GLOBAL: IFN is delighted to announce the results and winners of our 2019 Deals of the Year, which recognize the most outstanding deals across different product and country categories. Judged by our independent panel of industry experts, the IFN Deals of the Year are acknowledged by the industry as one of the most prestigious accolades in Islamic finance.
This year’s submissions had three main themes: an increasingly green trend; repairing, updating and tweaking what already exists; and the positive steps underway for market development. Seven countries accounted for 85% of the total submissions — Malaysia, Saudi Arabia, the UAE, Pakistan, Kuwait, Indonesia and Turkey — while Tawarruq has grown in preference across the market, representing 30% of the total deals.
BEST DEAL BY SECTOR
| CATEGORY | WINNER |
| Commodity Murabahah | Dubai Aerospace Enterprise’s US$139 million syndicated refinancing facility |
| Corporate Finance | AKT Sugar Mills’s PKR1.5 billion (US$9.67 million) acquisition of Gulf Sugar Mills |
| Cross-Border | Dual-currency financing facility for NASDA Green Energy’s 50 MW wind power project |
| Equity & IPO | RM780 million (US$191.22 million) commodity Murabahah term financing facility for Projek Lintasan Kota Holdings |
| Green Project | Cypark Ref’s RM550 million (US$134.83 million) SRI Sukuk Murabahah |
| Hybrid | Savola Group Company’s SAR1 billion (US$266.16 million) seven-year Sukuk and exchange offer |
| Ijarah | Oman’s OMR300 million (US$777.06 million) sovereign Sukuk |
| Most Innovative | NMG Workspace Solutions’s SAR10 million (US$2.66 million) Mudarabah facility supporting Modern Era’s acquisition |
| Mudarabah | Sarana Multi Infrastruktur’s IDR1 trillion (US$72.69 million) Sukuk Mudarabah |
| Musharakah | United Mymensingh Power’s non-convertible unsecured zero coupon Islamic certificates |
| Perpetual | IJM Land’s RM850 million (US$208.38 million) perpetual Islamic note issuance program |
| Project & Infrastructure Finance | US$300 million Islamic financing for North Marmara Motorway Infrastructure Project |
| Real Estate | Arabian Centres Company’s debut US$500 million Sukuk and Islamic syndicated financing |
| Regulatory Capital | QIIB’s US$300 million additional Tier 1 Sukuk |
| Restructuring | Urusharta Jamaah’s Sukuk Murabahah of up to RM27.56 billion (US$6.76 billion) |
| Social Impact SRI/ESG | Majid Al Futtaim’s 10‐year 2029 Reg S Green Sukuk |
| Sovereign | Government of Sharjah’s US$1 billion Sukuk |
| Structured Finance | Avari Hotels’s PKR4.28 billion (US$27.59 million) diminishing Musharakah facility |
| Sukuk | Emlak Konut REIC’s TRY250 million (US$42.48 million) Sukuk |
| Syndicated | Pakistan International Airlines’s Sukuk Ijarah utilizing airline ticket voucher distribution |
| Trade Finance | Serba Dinamik’s UK Export Finance-guaranteed cross-border Islamic financing facility |
BEST DEAL BY COUNTRY
| CATEGORY | WINNER |
| Bahrain | Mumtalakat’s US$600 million multicurrency hybrid Sukuk Mumtalakat Sukuk Holding Co |
| Egypt | US$34.2 million financial restructuring of MEDTEX’s liabilities |
| Indonesia | Pertamina EP Cepu’s US$100 million project financing |
| Kuwait | Lagoon City’s US$200 million Sukuk Musharakah |
| Malaysia | Urusharta Jamaah’s Sukuk Murabahah of up to RM27.56 billion |
| Oman | Oman’s OMR300 million sovereign Sukuk |
| Pakistan | Dual-currency financing for Nasda Green Energy 50 MW wind power project |
| Qatar | QIIB’s US$300 million additional Tier 1 Sukuk |
| Saudi Arabia | Arabian Centres Company’s debut US$500 million Sukuk and Islamic syndicated financing |
| Turkey | US$300 million Islamic financing for North Marmara Motorway Infrastructure Project |
| UAE | Majid Al Futtaim’s 10‐year 2029 Reg S Green Sukuk |
Out of all the submissions for 2019, five have been shortlisted for the coveted IFN Overall Deal of the Year award, the winner for which will be revealed at the IFN Awards Ceremony in Dubai on the 8th March.
IFN OVERALL DEAL OF THE YEAR 2019: Shortlist
- Arabian Centres’s US$500 million Sukuk
- Majid Al Futtaim’s US$600 million Sukuk
- NASDA Green Energy’s US$25 million and PKR4.7 billion (US$30.28 million) cross-border deal
- Oman’s OMR300 million sovereign Sukuk
- Urusharta Jamaah’s RM27.56 billion restructuring deal
Our warmest congratulations to all the winners! We look forward to seeing you at the IFN Awards Ceremony!
For the full report on the IFN Deals of the Year 2019 results, click here.