Bahrain-based Gulf International Bank set up a US$1.1bn medium term note programme with the aim of issuing a sukuk denominated in Malaysian ringgit to diversify its funding base . \"The sukuk programme represents a strategic move to tap into the ringgit market in an effort to diversify funding avenues and currencies for the bank,\'\' GIB chairman Jammaz bin Abdullah Al-Suhaimi, said in a statement. Standard Chartered and Malaysia\'s CIMB Investment Bank Berhad are lead arrangers of the Shariah-compliant note, while GIB Capital, the investment banking arm of the Bahrain-based lender is the international coordinator. The programme has been rated AA1 by Malaysia\'s RAM Ratings. From Arabian Business