Maples and Calder has been appointed as Cayman Islands advisor for Abu Dhabi Islamic Bank (ADIB) Sukuk Company, the special purpose vehicle for the issuance of the US$5 billion Sukuk program. This marks the first Sukuk program to be listed on the London Stock Exchange.
Tahir Jawed, managing partner of Maples and Calder Dubai and team leader for the issuance commented, “This is a very important development for the whole Islamic finance market, which has seen phenomenal growth in the last few years. The size of transaction and the fact that it is listed on the London Stock Exchange demonstrates that the global financial community has recognized the enormous potential of Shariah compliant products and that they are now accepted as a mainstream asset class by investors. The transaction also shows that the Cayman Islands are fast becoming the leading offshore jurisdiction for Islamic finance structures.”