It’s that time of year again, and after weeks of deliberation our independent advisory board has reached a decision on the top tier law firms leading the Islamic finance arena. With submissions this year representing one of the widest and most diverse fields since the awards began seven years ago, the 2015 results highlight the growing breadth, depth and cross-border connections that are driving the industry to new heights even as the global economy faces its own challenges. LAUREN MCAUGHTRY brings you the lowdown on the legal players dominating the landscape.
It is the second year since IFN debuted its new Law Awards, replacing the previous online poll system with an objective and impartial submissions-based process with the winners selected by an independent panel of industry experts. Submissions took place during the month of August and after weeks of careful consideration, we can finally reveal the results of this year’s comprehensive and highly competitive contest.
Independent Achievement
The IFN Law Awards reward the best in their field — not only the largest or the most active legal firms but the most inventive and the most progressive in terms of expansion, innovation and development. While the Islamic finance industry remains niche compared to the wider global financial markets, the bigger fish often achieve the most recognition due to their wider reach and extensive capabilities. This year therefore, before we move on to the main accolades, IFN would like to take a moment to acknowledge and acclaim individual market players who through their commitment, dedication and active participation are invaluable in supporting and developing their domestic Islamic finance markets.
In Indonesia, Hanafiah Ponggawa & Partners (HPRP) was one of the nation’s first post-independence law firms and has played an instrumental role in building legal infrastructure for Islamic finance transactions — as well as encouraging high standards of international collaboration through its partnership with the UK’s Taylor Wessing and its position as a founding member of the Asian legal alliance ASEAN+ Group. In November 2014, HPRP completed a landmark deal with a SG$50 million (US$35.53 million) credit-enhanced notes issuance for the Indonesian shipping firm Logindo, listed on the Singapore Stock Exchange.
Over in Malaysia, Adnan Sundra & Low has been exceptionally active in the banking and sovereign space over the last year: including the RM10 billion (US$2.34 billion) Tier 1 program for Maybank and a rights issue for Public Bank in August 2014; a US$500 million Sukuk for Cagamas and a multi-currency Sukuk program for Bank of Tokyo-Mitsubishi in September; the US$15 billion medium-term note program for Petronas in March 2015 and the US$1.5 billion Malaysian sovereign Sukuk issuance in April.
Stalwart Islamic finance law firm Trowers & Hamlins also deserves a special mention for its role in supporting new markets — especially its recent activities in Oman and its continued support for Malaysia, where the firm has been particularly active this year and was the first foreign law firm to secure a Qualified Foreign Law Firm license in Malaysia in April 2015.
In Sri Lanka, Julius & Creasy remain the only law firm involved in advising clients with regard to Islamic finance, and continue to perform sterling work in clarifying legal structures and resolving issues in order to drive forward the progression of the industry: with current work involving a Takaful case in the Commercial High Court.
And finally in Pakistan, Ahmed & Qazi must be commended for their enduring commitment to the industry; with its 32 lawyers handling over half the legal services for the top 15 banks in the country this year. Major deals include the government of Pakistan Sukuk Ijarah in November 2014, as well as acting as the transaction counsel for seven of the eight securitization transactions reported by the Securities and Exchange Commission of Pakistan this year.
