Baker & McKenzie acted as advisors for The Saudi Investment Bank (SAIB) on their subordinated sukuk issuance of SR2 billion ($533.2 million).

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 in terms of total asset size, having total assets of SR80.49 billion 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.

"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," stated Kahlon.

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.

Founded in 1949, Baker & McKenzie advises many of the world’s most dynamic and successful business organizations through more than 4,100 locally qualified lawyers and 6,000 professional staff in 75 offices in 47 countries.-TradeArabia News Service