The Asset Triple A
Islamic Finance Awards 2020
Best Deals by Country

ASIA PACIFIC
EMEA
Australia
Best acquisition financing
Centuria Heathley Asset Management A$134.5 million facility to acquire healthcare assets
Arranger: National Australia Bank
The financing will be used to acquire healthcare assets and for capital expenditure purposes.
Best social impact financing
Gallipoli Health Services A$25.5 million wakala-based construction financing facility
Arranger: National Australia Bank
The facility will be used to fund the Gallipoli Home Aged Care, the first aged care home dedicated to serve the needs of Muslim, and the culturally and linguistically diverse elders in Western Sydney.
Bangladesh
Best sukuk
United Mymensingh Power 5 billion taka zero coupon Islamic certificates
Mandated lead arranger: Standard Chartered
This is the first zero coupon Islamic certificate to be issued in Bangladesh, setting a precedent as a starting point for Shariah-based bond issuances.
China
Best corporate sukuk
Country Garden Real Estate 200 million ringgit sukuk
Lead manager: Standard Chartered
This the first and only ringgit-denominated sukuk issuance by a Chinese property developer in Malaysia in 2019 and achieved an optimal-sized order book at a pricing level meeting the issuer’s objective.
Indonesia
Best sukuk/Best green sukuk
Republic of Indonesia US$2 billion wakala sukuk
Green structuring adviser: HSBC
Bookrunners and lead managers: Deutsche Bank, Dubai Islamic Bank, HSBC, Mandiri Securities, Maybank
Second party opinion provider: CICERO
This was the second green sukuk issuance by RoI and the proceeds were used exclusively to finance or refinance expenditures directly related to eligible green projects as defined by the sovereign’s green bond and green sukuk framework.
Best sukuk - Infrastructure
PT Sarana Multi Infrastruktur 2 trillion rupiah mudaraba sukuk
Lead underwriters: BCA Sekuritas, CGS-CIMB Sekuritas Indonesia, Danareksa Sekuritas, Indo Premier Sekuritas, Mandiri Sekuritas, Trimegah Sekuritas Indonesia
The proceeds will be used to help finance government infrastructure projects.
Best sukuk - Utility
Perusahaan Listrik Negara 2.91 trillion rupiah ijara sukuk
Lead underwriters: Bahana Sekuritas, BCA Sekuritas, BNI Sekuritas, Danareksa Sekuritas, Indo Premier Sekuritas, Mandiri Sekuritas, Maybank Kim Eng Sekuritas, Trimegah Sekuritas Indonesia
The multi-tranche transaction is the largest issuance in 2019 and featured the longest tenor for ijara sukuk at 20 years.
Best sukuk - Telecom
PT Indosat 1.294 trillion rupiah dual-tranche ijara sukuk
Lead underwriters: BCA Sekuritas, CGS-CIMB Sekuritas Indonesia, DBS Vickers Indonesia, Indo Premier Sekuritas, Mandiri Sekuritas
The deal garnered strong demand from investors, enabling Indosat to upsize the second tranche from 500 billion rupiah to 749 billion rupiah.
Best new sukuk
Jambaran-Tiung Biru US$100 million Islamic facility
Arranger: MUFG Bank
This is the first ever Islamic project financing tranche for the project sponsor Pertamina.
Best cross-border sukuk
Bumitama Agri Limited 700 million ringgit musharaka sukuk
Bookrunner, lead manager and dealer: Maybank Investment Bank
The deal represents the return of Bumitama into the ringgit sukuk market, which was met with strong investor response with the final order book amounting to 2.68 billion ringgit.
Most innovative deal
BMT Bina Ummah 715 million rupiah retail sukuk
Arranger: Blossom Finance
This is the world’s first microfinance sukuk launched on the blockchain to fund micro-SMEs and entrepreneurs in Indonesia.
Malaysia
Best Asean sustainability SRI sukuk
Edra Solar 245 million ringgit murabaha sukuk
Lead managers: OCBC Al-Amin Bank, Standard Chartered
Second party opinion provider: RAM Sustainability
Comprising of eight tranches, this is the first sukuk issuance arranged under the Asean sustainability SRI framework and the first solar power project to tap the ringgit sukuk market on a brownfield basis.
