SIBL gets nod for Tk 600cr bond

Social Islami Bank gets nod to raise funds of Tk 600 crore by issuing non-convertible, unsecured, mudaraba subordinated floating rate bond.

The profit rate of the bond would be shariah based banks' average deposit rate in the latest six months and additional 2 per cent.

The fund would be raised through private placement from institutional investors and high-net-worth individual investors.

Face value of each unit of the bond is Tk 1 crore.

With the bond proceeds, the bank will strengthen its tier-2 capital base. DBH Finance PLC is the trustee of the SIBL bond and Standard Chartered Bangladesh the arranger.