Baker & McKenzie acts for SAIB on debut sukuk issuance | Baker & McKenzie acts for SAIB on debut sukuk issuance -
Baker & McKenzie

Baker & McKenzie acts for SAIB on debut sukuk issuance

: Sunday, June 15 - 2014 @ 10:31

Baker & McKenzie acted for The Saudi Investment Bank on their subordinated sukuk issuance in an amount of SR2bn ($533.2m). This was the first sukuk issuance undertaken by The Saudi Investment Bank.

The Saudi Investment Bank is listed on the Saudi Arabian Stock Exchange (Tadawul) and is considered to be the eighth largest bank in the Kingdom of Saudi Arabia in terms of total asset size, having total assets of SR80.49bn ($21.458bn) as of 31 December 2013.

Riyad Capital and Alistithmar for Financial Securities and Brokerage Company were appointed by The Saudi Investment Bank to act as joint lead managers for the subordinated sukuk issuance and were advised by Clifford Chance.

The Baker & McKenzie team was led and co-ordinated by Partner Bilal Kahlon who commented, “We are very pleased to have assisted SAIB on their inaugural sukuk. The strong response received for the issuance is a testament to the strength of SAIB. Our work on yet another innovative sukuk transaction further highlights the strength and expertise of our market leading capital markets and finance practices.”

Bilal Kahlon was supported by Partner Dr. Nasser Alfaraj and Associates Umera Ali and Nezar Al Abbas. Baker & McKenzie has one of the leading international practices in Islamic finance and this sukuk is one of many on which Baker & McKenzie has advised.

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Sunday, June 15- 2014 @ 10:31 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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