Table 1: Law Awards winners and runners-up 2015 |
|||
Category |
2015 winners |
2015 runners-up |
2014 winners |
Law Firm of the Year |
Allen & Overy |
||
Asset Management |
King & Spalding |
||
Banking |
Norton Rose Fulbright |
||
Capital Markets |
Allen & Overy |
||
Energy & Natural Resources |
White & Case |
||
Insolvency & Restructuring |
Allen & Overy |
||
M&A/Private Equity |
Baspinar & Partners |
||
Project Finance |
King & Spalding |
||
Real Estate |
Latham & Watkins |
||
Structured Finance |
White & Case |
||
Trade Finance |
Clifford Chance |
||
Offshore Finance |
Maples & Calder |
Law Firm of the Year
On to the main event, and this year’s results hold no surprises. Allen & Overy (A&O), one of the giants of the Islamic financial landscape, once again takes the crown for IFN Law Firm of the Year, winning the laurel for the fifth year in a row. While the contest was close and several other firms were in hot pursuit, A&O forges ahead through its sheer sophistication, volume, diversity and reach: with a full suite of capabilities and strength in every sector and geography. “Our renowned product specialists in the Middle East, Europe and Asia give the firm an unrivaled advantage, particularly when it comes to advising on the most sophisticated, innovative and high profile products and transactions across the world. In a nutshell, this is what sets Allen & Overy apart in this area,” explained Anzal Mohammed, a partner and the global head of Islamic finance. “Over the last year or so, we have advised the governments of South Africa, Luxembourg and Hong Kong on their sovereign Sukuk issuances which have generated headlines and expanded the reach of, and appetite for, Islamic finance.” In addition to the positive publicity however, A&O has its fingers in multiple pies as demonstrated by its success in several other categories this year. Since July 2014, the firm has advised on more international Sukuk issuances than any other law firm in the world, including high profile and, in some cases, groundbreaking deals including issuances by Garuda, Cagamas, Telekom Malaysia, IFFlm, the DIFC, Emirates Airline, the government of Pakistan and Khazanah Nasional. With a team spanning Abu Dhabi, Dubai, Qatar and Saudi Arabia in the Middle East as well as London, Singapore and Hong Kong; the firm covers multiple sectors and has led complex deals including the Ma’aden phosphate mining project, the Al-Waha Petrochemical Company refinancing, various financings for Meeras and restructurings and or refinancings for Al Jaber, Amlak Finance, Al Gosaibi and Dubai World to name just a few.
While A&O may took home the crown, competition this year was extremely close and runner-up King & Spalding deserves praise for its wholehearted commitment to developing its capabilities and strengthening its pillars this year, giving the winner a real run for the money. With strength in multiple sectors including capital markets, banking, asset management, project finance and energy, the firm’s strength lies in its depth of experience and integrated teamwork, with several new lawyers added over the past year and a focus on developing internal talent and organic growth. Special mention goes to its Shariah compliant investment funds practice, headed by partner Philip Sacks, which has dominated the landscape this year especially in Saudi Arabia. Its real estate activity is well known, with its strong US presence headed by Middle East and Islamic finance practice leader Isam Saleh and encouraging increasing investment flows between the GCC and US. This year, project finance has been a particular focus and King & Spalding has certainly made a splash, particularly with the US$2 billion ACWA deal in Saudi Arabia. The firm also specializes in first-time, complex cross-border Shariah compliant transactions including multiple corporate issuances in Turkey and other emerging markets. Already one of the best-known names in the industry, it looks set to build on its success and we can expect exciting things to come.
The firm is focused now on growing organically, bringing in new talent and promoting internal leaders. “Our people are the most important factor in our success. We are sending a real message to the industry that King & Spalding is the place to spread your wings in the Middle East,” said Jawad Ali, the managing partner of the King & Spalding Middle East offices. “Our business has grown threefold by incentivizing our people and involving them in the strategy and direction of the firm.”
Capital Markets
For the capital markets category, Allen & Overy once again wins the day: primarily due to its participation in a wide range of highly complex, high-profile deals across multiple jurisdictions. Building on last year’s win, the firm was involved in almost every significant sovereign transaction over the past year, assisting in a landmark 12 months for Islamic finance as the industry extended its reach into non-traditional markets such as Luxembourg, Hong Kong and South Africa. The South African deal, the first international Sukuk from the continent, was a particularly challenging one, according to Anzal, and involved “trying to accommodate the Sukuk structure within the requirement of a complex trust arrangement dictated by South African law [which] necessitated innovative features at the SPV level.”
But the firm has not just concentrated on sovereign issuance. The Emirates ECA-guaranteed Sukuk was of course a groundbreaking deal, while A&O also dominated the regulatory capital space: advising on 10 out of the 11 public Basel III-compliant Tier 1 issuances (conventional and Islamic) in the Middle East since the first issuance in 2012 and with many more likely to come as banks strive to meet the upcoming requirements. In Saudi Arabia, it advised on the sole publicly offered (Tadawul-listed) Sukuk issue from Bahri as well as multiple private placements, while in Southeast Asia the firm continues to support the International Islamic Liquidity Management Corp on its Sukuk program through private issuances in order to provide liquidity management solutions to Islamic financial institutions.
