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Deals of the Year (<strong>continued</strong>...)<br />
BAHRAIN: Gulf <strong>Finance</strong> House Trust Certifi cates<br />
Size: US$200 million (fi rst tranche of US$1 billion program)<br />
Lead Arrangers: Dredner Kleinwort, HSBC<br />
Lawyers: Al-Sarraf & Al-Ruwayeh, Dechert, Lovells, Walkers<br />
Rating: n/a<br />
Date: 25th July 2007<br />
Shariah Adviser: n/a<br />
www.islamicfi nancenews.com<br />
<strong>Islamic</strong> <strong>Finance</strong> news Guide 2008<br />
As a leading Bahrain-based <strong>Islamic</strong> investment bank, Gulf <strong>Finance</strong> House is the fi rst issuer under a trust certifi cate program.<br />
The transaction attracted a diverse investor universe, attracting 45% of the funds from outside of the Middle East with its<br />
London Stock Exchange listing. The deal structure is extremely fl exible as to both the volume of Sukuk that may be issued,<br />
and the diversity of the underliers.<br />
DJIBOUTI: Doraleh Containers Terminal<br />
Size: US$263 million<br />
Lead Arrangers: Dubai <strong>Islamic</strong> Bank, Standard Chartered, WestLB<br />
Lawyers: Allen & Overy, Lovells<br />
Rating: n/a<br />
Date: December 2007<br />
Shariah Advisers: Dubai <strong>Islamic</strong> Bank and Standard Chartered Bank<br />
This important Saudi Arabian transaction represents the acquisition of the third mobile operator’s license by Kuwait’s<br />
Zain (MTC Telecommunications). The massive US$6.11 billion transaction is indicative of the importance of the<br />
telecommunications sector in the GCC and emerging markets as a whole. We have set aside Tawarruq from Murabahah<br />
to refl ect the distinction of these processes in the view of Shariah scholars and to avoid confusion in the awards.<br />
EGYPT: Egyptian Fertilizers Company<br />
Size: US$1.41 billion<br />
Lead Arranger: Deutsche Bank<br />
Lawyers: Clifford Chance, Lovells, Maples & Calder<br />
Rating: n/a<br />
Date: November 2007<br />
Shariah Adviser: Dr Hussein Hassan<br />
The Egyptian Fertilizers Company-leveraged acquisition is an exciting deal in that it is the fi rst major deal to apply the<br />
concept of Bai al Salam for a commodities-based company. In lieu of lending, Deutsche Bank structured the transaction<br />
uses a series of forward, or Salam, sales of the plant’s product to fund the acquisition. It is the largest ever <strong>Islamic</strong> deal in<br />
Egypt.<br />
Page 113
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