Bahrain's Gulf International Bank has set up a 3.5 billion Malaysian ringgit ($1.11 billion) programme for potential sale of Islamic bonds, the company said on Sunday, as the lender seeks to diversify its funding sources.
Standard Chartered and Malaysia's CIMB Investment Bank are lead arrangers on the medium-term notes programme, while GIB Capital is the international coordinator. "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,"
Jammaz bin Abdullah Al-Suhaimi, GIB's chairman said in a statement.
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