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Deals of the Year (<strong>continued</strong>...)<br />
UAE: Jebel Ali Free Zone Sukuk US$2.04 billion<br />
www.islamicfi nancenews.com<br />
<strong>Islamic</strong> <strong>Finance</strong> news Guide 2008<br />
Size: AED7.5 billion (US$2 billion)<br />
Lead Arrangers: Barclays Capital, Deutsche Bank, Dubai <strong>Islamic</strong> Bank, Lehman Brothers<br />
Lawyers: Allen & Overy, Lovells, Clifford Chance, Maples & Calder<br />
Rating: A1 (Moody’s)/A+ (S&P)<br />
Date: 20th November 2007<br />
Shariah Adviser: Dubai <strong>Islamic</strong> Bank Shariah Board<br />
As the largest AED issuance ever, do we need to say more about this AED7.5 billion (US$2.04 billion) Dubai International<br />
Financial Exchange-listed transaction?<br />
UK: Aston Martin<br />
Size: £225 million (US$925 million)<br />
Lead Arranger: WestLB<br />
Lawyers: Clifford Chance, Denton Wilde Sapte<br />
Rating: n/a<br />
Date Closed: 31st May 2007<br />
Shariah Adviser: Sheikh Nizam Yaquobi<br />
Kuwait leader Investment Dar successfully led the acquisition on a Shariah compliant basis of Aston Martin using <strong>Islamic</strong><br />
fi nancial tools including the issuance of Sukuk Musharakah. This pure private equity investment is a groundbreaking entry<br />
into the automotive sector for <strong>Islamic</strong> investors.<br />
US: Rahmat e Alam Foundation<br />
Size: US$2 million<br />
Lead Arrangers: Devon Bank, Light of Christ Lutheran Church<br />
Lawyer: David Loundy, in-house counsel for Devon Bank<br />
Rating: n/a<br />
Date Closed: 24th August 2007<br />
Shariah Advisers: The Shariah Supervisory Board of America, under the supervision of Mufti Mohammed<br />
Nawal Ur Rahman<br />
The US market has many large-scale fund and private transactions, but only a fl edgling domestic <strong>Islamic</strong> fi nance industry.<br />
One of the pioneers in this is Chicago-based Devon Bank, which teamed up with Light of Christ Lutheran Church to<br />
fi nance the acquisition of church properties and subsequent lease under the rules of Ijarah Muntahia Bittamleek. The<br />
transaction refl ects positive inter-faith cooperation on a commercial transaction for the benefi t of the growing Muslim<br />
community in Chicago.<br />
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