Runner-up again this year was Linklaters, in another tough battle which saw A&O edge out the competition only through size and diversity of deals. Linklaters has seen another exceptional year of progress in the Islamic finance space, advising on a wide range of transactions that emphasize its strength and complex capabilities in an ever-evolving market. Highlights include the pioneering SAR1 billion (US$266.51 million) Tier 1 Sukuk for Saudi’s National Commercial Bank in June 2015 — the largest capital markets issuance by a financial institution in Saudi Arabia and the largest subordinated instrument by a financial institution in the MENA region at the time. Other deals include the first ever Basel III-compliant Sukuk issuance in Qatar for Qatar National Bank with a QAR2 billion (US$548.5 million) Tier 1 issuance in July 2015, as well as the US$1 billion Tier 1 Sukuk for Dubai Islamic Bank in January. The firm also advised on the groundbreaking US$700 million Sukuk from DIFC in November 2014, involving a complex Ijarah/Wakalah hybrid structure to reflect the issuer’s diverse mix of asset classes. On the sovereign side, Linklaters worked on the EUR200 million (US$225.29 million) Luxembourg issuance closing in October 2014 as well as the US$1 billion Sukuk program for Bahrain sovereign wealth fund Mumtalakat in November — the first time ever that shares in portfolio companies were used as the sole underlying asset. With a team led by industry stalwart Neil Miller as the global head of Islamic finance alongside partners including Jonathan Fried and Richard O’Callaghan in Dubai, the firm’s capital markets strength make it a force to be reckoned with.
Insolvency & Restructuring
Completing the hat trick, A&O rounds off its triple win this year with election as the leading law firm for Islamic insolvency and restructuring, driven by its performance in the recent Amlak Finance restructuring process which contained unique features highlighting the firm’s innovative focus. “One of the challenges of the restructuring was the need to right-size the balance sheet of Amlak Finance to reduce the total debt,” explained Anzal. “This was achieved through the participants converting part of their debt into an interest in a convertible contingent instrument. The instrument is tied to a Mudarabah arrangement whereby the participants will benefit from realized value growth in Amlak’s underlying property portfolio over the life of the instrument. Any amount of the instrument which has not been redeemed by maturity can be converted into equity. The instrument is an innovative and bespoke feature of this transaction.”
In second place for the award was Norton Rose Fulbright, which has built a strong team spanning London, Dubai, Abu Dhabi, Riyadh and Singapore. One of its key deals over the last 12 months was the closure of the Al Jaber Group debt restructuring, which was completed in September 2014 after nearly four years of complex cross-border work pulling in all major Norton Rose offices as well as local counsel in Malaysia, Cayman Islands, Jersey and Qatar. The deal was notable for its size and complexity, involving the restructuring and rescheduling of around US$4.5 billion of conventional and Islamic debt facilities provided by local and international banks, and requiring over 600 transaction documents to implement the restructuring.
An honorable mention also goes to Clifford Chance in this category, as well as to HPRP.
Banking
Where Norton Rose Fulbright really showed its stripes this year was in the banking sector, and the firm took home the final prize in one of the most hotly contested sectors of the year. With extremely close competition, the standard for the banking category was exceptionally impressive and while Norton Rose won the award for the second year, runner-up A&O and Dentons were certainly snapping at its heels.
Norton Rose Fulbright won both on its strength, size and especially geographic diversity of transactions, demonstrating a commitment toward developing emerging markets and encouraging new entrants to Islamic finance as well as winning big ticket deals. In Kazakhstan, the firm is advising on legislative changes to implement Islamic finance while this year it is also working with Bank of Tokyo-Mitsubishi to establish new Islamic products and with the Asian Development Bank to establish an Islamic banking framework in Kazakhstan. Deal highlights include working with Standard Chartered for a Murabahah facility to QIB UK; with Bank Islam Brunei Darussalam for a US$400 million Ijarah financing facility for Brunei Shell Petroleum; and with Commerzbank for a US$150 million Murabahah facility to Turkiye Finans. Norton Rose also assisted with the establishment, licensing and product development for Germany’s KT Bank, the first Islamic bank in Europe, in March 2015; as well as advising arranging banks (CIMB, Dubai Islamic Bank, GIB Capital, HSBC, National Bank of Abu Dhabi, Natixis, NCB Capital, RHB Islamic Bank and Standard Chartered) on the IDB’s US$1 billion drawdown under its US$10 billion Sukuk program earlier this year.
“Norton Rose Fulbright has consistently offered a wide range of Islamic banking assistance to clients,” said partner Mohammed Paracha. “We pride ourselves on being different to our competitors by this wide offering which has meant that we have been able to operate at the cutting edge of the market. Transactions such as the recent UKEF-backed Sukuk to Emirates airlines demonstrate that clients trust us with their most important transactions and new entrants such as the Japanese banks that are now making inroads in Islamic banking have selected us for similar reasons.”
