The Bank of New York Mellon appointed corporate trustee for Tamweel sukuk

As corporate trustee, The Bank of New York Mellon will act as delegate trustee, principal paying agent, exchange agent, transfer agent, replacement agent, calculation agent and registrar.

Feras Kalthoum, head of investments at Tamweel, said: "The Bank of New York Mellon is developing a strong record in Islamic finance transactions. We were pleased to have its comprehensive support as corporate trustee for this important issue."

"Our work for Tamweel highlights the important role our company plays in supporting traditional Islamic transactions, as well as more complex structured finance deals globally," said Samir Pandiri, managing director and head of the International division for The Bank of New York Mellon's corporate trust business. "The sophistication of our technology platform, combined with the experience of our people, will distinguish us as the industry leader as we continue to expand our presence in the region."

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.