KUALA LUMPUR (Aug 18): The Sukuk Prihatin programme, touted as the first ever digital sukuk in Malaysia, was launched today as part of the government’s National Economic Recovery Plan (Penjana).
The sukuk, which is based on the principle of Tawarruq via the Commodity Murabahah arrangement, has a total target issuance of RM500 million with a maturity period of two years, said the Ministry of Finance (MoF) in a statement today.
It offers a profit rate of 2% per annum, which will be paid on a quarterly basis and will be exempted from tax.
“The syariah-compliant sukuk issuance is established in response to requests by various parties to contribute towards the country's recovery efforts. To that end, the government decided that the sukuk issuance is a transparent and appropriate instrument in response to those requests,” said the MoF.
“Sukuk holders have the option of donating the principal amount upon its two-year maturity.
"Proceeds from the Sukuk Prihatin will be channelled to the Kumpulan Wang Covid-19 for the implementation of economic recovery measures that include, among others, enhancing connectivity to rural schools, supporting research grants for infectious diseases, and financing micro SMEs, particularly women entrepreneurs,” it added.
The programme is open to Malaysians aged 18 years and above. They may subscribe to the programme through JomPay or DuitNow, which are accessible through the mobile banking platforms of 27 participating banks in Malaysia.
Maybank is the main distribution bank for this sukuk. The sukuk will be distributed on a first-come first-served basis, and is available from Aug 18 to Sept 17.
Interested parties can take part in the programme with a minimum RM500 investment.
The sukuk programme was launched by Prime Minister Tan Sri Muhyiddin Yassin in a ceremony witnessed by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah Ibni Almarhum Sultan Haji Ahmad Shah Al-Musta'in Billah.