Al-Arafah Islami Bank gets approval to raise a fund of Tk 500 crore through issuing non-convertible, floating rate, fourth mudaraba subordinated bond.

The Bangladesh Securities and Exchange Commission (BSEC) approved the bond today in a commission meeting held at the BSEC building in Dhaka.

Institutional investors, high-net worth people can buy the bond through private placement.

Each unit of the bond would be Tk 5 lakh.

With the bond proceeds, the bank will strengthen its Tier-2 capital base.

The bond is conditioned to be listed at the Alternative Trading Board of security exchanges.

Its trustee is First Security Islami Capital and Investment, mandated lead arrangers are UCB Investment and Prime Bank Investment.