Doha: Ooredoo was awarded “Best Islamic Borrower” at the annual EMEA Finance Achievements Awards in London, the group said in a statement yesterday.
Ooredoo won the award for a variety of new activities undertaken in the Islamic financing markets. It started with Ooredoo’s first Commodity Murabaha transaction in November 2012 and this was followed by Ooredoo’s inaugural $1.25bn sukuk in December 2013.
The sukuk issuance was four times over-subscribed and was the first US dollar denominated sukuk to be offered by a global telecoms company.
The issuance was made under Ooredoo’s $2bn Trust Certificate Programme with the sukuk maturing on 3 December 2018 with a profit rate of 3.039 percent.
“We are delighted to have won “Best Islamic Borrower” for the landmark transactions that Ooredoo has taken in the Islamic financial markets. The access to Islamic financial markets is very important to us and is in line with our strategy to diversify our investor base, funding sources and enhances our financial flexibility to execute our business strategy. We have continued on this strategy and have most recently closed $498m Commodity Murabaha transactions in May 2014,” said Dr Nasser Marafih, Chief Executive Officer, Ooredoo Group.
EMEA Finance is an international financial magazine offering insight into the economic processes of European, Middle Eastern and African countries. The magazine’s data, studies and expert reports offers a significant source of information for professionals actively operating in the EMEA region.
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