Norton Rose advises Islamic Development Bank on update to its $6.5bn Sukuk programme
- United Arab Emirates: Monday, July 02 - 2012 at 15:36
- PRESS RELEASE
International legal practice Norton Rose Group has advised the Islamic Development Bank (IsDB) on the update of its $6.5bn Sukuk programme. A team from Dubai and London advised on updating the Trust Certificate Issuance Programme and a first drawdown under the updated programme. This included an issuance of $800m 1.357% Trust Certificates due in 2019.
Partner and Head of Islamic Finance for the Middle East & Africa, Mohammed Paracha, commented: "The continued success of the Islamic Development Bank's Sukuk programme is evidence of the important role the bank plays within the Islamic Finance industry. The expansion of the Norton Rose Group network coupled with our strong Islamic Finance platform in banking and finance have proven especially attractive to clients such as the Islamic Development Bank as they increase their activities in markets such as Africa where we also have a significant presence."
Alex Roussos, of counsel, commented: "We are proud to have been part of this important deal for the Islamic Development Bank. The success of the IsDB's deal is testament to the continuing interest demonstrated by the investor community for highly rated Sukuk paper originating in the Middle East"
The Norton Rose Group team was led by partner Mohammed Paracha with capital markets of counsel Alex Roussos, assisted by associate Faris Al Amoudi in Dubai. Farmida Bi, partner and Head of Islamic finance for Europe in London provided additional support.
SNR Denton UK LLP advised the Arranger and Joint Lead Managers and Ogier provided Jersey law advice and acted as corporate services provider to the special purpose vehicle established under the programme.
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