GLOBAL: IFN is delighted to announce the 2022 winners of IFN Deals of the Year, the global Islamic finance and banking industry’s most prestigious honors.
Serving as a gauge of the industry’s innovation and evolution three years after the start of the COVID-19 pandemic, the IFN Deals of the Year 2022 awards went to the most notable Shariah financial transactions in the global markets.
2022 saw an increase of 37% in deal submissions related to sustainability, social responsibility and ESG, while fintech and tech-related themes were less present this time around.
Also a trend in deals for 2022 was the decision of obligors to go for dual-tranche facilities consisting of Islamic and conventional portions — a practical choice for the party coming to market, particularly those with no mandate to have an Islamic tranche but understand its importance as a new source of capital.
In terms of country breakdown, Malaysia has once again taken the lead, increasing its share of nominations to 34% of the total (compared with 32% in 2021), with Saudi Arabia ranking second at 15% and the UAE a close third with a 12% share of the nominations.
“These awards are the industry’s annual affirmation of its ‘proof of concept’. Big deals can be closed. The needs of businesses and governments can be met. And, as the IsDB Group has shown, sometimes, only the Islamic resources are interested in the needs of some of the less developed countries,” said the IFN Awards Board.
For a detailed justification of each win and an analysis of the year in Islamic financial transactions, read the full cover story here.
Best deal by sector
Corporate Finance | K-Electric’s US$85 million synthetic hedge |
Cross-border | Saudi Electricity Company’s US$566 million export credit agency transaction |
Equity & IPO | Farm Fresh’s RM1.1 billion IPO |
Hybrid | Infracorp Sukuk’s US$900 million green Sukuk |
M&A | Kuwait Finance House’s US$11.6 billion acquisition of Ahli United Bank |
Most Innovative | Kayseri Şeker’s TRY85 million Sukuk Wakalah |
Perpetual | Yinson Holdings’s RM1 billion subordinated perpetual Sukuk Wakalah |
Project & Infrastructure Finance | Sarawak Petchem’s RM6 billion Sukuk Wakalah Programme |
Real Estate | Cor3 Capital’s US$14.7 million cross-border real estate Ijarah |
Regulatory | Riyad Bank’s US$750 million Tier 1 Reg S Sukuk |
Restructuring | NMC Healthcare’s US$2.25 billion debt and equity capital restructuring |
Sovereign & Multilateral | International Islamic Trade Finance Corporation’s US$75 million Murabahah financing for International Hydrocarbons Company of Djibouti |
SRI/ESG/Sustainability | Hartree Partners Power & Gas Company (UK)’s US$75 million Islamic facility for voluntary carbon offsets |
Structured Finance | Amanat Lebuhraya Rakyat’s RM5.5 billion Tawarruq-based Sukuk |
Sukuk | Family Homes’s NGN20 billion Sukuk program |
Syndicated Finance | TECOM Investments’s US$7.6 billion syndicated financing |
Trade Finance | Sidra Income Fund II’s US$100 million Wakalah facility |
Best deal by structure
Commodity Murabahah/Tawarruq | Al Yusr Financing & Leasing Company’s SAR250 million commodity Murabahah |
Ijarah | Aluminium Bahrain’s US$710 million sustainability-linked Sukuk Ijarah |
Mudarabah | Albaraka Bank South Africa’s ZAR100 million Tier 1 Sukuk |
Musharakah | Masood Spinning Mills’s PKR1.2 billion collateralized diminishing Musharakah deal |
Wakalah | Widad Concession’s RM310 million Sukuk Wakalah |
Best deal by country
Africa | Family Homes’s NGN20 billion Sukuk program |
Bahrain | Al Salam Bank’s BHD22 million acquisition of Ithmaar Bank’s retail business |
Emerging Islamic Markets | River Med Pharm’s US$4 million financing |
Indonesia | Sidra Capital’s US$80 million ICIEC political risk insurance policy |
Kuwait | Kuwait Finance House’sUS$11.6 billion acquisition of Ahli United Bank |
Malaysia | Amanat Lebuhraya Rakyat’s RM5.5 billion Tawarruq-based Sukuk |
Oman | Towell Infrastructure Projects Co’s OMR14 million Syndicated Wakalah |
Pakistan | K-Electric’s US$85 million synthetic hedge |
Qatar | Oryx Corniche Developments’s QAR815 million financing |
Saudi Arabia | Saudi Electricity Company’s US$566 million export credit agency transaction |
Turkiye | The Republic of Turkiye’s US$2.5 billion and US$3 billion Sukuk |
UAE | NMC Healthcare’s US$2.25 billion debt and equity capital restructuring |
UK | Permodalan Nasional’s RM310 million cross-border Tawarruq |
Five deals have been shortlisted for the IFN Overall Deal of the Year 2022 Award, and the winner will be revealed at the IFN Awards Ceremony in Dubai on the 16th March 2023.
Shortlist for IFN Overall Deal of the Year 2022 |
1. Kuwait Finance House’s US$11.6 billion acquisition of Ahli United Bank |
2. Saudi Electricity Company’s US$566 million export credit agency transaction |
3. K-Electric’s US$85 million synthetic hedge |
4. NMC Healthcare’s US$2.25 billion debt and equity capital restructuring |
5. Amanat Lebuhraya Rakyat’s RM5.5 billion Tawarruq-based Sukuk |