Bank Islam lists on Bursa Malaysia

Creating another milestone, Bank Islam Malaysia Bhd (Bank Islam), the pioneer of shariah-compliant banking in Malaysia’s, became the first pure-play full-fledged Islamic financial institution listed in the Main Market of Bursa Malaysia on 8 October. By doing so it took over the listing status from BIMB Holdings Bhd (BHB). The listing marks the completion of the BHB Group’s restructuring exercise, which entails a private placement exercise, a scheme of arrangement to settle outstanding warrants, and the internal reorganisation of subsidiaries. The internal business realignment measures also include distribution and capital repayment exercise involving the distribution of BHB’s entire shareholdings in Bank Islam and Syarikat Takaful Malaysia Keluarga Berhad (Takaful Malaysia) to the shareholders of BHB, along with the transfer of listing status of BHB within the Main Market to Bank Islam.