Linklaters has won a role advising on a groundbreaking sukuk in the Malaysian market. The firm advised lead arrangers HSBC and UBS on Malayan Banking Berhad’s (Maybank) $300m (£152.41m) subordinated sukuk. Linklaters also advised HSBC as the international trustee. Lead partner on the deal Luma Saqqaf, who is also global head of Islamic finance at Linklaters, said: “The huge and diverse demand [for these products] is representative of the popularity of sharia-compliant investment opportunities.” A special purpose vehicle, MBB Sukuk, was created by Maybank to issue the sukuk and all of the proceeds will be used to fund Maybank’s Islamic banking operations. Allen & Overy advised MBB Sukuk on the English law aspects of the deal, led by partner Jeremy Stoupas.