LUXEMBOURG/UK: Allen & Overy (A&O) has advised Deutsche Bank on the establishment of Al Mi’yar, a Shariah compliant platform to facilitate the issuance of Islamic securities. The program allows investors to receive a profit or loss on their investment based on the performance of a wide range of independent reference assets or indices which can include commodities, equities, funds or baskets, at the same time offering the full range of structured product pay-offs.
The transaction is testament to positive developments in the Islamic products market, said Andrew Sulston, a capital markets partner at A&O. It also exposed investors to a wider range of asset classes which should increase the market’s liquidity, he added.
The team involved in the deal was headed by London-based Sulston and Henri Wagner in Luxembourg. Assisting were senior associate David Wakeling, associates Yusuf Battiwala and Tom Herbert, as well as Luxembourg counsel Frank Mausen and associate Nicolas Fermaud.