Abu Dhabi’s Taqa Sets Up 3.5 Billion Ringgit Sukuk Program - Bloomberg

Abu Dhabi National Energy Co. (TAQA) set up a 3.5 billion Malaysian ringgit ($1.1 billion) sukuk program as the state-controlled utility known as Taqa diversifies its financing options.

“The program will allow Taqa to issue quickly if and when the market conditions are optimal,” the company said in a statement to the Abu Dhabi bourse today. The sale will be Taqa’s first ringgit sale, according to Bloomberg data.

Malaysia, the world’s largest market for Islamic bonds, has eased foreign ownership rules and encouraged new Shariah- compliant products to attract investors. Tamweel PJSC (TAMWEEL), the Dubai-based mortgage lender, plans to raise at least $300 million to $500 million from sukuk sale this quarter denominated either in Malaysian ringgit or dollars, acting Chief Executive Officer Varun Sood said last week.

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