7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Top award for Sukuk arranged by GIB

MANAMA: The Ajil Cayman Sukuk, which was jointly arranged earlier this year by GIB Capital, has received the title "Best Sukuk Deal of the Year" at the Global Islamic Finance Awards.

GIB Capital, which is the investment services subsidiary of Gulf International Bank (GIB), acted as joint lead manager and joint book runner for the 500 million Saudi riyal ($133m) sukuk issuance, which was successfully closed through a private placement last May for Ajil Financial Services Company through the Ajil Cayman Sukuk, a limited liability special-purpose company.

The Global Islamic Finance Awards are organised by the London-based Edbiz Consulting, an international Sharia advisory firm.

"We are very pleased with this additional recognition of GIB's leading role in investment banking and the arrangement of sukuk issuances," said GIB chief executive Dr Yahya Alyahya.

"GIB won many other awards this year. This reflects its pioneering role on one hand and the market's confidence in its investment banking capabilities on the other.

"GIB has developed considerable expertise in originating, structuring and placing regional sukuk issuances in the GCC over the past few years. We view the decision by the Global Islamic Finance Awards to choose Ajil Cayman Sukuk as the best deal of the year in 2012 as an independent endorsement of GIB's investment banking expertise."

GIB and GIB Capital offer innovative solutions in the fields of financial restructuring, private placements, private sale, IPOs, underwriting equity as well as mergers and acquisitions.

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