Arab Today, arab today fgb’s sukuk named “best islamic deal in the uae”
Last Updated : GMT 06:53:52
Arab Today, arab today
Arab Today, arab today

FGB’s sukuk named “Best Islamic Deal in the UAE”

Arab Today, arab today

Arab Today, arab today FGB’s sukuk named “Best Islamic Deal in the UAE”

Dubai - WAM

First Gulf Bank (FGB) was awarded the 2012 “Best Islamic Deal in the United Arab Emirates” for its USD 650 million Sukuk (Islamic bonds) issuance in August 2011, which was six times oversubscribed. The award, which was presented during the Asset Triple A Islamic Finance awards at the Shangri-La hotel in Kuala Lumpur, marks yet another successful milestone in FGB’s journey. The FGB 5-yr Sukuk was subscribed by more than 200 different investors worldwide. Of these investors, 46 per cent were Middle East based, 24 per cent were from Europe, 24 per cent from Asia and 6 per cent from the US and other markets. Commenting on FGB’s title, Chito Santiago, Managing Editor at Asset Publishing and Research Limited, said: “The board of editors at The Asset magazine notes that the US$650 million Sukuk issue of First Gulf Bank marked the first sukuk issuance by a conventional GCC-incorporated bank, enabling First Gulf Bank to effectively capitalise on the supply and demand dynamics prevailing in the Islamic capital markets.” Based on a highly innovative dual wakala and mudaraba structure, the deal garnered strong investor demand amid challenging market conditions with an order book of US$3.8 billion from high quality international investors distributed across the Middle East, Asia and Europe. The Triple A Islamic Finance Awards are organised by the Asset magazine, a monthly publication that covers main market highlights and achievements in Asia. The awards aim to recognise leading banks for achieving excellence and for providing what best serves the region.

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