Asset Management
While banking was a close-run contest, asset management on the other hand saw a clear winner in King & Spalding for the second year in a row, with Clifford Chance and Arendt & Medernach coming in joint second place. King & Spalding dominated the investment funds landscape in the Middle East and beyond this year, and has proved its commitment to the sector through both internal evolution and external deals. The firm has among the broadest and busiest funds practices in the Middle East, and is known for its innovative structures and expertise all the way through the creation, launch and entire life-cycle of the fund: including strength in helping and advising clients in obtaining continued financing. King & Spalding also leads the market in terms of volume, with its Middle East-based lawyers working on over 60 funds from 2013 to date, the majority of which have been Shariah compliant. The firm has also been instrumental in funneling assets to the US and Europe on a Shariah compliant basis.
Notable transactions over the last 12 months have included the restructuring and refinancing of the US$100 million CIT Jadwa UK Special Opportunities Fund; the creation of a US$100 million GCC real estate credit fund from Duet MENA and InvestBridge Capital (initially established as conventional but converted to Shariah compliant based on investor demand); a Saudi Arabian income-producing real estate fund from Riyad Capital; three Shariah compliant funds from SEDCO Capital; a Saudi Arabian IPO investment fund from EFG-Hermes and Muscat Capital and many more in the pipeline.
“The model we took is not to set up the fund, shake the hand of the client and send them on their way. We instead turn to represent the fund in its own investment activities – that is unique in this area. We integrate our activities across the Middle East Islamic finance and investment team which incorporates all our pillars – from capital markets to project finance to real estate,” explained Jawad. The firm has four dedicated investment fund specialists, supported by partners in a number of other disciplines across the practice. “We want to be the best in this space in the Middle East,” said Jawad. “Any fund, whether it is onshore or offshore, whether it invests in the Middle East or raises capital here to invest elsewhere, we want to capture that market.”
Project Finance
King & Spalding also took home the prize for project finance, after a year spent actively developing and consolidating its presence in the field. Leading transactions for the firm include the Sadara Chemical Company’s largest petrochemical facility ever built in a single phase — with a value in excess of US$20 billion dollars. The firm focuses on ongoing consultations, working with clients at every stage of the project process from development to completion to operation: such as its ongoing assistance with projects including the Farabi Petrochemicals’s US$1 billion N-Parafin and LAB complex at Yanbu and the US$1.6 billion Prince Sultan Culture Center construction project in Jeddah.
Its most notable transaction this year, however, is of course the US$2 billion ACWA Holding deal, the largest industrial gases deal in the world and the first-ever to be financed exclusively on the basis of a project financed through Islamic financing. The first project financing of an air separation unit in the Middle East, the deal sets an excellent precedent for international banks wishing to participate in Shariah compliant financing structures. Leading partners in the project finance space Leroy Levy, Tim Burbury and Zaid Al-Farisi work across the Middle East with new hires including Usman Ahmad and Brian Pierce to boost capabilities: demonstrating an ongoing commitment to the sector.
“Two years ago we deliberately set out to develop our project finance capabilities in-house, led by our partners Leroy Levy, Tim Burbury, Zaid Al Farsi and Mike Rainey. We wanted to come up with new structures to allow the financing of these projects on a Shariah compliant basis throughout the GCC. There is a trend towards financing projects on a Shariah compliant basis not just having a Shariah compliant tranche. Larger, longer-tenor Islamic deals are being done and the trend will continue,” said Jawad.”
In second place, Dentons showed its strength in regional markets to pick up the prize for runner-up: especially through its activities in Oman headed up by partner Sadaf Buchanan. “We have also been seeking to expand out our Islamic project finance practice which has included the Emirates Steel financing in the UAE and the Petro Rabigh financing in Saudi Arabia,” confirmed Qasim Aslam, the global head of Islamic finance.
