Complex Made Simple

Norton Rose Fulbright advises Islamic Development Bank on its largest ever drawdown under its $10bn Sukuk programme

Global legal practice Norton Rose Fulbright has advised the Islamic Development Bank (IsDB) on its record issuance of $1.5bn 1.8125% Trust Certificates due 2019 (the Certificates) under its $10bn Trust Certificate Issuance Programme (the Programme).

The Joint-Lead Managers were CIMB Bank (L) Limited, Commerzbank Aktiengesellschaft, First Gulf Bank PJSC, HSBC Bank plc, National Bank of Abu Dhabi P.J.S.C, Natixis, RHB Investment Bank Berhad and Standard Chartered Bank. The Co-Lead Managers were Bank of London and the Middle East plc and Union National Bank P.J.S.C. (together, the Managers).

Mohammed Paracha, partner and Head of Islamic finance – Middle East and Africa, Norton Rose Fulbright, commented: “The Islamic Development Bank’s benchmark issuance has again pushed the boundaries for Sukuk. We are proud to be associated with the Programme having recently also updated it to its record size of $10bn, being one of the largest Sukuk programmes in the world. The listing on Nasdaq Dubai of this issuance as well as the recent listing of the Certificates due in 2014, 2015, 2016, 2017 and 2018 on Nasdaq Dubai also reinforces Dubai’s position as the capital for the Islamic Economy.”

The Norton Rose Fulbright team was led by Dubai partner Mohammed Paracha and London partner Tak Matsuda, with assistance from senior associate Jacqueline Heng and associate Shakeel Adli.

Dentons UKMEA LLP advised the Managers in respect of the Certificates and Ogier provided Jersey law advice.

In June 2013 Norton Rose Fulbright advised IsDB on its issuance of $1bn 1.535% Trust Certificates due 2018 (the Certificates) under its $6.5bn Trust Certificate Issuance Programme, one of a number of landmark transactions the Islamic finance practice has advised on globally in recent months.

For further information please contact:

Amelia Snare
Senior Business Development Manager, Middle East and Africa
Norton Rose Fulbright
+971 4 369 6300