Category Archives: Awards

Clifford Chance named best law firm in Islamic finance

Clifford Chance named best law firm in Islamic finance

Clifford Chance has been named Best Islamic Law Firm in the 2007 Islamic Finance News Awards. The firm also won a number of awards across a range of practice areas.

In the sector awards, the firm was awarded for its work on the $850m Khazanah sukuk, which received ‘Deal of the Year’ awards in the Equity and Cross-border categories. The $2.53bn sukuk-al-mudaraba for Aldar received ‘Deal of the Year’ awards in the Mudaraba and Real Estate categories.

In addition, the $5bn DP World IPO was named ‘IPO Deal of the Year’, the MTC Telecommunications acquisition of the 3rd Saudi mobile operators license won ‘Tawarruq Deal of the Year’ and the Dhs7.5bn sukuk-al-musharaka for Jebel Ali Free Zone won ‘Sukuk Deal of the Year’ and ‘UAE Deal of the Year’.

In the country awards, the firm was awarded ‘UK Deal of the Year’ for its work on the $925m Aston Martin acquisition, ‘Djibouti Deal of the Year’ for the $263m Doraleh Container Ports financing and ‘Egypt Deal of the Year’ for the $1.41m financing of the Egyptian Fertilisers Company acquisition.

Qudeer Latif, Head of Islamic Finance for the Middle East, said,

‘These awards demonstrate the global strength of Clifford Chance’s Islamic Finance practice across all our practice areas. We concluded more than $25bn worth of Islamic finance deals in 2007 across the asset classes. It’s a tremendous achievement and an honour for us to be recognised by our clients and peers for our leading practice.’

The awards will be received at a ceremony in Dubai in February.

To 500 Islamic Financial Institutions

To 500 Islamic Financial Institutions

The Banker, the flagship global finance magazine of the Financial Times and Group HSBC Amanah, the leading global provider of Islamic Finance have joined forces to launch the world’s first comprehensive ‘Top 500 Islamic Financial Institutions‘ listing.

The global listing in The Banker’s November 2007 issue shows that the global total of sharia-compliant assets, based on the latest official figures of the Top 500 Islamic financial institutions, grew by 29.7% in 2006 to reach $500.5bn at year end 2006.

This first comprehensive listing which covers institutions in 47 countries and incorporates all institutions that offer sharia-compliant products shows that Islamic finance is growing at almost twice the rate of western (interest-related) financial services and analysis suggests that the level of Islamic finance is still largely under-reported on a global basis.

This groundbreaking research in Islamic finance includes both Islamic financial institutions and conventional banks offering Sharia-compliant financial services.

This unique listing provides the core benchmark for Islamic finance across the globe and the first time detailed figures have been provided by institutions on the size of the market in Islamic financial services.

Mohammed Hassan Ismaeel, Global Head of Marketing, HSBC Amanah said: ‘Since its launch one decade ago, HSBC Amanah has been setting the pace for the Islamic finance industry globally through innovation and best practices. HSBC Amanah offers Islamic banking solutions which combine our financial expertise with our enduring values. Our current joint initiative with The Banker is indicative of our commitment to take the industry to new heights.’

‘At HSBC Amanah, customers can experience the global coverage and convenience of banking with HSBC without compromising the principles of the Sharia. HSBC Amanah brand speaks of the commitment of HSBC to the Muslim societies in which it operates,’ he added.

Stephen Timewell, Editor-in-Chief of The Banker, said: ‘The Top 500 Islamic financial institutions listing is a pioneering move that creates the first credible benchmark for the rapidly expanding Islamic finance industry. Just as our Top 1000 World Banks listing in July has become an essential piece of prime data for the banking industry, we are confident that this new listing, to be published every November, will become the key benchmark for Islamic finance.’

The Top 500 Islamic institutions listing provides not only an individual institutional breakdown based on sharia-compliant assets, it also includes country and regional breakdowns of the key players in the industry as well as growth, profitability and underwriter league tables. In addition to 292 banks, both fully Islamic and those offering Islamic windows or selling Islamic products, there are 115 Islamic investment banks and finance companies, and 118 insurance companies , adding up to a global total of 525 institutions from which the Top 500 was drawn.

Islamic Deal of “Bank Turanalem” YSC has Been Recognized as “Best Deal of the Year 2007 in Kazakhstan

Islamic Deal of “Bank Turanalem” YSC has Been Recognized as “Best Deal of the Year 2007 in Kazakhstan

The Islamic Finance News has awarded BTA’s USD 250 mln Syndicated Wakalah Facility in “Best Deal of the Year 2007: Kazakhstan” nomination.

According to BTA, the transaction was launched in May 2007 for an amount of US$150 million with syndication being limited to a group of investors primarily in the Middle East and Malaysia and was signed on 10 July 2007. The syndication was very successful, having closed oversubscribed and as such Bank TuranAlem JSC elected to increase the facility amount to US$250 million. MLAs were Abu Dhabi Islamic Bank PJSC (“ADIB”), Barclays Capital и CIMB Bank (L) Limited (“CIMB”). The Facility tenor was 2 years, with the profit margin of 0.5% per annum.

A total of 14 financiers joined the Facility, out of which 4 were new names to Kazakhstan. Through this Facility the BTA has succeeded in again further broadening and diversifying its funding base and, in particular, has further developed its existing and prospective bank relationships in the Muslim world.

