$4bn sukuk deal figures in global market award list

January 10, 2013 - 6:39:11 am

DOHA: Qatar’s $4bn dual tranche sukuk has been recognised as the best Islamic finance deal of the country in 2012.

The results of the popular “Islamic Finance News Deals of the Year 2012 awards” announced its 2012 results yesterday, with Saudi Arabia emerging as a major Sukuk market, rivalling Malaysia in issuance volume.

Saudi Arabia’s General Authority of Civil Aviation’s SR14bn sukuk has been adjudged as the best Saudi Arabian Deal of the Year. Jebel Ali Free Zone Dh4.4bn Syndicated Financing Facility and a $650m sukuk has been announced as the best Syndicated Deal. Abu Dhabi Islamic Bank’s $1bn Perpetual Tier 1 Trust Certificates has been recognised as the UAE Deal of the Year. This year, over 3,000 nominations in over 25 categories were received, resulting in the most competitive Deal of the Year, the Islamic Finance News (IFN) said yesterday.

Last year was most prolific for the Sukuk market. It saw steady activities in markets like the UAE and Indonesia, as well as the expansion of Islamic capital markets to new markets like Turkey. Syndications offered solutions to sticky deals requiring restructuring and facilitated key business needs. Advances in Pakistan, new opportunities in Africa and Sri Lanka, and, consistency of Malaysia and the GCC were additional factors leading to the unprecedented number of nominations. Last year’s volumes showed the resilience of domestic and regional Islamic markets despite trying in Europe, North America, China and Japan. The most coveted title, the Deal of the Year, will be announced during an awards ceremony scheduled to be held in Dubai on February 25, 2012. The Peninsula