Kuala Lumpur, 12 April 2019 – Muamalat Venture Sdn Bhd (“MVSB”), a wholly-owned subsidiary of Bank Muamalat Malaysia Berhad (“Bank Muamalat” or the “Bank”) had repeated its success in getting full subscription of its fourth listing on Investment Account Platform (IAP).
Similar to the three (3) previous Ar Rahn listings in 2017 and 2018, Project Ar-Rahn 4 is an investment in a share of aggregate capital contribution of MVSB under the Musharakah Joint Venture (Musharakah JV) with Permodalan Kelantan Berhad (“PKB”), in selected branches of Islamic pawn broking (Ar-Rahn) business activities.
The campaign period for Project Ar-Rahn 4 started at 9.30 am on Friday, 5 April 2019 until 12 April 2019. This time around, the Project received 77% booking within the first ten (10) minutes after the campaign period started and before 10.00 am, it was oversubscribed by 1.27 times.
In addition, payment for the booking totaling RM20 million was fully made by the investors just before 10.30 am this morning, indicating that the Project remains popular with the investors. Project Ar-Rahn 4 is scheduled to commence in mid-April for a tenure of six (6) months and is expected to generate an attractive return of 6.75% per annum to investors.
Joann Maryam Enriquez, CEO of IAP Integrated Sdn Bhd that owns and operates IAP remarked that Bank Muamalat, as in the previous three (3) Ar Rahn listings, will undertake an allocation exercise of the investment in view of the oversubscription of the investment booking. Joann also added that this has been a good week for IAP as on Monday, ICT Zone Venture Berhad’s RM2.75 million listing sponsored by Affin Islamic Bank Berhad was successfully funded.
Further information on Project Ar-Rahn 4 and IAP can be found at www.iaplatform.com.
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