On behalf of Malayan Banking Berhad (“Maybank”), Maybank Investment Bank Berhad is pleased to announce that Etiqa Takaful Berhad (“Etiqa Takaful”), a wholly owned subsidiary of Maybank Ageas Holdings Berhad  which in turn is 69.05% owned by Etiqa International Holdings Sdn Bhd, a wholly owned subsidiary of Maybank, had completed the issuance of its Tier 2 capital Subordinated Sukuk Musharakah of RM300.0 million in nominal value (“Subordinated Sukuk Musharakah”) with a tenure of 10 years on a 10 non-callable 5 basis  on 30 May 2014.

All regulatory approvals for the establishment and issuance of the Subordinated Sukuk Musharakah were obtained from Bank Negara Malaysia and the Securities Commission Malaysia on 4 March 2014 and 22 April 2014 respectively. 

The Subordinated Sukuk Musharakah will qualify as Tier-2 capital of Etiqa Takaful subject to compliance with the requirements as specified in the Risk-Based Capital Framework for Takaful Operators issued by Bank Negara Malaysia (as amended from time to time).

This announcement is dated 30 May 2014.

The net proceeds from the issuance of the Subordinated Sukuk Musharakah will be utilised, amongst others, for Etiqa Takaful's business operations, working capital and other corporate purposes which are Shariah compliant.