SNR Denton advises Qatar International Islamic Bank on its debut US$700 million Sukuk issuance

19 Oct, 2012

SNR Denton has acted on behalf of Qatar International Islamic Bank (QIIB) in connection with its successful debut US$700 million Sukuk issue. The transaction represents QIIB’s first international debt capital markets issuance.


The 5-year Sukuk (rated “A-” by Fitch and “A3″ by Moody’s) used a mixed wakala / mudaraba structure that is being increasingly adopted by regional financial institutions. The issue was heavily oversubscribed, with particular demand coming from the SE Asia and the MENA regions. The Trust Certificates will be listed on the Irish Stock Exchange. 


Commenting on the deal, Matthew Sapte (pictured), Partner at SNR Denton said: “We were delighted to apply our DCM and Islamic Finance expertise, as well as our specific local knowledge to help QIIB as a first time issuer. This demonstrates the importance of working effectively across various offices in our network and our ability to do so. This significant deal will strengthen QIIB’s prominence throughout the Middle East region and beyond.” 


The SNR Denton team was led by partners Matthew Sapte in London and Martin Brown in Doha, assisted by Laura Cansdale, Zaher Nammour and Hannah Kennett. The Joint Lead Managers were HSBC Bank plc, QNB Capital LLC and Standard Chartered Bank. Allen & Overy acted for the Joint Lead Managers.

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