Baker & McKenzie Advises Gulf International Bank on 3.5 Billion Malaysian Ringgit Denominated Islamic Medium Term Note Programme
31 May 2012
Manama, Bahrain, 31 May 2012 –Baker & McKenzie recently acted for Gulf International Bank B.S.C. ("GIB") in relation to the establishment of its 3.5 billion Malaysian Ringgit denominated Islamic Medium Term Note Programme based on the Shariah principle of Wakalah (the "Sukuk Programme"). GIB has previously established a EuroMedium Term Note Programme listed on the London Stock Exchange and issued two conventional bonds in the Saudi market. This Sukuk Programme will give GIB an opportunity to tap into the Islamic capital market whenever it chooses.
GIB is incorporated in the Kingdom of Bahrain by an Amiri Decree. It is registered as a conventional wholesale bank with the Central Bank of Bahrain and engages in commercial banking, investment banking, asset management, treasury services and investment management.
"We greatly value our longstanding relationship with GIB, whom we have been privileged to advise in a number of jurisdictions and for major transactions," said Ian Siddell, Partner and Head of the Gulf Banking and Finance practice. "GIB's Sukuk Programme follows the establishment of Sukuk programmes by a number of Gulf based institutions this year, including the Al Marai Company and Banque Saudi Fransi, which have established programmes in Saudi Arabia and London, respectively. Our involvement in these transactions shows our strength in the Islamic debt capital markets."
Our Malaysian based partner, Azizul Adnan, said, "Malaysia has become an increasingly attractive market for international Sukuk and bonds issuances due to its deep liquidity and we are delighted to have assisted GIB in their first ever Malaysian Sukuk and look forward to working with them on similar transactions in the future".
The Baker & McKenzie team was jointly led by partner, Azizul Adnan from the Malaysia Office and associate, Umera Ali from the Bahrain Office.
For any questions about this press release, please contact:
Umera Ali (+973 1710 2013
Azizul Azmi Adnan (+60 3 2298 7886