Kuala Lumpur 2nd March 2021 – Islamic Finance news (IFN), the Islamic finance industry’s leading news platform, is pleased to announce the prestigious IFN Overall Deal of the Year 2020 accolade has been awarded to the Malaysian government for the Sukuk Prihatin facility worth RM666 million (US$164.64 million).
Sukuk Prihatin brought a new approach to securities issuance in Malaysia. Not only are the proceeds meant to provide COVID-19 relief, but the deal, launched amid widespread restrictions on movement during the pandemic, is the Malaysian government’s first igital Sukuk allowing subscription through the online platforms JomPAY and DuitNow and supported by 27 banks, creating a new ecosystem in the market which may be further developed to allow other issuers to consider for their fundraising and to enhance retail investors’ reach.
A dynamic strategy backed by innovative millennial marketing tactics (various prominent social media platforms) also injected a potent boost to ensure the facility reached the target audience, which consisted of all investors from small ticket retail to institutional. The minimum investment was RM500 (US$123.6) without any maximum amount. Prime Minister Muhyiddin Yassin said that this is a form of ‘bottom-up’ engagement for the people.
Finance Minister Tengku Zafrul Tengku Abdul Aziz said the Sukuk Prihatin is one of the initiatives under the National Economic Recovery Plan (PENJANA) launched by the prime minister on the 5th of June 2020.