Bahrain's GIB sets up US$1.1bn sukuk programme

Bahrain-based Gulf International Bank set up a US$1.1bn medium term note programme with the aim of issuing a sukuk denominated in Malaysian ringgit to diversify its funding base . "The sukuk programme represents a strategic move to tap into the ringgit market in an effort to diversify funding avenues and currencies for the bank,'' GIB chairman Jammaz bin Abdullah Al-Suhaimi, said in a statement. Standard Chartered and Malaysia's CIMB Investment Bank Berhad are lead arrangers of the Shariah-compliant note, while GIB Capital, the investment banking arm of the Bahrain-based lender is the international coordinator. The programme has been rated AA1 by Malaysia's RAM Ratings. From Arabian Business