Malaysia plans to raise as much as 30 billion ringgit ($9.9 billion) through an Islamic bond program to fund construction of a mass railway in the Southeast Asian nation’s capital, the project’s manager said.
Dana Infra Sdn., a finance ministry company created to fund infrastructure development, will sell ringgit-denominated Islamic notes, or sukuk, with maturities of as much as 65 years, Azhar Abdul Hamid, chief executive officer of Mass Rapid Transit Corp., said in an interview late yesterday. It will initially take a bridging loan of 500 million ringgit from a consortium of banks to cover early building work, he said………………………………………..Full Article: Source