EIIB-Rasmala’s sukuk wins top award
Dubai, June 26, 2014
The EIIB-Rasmala Group, a leading investment banking and asset management group focused on GCC and London markets, has the won the Award of Excellence for Most Innovative Sukuk Structure at the eighth London Sukuk Summit recently.
It was credited for its role as lead arranger and bookrunner for FWU Group’s $100 million sukuk Al-Wakala programme, said a statement.
The summit recognised the contributions and achievements of individuals, institutions, supranationals and financial centres serving the global Islamic financial services industry, particularly the global sukuk market.
Harris Irfan, 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 recognised 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 programme.”
The FWU sukuk programme is a securitisation of takaful insurance policies, providing an opportunity for investors to take part and invest in sukuk certificates backed by Atlanticlux Lebensversicherung, a BBB rated multi-national insurance provider. The sukuk has been assigned an investment grade credit rating by Fitch. - TradeArabia News Service