Muslims.net

   GMT: 2:38:49 pm   24 April 2014 | 23 Jumada al-Thanni 1435  
  Home  Islamic Finance

Malaysia plans 19 bond sales to fund development projects

31/12/2009 06:00:00 AM GMT 

Kuala Lumpur: Malaysia plans to conduct 19 bond sales next year to help raise funds for development projects and fin-ance its budget deficit.

The government will sell notes maturing in 2013, 2015, 2017, 2019, 2020 and 2030, comprising both conventional and Islamic securities, according to a sale calendar published by Bank Negara Malaysia on its website. The central bank, which conducts debt auctions on behalf of the treasury, didn't provide details on the amount to be raised at each debt sale.

Malaysia raised a record 88.5 billion ringgit (Dh95.42 billion) this year, a 48 per cent increase from 2008 and the most since records began in 1991.

It will step up "fiscal discipline" next year to help narrow the deficit to 40.5 billion ringgit, or 5.6 per cent of gross domestic product, the finance ministry said in October.

Prime Minister Najib Razak has unveiled 67-billion ringgit of stimulus measures in the past year and the central bank has maintained its overnight policy rate at 2 per cent since February to help the nation climb out of its recession. The government also raised 5 billion ringgit from the sale of 2012 bonds to retail investors in May.

The finance ministry estimated the budget shortfall for 2009 at 51.1 billion ringgit, or 7.4 per cent of GDP, the highest proportion since 1987. Islamic debt, or sukuk, pays a profit rate to investors from an underlying asset instead of interest, which is prohibited by Sharia.

Source: Gulf News
   Article tools
Printable version
E-mail this to a friend

   Top Middle East Live

   Top Islamic Finance
RAM Ratings reaffirms TNB's AAA sukuk rating
DAMAC celebrates listing of 650 million dollar Sukuk on NASDAQ Dubai
Bankers tackle restructuring Sukuk the Islamic way in Dubai workshop
Deloitte and IRTI workshop: Restructuring Sukuk the Islamic way
MSM Shariah index rejig comes into effect today

   Top Reviews
Ramadan killing series takes 19 more lives in Iraq
Egyptian expats in UAE vote overwhelmingly for Morsi
Pakistan deports Bin Laden’s family to Saudi Arabia
Ban that "Qaidiani Juice"!
Israel defends another air strike on Gaza
   Muslims.net is a trade mark of AlJazeera Publishing, an independent media organisation established in 1992 in London.

   For Middle East Online Advertising enquiries contact alClick - Middle East Advertising.
   alClick provides online advertising and marketing across the entire Middle East with special focus on:
   UAE, Qatar, Bahrain, Qatar, Kuwait and Saudi Arabia.

   Regional Sites

Regions Most Popular

- Al Arabiya Digital

Islamic

- Islam Online
- Muslims
- Muslim Heritage
- 1001 Inventions

Regional News

- The National
- Al Hayat
- Arab News

Business

- Sukuk
- Islamic Finance
- alJazeera Capital
- Middle East Forex
- Arabian Forex
- Middle East Education

Middle East Vacancies

- Jobs in Saudi Arabia
- Jobs in Qatar
- Jobs in Abu Dhabi, UAE
- Jobs in Kuwait
- Jobs in Bahrain
- Jobs in Oman

Regional Marketing

- Marketing in Middle East
- UAE Marketing
- Qatar Advertising
- Kuwait Marketing
- Oman Advertising
- Bahrain Marketing
- Saudi Arabia Advertising
- Dubai Advertising