Executives from CIMB Group have held talks with Australia’s big banks about issuing the country’s first Islamic bonds, according to CIMB’s Sydney-based head of capital markets. Michael Forde said the country’s major lenders could become the first Australian companies to tap Malaysia’s Islamic bond, or sukuk, market next year as they sought ways to access the growing pool of cashed-up Muslim investors.
National Australia Bank, Australia’s fourth-largest by market value, would be keen to sell up to $500 million of sukuk next year once it had approval from the banking regulator, sources said………………………………………..Full Article: Source