia Berhad
Establishment of Up To RM1,500,000,000 Unrated Sukuk Murabahah Programme by Bumi Armada Capital Malaysia Sdn Bhd (Issuer) and Guaranteed By Bumi Armada Berhad (Guarantor)
IJM Corporation Berhad
Issuance of RM3.0 Billion Sukuk
Grand Sepadu (NK) Sdn Bhd
Issuance of Up To RM210.0 Million Nominal Value of Sukuk Murabahah for the Tenure of Up To Twelve (12) Years
Country Garden Real Estate Sdn Bhd
Issuance of a Rated Sukuk Programme of up to RM1.5 Billion under a 20 Years IMTN Programme Structure
Cahya Mata Sarawak Berhad
Issuance of IMTN Programmes of up to RM1.0 billion for the tenure of up twenty (20) years
WCT Engineering Berhad
Up to RM300 Nominal Value Islamic Commercial Paper and/or Medium Term Notes Programme (ICP/IMTN)
Other Industries
Hiap Teck Venture Berhad
AEON Credit Service (M) Berhad
RM400.0 Million in Nominal Value of Subordinated Islamic Perpetual Notes (Perpetual Sukuk) under a Programme (Perpetual Sukuk Programme) based on the Shariah Principles of Musharakah and Musawamah
Scientex Quatari Sdn Bhd
Issuance of Sukuk Murabahah Programme of up to RM500.0 Million for the Tenure of up to 15 Years