Majid Al Futtaim, Mena’s leading shopping mall, retail and leisure group, won a special award in the Sukuk category recently in Dubai.

The award was given by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai at the 2013 Islamic Economy Awards.

The $400-million Sukuk issued by MAF in January last year attracted international attention, being the first issuance by an investment grade privately-owned company in the GCC and set an example which was followed by other private companies in the region.

In preparation for the Sukuk, the group also achieved a BBB rating from Standard and Poor and Fitch, the highest credit rating of any private corporate in the Mena region.

Iyad Malas, CEO, said: “We took a bold step to issue the Sukuk when investors were looking for shariah-compliant assets in a market that was still volatile.  We are extremely proud to receive this award from Seikh Mohammed and also to contribute towards making Dubai the world capital of Islamic finance.”

A panel of eleven expert judges from around the world was established to consider the contenders for the Sukuk award and, based on their collective scores, MAF was selected as the overall winner.

In July, MAF listed its Sukuk on Nasdaq Dubai, which brought the nominal value of Sukuk listed on Dubai's exchanges to $11.08 billion, the third largest total in the world. - TradeArabia News Service