Development Bank of Kazakhstan informed Rating Agency RAM Ratings (Malaysia) assigned reliability rating at АА2 Program on issue of Islamic bonds Sukuk “al-Murabaha”
June 12. KASE
Malaysian Rating Agency RAM Rating Services Berhad (hereinafter – “RAM Ratings”) assigned the rating at АА2 to the Program on issue of the mid-term Islamic bonds Sukuk “al-Murabaha” of Development Bank of Kazakhstan (hereinafter – DBK or the Bank) in the volume of 1.5 billion Malaysian Ringgits. This rating shows the Bank reliability high level on financial liabilities payment.
RAM Ratings is mainly specialized on assigning ratings to Islamic bonds issues. The mentioned rating level complies with such broadly known on Southwest Asia markets and Islamic stock market of banks as BNP Paribas Malaysia Berhad, RHB Investment Berhad, Royal Bank Scotland Berhad and Bank Kerjasama Rakyat Malaysia Berhad.
In addition, the DBK received all necessary permissions for Sukuk bonds issue and offering from regulators of Malaysia and Kazakhstan. On June 13, 2012, in Almaty DBK holds the roadshow for Kazakhstan investors. At present, DBK management is in Kuala Lumpur (Malaysia) to hold the roadshow with potential investors of Malaysia. It is planned that Islamic bonds of DBK will be issued in compliance with the legislation of Malaysia and will be offered through Kazakhstan Stock Exchange to Kazakhstan investors. The proposed total volume of the bond program is the equivalent of USD500 million. It is also planned that the issue first volume within the program is about USD200-300 million.
Thus, DBK plans to affirm the benchmark for all Kazakhstan issuers using new instruments on foreign capital markets. It is planned that this will be the first issue of Islamic bonds not only in Kazakhstan, but also on the entire post-Soviet territory.