GIB plans Malaysian sukuk

GIB plans Malaysian sukuk

Published: May 29, 2012

Ringgit-denominated programme should raise US$1.1bn.

Bahrain’s Gulf International Bank has launched a MYR3.5bn (US$1.1bn) sukuk programme in Malaysia.

The programme, arranged by CIMB Investment Bank Berhad and Standard Chartered Saadiq Berhad, is based on the shariah principle of Wakalah. GIB Capital, GIB’s investment banking arm, is international coordinator.

HE Jammaz bin Abdullah Al-Suhaimi, GIB’s chairman, says the programme is “a strategic move to tap into the ringgit market in an effort to diversify funding avenues and currencies for the bank”.

The programme has been rated AA1 by RAM Ratings.