Gulf International Bank sets up MR3.5bn sukuk programme

27 May 2012

Gulf International Bank (GIB) has established a MR3.5bn ($1.11bn) sukuk al-wakalah (agency) medium-term note programme in Malaysia. CIMB Investment Bank and Standard Chartered Saadiq are joint lead arrangers of the programme, with GIB's investment banking arm GIB Capital acting as international coordinator.

Bahrain-based GIB is the second Gulf issuer to tap the Malaysian market with sukuk in recent months. In early March, Abu Dhabi National Energy Co (Taqa) issued MR650m, the first tranche of a MR3.5bn programme that it established in November.

According to data from EuroWeek’s Islamic Finance Information Service ...

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