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EGYPT:
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Egyptian Fertilizers Company |
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Size:
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US$1.41 billion
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Lead Arranger:
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Lawyers:
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Rating:
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n/a
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Date:
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November 2007
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Shariah Advisers:
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Dr Hussein Hassan
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The Egyptian Fertilizers Company-leveraged acquisition is an exciting deal in that it is the first major deal to apply the concept of Bai al Salam for a commodities-based company. In lieu of lending, Deutsche Bank structured the transaction uses a series of forward, or Salam, sales of the plant’s product to fund the acquisition. It is the largest ever Islamic deal in Egypt.
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INDIA:
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Size:
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US$50 million
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Lead Arrangers:
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HSBC, Kuwait Finance House (Malaysia)
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Lawyers:
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Norton Rose, Wadia Ghandy & Co, Walkers
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Rating:
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n/a
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Date:
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10th August 2007
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Shariah Advisers:
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Although not a large transaction, this equipment leasing deal was arranged by HSBC Amanah with Kuwait Finance House (Malaysia) and represents one of the first major syndicated Islamic transactions serving the Indian market.
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INDONESIA:
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Size:
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IDR125 billion (US$13.3 million)
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Lead Arranger:
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Lawyers:
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Priyadi & Co
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Rating:
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idA-(Sy)
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Date:
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June 2007
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Shariah Advisers:
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n/a
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This transaction represented another success for Mandiri Sekuritas, which underwrote this deal. The proceeds of this Mudarabah Sukuk were used to repay traditional bonds outstanding by the sponsor, shifting them onto an Islamic basis.
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JORDAN:
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Queen Alia International Airport |
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Size:
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US$670 million
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Lead Arranger:
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Lawyers:
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Rating:
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n/a
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Date:
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15th November 2007
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Shariah Advisers:
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This is a significant deal in every way, including its application to the redevelopment of Jordan’s Queen Alia International Airport. Arranged by Islamic Development Bank, the deal blends Islamic and conventional facilities including those offered by International Finance Corporation (a member of World Bank Group).
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KAZAKHSTAN:
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Bank TuranAlem Syndicated Wakalah |
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Size:
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US$250 million
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Lead Arrangers:
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Lawyers:
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Allen & Overy, Grata Law Firm
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Rating:
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||
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Date:
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10th July 2007
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Shariah Advisers:
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Abu Dhabi Islamic Bank Shariah and Fatwa Supervisory Board
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KUWAIT:
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NIG Sukuk Limited |
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Size:
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US$475 million
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Lead Arrangers:
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Lawyers:
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Al Sarraf & Al-Ruwayeh, Walkers, Allen & Overy
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Rating:
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Baa2, stable (Moody’s)
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|
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Date:
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16th August 2007
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Shariah Advisers:
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Standard Chartered Bank Shariah Board and Citi Islamic Investment Bank Shariah Board
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This is the largest program from Kuwait with an initial issuance of US$475 million for a leading Kuwait-based investment group. This transaction introduced NIG Holding, Kuwait’s largest listed holding company, to a new universe of investors.
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MALAYSIA:
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MBB Subordinated Capital Sukuk |
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Size:
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US$300 million
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Lead Arrangers:
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Aseambankers Malaysia , HSBC Amanah, UBS
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Lawyers:
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||
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Rating:
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Baa1 (Moody’s), BBB+ (Standard & Poor’s) and BBB+ (Fitch Ratings)
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|
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Date:
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18th April 2007
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Shariah Advisers:
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HSBC Amanah Shariah Committee and UBS Shariah Advisory Council
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PAKISTAN:
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||
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Size:
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US$200 million (in two tranches)
(a) US$150 million Islamic syndicated loan arranged with participation from local as well as international banks; and (b) US$50 million equivalent (PKR3 billion) Islamic Sukuk issue tapping local investors interested in participating in the Islamic mode of financing. |
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Lead Arrangers:
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Lawyers:
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Haidermota & Co, Lovells, Mandviwala & Zafar
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Rating:
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Not rated
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Date:
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October 2007
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Shariah Advisers:
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This project finance facility (US$200 million) and Sukuk al Musharakah (US$50 million) support the largest project finance and corporate finance transaction in the last decade in Pakistan. The complicated transaction includes a number of cooperative arrangements between conventional and Islamic financiers to deliver a projects of this scale in the domestic Pakistan market.
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QATAR:
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Size:
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US$300 million
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Lead Arrangers:
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Lawyers:
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DentonWildeSapte (Dentons), Lovells, Maples and Calder, Patton Boggs
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|
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Rating:
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||
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Date Closed:
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2nd August 2007
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Shariah Advisers:
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This is the first rated Sukuk (A2 [Moody’s]/BBB+ [Fitch]) for a Qatari corporate. This marked Alaqaria’s continuous use of the Sukuk market to fund its development business. The deal enjoyed strong distribution in Europe and among bank investors.
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SAUDI ARABIA:
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Mobily Project Financing |
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Size:
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US$2.85 billion
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Lead Arrangers:
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Lawyers:
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Al-Jadaan & Partners Law Firm, Baker & McKenzie, The Law Office of Mohammed Al-Sheikh, White & Case
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Rating:
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n/a
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Date Closed:
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March 2007
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Shariah Advisers:
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Dr El Gari, Dr Nazih Hammad and Sheikh Nizam Yaquobi
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In the Saudi Arabian market, 2007 was the breakout year for both Sukuk and big-ticket Islamic finance transactions. Saudi Consolidated Electricity, Red Sea Gateway, Jubail Water & Power, Dar Al-Arkan and Mada Letetisalat were all important and landmark transactions. Mobily squeaked past the competition because of its innovative structure and the model that it offers other projects in the communications sector as well as the M&A sector.
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TURKEY:
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Derindere Turizm Otomotiv Syndicated Murabahah |
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Size:
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US$60 million
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Lead Arranger:
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Lawyers:
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Rating:
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Not rated
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Date Closed:
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November 2007
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Shariah Advisers:
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n/a
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UAE:
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Jebel Ali Free Zone Sukuk US$2.04 billion |
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Size:
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AED7.5 billion (US$2 billion)
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Lead Arrangers:
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||
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Lawyers:
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||
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Rating:
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||
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Date Closed:
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20th November 2007
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Shariah Adviser:
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Dubai Islamic Bank Shariah Board
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UK:
|
||
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Size:
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£225 million (US$925 million)
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|
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Lead Arranger:
|
||
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Lawyers:
|
||
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Rating:
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n/a
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Date Closed:
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31st May 2007
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|
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Shariah Adviser:
|
Sheikh Nizam Yaquobi
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US:
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Rahmat e Alam Foundation |
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Size:
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US$2 million
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Lead Arrangers:
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Devon Bank, Light of Christ Lutheran Church
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Lawyer:
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David Loundy, in-house counsel for Devon Bank
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|
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Rating:
|
n/a
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Date Closed:
|
24th August 2007
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Shariah Advisers:
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The Shariah Supervisory Board of America, under the supervision of Mufti Mohammed Nawal Ur Rahman
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