Abu Dhabi Islamic Bank, the emirate's largest sharia-compliant bank, plans to issue capital-boosting Islamic bonds in Malaysia, its first foray in the Southeast Asian Islamic debt capital market.
Credit agency RAM Ratings assigned preliminary ratings of AAA and AA1 to the proposed senior and subordinated sukuk, the agency said in a regulatory filing on Tuesday. No details such as size or currency were given.
Last month, ADIB said it planned to boost its capital base to help support future growth, seeking to bolster reserves after a period of high lending growth.
In 2012, ADIB became the first Gulf Arab Islamic bank to issue a Tier 1 perpetual sukuk, a $1 billion deal that received orders of over $15 billion.
Basel III standards, now being phased in around the world, are prompting Gulf lenders to seek ways to boost their capital.
Last month, Dubai Islamic Bank raised $1 billion through a perpetual sukuk of its own, and on Monday Qatar International Islamic Bank said it would seek shareholder approval to raise up to 3 billion riyals ($825 million) via Tier 1 sukuk.