Kuala Lumpur, 17 September 2019 - Muamalat Venture Sdn Bhd ("MVSB"), a wholly-owned subsidiary of Bank Muamalat Malaysia Berhad ("Bank Muamalat") had again repeated its success in getting full subscription of its fifth listing on Investment Account Platform ("IAP").
Similar to the 4 previous Ar Rahn listings in 2017, 2018 and 2019, Project Ar-Rahn 5 is an investment in a share of aggregate capital contribution of MVSB under the Musharakah Joint Venture (Musharakah JV) with Permodalan Kelantan Berhad in selected branches of its Islamic pawn broking (Ar-Rahn) business activities.
The campaign period for Project Ar-Rahn 5 started today until 27 September 2019. This time around, the Project received 156% booking as the campaign opened on 17 September 2019 as investors look for the opportunity to invest.
Similar to Project Ar-Rahn 4 back in April 2019 which was oversubscribed by 1.27 times within the first 30 minutes, Project Ar Rahn 5 is scheduled to commence in early October for a tenure of 6 months. The indicative returns to investors remain attractive at 6.15% per annum despite the reduction in Overnight Policy Rate (OPR) by 25 basis points to 3.00% by the Monetary Policy Committee (MPC) of Bank Negara Malaysia on 7 May 2019.
Joann Maryam Enriquez, CEO of IAP Integrated Sdn Bhd that owns and operates IAP remarked that Bank Muamalat, as in the previous 4 Ar Rahn listings, will undertake an allocation exercise of the investment in view of the oversubscription. Joann added that this is also the first time that a sponsoring bank allocated a portion of the investment to its high net worth (HNW) clients through the bank's private banking network.
Further information on Project Ar-Rahn 5 and IAP can be found at www.iaplatform.com