Dhaka, Bangladesh (BBN)– Bangladesh Securities and Exchange Commission (BSEC) has approved the proposal of issuing mudaraba subordinated bond worth BDT 7.0 billion by the First Security Islami Bank Limited.
The approval was given at a meeting held at the office of the BSEC in the capital on Tuesday with its chairman M. Khairul Hossain in the chair.
The tenure of the bond will be seven years and the characteristics are non-convertible, fully redeemable, unsecured and unlisted, the BSEC said.
The bond will be issued to different financial institutions, insurance companies, corporate entities, and other eligible investors through private placement.
The fund will be raised to strengthen the bank’s tier-II capital base. The offer price of the bond will be TBDT1.0 million per unit.