Award recognises successful arrangement of AED 3.15 billion multipurpose financing facility for Saudi BinLadin Group
Dubai, March 24, 2010: Dubai Islamic Bank (DIB) today announced that it has won the “Syndicated Deal of the Year” award at the 2009 Annual Islamic Finance News Awards for its successful arrangement of an AED 3.15 billion multipurpose financing loan for the Saudi BinLadin Group. The Islamic Finance News Awards honours the best in the Islamic financial industry. It is one of the most prestigious awards and highly recognised by global Islamic capital markets.
The transaction reinforces DIB’s successful track record in securing large Sharia-compliant solutions in a challenging economic climate. The multipurpose syndication of AED 3.15 billion was successfully arranged in February 2009 for Saudi BinLadin Group towards the construction and completion of the Women’s Campus at King Saud University in Riyadh.
DIB was the mandated lead arranger, sole bookrunner and investment and security agent for this transaction; Emirates NBD, Mashreq Bank and Abu Dhabi Commercial Bank were the other participating banks. Dar Al Sharia, a subsidiary of Dubai Islamic Bank served as Sharia advisor to this deal, with Simmons & Simmons acting as the legal counsel. The syndication covered multiple guarantee and cash facilities on a Sharia-compliant basis.
“This sizable and complex syndication that was closed in the midst of the global crisis demonstrates Dubai Islamic Bank’s leadership in managing the world's largest Shariah-compliant syndicated financing transactions” said Ayman Adel Kamal, Chief of Real Estate and Contracting Finance at Dubai Islamic Bank.
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