U.A.E.’s NBAD Sells $156 Million Sukuk in Malaysia (Update1) - BusinessWeek

National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-largest lender by assets, sold 500 million ringgit ($156 million) of Islamic bonds in its first offering of debt in Malaysia.

The five-year sukuk will pay a coupon rate of 4.75 percent, Mustafa Aziz, director of Global Capital Markets at HSBC Holdings Plc in Dubai, said in an e-mailed response to questions. HSBC and Kuala Lumpur-based Malayan Banking Bhd. are managing the sale.

Malaysia, the world’s largest market for Islamic bonds, has eased foreign ownership rules and encouraged new Shariah- compliant products as part of efforts to become a hub for Islamic financial services. National Bank of Abu Dhabi received a commercial banking license to operate in the Southeast Asian nation, its central bank said on June 17.