Energy & Natural Resources
Moving on to a natural partner, and last year’s project finance winner, White & Case this year took the prize for energy and natural resources in a win that demonstrates its strength in the sector. “We are one of the world’s leading energy and project finance firms and this award reflects the strength of our Islamic finance capability in this area,” agreed partner Shibeer Ahmed. The firm has a strong regional presence, working on deals including the multi-billion dollar Hassyan coal-fired IPP Project in Dubai with DEWA, as well as projects in Egypt (including a 2,640 MW coal-fired power generation plant in Ayoun Moussa), Jordan (seven solar power projects in collaboration with the ICD) and Iraq (a US$35 million financing to develop and construct a 550 MW open cycle gas-fired power plant, a 400 kV substation and a 400 kV overhead line located in Zakho, Northern Iraq). “With more and more large-scale energy and natural resource project financings including Islamic financing as part of the overall financing mix… clients are able to call up White & Case for its combination of market-leading project finance capability and in-depth knowledge of structuring and executing deals to incorporate Shariah compliant tranches,” said Shibeer.
Second place in the category went to last year’s winner Latham & Watkins, while special mention also goes to A&O, Norton Rose Fulbright and Clifford Chance for their strong performances in the sector this year.
Structured Finance
White & Case achieved a double win with another success in the structured finance category, with A&O coming in second place. The board notes that the win for White & Case was with particular reference to its work advising Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Al-Hilal Bank, Mashreq Bank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank in relation to a US$420 million structured Islamic asset-based financing for the Zakher Marine Group which closed in November 2014. The complex multi-jurisdictional Islamic financing was two-times oversubscribed and included term and working capital facility tranches.
Other notable deals included advising National Petroleum Construction Company in connection with the US$600 million complex Islamic and conventional co-financing involving most of the major UAE Islamic and conventional banks to finance the construction of new offshore barges, cargo barges and provision of modern facilities; as well as advising Saudi Aramco on the US$8 billion expansion of an existing, world-scale petroleum refining and petrochemicals complex in Rabigh, Saudi Arabia — involving over 150 sophisticated finance documents with around 30 financial institutions. “This award is evidence of our market-leading capability to structure and document complex structured Islamic finance transactions,” said Shibeer.
M&A & Private Equity
This year, mergers and acquisitions and private equity were combined into a single category and Turkish law firm Baspinar & Partners beat out the bigger players to win the accolade for their exceptional commitment to developing the Turkish private sector. A strong stable of deals this year included the acquisition of a top Turkish university as well as numerous real estate acquisitions and divestments. “When we describe our firm we believe the main distinction from the rest of the law firms is the business-minded approach of our firm which helps us to satisfy the clients’ needs and our ability to structure complex deals [that] can be listed,” said Ali Ceylan, a partner at Baspinar & Partners.
While Latham & Watkins came second place with a strong showing and perhaps a more global presence, the board felt that Baspinar & Partners deserved to win due to its contribution to the advancement of Islamic finance in its domestic market: with special mention also made to the activities of Albar & Partners in Malaysia (which advised on the Malakoff and ICON IPOs as well as the privatization of Al-Hadharah Boustead REIT this year).
Real Estate
Latham & Watkins did, however, take home the award for real estate, winning out easily over its competition due to a robust and diverse range of activity over the past year and a strong pipeline going forward. In addition to predominantly Saudi Arabian-based large-scale mixed-use real estate development projects, in the last 12 months the team has also advised on a number of mandates for significant UAE and global cross-border projects. Recent deals include the conventional and Islamic acquisition and construction financing for Al Mirqab Capital and Intercontinental Hotels Group in August 2014, in connection with the acquisition and refurbishment of the InterContinental New York Barclay Hotel, a 14-story historic luxury hotel in the Midtown Manhattan area of New York. The Intercontinental deal was the first Shariah compliant construction loan under New York law and perfectly demonstrates Latham’s cross-border financing expertise. Other notable transactions include a US$4 billion greenfield project in the Heart of Jeddah project for the construction and development of a new multimodal transportation center, convention center, retail, residential, office, healthcare facility, hotels and related infrastructure over one million square meters in Jeddah, Saudi Arabia. “We also advised Skai Holdings in connection with the financing of the Viceroy Hotel and associated residences on Palm Jumeirah,” commented a spokesperson for the firm. “The deal included dual conventional and Islamic facilities involving both UAE and Chinese banks, which added a level of complexity to the project. Credit support was provided by Sinosure — the first time Sinosure has participated in a real estate financing outside of China. The value of the deal is up to US$350 million.”
