HSBC in Islamic first for Ingress

HSBC closes the books on Malaysia''s first true corporate sukuk Ijara.

HSBC has closed the books on the first corporate Islamic bond using a true sukuk Ijara structure in Malaysia. The bank issued the deal on behalf of Ingress Corporation, a automotive company that makes door parts and panels for Malaysian car companies such as Perodua and Proton, as well as for the regional Asean automotive industry, notably Toyota and Honda in Thailand.

The deal is RM160 million $42 million in size and while small, it is interesting for its pure Ijara structuring. Under the terms of the deal, Ingress has set up a special purpose vehicle SPV, which has bought some assets, plants and machinery from the parent. This...

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