Barwa Bank has been appointed as joint lead manager (JLM) and book runner for a benchmark medium term sukuk issue of the International Finance Facility for Immunisation Company (IFFIm), which is backed by nine countries including the UK and France.
The proceeds of the sukuk will be used to provide free vaccines and related health system strengthening support to many of the world’s poorest nations.
The World Bank acts as treasury manager for IFFIm, while immunisation programmes are funded by the company through GAVI, the Vaccine Alliance. Since 2006, IFFIm has raised $4.5bn through bonds, and its last issuance was a $700mn bond in June last year.
“Our appointment reflects our expertise in the rapidly expanding international Islamic capital markets and securing a mandate like this is the clearest testament to our credibility, track record, and delivery,” said Barwa Bank acting CEO Khalid al-Subeai (pictured). In June of this year, Barwa Bank was appointed as one of five JLMs for the UK government’s debut sovereign sukuk, a landmark transaction that saw the first Shariah-compliant issuance by a non-Muslim nation.
