Republic of Indonesia’s $1.25 Billion Sovereign Green Sukuk Offering

Norton Rose Fulbright has advised Abu Dhabi Islamic Bank PJSC, Citigroup, CIMB, Dubai Islamic Bank PJSC and HSBC, acting as joint lead managers and joint bookrunners, in the world’s first sovereign green Sukuk issuance.

The 5-year US$1.25 billion green Wakala Sukuk issuance also marks the first green bond from Indonesia and is the Republic’s first issuance under its recently established Green Bond and Green Sukuk Framework. CICERO provided the independent second opinion as to the Sukuk’s green credentials.

The Republic intends to use the proceeds exclusively to finance or re-finance expenditure directly related to eligible green projects, including renewable energy, sustainable transport, waste management, climate-related projects and green buildings.

Alongside the 5-year green Sukuk, Norton Rose Fulbright also acted for the joint lead managers and joint bookrunners in the Republic’s 10-year US$1.75 billion Wakala Sukuk issuance.

The Norton Rose Fulbright team was led by partner, Vicky Münzer-Jones (Picture), in Singapore, with assistance from of counsel Cynthia Teo, and supported by partners Gregory Man (Dubai) and David Johnson (Hong Kong), of counsel Shauaib Mizra, senior associate Ganna Vlasenko and US associate Grace Lo.


Involved fees earner: Vicky Muenzer-Jones – Norton Rose Fulbright; Gregory Man – Norton Rose Fulbright; David Johnson – Norton Rose Fulbright; Cynthia Teo – Norton Rose Fulbright; Grace Lo – Norton Rose Fulbright;

Law Firms: Norton Rose Fulbright;

Clients: CIMB Investment Bank; Citigroup Inc.; HSBC; Dubai Islamic Bank PJSC; Abu Dhabi Islamic Bank;



Author: Michael Patrini.