City Developments to launch Islamic MTN

SingaporeÆs City Developments will launch a S$1 billion Islamic MTN programme arranged by CIMB-GK Securities.

City Developments will launch SingaporeÆs first Islamic multi-currency medium-term note MTN programme by the end of the year. The initial sale will be valued at S$1 billion $708 million and arranged by CIMB-GK Securities.

CIMB-GK will issue sukuk, the Islamic finance equivalent of a bond but without interest, under the new MTN programme. The sukuk will be sold in full compliance of ijarah, a SharÆiah compliant form of leasing.

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