Al Hilal Bank wins big at IFN Awards
Dubai, February 25, 2014
Al Hilal Bank, a leading Shariah compliant bank, emerged as one of the most awarded institutions at the 2013 Islamic Finance News (IFN) Awards held yesterday (February 24) in Dubai.
The bank received ‘UAE Deal of the Year’ and ‘Syndicated Deal of the Year’ honors under the ‘Deals of the Year’ category during the event organised by Islamic Finance News, a leading Islamic finance news provider, at Ritz Carlton DIFC.
Nearly 400 deals for 2013 were nominated in over 30 categories in the latest IFN Awards Deals of the Year, representing a 33 per cent increase in the number of nominations and a 20 per cent increase in categories over 2012.
Al Hilal Bank bagged the ‘UAE Deal of the Year’ for its $750 million Sukuk for the Dubai Department of Finance (DOF) and ‘Syndicated Deal of the Year’ for providing a $340 million ‘Ijarah’ facility for Gulf Marine Services.
Al Hilal Bank was among the co-lead managers of Dubai DOF Sukuk issued on behalf of the Government of Dubai in late January 2013.
The ‘Ijarah’ transaction was structured to provide a flexible secured facility for Gulf Marine Services and to provide for future cash needs – a feature that is uncommon in Murabaha deals.
It re-profiled the company’s existing debt into a multi-tranche facility, funded an $80 million dividend, financed expansion, and met current working capital requirements. Al Hilal Bank was one of the arrangers for the complex transaction.
“Al Hilal Bank facilitated a number of major deals in 2013 which helped us maintain our industry leadership and broaden the appeal of Islamic banking products and services. These two awards are a great way to start off this year and provide strong motivation for us to be involved in more important Islamic banking deals locally, regionally and internationally,” said Mohamed Jamil Berro, the Group CEO of Al Hilal Bank. – TradeArabia News Service