Al Hilal Bank acted as Manager of the UAE on the First Malaysian Ringgit Sukuk Programme

Al Hilal Bank, AHB, has acted as the Manager in the UAE on the establishment of MYR 1,000,000,000 Malaysian Ringgit Sukuk Programme by Al Bayan Group Holding Company, the Programme, and the issuance of MYR 200,000,000 Sukuk Wakalah due 2016, the first issuance under the Programme.

 Al Bayan Group Holding Company is a diversified holding company based in the Kingdom of Saudi Arabia, with businesses that include the supply of a large range of equipment and information technology products and services, including the provision of communication networks and the construction of infrastructure. The Programme was established on 2 April 2013 and the first issuance took place on 24 April 2013.

 HSBC Amanah Malaysia Berhad and Hong Leong Islamic Bank Berhad acted as the Joint Lead Arrangers on the establishment of the Programme. HSBC Amanah Malaysia Berhad, Hong Leong Islamic Bank Berhad and Kenanga Investment Bank Berhad acted as the Joint Lead Managers on the first issuance under the Programme. Latham & Watkins LLP acted as legal counsel to AHB, the Joint Lead Arrangers and the Joint Lead Managers.

This transaction marks yet another significant milestone as this is the first Malaysian Ringgit Sukuk Programme to be established by a Saudi corporate issuer and the first issuance by a Saudi corporate issuer of Malaysian Ringgit denominated sukuk in the Malaysian debt capital markets, which is also considered to be the world’s largest Sukuk market.

 Mr. Mohamed Jamil Berro, the CEO of AHB commented: “AHB is proud to be part of this landmark transaction which demonstrates the strength and depth of AHB’s Islamic finance and capital markets practice in the Middle East, assisting issuers who are keen to among others looking to diversify their funding & investor base”.