Time Business Report: Islami Bank Bangladesh Ltd received consent from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk 800 crore by issuing subordinated bonds.

In a filing on the Dhaka Stock Exchange today, the shariah-based lender said the BSEC has consented to the bond issuance.

The IBBL fourth mudaraba non-convertible unsecured floating rate fully-redeemable subordinated bond, aimed at strengthening the Tier-2 capital base under Basel-III, will have a tenure of seven years and be issued through private placement.

SK