Trading of AIBL Mudaraba Perpetual bond begins
The trading of Al Arafah Islami Bank Limited's 'AIBL Mudaraba', the very first perpetual bond that got approved under the new regulation, began on Sunday.
On the occasion, a ring bell ceremony was held at DSE Tower in the capital, reads a press release.
In the trading inaugural ceremony, M Shaifur Rahman Mazumdar, Chief Operating Officer of Dhaka Stock Exchange; Muhammed Nadim, deputy managing director of Al-Arafah Islami Bank Ltd and Tanzim Alamgir, managing director and CEO of UCB Investment Limited were present among the high officials.
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After a hiatus of 14 years, the AIBL Mudaraba Perpetual bond has made its debut on Dhaka Stock Exchange. The public offer portion of this bond is oversubscribed by 1.35 times.
A perpetual bond is fixed income security with no maturity date and is often considered as a type of equity rather than debt. These types of bonds are not redeemable but instead provide a never-ending stream of interest payments.
This is to be noted, UCB Investment Ltd is the issue manager and arranger of this issuance.
