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Rasmala closes 3rd series of Salam III limited Sukuk programme

Rasmala closes 3rd series of Salam III limited Sukuk programme
Rasmala is acting as the lead arranger for the issuance of the Sukuk (Photo Credit: Arabianeye-Reuters)

Dubai - Mubasher: Rasmala closed successfully the third and final series of Salam III Limited, FWU Group’s Sukuk Al-Wakala Programme, according to a statement.

Rasmala is acting as the lead arranger for the issuance of the Sukuk sponsored by Europe-based multinational insurance group FWU AG.

The final series of the Sukuk programme has been closed at $28.4 million, Rasmala said, adding that such series combines a specific portion of premiums receivable from a pool of existing Italian and Spanish unit-linked life insurance policies originated by FWU’s wholly owned subsidiary, Atlanticlux.

The Sukuk has been assigned an investment grade credit rating of BBB by Fitch and is being issued in amortising series, each with a term of five years.

The first two series of the Sukuk previously closed at $20 million and $40 million in October 2013 and March 2014 respectively. The target profit rate is 7% per annum, to be distributed on a quarterly basis.

An application will be made to Channel Island Securities Exchange (CISE) for the Sukuk certificates to be listed and to be admitted for trading.