Al Rajhi Bank, world's largest Islamic bank in assets and market capitalisation, is planning to sell 5.5-year sustainable Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

The bank has hired Al Rajhi Capital, Citigroup Global Markets Limited, Dubai Islamic Bank, Goldman Sachs International, Emirates NBD Capital, HSBC and Standard Chartered as joint bookrunners for the debt transaction, the document showed.

Standard Chartered Bank is also acting as sole sustainability structurer. The mandated banks are set to hold a series of fixed income investor calls later in the day. The deal is reported to be benchmark in size, typically understood to be at least $500 million, which will be issued under bank's $5 billion Additional Tier 1 Capital Certificate Issuance Programme, the document added. (Reporting by Shamsuddin Mohd, Editing by Louise Heavens)