Baker & McKenzie has advised Banque Saudi Fransi (BSF) in relation to the establishment and listing of its debut U.S. $2 billion sukuk programme. This is the first sukuk programme established by a Saudi bank to be listed on the London Stock Exchange. BSF is a full-service commercial bank in the Kingdom of Saudi Arabia and the groundbreaking London listing further diversifies the bank’s sources of funding.
Karim Nassar, Partner based in the Gulf offices, said, “Having assisted BSF previously on the establishment of its EMTN programme, we are very pleased to have once again worked with BSF on the establishment of its first sukuk programme.”
Sukuk issuance levels in Saudi Arabia are reported to be at record levels so far this year, as the Kingdom’s corporations and banks raise funds for investment and seek funding diversification.
London-based partner Simon Porter said, “We are delighted to have assisted BSF on its first ever sukuk listing and look forward to working with them again in the future.”
The Financial Services Authority in the United Kingdom has issued guidance for listing Sukuk in London, creating clarity in terms of initial issue, as well as ongoing reporting and disclosure. London has been the preferred money centre for previous listings of debt issued by Saudi banks.
Ian Siddell, Partner and Head of the Gulf Banking and Finance practice, further stated, “We continue to value our long standing relationship with BSF and are privileged to advise them on various major projects.”
The Baker & McKenzie team was jointly led by partners, Karim Nassar, Bilal Kahlon and Simon Porter with the assistance of associates Umera Ali, Alexander Dresch and Omar Al Ansari.
This sukuk listing is one of many Baker & McKenzie has advised on and our practice is one of the leading international practices in Islamic finance.
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