84
Table 4.4 provides a snapshot of benchmark corporate sukuk issued in Malaysia.
Table 4.4: A Snapshot of Benchmark Corporate Sukuk Issuances in Malaysia
Malaysia Building
Society Berhad
(First covered sukuk)
Ihsan Sukuk Berhad
(First SRI sukuk)
Tadau Energy Sdn
Bhd
(First green sukuk)
Sukuk issuer Jana Kapital Sdn Bhd Ihsan Sukuk Berhad Tadau Energy Sdn Bhd
Obligor Malaysia Building
Society Berhad
Khazanah Nasional
Berhad
Tadau Energy Sdn Bhd
Currency format Ringgit Ringgit Ringgit
Structure Murabahah Wakalah Ijarah, Istisna’
Obligor/sukuk
ratings
AA1 (RAM Ratings) AAA (RAM Ratings) AA3 (RAM Ratings)
Sukuk assets Portfolio of securitised
assets
Tangible assets and the
commodity murabahah
investment
Solar PV Plants
Purpose To be used for working
capital purposes,
To be used for the
purpose of funding
Shariah compliant
Eligible SRI projects
To be used to finance
the large-scale solar
project
Issue date 24 December 2013 18 Jun 2015 27 Jul 2017
Tenure 15 years 25 years 16 years
Maturity 22 December 2028 16 June 2040 27 July 2033
Amount RM3 billion RM1 billion RM250 million
Period
distribution
4.4% 4.2% - 4.6% 5.0%
Listing Not listed Not listed Not listed
Geographical
distribution of
investors
Domestic Domestic Domestic
Source: SC
Deduction of issuance costs for sukuk is one of the tax incentives provided under the
Malaysian budget. Over time and in line with the market requirement of adopting Shariah
contracts that are recognised internationally, the deduction of issuance costs moved from sale-
based contracts (particularly BBA, bay’ al-inah ) to partnership, lease, agency and selected sale-
based contracts (i.e. ijarah, musharakah, mudarabah, murabahah based on tawarruq). Figure
4.3 elaborates on some tax incentives extended to Islamic financial transactions based on
Malaysia’s Budget 2018.