Best Real Estate:
|
Aldar Exchangeable Sukuk |
|
Size:
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US$2.53 billion
|
|
Lead Arrangers:
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Barclays Capital, Credit Suisse, National Bank of Abu Dhabi
|
|
Lawyers:
|
Bedell Cristin Jersey Partnership, Clifford Chance, DentonWildeSapte (Dentons), Simmons & Simmons
|
|
Rating:
|
Not rated
|
|
Date:
|
8th March 2007
|
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Shariah Advisers:
|
Sheikh Nizam Yaquobi and Dr Abdul Sattar Abu Guddah
|
With the proven success of Dubai, and great strides being made in Malaysian, Qatari, Saudi Arabian, Bahraini and Kuwaiti real estate, this deal puts Abu Dhabi on the map and highlights the opportunities in this strong market. This transaction was the largest exchangeable Sukuk, and is the first Sukuk to be listed in London.
Best Islamic REIT:
|
Al-Hadharah Boustead REIT |
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Size:
|
US$138 million
|
|
Lead Arrangers:
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Affin Bank, Affin Securities, Malaysian International Merchant Bankers, Pacific Alliance Capital
|
|
Lawyer:
|
Albar & Partners
|
|
Rating:
|
n/a
|
|
Date:
|
15th January 2007
|
|
Shariah Adviser:
|
Islamic Banking and Finance Institute Malaysia
|
As was thematic for 2007, this sector is heating up and we enjoyed real estate investment trust (REIT) entries for the first time from outside of Malaysia. While the others were real estate investment funds or funds investing in REITs, the only true and new Islamic REIT was Al-Hadharah Boustead REIT. This was an IPO for legacy plantation group and generates a predictable income for REIT investors by leasing the REIT assets to various users in the palm oil sector.
Best Murabahah/
Trade Finance: |
PT Krakatau Steel |
|
Size:
|
US$50 million
|
|
Lead Arrangers:
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HSBC Amanah, Dubai Islamic Bank, Kuwait Finance House (Malaysia)
|
|
Lawyers:
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DentonWildeSapte, Hanafiah Ponggawa & Partners
|
|
Rating:
|
n/a
|
|
Date:
|
4th July 2007
|
|
Shariah Adviser:
|
HSBC Amanah
|
The first transaction to follow HSBC’s landmark Pertamina trade syndications in 2004 and 2006. HSBC Amanah and its counselors, Denton Wilde Sapte and Hanafiah Ponggawa & Partners, had to manage complex trade cycle issues and tax issues while introducing Indonesia’s largest steel manufacturer to syndicated Islamic trade finance.
Best Tawarruq:
|
Mada Leletisalat |
|
Size:
|
US$2.5 billion
|
|
Lead Arrangers:
|
ABC Islamic Bank, Al Rajhi Banking Corporation, Arab National Bank, Banque Saudi Fransi, BNP Paribas, Calyon, Citibank, Gulf International Bank, National Bank of Kuwait, Samba Financial Group
|
|
Lawyers:
|
Al-Jadaan & Partners Law Firm, Clifford Chance, White & Case
|
|
Rating:
|
n/a
|
|
Date:
|
July 2007
|
|
Shariah Advisers:
|
Citi Islamic Investment Bank Shariah Board
|
This important Saudi Arabian transaction represents the acquisition of the third mobile operator’s license by Kuwait’s Zain Group (MTC Telecommunications). The massive US$6.11 billion transaction is indicative of the importance of the telecommunications sector in the GCC and emerging markets as a whole. We have set aside Tawarruq from Murabahah to reflect the distinction of these processes in the view of Shariah scholars and to avoid confusion in the awards.
Best Project Finance:
|
Red Sea Gateway Terminal Limited |
|
Size:
|
SAR1.7 billion (US$453.93 million)
|
|
Lead Arrangers:
|
Al Rajhi KSA, Saudi Fransi Bank
|
|
Lawyers:
|
Allen & Overy, Linklaters
|
|
Rating:
|
n/a
|
|
Date:
|
6th December 2007
|
|
Shariah Advisers:
|
Al Rajhi Bank Shariah Board
|
The demand for new project finance transactions is tremendous and this year’s competition including a rich group of submissions, all of which made the selection more challenging. Nonetheless, we found the novel Wakalah with the Forward Lease approach applied by Al Rajhi and its syndicate in the Red Sea Gateway project to represent the best of breed in a very strong field.
Best Corporate Finance:
|
Egyptian Fertilizers Company |
|
Size:
|
US$1.41 billion
|
|
Lead Arranger:
|
Deutsche Bank
|
|
Lawyers:
|
Clifford Chance, Lovells, Maples and Calder
|
|
Rating:
|
n/a
|
|
Date:
|
November 2007
|
|
Shariah Advisers:
|
Dr Hussein Hassan
|
The EFC leveraged acquisition is the largest MENA Islamic leveraged acquisition. Utilizing the concept of Bai al Salam for a commodities-based company, the transaction breaks new ground and sets an example in a market rich with primary commodity producers of significant scale.
BAHRAIN:
|
Gulf Finance House Trust Certificates |
|
Size:
|
US$200 million (first tranche of US$1 billion program)
|
|
Lead Arrangers:
|
Dredner Kleinwort, HSBC
|
|
Lawyers:
|
Al-Sarraf & Al-Ruwayeh, Dechert, Lovells, Walkers
|
|
Rating:
|
n/a
|
|
Date:
|
25th July 2007
|
|
Shariah Advisers:
|
n/a
|
As a leading Bahrain-based Islamic investment bank, Gulf Finance House is the first issuer under a trust certificate program. The transaction attracted a diverse investor universe, attracting 45% of the funds from outside of the Middle East with its London Stock Exchange listing. The deal structure is extremely flexible as to both the volume of Sukuk that may be issued, and the diversity of the underliers.
DJIBOUTI:
|
Doraleh Containers Terminal |
|
Size:
|
US$263 million
|
|
Lead Arrangers:
|
Dubai Islamic Bank, Standard Chartered, WestLB
|
|
Lawyers:
|
Allen & Overy, Lovells
|
|
Rating:
|
n/a
|
|
Date:
|
December 2007
|
|
Shariah Advisers:
|
Dubai Islamic Bank and Standard Chartered Bank
|
This important Saudi Arabian transaction represents the acquisition of the third mobile operator’s license by Kuwait’s Zain (MTC Telecommunications). The massive US$6.11 billion transaction is indicative of the importance of the telecommunications sector in the GCC and emerging markets as a whole. We have set aside Tawarruq from Murabahah to reflect the distinction of these processes in the view of Shariah scholars and to avoid confusion in the awards.