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 received Islamic Finance News’ European Deal of the Year Award for its arranging of the unique US$100 million sukuk al-wakala programme for European insurance group FWU during 2013.
The Annual Islamic Finance News Awards, which took place in Dubai yesterday (February 24th 2014), honor the best of the global Islamic Finance industry, recognizing excellence, achievement and leadership.
Commenting, Zak Hydari, Chief Executive of EIIB-Rasmala, said: “We are delighted to win this award, which is a further vote of confidence in the strong performance of EIIB-Rasmala during 2013. The last twelve months have witnessed a period of accelerated growth for our Group, as we continued to advise on new, market leading investment banking solutions such as the arranging of this innovative sukuk programme.
“Furthermore, with over $1 billion in assets under management today, we are firmly focused on growing our Asset Management capability. To this end, we launched a number of new and diverse investment funds during 2013, including the Rasmala Trade Finance Fund, the Rasmala Global Sukuk Fund, the Rasmala Leasing Fund and the Rasmala GCC Islamic Equity Income Fund. The creation of the EIIB-Rasmala Group has established a clearly unique and multi-regional platform for the origination and execution of Islamic Finance transactions and investment opportunities between the global financial centers of London and Dubai.”
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, multi-national insurance provider. The sukuk has been assigned an investment grade credit rating by Fitch.
Previously, 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.