Best Asean green SRI sukuk
Pasukhas Green Assets 17 million ringgit green sukuk
Shariah adviser: RHB Islamic Bank
Principal adviser, lead arranger and lead manager: RHB Investment Bank
Guarantor: Danajamin Nasional
This is the first Asean green SRI sukuk guaranteed by Danajamin Nasional, which also marks the latter’s first foray into green sukuk.
Best renewable energy sukuk - Hydro
Telekosang Hydro One 470 million ringgit Asean green SRI sukuk
Financial adviser: ZJ Advisory
Shariah adviser: MIDF Amanah Investment Bank
Principal adviser and lead arranger: MIDF Amanah Investment Bank
Lead managers: Bank Islam Malaysia, MIDF Amanah Investment Bank
Second party opinion provider: RAM Sustainability
This is the world’s first greenfield mini-hydro sukuk, which was confirmed by Climate Bonds Initiative. The proceeds of the transaction, which also includes junior bonds of up to 120 million ringgit, will be used to finance the developments of 24MW and 16MW small hydropower plants, using run-of-river hydro scheme located in Sabah.
Best renewable energy sukuk – Solar
Cypark Ref 550 million ringgit murabaha sukuk
Principal adviser, lead arranger and lead manager: Maybank Investment Bank
This is a landmark green financing of Malaysia’s largest grid-connected floating solar PV power plant to date, featuring the first-of-its-kind solar turnkey financing structure.
Best quasi-sovereign sukuk
Cagamas 500 million ringgit commodity murabaha sukuk
Shariah advisers: CIMB Islamic Bank, Maybank Islamic Bank, HSBC Bank Malaysia, Amanie Advisors
Lead manager: CIMB
This is Cagamas’ first multi-tenured sukuk issued in 2019 and generated strong demand from a wide range of investors, including sovereign, financial institutions, fund managers, insurance companies and overseas investors.
Best corporate sukuk
DRB-Hicom 1.5 billion ringgit wakala sukuk
Shariah advisers: Maybank Islamic Bank, RHB Islamic Bank
Principal advisers, lead arrangers and lead managers: Maybank Investment Bank, RHB Investment Bank
The largest ever A-rated corporate sukuk issuance, contributing to widening of Malaysia’s credit spectrum. The proceeds were used to streamline the group’s debt profile during the next 10 years by refinancing its existing senior sukuk.
Best new sukuk
Serba Dinamik Holdings US$300 million wakala bil-istithmar sukuk
Rating adviser, principal adviser and global coordinator: HSBC
Bookrunners and lead managers: Credit Suisse, HSBC
This is the first ever high-yield rated sukuk from Asia, and Serba Dinamik’s debut in the US dollar bond market. It achieved the lowest coupon for an inaugural high yield rated issuer since 2017.
Best bank capital sukuk
MBSB Bank 1.30 billion ringgit tier 2 wakala sukuk
Shariah advisers: AmBank Islamic, RHB Islamic Bank
Principal advisers, lead arrangers and lead managers: AmInvestment Bank, RHB Investment Bank
This is the inaugural tier 2 capital issuance for MBSB Bank, which was previously reliant on common tier 1 for regulatory capital. This is the first in the market under one sukuk structure of wakala sukuk.
Best NBFI sukuk
MNRB Holdings 320 million ringgit subordinated murabaha sukuk
Shariah adviser: AmBank Islamic
Principal adviser, lead arranger and lead manager: AmInvestment Bank
The first subordinated sukuk issuance by an insurance/takaful holding company and structured in accordance with Bank Negara Malaysia’s risk-based capital framework.
Best securitization/Most innovative deal
Exsim Capital Resources 420 million ringgit musharaka and murabaha sukuk
Financial adviser and deal structurer: NewParadigm Capital Markets
Shariah adviser: Dr Mohd Daud Bakar
Lead arranger and underwriter (musharaka sukuk): United Overseas Bank (Malaysia)
Guarantor: Danajamin Nasional
Investors: Great Eastern Malaysia, Principal Asset Management, Sun Life Malaysia
This is the first Shariah-compliant securitization of progress billing and monetization of progress billings involving multiple development projects with multiple construction programmes in the market globally.
