Garuda gets $100m sukuk from Maybank

Garuda red carpetIndonesia’s state carrier Garuda Indonesia has secured $100 million in financing from a unit of Malaysia’s Maybank to fund its operations and expansion, the Malaysian bank said on May 6.

The Musyarakah-based loan, which will be Indonesia’s largest bilateral Islamic financing, has a tenure of three years and will be issued through Maybank’s Indonesian unit, PT Bank Internasional Indonesia (BII), Maybank said in a statement.

“The partnership in financing demonstrates BII’s continuous support for Garuda Indonesia as we are growing our business,” said Garuda’s Chief Executive Officer Emirsyah Satar.

“We are honored that this is the first and only Islamic financing done between a bank and an airline in Indonesia”, he added.

Garuda Indonesia posted a net loss of $163.9 million in its first quarter ended March, compared with a loss of $33.75 million in the same period a year earlier, as the airline continued to struggle with rising competition.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Indonesia's state carrier Garuda Indonesia has secured $100 million in financing from a unit of Malaysia’s Maybank to fund its operations and expansion, the Malaysian bank said on May 6. The Musyarakah-based loan, which will be Indonesia’s largest bilateral Islamic financing, has a tenure of three years and will be issued through Maybank’s Indonesian unit, PT Bank Internasional Indonesia (BII), Maybank said in a statement. “The partnership in financing demonstrates BII’s continuous support for Garuda Indonesia as we are growing our business,” said Garuda’s Chief Executive Officer Emirsyah Satar. “We are honored that this is the first and only Islamic...

Garuda red carpetIndonesia’s state carrier Garuda Indonesia has secured $100 million in financing from a unit of Malaysia’s Maybank to fund its operations and expansion, the Malaysian bank said on May 6.

The Musyarakah-based loan, which will be Indonesia’s largest bilateral Islamic financing, has a tenure of three years and will be issued through Maybank’s Indonesian unit, PT Bank Internasional Indonesia (BII), Maybank said in a statement.

“The partnership in financing demonstrates BII’s continuous support for Garuda Indonesia as we are growing our business,” said Garuda’s Chief Executive Officer Emirsyah Satar.

“We are honored that this is the first and only Islamic financing done between a bank and an airline in Indonesia”, he added.

Garuda Indonesia posted a net loss of $163.9 million in its first quarter ended March, compared with a loss of $33.75 million in the same period a year earlier, as the airline continued to struggle with rising competition.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00