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Clifford Chance advises on Export-Import Bank of Malaysia's US$1 billion multicurrency sukuk programme

3 October 2013

Clifford Chance advises on Export-Import Bank of Malaysia's US$1 billion multicurrency sukuk programme

Hong Kong, Dubai: Leading international law firm Clifford Chance has advised Export-Import Bank of Malaysia Berhad (MEXIM), on the international law aspects regarding the establishment of its US$1 billion multicurrency sukuk programme. The programme was arranged by BNP Paribas, CIMB, HSBC and Maybank. The sukuk programme is based on the Islamic principle of wakala.

Hong Kong Capital Markets partner Matt Fairclough said, "We are pleased to have been able to assist MEXIM with the establishment of its sukuk programme, having also previously assisted on the international law aspects in establishing their conventional EMTN programme."

Gregory Man, senior associate in Hong Kong's Finance and Capital Markets practice added, "Our role in this transaction further highlights our Islamic Finance structuring and execution capability in Asia and the trend for Malaysian issuers to diversify their funding base by looking to international sukuk investors to raise finance."

Global Head of Islamic Finance, Qudeer Latif said, "We were delighted to assist MEXIM on this groundbreaking sukuk programme which is the first of its kind to utilise this type of wakala structure in Asia."

The team was led by Matt and Gregory in Hong Kong with support from Qudeer in Dubai and associate Ambroise Ng in Hong Kong.

Wong & Partners acted as Malaysian counsel for MEXIM and Zaid Ibrahim & Co acted as Malaysian counsel for the arrangers.