The EIIB-Rasmala Group (‘EIIB-Rasmala’ or ‘The Group’), a leading investment banking and asset management group focused on Gulf Cooperation Council (GCC) and London markets, has been credited for its role as lead arranger and bookrunner for FWU Group’s US$100 million sukuk al-wakala programme, which won the Award of Excellence for Most Innovative Sukuk Structure at the 8th London Sukuk Summit, 2014.
The Sukuk Summit took place on 18-19 June at the Jumeirah Carlton Hotel in London, recognizing the outstanding contributions and achievements of individuals, institutions, supranationals and financial centers serving the global Islamic financial services industry, and particularly the proliferating global sukuk market.
Harris Irfan, a managing director and head of investment banking at EIIB-Rasmala, said: “We are proud to have played a key role in both the structuring and arranging of the FWU Group sukuk and delighted that the company has once again been recognized with another award. This second accolade is testament to the unique and flexible structure of this transaction and the innovative and forward-looking nature of the funding program.”
The award-winning FWU sukuk programme is a securitization of takaful (Sharia’a-compliant) insurance policies, providing an opportunity for investors to participate and invest in sukuk certificates backed by Atlanticlux Lebensversicherung S.A, a BBB rated, multinational insurance provider. The sukuk has been assigned an investment grade credit rating by Fitch.
EIIB-Rasmala previously received Islamic Finance News’ European Deal of the Year Award for its arranging of the FWU sukuk. Prior to this, EIIB-Rasmala was named Best European Islamic Bank at the 2013 Islamic Business & Finance Awards. The Group was recently included in the Middle East’s Top 20 Money Managers by Institutional Investor magazine, and was also ranked fourth in the United Arab Emirates in terms of total assets under management.
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