Lovells advised the Joint Lead Managers – Badr Al Islami, Mashreqbank psc, Dubai Islamic Bank PJSC, Standard Chartered Bank, Emirates Islamic Bank PJSC and United Bank Limited – on AED 1,100,000,000 Sukuk (Islamic bonds) issued today for Tamweel PJSC, a leading UAE Sharia compliant residential mortgage provider. The Sukuk are rated "A3" by Moody's Investor Services Inc. and "A" by Fitch Ratings Ltd and will be listed on the Dubai International Financial Exchange (DIFX).
The return on the Sukuk derives from Tamweel's mortgage asset portfolio (including properties under construction) and, as such, it represents a cutting edge development in the Sukuk market.
The Lovells team was led by Lovells' Global Head of Islamic Finance and Dubai based partner, Rahail Ali, who was assisted by of counsel, Imran Mufti, and associates Roger Fankhauser and Sema Kandemir.
Lovells London team was led by capital markets partner Andrew Carey with assistance from senior associate Zhanna Zenina.
Speaking today Rahail Ali said:
"The success of this transaction lies in the innovative way in which Tamweel's mortgage portfolio has been used to structure the sukuk" Imran Mufti added: “We are very proud to be associated with such a prestigious transaction , particularly given its innovative features".
Lovells has been at the forefront of cutting-edge developments in the Sukuk arena, the team having previously advised on landmark sukuk including the first international musharaka, mudarabah, convertible and exchangeable sukuk offerings.
Since opening Lovells' Dubai office on 1 May 2007, Lovells has advised on 13 closed sukuk offerings, with an aggregate deal value in excess of US$12 billion.
Lovells in Dubai
Lovells opened its office in Dubai on 1 May 2007 advising on a range of finance, conventional and Islamic, and corporate matters. The office is led by banking and project finance partner, Shibeer Ahmed. Partner and recognised expert Rahail Ali leads the global Islamic finance practice. The partner team also includes corporate partners Tom Brassington and Imtiaz Shah and finance partner Rustum Shah.
About Lovells
With over 3,000 people operating from 26 offices in Asia, Europe and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations. We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes. Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses. Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG.
The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing.