GLOBAL: IFN is delighted to announce the triumphant recipients of the IFN Deals of the Year 2023 awards, the most coveted honors in the global Islamic finance and banking industry
The year 2023 was far from a typical one, and notably, three categories stood out.
The Project and Infrastructure Finance category, while always significant, took the spotlight with the influx of Saudi entries connected to NEOM-related projects. Trade Finance witnessed a surge in nominations, revealing notable trends such as the rise of South–South trade and the continuous growth of intra-Asian trade.
However, the most impactful categories were M&A and Equity & IPO, with a record number of M&A deals spanning multiple sectors.
An intriguing aspect of the competition was the financing of big projects, highlighting regional differences. Most Malaysian projects were financed in local currency, while GCC deals could be funded in local currency or US dollars. Tawarruq emerged as the leading deal form, with equity deals accounting for just under 10%. Diversity was evident in the other categories, such as Mudarabah corporate finance in Egypt, declining Musharakah in Pakistan and Oman, and Sukuk Musharakah in Malaysia, reflecting ongoing experimentation with both proven and novel ideas.
Read the cover story for an in-depth exploration of each victory and a detailed examination of the trends that shaped the year.
Best deal by sector
Corporate Finance | Lulu International Holdings’s AED10 billion syndicated financing |
Cross-Border | Entertainment Opportunities Investment Company’s private equity deal |
Most Innovative | Fusang Depository Receipt of International Islamic Liquidity Management Corporation Sukuk |
M&A | Malaysia Building Society’s RM1.01 billion acquisition of Malaysian Industrial Development Finance |
Equity and IPO | OQ Gas Networks’s OMR288 million IPO |
Perpetual | Azmeel Construction Company’s SAR5.4 billion perpetual Sukuk |
Project & Infrastructure Finance | EIG Pearl Holdings’s US$690 million Sukuk to acquire oil pipeline stake |
Real Estate | Sobha Realty’s US$300 million debut Sukuk |
Regulatory | Bank Muamalat Malaysia’s inaugural RM350 million additional Tier 1 Sukuk |
Restructuring | KBBO Group’s AED15 billion restructuring deal |
Social Impact, SRI, ESG | Aldar Investment Properties’s US$500 million inaugural green Sukuk |
Sovereign & Multilateral | The UAE’s AED1.1 billion treasury Sukuk |
Structured Finance | Silver Formula ABS’s Tranche 1 Sukuk under RM100 million program |
Sukuk | ICD Eagle’s KZT2 billion Sukuk for Kazakhstan |
Syndicated Finance | Lulu International Holdings’s AED10 billion syndicated financing |
Trade Finance | UK Export Finance’s cover of Qiddiya Investment Company’s US$698 million Tawarruq facility |
Hybrid | Energy Development of Oman’s US$1 billion hybrid Ijarah-Tawarruq Sukuk |
Best deal by structure
Ijarah | The Egyptian Financial Company for Sovereign Taskeek’s US$1.5 billion deal |
Mudarabah | Metra Computers’s EGP450 million financing facility |
Commodity Murabahah/Tawarruq | reNIKOLA Holdings’s RM70 million Islamic green bridge financing facility |
Musharakah | Exsim Capital Resources’s RM365 million Sukuk Musharakah |
Wakalah | KPJ Healthcare’s RM555 million sustainability Sukuk |
Best deal by country
Bahrain | Solidarity’s acquisition of Al-Hilal businesses from Ahli United Bank |
Egypt | The Egyptian Financial Company for Sovereign Taskeek’s US$1.5 billion deal |
Indonesia | Perusahaan Penerbit SBSN Indonesia III’s Sukuk and green Sukuk worth US$1 billion each |
Malaysia | Silver Formula ABS’s Tranche 1 Sukuk under RM100 million program |
Oman | OQ Gas Networks’s OMR288 million IPO |
Pakistan | Ismail Industries’s PKR10 million syndicated financing facility |
Qatar | Dukhan Bank’s QAR22.77 billion market capitalization at listing valuation |
Saudi Arabia | Azmeel Construction Company’s SAR5.4 billion perpetual Sukuk |
Turkiye | Turkiye Wealth Fund Istanbul Financial Centre’s TRY800 million green Sukuk |
The UAE | The UAE’s AED1.1 billion treasury Sukuk |
The UK | UK Export Finance’s cover of Qiddiya Investment Company’s US$698 million Tawarruq facility |
Five deals have been shortlisted for the IFN Overall Deal of the Year 2023 Award, and the winner will be revealed at the IFN Awards Ceremony in Dubai in April 2024.
Shortlist for IFN Overall Deal of the Year
- Azmeel Construction Company’s SAR5.4 billion (US$1.44 billion) perpetual Sukuk
- The Egyptian Financial Company for Sovereign Taskeek’s US$1.5 billion deal
- Fusang Depository Receipt of International Islamic Liquidity Management Corporation Sukuk
- Silver Formula ABS’s Tranche 1 Sukuk under RM100 million (US$21.2 million) program
- The UAE’s AED1.1 billion (US$299.45 million) treasury Sukuk