Dubai Islamic Bank (DIB) won three awards at the recent Islamic Finance News Awards in the categories of “Corporate Finance,” “Restructuring” and “Structured Finance” Deal of the Year categories.

Established in 2005, the Islamic Finance News Awards honour excellence in the Islamic finance industry.

DIB was recognised in the “Corporate Finance Deal of the Year” category for its role in arranging a Dh3.6 billion ($980 million) Musharakah Syndicated Facility for Emaar Malls.

The facility was arranged in just two and half months despite being a uniquely structured transaction having bullet and amortising tranches within the conventional and Islamic facilities.

The bank also received the award for “Restructuring Deal of the Year” for its role as lead manager in the restructuring of $2.22 billion of Nakheel’s syndicate, bilateral and hedging facilities.

The restructuring exercise proved crucial in bringing stability to the Dubai real estate market and restoring confidence in the UAE real estate sector.

The award for “Structured Finance Deal of the Year” was also won by DIB as the Islamic arranger of an $800 million Wakala Syndicated Financing for Salik One, the entity created to monetise road toll receipts in order to fund long-term infrastructure development in Dubai.

“At Dubai Islamic Bank, we are conscious of our role not only as the pioneer and leader in Islamic banking, but also in supporting the strategic vision for the UAE,” said Dr Adnan Chilwan, deputy CEO - Chief of Consumer & Wholesale Banking, DIB.

“These awards demonstrate the industry’s acknowledgement of DIB’s unrivalled proficiency and expertise in handling major Islamic financing deals. They are particularly satisfying as they recognise DIB’s work in supporting key strategic areas of the UAE economy, such as real estate and infrastructure. As confidence returns to the UAE economy, DIB will continue to play a central role in helping UAE organisations to access the finance they need to grow.”

Naveed Ali, chief of Corporate Banking and Financial Institutions, DIB, said: “Over a number of years, DIB has established itself as a trusted Islamic financing partner to major public and private entities and played a pivotal role in financing and arranging key syndicated, structured and capital market transactions.”

“Due to the bank’s underlying financial strength and its expertise, DIB is uniquely positioned to support the increasing demand for significant Sharia compliant financing deals,” he added. – TradeArabia News Service