Malaysia Building Society Bhd (MBSB), a loan provider, said on Monday it would raise seven billion ringgit ($2.22 billion) through Islamic bonds or sukuk, having received approval from the securities commission.

MBSB plans to raise three billion ringgit with a 15-year sukuk programme as part of its fundraising, while its wholly owned subsidiary Jana Kapital Sdn Bhd will raise four billion ringgit with a 16-year sukuk program, it said in an announcement to the stock exchange.

Malaysia's sukuk market, which stood at 492.1 billion ringgit as of June according to figures from the central bank, is the world's largest of its kind.

MBSB said earlier this month it would raise up to 1.5 billion ringgit with renounceable rights.

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