Best structured financing
Konsortium KAJV 1 billion ringgit wakala bi al-istithmar and murabaha sukuk
Principal adviser: Affin Hwang Investment Bank
Shariah adviser: HSBC Amanah Malaysia
Lead arrangers and lead managers: Affin Hwang Investment Bank, HSBC Amanah Malaysia
The sukuk represents the largest ringgit sukuk programme for specified water supply infrastructure project financing amounting to one billion ringgit. It is the only second water supply infrastructure project to be funded through the Islamic debt capital markets.
Best restructuring
Urusharta Jamaah 27.56 billion ringgit murabaha sukuk
Principal adviser and lead arranger: Bank Islam
The deal represents the restructuring of Lembaga Tabung Haji, which was a crucial exercise given the significance of Tabung Haji’s function in helping pilgrims to perform hajj, which is one of the pillars of Islam.
Best syndicated loan
Export-Import Bank of Malaysia US$300 million syndicated Islamic facility
Coordinator, original mandated lead arranger, bookrunner and financier: Standard Chartered
The deal is the first successful offshore syndicated Islamic deal out of Malaysia, which enables the issuer to expand the pool of relationship banks.
Best banking
product/solution
Best Islamic product
BizMula-i and BizWanita-i
Service provider: Credit Guarantee Corporation of Malaysia
Islamic financing schemes offered for start-ups and women entrepreneurs, respectively, whose financing requirements are often not met by financial institutions.
Best trade finance product
HSBC internet trade services
Service provider: HSBC
This is an online platform that enables client to initiate and manage trade transaction with access to real-time trade account information from anywhere at any time. With HSBCnet mobile trade transaction tracker, this is the first of its kind in Malaysia, which allows the client access to real-time transaction status and approve trade transaction on the go.
Best digital banking solution
imSME
Service provider: Credit Guarantee Corporation of Malaysia
This is Malaysia’s first SME loan financing referral platform for the benefit of micro, small and medium enterprises for an easy access to financing.
Pakistan
Best green financing
NASDA Green Energy 4.703 billion rupees and US$25 million Islamic financing
Lead adviser, arranger and Shariah structuring bank: Meezan Bank
Offshore financier: Islamic Corporation for the Development of the Private Sector
The transaction is one of the country’s multiple wind energy projects, which achieved financial close in 2019, and the only wind power project that is being financed 100% under Islamic principle.
Best quasi-sovereign sukuk
Power Holding (Pvt) Limited 200 billion rupees secured sukuk
Mandated lead advisers and arrangers: Albaraka Bank (Pakistan), Bank Islami (Pakistan), Dubai Islamic Bank (Pakistan), Faysal Bank, MCB Islamic Bank, Meezan Bank
The sukuk, labelled as Pakistan Energy Sukuk 1, is the first of its kind issued in Pakistan and has been declared SLR (statutory liquidity requirement) eligible investment.
Best corporate sukuk
Engro Polymer & Chemicals Limited 8.75 billion rupees OTC-listed sukuk certificates
Shariah structuring adviser: Ehsan Shariah Advisors and Consultants
Lead arrangers: Allied Bank, Arif Habib Limited, Bank of Punjab, MCB Bank, National Bank of Pakistan
The proceeds were used to replace all existing bilateral facilities to ease the company’s repayment burden during the next five years.
Best acquisition financing
AKT Sugar Mills 1.5 billion rupees syndicated Islamic term facility to acquire Gulf Sugar Mills
Lead arrangers and advisers: Bank Alfalah, MCB Bank
Financier: Faysal Bank
The transaction was structured via Islamic mode of diminishing musharaka finance, enabling the company to generate funds in a completely Shariah-compliant manner.
Best structured financing
Avari Hotels 2 billion rupees syndicated Islamic finance facility
Mandated lead adviser and arranger: Meezan Bank
The deal was structured on the basis of diminishing musharaka and secured based on advance future rentals receivable by Avari Hotels from Unilever under the lease deed signed between the two parties amounting to two billion rupees.