In joint second place were DLA Piper and Foot Anstey. DLA Piper must be commended for its activity in Europe and especially in developing new markets: such as the first Islamic financing deal undertaken in Norway with the recent 90 North investment into a major logistics facility in the Berger Business Park in Oslo for EUR36 million (US$40.55 million). The firm also advised 90 North on its Shariah compliant investment in a new Siemens headquarters in Amsterdam, as well as working with Qatari clients on high-profile central London investments and an innovative Shariah compliant inter-company funding arrangement for investment into a retail mall development in India. “We have seen a steady flow of instructions from clients demanding Shariah compliant investments for deals both locally within the Middle East, and also for Middle Eastern and international clients seeking to invest in other parts of the world – particularly in the UK and Europe, but also in the US,” said Paul McViety, the head of Islamic finance at DLA Piper. “This uptick in work follows the general increase in investor confidence within the global real estate markets, the rise in cross-border real estate investment, and the narrowing gap between the pricing of Shariah compliant debt when compared with conventional debt.”
Foot Anstey has been highly active in the UK over the last 12 months, and contributed greatly to the facilitation of inward Islamic investment and expanding opportunities outside of the core London property portfolio. Significant transactions in the last year include acting for QIB (UK) on the financing of a hospital in Kent, acting for a Cypriot SPV on its GBP5.5 million (US$8.5 million) portfolio refinancing of nine London properties with the former Islamic Bank of Britain (now known as Al Rayan Bank), advising Dimah Capital Investment on its GBP17.25 million (US$26.7 million) acquisition and Islamic financing of Cobalt Office Park in Newcastle Upon Tyne, advising on a potential listed Sukuk over UK real estate for a financial institution based in the GCC and developing mortgage products using a diminishing Musharakah structure for high-value residential properties for an Islamic bank in the UK.
Special mentions also go to Dentons and Norton Rose for their work in the field.
Trade Finance
On the trade finance side, Clifford Chance this year dominated the competition. A new category last year, the sector represents one of the fastest-growing and most lucrative fields for Islamic finance and has seen some interesting developments over the last 12 months. Clifford Chance has been instrumental in many of these deals: including the DP World US$3 billion facility from June 2014; multiple airline financings including the landmark Emirates UKEF-backed deal and the March 2015 Garuda US$400 million financing; as well as a US$127.8 million Mudarabah facility for Empower, the Emirates Central Cooling Systems Corporation. “In light of the 2008 AAOIFI decision concerning Mudarabah structures and the use of a fixed price purchase undertakings, this was a unique transaction because it was structured as a Mudarabah with a purchase undertaking (which wasn’t fixed in price),” explained Qudeer Latif, the head of the global Islamic finance practice. “However, there were adequate mitigants in the documentation to protect the bank from the associated risks.”
In the past 12 months, Clifford Chance has worked on more cross-border Islamic financings than any other law firm in the industry: including all five of Africa’s cross-border Islamic financings (three sovereign Sukuk as well as the Safi IPP in Morocco and the Al Sharkeya Sugar deal in Egypt). Despite a strong performance from runner-up Linklaters, Clifford Chance was the undisputed champion of the trade finance sector for 2015.
Offshore Finance
And in our final category, Maples & Calder once again takes the prize for offshore finance, with Conyers, Dill & Pearman coming in second place. Maples & Calder takes the award for the fourth consecutive year as it continues to participate in almost every major offshore deal and consolidate its dominance in the sector. With offices in the British Virgin Islands, Cayman Islands, Dubai, Dublin, Hong Kong, London and Singapore, Maples & Calder has built a unique niche as one of the few offshore law firms in the GCC region.
“We are honored to have been named as the Offshore Finance law firm of the year for the fourth consecutive year. We believe this is a reflection of our commitment to Islamic finance and our expertise in the field,” commented partner Tahir Jawed. “We have been fortunate enough to have worked on several landmark transactions this past year, particularly the Sukuk issuance to raise funding for the International Finance Facility for Immunization and the Sukuk issuance to finance three A380 aircraft for Emirates. These transactions illustrate the potential for the Islamic finance industry and we look forward to being involved in the further development of the industry.”
Congratulations to all
IFN extends its heartiest and most sincere congratulations to all the firms nominated in this year’s IFN Law Awards, and of course especially to the winners: whose tireless journey toward structural excellence and procedural efficiency paves the way for others to follow and forms the very foundations for a firm and flourishing industry. The enduring popularity of these awards is testament to the influence that the legal industry wields, and the invaluable role it plays in pushing Islamic finance forward. We are proud to be able once again to recognize and reward the brightest and best in the field.