Clifford Chance has advised the Export-Import Bank of Malaysia Bhd. on the establishment of a $1 billion Islamic bond, or sukuk, program.

The state-owned EXIM Bank plans to use the funds raised from the multi-currency program in order grow its Islamic banking business.

Hong Kong partner Matthew Fairclough and Dubai-based global head of Islamic finance Qudeer Latif led the Clifford Chance team advising EXIM Bank.

Linklaters advised the program’s arrangers, BNP Paribas, CIMB, The Hongkong and Shanghai Banking Corp. Ltd., and Maybank.