SJIBL to raise Tk 500cr via Mudaraba bond

Shahjalal Islami Bank Limited (SJIBL) will issue ‘SJIBL 3rd Mudaraba Subordinated Bond’ worth Tk 500 crore to strengthen its capital base in line with the regulatory requirement.

The bank’s board of directors took the decision to issue the bond subject to the approval of the related regulator, said it said in a filing with the Dhaka Stock Exchange (DSE) on Sunday.

“The bank will use the proceeds to strengthen Tier - II capital of the Bank as per requirement under Basel III through private placement.”