Best syndicated loan
Pakistan Mobile Communications Limited 45 billion rupees syndicated term finance facility
Shariah structuring adviser: Meezan Bank
Mandated lead advisers and arrangers: Allied Bank, MCB Bank, Meezan Bank, National Bank of Pakistan, United Bank
This is the largest syndicated finance facility arranged for a telecommunications company in Pakistan.
Bahrain
Best sovereign sukuk
Kingdom of Bahrain US$1 billion sukuk
Bookrunners and lead managers: BNP Paribas, Citi, Gulf International Bank, J.P. Morgan, National Bank of Bahrain, Standard Chartered
The transaction was 2.8x oversubscribed and achieved a 37.5bp to 50bp tightening from the initial price guidance.
Best corporate sukuk
Bahrain Mumtalakat Holding Company US$600 million wakala and commodity murabaha sukuk
Bookrunners and lead managers: BNP Paribas, Citi, HSBC, National Bank of Bahrain, Standard Chartered
This is the first corporate sukuk from Bahrain since 2014, and generated a strong demand, allowing the issuer to upsize the deal from US$500 million. It achieved a price tightening of 62.5bp from the initial price thought to final pricing.
Kuwait
Best bank capital sukuk
Kuwait International Bank US$300 million additional tier 1 perpetual sukuk
Global coordinators: Citi, Standard Chartered
Bookrunners and lead managers: Citi, Dubai Islamic Bank, First Abu Dhabi Bank, KAMCO Investment Company, KFH Capital, Standard Chartered
The inaugural foray by Kuwait International Bank in the international debt capital markets and the pricing was tightened by 62.5bp from the initial price thought of 6.25% area to 5.625%.
Best bank sukuk
Warba Bank US$500 million sukuk
Global coordinators: BNP Paribas, Emirates NBD Capital, Standard Chartered
Bookrunners and lead managers: Abu Dhabi Islamic Bank, Bank ABC, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, NBK Capital, QNB Capital, Standard Chartered
The first ever senior sukuk deal from Kuwait in the US dollar market and achieved the tightest pricing by any GCC bank in 2019.
Qatar
Best bank capital sukuk
Qatar International Islamic Bank US$300 million additional tier 1 perpetual sukuk
Structuring adviser: Standard Chartered
Shariah advisers: Standard Chartered, Qatar International Islamic Bank
Global coordinators: Standard Chartered, QNB Capital
Bookrunners and lead managers: Standard Chartered, QNB Capital, Barwa Bank, Kuwait International Bank, Al Khalij Commercial Bank, QInvest
The transaction is the first ever additional tier 1 (AT1) issuance from Qatar in the US dollar market and achieved the lowest ever AT1 yield from a GCC issuer.
Best bank sukuk
Masraf Al Rayan US$500 million sukuk
Lead managers: Al Rayan Investment, Boubyan Bank, MUFG Bank, QNB Capital, Standard Chartered
The deal represents the issuer’s first-ever issuance in the public debt markets and achieved the tightest spread among the Qatari Islamic banks in 2019.
Saudi Arabia
Best sovereign sukuk
Kingdom of Saudi Arabia US$2.5 billion fixed rate sukuk
Global coordinators: J.P. Morgan, Standard Chartered
Lead managers: Aljazira Capital, J.P. Morgan, Standard Chartered
The deal achieved the tightest ever coupon/yield for a 10-year US dollar issuance by a Saudi Arabian issuer and realized a negative new issue concession of 8bp.
Best supranational green sukuk
Islamic Development Bank €1 billion green wakala sukuk
Green structuring agent: HSBC
Shariah adviser: Islamic Development Bank Group Shariah committee
Bookrunners and lead managers: Citi, First Abu Dhabi Bank, HSBC, LBBW, Natixis, Societe Generale, Standard Chartered, Warba Bank
Second party opinion provider: CICERO
This is the first-ever euro-denominated and the first-ever AAA-rated green sukuk. The coupon is the lowest ever paid by the issuer.
