April 8 (Bloomberg) -- Malaysia will start selling 5 billion ringgit ($1.4 billion) of Islamic savings bonds from next week as part of a fund-raising program to cover its budget deficit. The government will begin taking orders for 2.5 billion ringgit of Shariah-compliant notes maturing in 2012 from April 14 and issue the securities a month later, Bank Negara Malaysia said in a statement posted on its Web site. The central bank, which conducts bond sales on behalf of the treasury, didnât disclose the date for the second offering. The forthcoming issue, which will have a 5 percent annual return, marks the governmentâs first direct sale of bonds to local retail investors. The planned sales of savings bonds, which are restricted to Malaysian citizens aged 21 and above, will add to the 25.5 billion ringgit of debt sold by the government at auctions in the first quarter of this year.
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