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22 June 2009

Sukuk Simpanan Rakyat

Sukuk Simpanan Rakyat

The first tranche of Sukuk Simpanan Rakyat was sold out within a short period when application opened in April 2009. The Sukuk Simpanan Rakyat was offered by Bank Negara Malaysia.

The first of two series RM2.5 billion Sukuk Simpanan Rakyat had a 3-year maturity period. Sukuk Simpanan Rakyat offered an annual profit return of 5%, which was exempted from tax and was paid out on every quarter. Subscibers of the shariah-compliant papers could make early redemption on Sukuk Simpanan Rakyat before the tenure ends in 2012.

Who applied for that first Sukuk Simpanan Rakyat? Citizens over 21 years of age could apply to subscribe to the papers at all commercial banks including Islamic banks, Bank Kerjasama Rakyat Malaysia Bhd, Bank Simpanan Nasional and Bank Pertanian Malaysia Bhd.

Applicants of Sukuk Simpanan Rakyat could subscribe from a minimum of RM1,000 up to RM50,000 of Sukuk Simpanan Rakyat. It is given out on a first-come first-served basis.

Considering that 12-month fixed deposit tenures are around 2.5%, the Sukuk Simpanan Rakyat seems attractive.

Get ready for the the next tranche of Sukuk Simpanan Rakyat if you do not wish to miss out on it. Question is, when is the next release of Sukuk Simpanan Rakyat?

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