Sekatarakyat, the cooperative for Bank Rakyat staff, has entered the Shariah-compliant capital market with the issuance of RM2 billion Wakalah Sukuk in collaboration with Bank Islam Malaysia Bhd. This marks the cooperative’s first sukuk programme, with a tenor of up to 30 years, supporting its long-term financial growth and sustainability goals.
Sekatarakyat chairman Datuk Mohamed Arsad Sehan said the sukuk aims to maximise returns for members, expand the cooperative’s Shariah-compliant business, strengthen working capital, and meet general corporate needs. The majority of funds will be used to grow its ar-Rahnu business, which currently operates 17 outlets, with plans to open three more next year, subject to regulatory approval.
“We also plan to channel part of the proceeds into new real estate ventures and provide increased financing for Sekatarakyat members,” he added.
Bank Islam’s group chief business officer (Institutional Banking), Sharifah Sarah Syed Mohamed Tahir, said the sukuk programme was executed via special-purpose vehicle Sekata Capital Sdn Bhd, with Bank Islam serving as lead adviser and arranger. She noted that the collaboration strengthens strategic ties, highlights Bank Islam’s role in developing an inclusive Islamic capital market, and underscores its commitment to innovative Shariah-compliant financing solutions that support Sekatarakyat’s long-term growth.
