Islamic Bank of Thailand sends out RFP for sukuk

The RFP surprises the market as CIMB has already been working on the deal for some time.
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A screenshot from one of Islamic Bank of Thailand's TV ads
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<div style="text-align: left;"> A screenshot from one of Islamic Bank of Thailand's TV ads </div>

The Islamic Bank of Thailand has asked a group of banks to submit proposals for a baht-denominated sukuk by this Friday. However, the formal request for proposals RFP has come as a surprise because the deal has been in the works for the past few years and Malaysian bank CIMB has already been working on it.

“I’m not sure why they sent out an RFP. I’m not sure if CIMB has been formally appointed, but they’ve been working on it for a long time,” said one Bangkok-based banker.

Some speculate that Islamic Bank of Thailand wants to go through a formal selection process and that it...

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