Press Release
Badr Al Islami Wins Sukuk Deal of the Year 2008
11 March, 2009
Dubai, United Arab Emirates - Badr Al-Islami, the Islamic Banking Division of Mashreq, won the 'Sukuk Deal of the Year 2008' award from the prestigious Islamic Finance News Awards, for being the Joint Lead Manager and Bookrunner in the AED 1.1 Billion Tamweel Sukuk.
The Awards were given at the annual awards ceremony of Islamic Finance News in Grand Hyatt, Dubai on the 3rd of March 2009 to Badr Al Islami, Dubai Islamic Bank, and Standard Chartered Bank as Joint Lead Managers and Bookrunners.
Mubashar Khokhar, CEO, Badr Al Islami, said: "Tamweel's Sukuk was an innovative structure which the Joint Lead Managers and Bookrunners were able to bring forth, and would pave the way for similar issuers to use such an innovative structure. We are very proud of this international award that recognizes the efforts of the experienced team behind the Sukuk in Badr Al Islami, especially that this was Badr Al Islami's first Sukuk as Joint Lead Manager & Bookrunner".
Publisher of Islamic Finance News, Andrew Morgan noted that: "The Sukuk deal of the Year was a hotly contested category with more contestants than ever. The Tamweel Sukuk deal was rated "A3" by Moody's Investor services and "A" by Fitch ratings, and pools Ijarah and Istisna transactions to generate a yield of EIBOR plus 225. The deal was closed in July 2008 at the height of the market meltdown. The five-year deal matures in 2013 and was over-subscribed".
Mr. Moinuddin Malim, Head of Corporate & Investment Banking in Badr Al Islami said, "Tamweel required a Sukuk Structure which would enable them to use the proceeds for their General Corporate Purposes. The Investment Sukuk structure was used for the first time in the UAE. The Portfolio Assets comprised of the Original Leased Assets and the Original Istisna Assets in addition to any asset replacing the Portfolio Assets, including Sharia Compliant Income Generating Assets. Therefore, the innovative Investment Sukuk structure gave full flexibility to Tamweel for raising financing for General Corporate Purposes."