Barwa Bank, a leading Shari'ah compliant banking service provider in Qatar, said it has been recognised for its lead role in international sukuk issuance by the Euromoney Awards for Innovation in Islamic Finance 2015.

Barwa Bank won awards which were for the £200 million ($305 million) UK Sovereign Sukuk, as well as for the International Finance Facility for Immunisation (IFFIm) Company/Gavi $500 million Sukuk, said a statement from the bank.

In June 2014, Barwa Bank’s appointment as one of five joint lead managers for the UK’s debut sukuk marked its integral role in a landmark transaction that saw the first Shari’ah compliant issuance by a western nation; the total order book ran to close to £2 billion ($3.05 billion), with nearly half being generated through Barwa Bank, it added.

Issued in November 2014, the IFFIm (International Finance Facility for Immunisation Company) benchmark medium term sukuk addressed a humanitarian cause, its proceeds channelled into the provision of free vaccines and health systems for the world’s poorest nations, it said.

Alongside the World Bank, the acting treasury manager, Barwa Bank was mandated among four other banks as joint lead manager and bookrunner for the IFFIm Sukuk; an assignment that has not only highlighted Barwa Bank’s role as a lead on cross-border, scalable and high-profile sukuk issuance transactions, but that also demonstrated the bank’s commitment to instilling core Islamic finance values in innovation, the statement added.

Khalid Yousef Al-Subeai, acting group CEO, said: “Our role as the only Qatari and fully Islamic bank mandated on the UK Sovereign Sukuk was nothing short of a major testament to our vision, commitment to adding value to our clients and quality of our team.”

“This recognition by the Euromoney Awards, an institution with weight, credibility and stringent standards for excellence, is proof and reassurance that we are on the right track,” he added. – TradeArabia News Service