The key criteria for the award were: A) The Facility is the largest Islamic Facility for a financial institution in Kazakhstan with Sharia-compliant structure and is the largest Islamic Financial Institution syndicated deal outside Middle East;
B) Margin offered for a transaction set a benchmark that was the lowest for a medium-term Islamic facility outside Middle East;
C) The proceeds raised under the Facility were deployed to finance of Bank TuranAlem JSC’s Islamic trade finance activities.

The award received has once again proved BTA’s leadership status as an Islamic “pioneer” on the Kazakhstan and CIS financial market. Awards ceremony in Dubai and Kuala Lumpur on the 26th Feb and 6th March respectively.

Islamic Finance News based in Kuala-Lumpur (Malaysia) was launched in 2004 with unrivaled editorial coverage of the global Islamic financing market with more than 19 000 subscribers. Bank TuranAlem JSC (BTA) is among largest banks and leader in creation of banking network within CIS. According to tentative data, BTA consolidated assets soared by 47.4% over the first nine months of the year making USD24,087 million as of October 1, 2007, capital rose by 2.4 times to reach USD3,614 million. BTA cleared USD 487 million profit as of the reporting date, a double year-on-year increase.

BTA operating in the CIS and far-abroad countries is expanding into the CIS. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA also runs its representative offices in Russia, Ukraine, China and the United Arab Emirates. In Kazakhstan, BTA’s networks consist of 22 branches and 260 cash settlement units.

Reputed Itogi magazine named Bank TuranAlem “Bank of the Year in CIS 2007” Meanwhile, Euromoney declared BTA as “Best Bank in Central Asia 2007”. BTA also appears in the Banker’s TOP 300 and ranks the third in its Highest Movers rating. The Europe Business Assembly (EBA, Oxford, UK) has named BTA ‘the Best Enterprise of Europe’ in the Eurasian banking sector.

Türkiye Finans receives Turkey’s ‘Best Islamic Bank’ award

Türkiye Finans receives Turkey’s ‘Best Islamic Bank’ award

The Malaysian-based Islamic Finance News magazine has disclosed the results of its annual best Islamic financial institutions poll for 2007, naming Türkiye Finans as the number-one participation bank among its rivals in Turkey.

Islamic banking, the provision of interest-free banking services, is offered via participation banks in Turkey. There are four such participation banks: Kuveyttürk, Bank Asya, Albaraka Türk and Türkiye Finans.A record 1,502 votes were cast in 35 categories during the December polling period in the industry’s most comprehensive survey. In the individual country categories, Bahrain Islamic Bank was the winner in Bahrain; the Islamic Bank of Brunei in Brunei; Faisal Islamic Bank in Egypt; Bank Syariah Mandiri in Indonesia; Kuwait Finance House in Kuwait; the CIMB Islamic Bank in Malaysia; Meezan Bank of Pakistan; Qatar Islamic Bank in Qatar; Al Rajhi Bank in Saudi Arabia; the Islamic Bank of Asia in Singapore; Dubai Islamic Bank in the United Arab Emirates; the European Islamic Investment Bank for Europe; and Türkiye Finans in Turkey.

The Kuwait Finance House scooped the award for Overall Best Islamic Bank, edging out Dubai Islamic Bank, which had claimed the top spot for the past two years. Saudi Arabia’s Al Rajhi Bank won the Best Islamic Retail Bank award, rising victoriously over Dubai Islamic Bank. In the Best New Islamic Finance Bank category, Bahrain’s Global Banking Corporation beat Singapore’s Islamic Bank of Asia.

In the poll’s most one-sided battle, Bank Negara Malaysia once again eclipsed its nearest rivals for the Best Central Bank in Promoting Islamic Finance category. With the vast majority of votes in this category coming from outside Asia, Malaysia is still widely recognized as the most industry-friendly country.

Ernst & Young claimed the Best Islamic Advisory Firm award, Parsoli Corporation of India won Best Islamic Brokerage Firm and the Dow Jones Indexes was selected for its impressive array of Islamic-based indexes in the Best Islamic Index Provider.

Some other winners by category were HSBC Amanah for Best Islamic Private Bank; Clifford Chance in Best Law Firm in Islamic Finance; Standard & Poor’s in Best Islamic Ratings Agency; and International Turnkey Systems in Best Islamic Technology Provider.

Winners will be honored at two gala award ceremonies to be held in Dubai (Feb. 26) and Kuala Lumpur (March 6). The poll also determined the most outstanding Islamic banking deals of the year. In the Deal of the Year category, the Dubai International Financial Center (DIFC) won the first prize for issuing $1.25 billion in Sukuk al-Mudarabah bonds, equity-based securities to raise funds in the Islamic banking system. The Most Innovative Deal was Mobily’s $2.85 billion project financing.

AmInvestment Bank wins best Islamic REIT award

AmInvestment Bank wins best Islamic REIT award

AmInvestment Bank Bhd has won the “Best Islamic REIT Deal in South-East Asia” award in the inaugural South-East Asia Deal Awards organised by Alpha Southeast Asia magazine.

The award highlighted the RM300mil sukuk Ijarah programme by Al’Aqar Capital Sdn Bhd for which AmInvesment was lead arranger and principal adviser.

The deal was not only the first sukuk in the world issued by an Islamic REIT (real estate investment trust), but also the first Islamic structure based on Ijarah, where the Ijarah assets are leased under the master lease and followed by existing commercial leases forming the subleases, a statement from AmInvestment said yesterday. The South-East Asia Deal Awards were given in recognition of the best and most innovative corporate-centric investment and commercial banking solutions in the region.

Only transactions lead managed by local banks in Indonesia, Malaysia, Philippines, Singapore and Thailand were considered for the awards.