Exim Bank has got the approval to issue a Tk500 crore mudaraba subordinated bond to enhance its Tier-2 capital base.
The bond will also be non-convertible, un-secured, and at floating rate. Each unit of the bond will have a face value of Tk1 crore.
The securities regulator, Bangladesh Securities and Exchange Commission (BSEC), approved the bond at a meeting on Sunday.
The coupon rate will be a six-month average of the fixed deposit profit of Islamic banks with an additional 2% margin.
Non-banking financial institutions, insurers, banks, organisations, trusts, and corporations can buy bond units through private placements.
Sena Kalyan Insurance Company is the trustee of the bond while Standard Chartered Bangladesh is working as its mandated lead arranger.