18. DEPOSITS AND PLACEMENTS OF BANKS AND OTHER FINANCIAL INSTITUTIONS Group and Bank 2023 RM’000 2022 RM’000 Licensed investment bank 50,305 50,048 Development financial institution 301,482 20,020 351,787 70,068 19. RECOURSE OBLIGATIONS ON FINANCING SOLD TO CAGAMAS Recourse obligations on financing sold to Cagamas represents house financing accounts that are sold to Cagamas with recourse. Under the agreement, the Bank undertakes to administer the financing on behalf of Cagamas and to buy back any financing which are regarded as defective based on pre-determined and agreed-upon prudential criteria with recourse against the Bank. Such financing transactions and the obligation to buy back the financing are reflected as a liability on the statements of financial position. The financing is not de-recognised and is analysed in Note 8. The details are as follows: Note Nominal value RM’000 Issue date Maturity Date Profit rate (% p.a.) (a) 500,000 18 May 2021 18 May 2024 2.95 (b) 1,000,000 4 November 2022 4 November 2027 4.83 (c) 500,000 28 June 2023 28 June 2028 4.16 20. SUBORDINATED SUKUK AND CAPITAL SECURITIES Note Group and Bank 2023 RM’000 2022 RM’000 Subordinated sukuk Issued under the RM10.0 billion Programme First tranche (a) – 302,328 Second tranche (b) 403,986 403,986 Third tranche (c) 704,833 704,971 Fourth tranche (d) 301,617 301,618 Fifth tranche (e) 403,915 – 1,814,351 1,712,903 Capital securities (f) 509,189 509,189 2,323,540 2,222,092 Finance cost on subordinated sukuk and capital securities 95,336 90,375 328 Notes to the Financial Statements for the financial year ended 31 December 2023 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023
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