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Sunday, December 6 - 2009

Clifford Chance advises Emirates Islamic Bank PJSC and Emirates Bank International PJSC on the establishment of the USD 1 billion sukuk trust certificate issuance programme

  • United Arab Emirates: Tuesday, June 19 - 2007 at 13:25
  • PRESS RELEASE

The Dubai office of Clifford Chance LLP has advised Emirates Islamic Bank PJSC ("EIB") and Emirates Bank International PJSC ('EBI') (as guarantor) on the establishment of the USD 1 Billion sukuk trust certificate programme and first drawdown thereunder of USD350 million trust certificates listed on The London Stock Exchange.

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The sukuk trust certificates are issued by EIB Sukuk Company Ltd, a Cayman Islands special purpose vehicle.

Through its head office in Dubai and 18 branches in the UAE, the EIB provides full banking services and a variety of products through Sharia compliant financing and investments and currently ranks as the third largest Islamic bank in the UAE by assets.

The transaction is EIB's debut sukuk issuance and is notable for being a sukuk issuance programme allowing multiple drawdowns as opposed to a stand alone issuance. The first issuance of sukuk trust certificates were rated 'A' by Standard & Poor's and 'A1' by Moody's.

Debashis Dey comments: "This transaction builds on our significant cross border capital markets and Shari'a compliant financing expertise and Clifford Chance is delighted to have worked with Emirates Islamic Bank PJSC on establishing its inaugural sukuk issuance programme. The programmatic nature of this sukuk transaction greatly improves the efficiency of Shari'a compliant finance".

EIB and Standard Chartered Bank were the joint arrangers.

The Clifford Chance team comprised Debashis Dey, Paul Davies, Qudeer Latif, Bilal Ahmad and Gillian Rooney, who acted for EIB, EBI and EIB Sukuk Company Ltd, while Turner & Roulstone in Grand Cayman provided Cayman law advice. The Dubai office and the London offices of Allen & Overy acted for the arrangers and dealers.
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Notes and media contacts

1. Clifford Chance Limited Liability Partnership is the first fully integrated global law firm, with 28 offices in 20 countries . The firm aims to provide seamless global services to the world's leading financial institutions and multinational businesses.
2. Unrivalled in its international resources, Clifford Chance has over 3,300 legal advisers and is organised around six global practice areas: capital markets; corporate (including M&A); finance; litigation and dispute resolution; real estate; and tax, pensions and employment law.
3. The capital markets practice comprises over 325 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.

The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
Consistently ranked as the 'best legal practice for securitisation' by key commentators, the Clifford Chance International Securitisation Group is at the forefront of the securitisation markets across the world. The Group advises most of the leading market participants and provides an in-depth knowledge of complex issues relating to the securitisation of a broad spectrum of assets.

Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety off industries including energy, transport, infrastructure projects, and real estate.

4. Clifford Chance's 55-lawyer Dubai office is fully integrated into the firm's worldwide network of offices and has a market leading finance practice in the Middle East. The firm celebrated its 30th anniversary in the United Arab Emirates in 2005, having opened its first office in the region in Sharjah in 1975.

* Includes an associated office in Romania

For further information about this release contact Debashis Dey, Head of Capital Markets and Structured Finance, Gulf Region on +971 4 362 0624 or Graham Lovett, Gulf Managing Partner on +971 4 362 0625

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