Islamic Finance team advises on Qatar's first rated sukuk

The sukuk was issued on behalf of Qatar Real Estate Investment Company (ALAQARIA), listed on the London Stock Exchange and follows on from ALAQARIA's issue of US$270 million sukuk al-musharaka last August 2006 (on which the firm also acted).

"This transaction demonstrates that our Islamic Finance practice continues to advise on the market's most innovative and ground-breaking instructions," says Banking & Finance partner Matthew Sapte.

The sukuk will ultimately provide ALAQARIA with funds to commence its strategy to make US$2 billion of Shariah-compliant real estate investments over the next two years

ALAQARIA'S sukuk also follows closely on the practice's role in advising Morgan Stanley and Standard Chartered Bank on one of the first rated Shariah-compliant residential asset-backed securitisations. The US$210 million issuance for Tamweel successfully closed at the end of July, and ALAQARIA's issue successfully closed at the beginning of August in challenging market conditions.

Matthew led the team, with assistance from Banking & Finance solicitor Roy Neillie and Corporate solicitor James Munro. Banking & Finance partner Chris Borg provided regulatory advice, and Tax solicitor Suhail Qureshi advised on the tax issues. Banking & Finance partner David Cohen advised HSBC Trustee (C.I.) Limited as delegate.