2. CAPITAL ADEQUACY (CONTINUED) 2.1 Capital Management (continued) Capital Instrument Capital Component Main Features 2) Sukuk Murabahah Programme of up to RM10.0 billion (Programme 2) a) Tranche 1: RM300 million at 5.15% •• Type: Subordinated Sukuk Murabahah •• Issued on 7 November 2018 •• Mature on 7 November 2028 Tier 2 Capital •• Subordinated Sukuk Murabahah shall be utilised to finance the Group’s Islamic banking activities, working capital requirements and other corporate purposes and/or, if required, to redeem any outstanding Sukuk Murabahah issued under both programmes. All utilisations shall be Shariah Compliant. •• Upon the occurrence of a Non-Viability Event, BNM, jointly with PIDM, shall have the option to require the entire or part of the nominal value of the outstanding Subordinated Sukuk Murabahah, and all other amounts owing under the Subordinated Sukuk Murabahah, to be written off. •• No Conversion into Equity. b) Tranche 2: RM400 million at 3.75% •• Type: Subordinated Sukuk Murabahah •• Issued on 26 March 2020 •• Mature on 26 March 2030 c) RM700 million at 3.60% •• Type: Subordinated Sukuk Murabahah •• Issued on 21 October 2020 •• Mature on 21 October 2030 d) RM300 million at 4.10% •• Type: Subordinated Sukuk Murabahah •• Issued on 12 November 2021 •• Mature on 12 November 2031 3) Additional Tier 1 Capital Sukuk Wakalah Programme of up to RM5.0 billion RM500 million at 5.16% •• Issued on 24 August 2022 •• Mature on 22 August 2121 (perpetual) Tier 1 Capital •• Tenure of the Sukuk Wakalah is perpetual, subject to the Call Option (where applicable). •• Each Series of the Sukuk Wakalah issued under the Sukuk Wakalah Programme may have a call option (to be determined prior to the relevant issue date) to allow the Group to redeem (in whole or in part) that Series of the Sukuk Wakalah on any Periodic Distribution Date on or after the fifth (5th) anniversary of the issue date of that Series of the Sukuk Wakalah at the Dissolution Distribution Amount. •• Unsecured. •• The proceeds from the Sukuk Wakalah Programme shall be utilised to finance the Group’s working capital requirements and/or other general corporate purposes and to defray fees and expenses related to the Sukuk Wakalah Programme. It may also be utilised to refinance/for redemption of any earlier issuance of Sukuk Wakalah under the Sukuk Wakalah Programme. All utilisations shall be Shariah Compliant. •• Upon the occurrence of a Non-Viability Event, the Group shall irrevocably, without the need for the consent of the Sukuk Trustee or the Sukukholders, write-off the Sukuk Wakalah (in whole or in part) if so required by BNM and/or PIDM at their full discretion. •• No Conversion into Equity. •• Non-Convertible and non-Exchangeable Financial Statements 387 01 05 03 07 02 06 09 04 08 Bank Islam Malaysia Berhad
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