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The National Bank of Abu Dhabi (NBAD) has won two awards at the recent Islamic Finance News Awards.
Named the Deal of the Year and Sukuk Deal of the Year, the inaugural US$490 million International Islamic Liquidity Management Corp (IILM) Sukuk programme, in which NBAD acted as one of the primary dealers, was highly successful.
The inaugural programme constituted part of a USD$3 billion programme created by the IILM to provide a highly liquid, investment grade financial instrument that Islamic banks can trade to manage their short term liquidity.
“NBAD is committed to being innovative within the Islamic liquidity management space; as winner of these awards we have confirmed this, and as a primary dealer in the IILM Sukuk we are now a major player in the secondary market in this instrument,” said Mark Pritchard, Executive Director at NBAD’s Global Markets.
IILM’s Sukuk was chosen as the Deal of the Year and the Sukuk Deal of the Year in a poll of Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world. These were then judged by a panel of experts from non-competing organisations.
Established in 2005, the poll is the industry’s leading and most comprehensive annual poll to honour the best in the Islamic financial industry; and is one of the most prestigious awards and is highly recognised by the global Islamic capital markets.
The Islamic Finance News Awards was held in Dubai’s Ritz Carlton hotel.