Best corporate sukuk
Saudi Telecom Company US$1.25 billion mudaraba and murabaha sukuk
Shariah advisers: HSBC, J.P. Morgan, Standard Chartered
Global coordinators: HSBC, J.P. Morgan, Standard Chartered
Bookrunners and lead managers: First Abu Dhabi Bank, HSBC, J.P. Morgan, KFH Capital, Samba Capital, Standard Chartered
This is Saudi Telecom’s debut sukuk issuance in the international capital markets and represents the largest MENA corporate sukuk offering at the time of issuance in May 2019.
Best new sukuk
Almarai Company US$500 million ijara and murabaha sukuk
Global coordinators: First Abu Dhabi Bank, HSBC
Bookrunners and lead managers: First Abu Dhabi Bank, Gulf International Bank, HSBC, J.P. Morgan, Standard Chartered
This is Almarai first international debt issuance and the first US dollar-denominated sukuk by an FMCG company in the MENA region, generating the largest order book ever achieved by a Saudi Arabian corporate at 11x oversubscription.
Best local currency sukuk
Saudi Real Estate Refinance Company Saudi riyal 500 million mudaraba/murabaha sukuk
Arranger and manager: HSBC
The sukuk enabled the issuer to inject additional liquidity into Saudi Arabia’s housing finance market, further developing the secondary mortgage market.
Best liability management
Savola Group Company Saudi riyal 1 billion sukuk and exchange offer
Arranger, bookrunner, lead manager and dealer-manager: HSBC Saudi Arabia
The sukuk has set a new landmark in the Saudi riyal sukuk market enabling other issuers to follow suit. The successful exchange offer opened new liability management options for other corporates to tackle forthcoming maturities.
Best ECA-backed financing
Mobily US$291 million murabaha facilities
Mandated lead arrangers: Deutsche Bank, J.P. Morgan
The facilities are some of the first Shariah-compliant financings to involve Nordic export-credit agencies Swedish Export Credit Corporation and Finnish Export Credit.
Most innovative deal
Arabian Centres Company US$1.9 billion multi-tranche refinancing
Global coordinator, bookrunner and lead manager (sukuk): HSBC
Lead financial coordinator (loan): HSBC Saudi Arabia
The deal features a rare capital structure for the region, including unsecured sukuk and securities facilities. The senior secured loan was an innovative structure, including dual tenors (8 years and 12 years), dual currency (Saudi riyal and US dollar) and dual Islamic formats (ijara and murabaha).
Turkey
Best sovereign sukuk
Republic of Turkey US$2 billion ijara sukuk
Shariah advisers, bookrunners and lead managers: Citi, KFH Capital, Standard Chartered
This is the sovereign’s biggest ever sukuk transaction in the international debt capital markets and was priced flat to its conventional curve with no new issue premium.
United Arab Emirates
Best green sukuk
Majid Al Futtaim Holding US$600 million green sukuk
Green structuring adviser: HSBC
Global coordinators: HSBC, Standard Chartered
Bookrunners and lead managers: Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, HSBC, Standard Chartered
Second party opinion provider: Sustainalytics
This is the first-ever benchmark-size green sukuk by a corporate globally and the first green offering from a non-financial institution in the MENA region.
Best corporate sukuk
Emirates Strategic Investments Company US$600 million wakala sukuk
Shariah advisers: Dubai Islamic Bank, First Abu Dhabi Bank, Standard Chartered
Global coordinators: First Abu Dhabi Bank, Standard Chartered
Bookrunners and lead managers: Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, National Bank of Bahrain, Standard Chartered, Warba Bank
The sukuk represents the issuer’s inaugural deal in the international capital markets and it was the first time a privately-held corporate from Abu Dhabi obtains an investment grade rating and completes an international benchmark deal.
Best bank capital sukuk
Dubai Islamic Bank US$750 million additional tier 1 perpetual sukuk
Bookrunners and lead managers: Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, KFH Capital, Sharjah Islamic Bank, Standard Chartered
This is the first additional tier 1 perpetual sukuk issuance from MENA in 2019.
Best bank sukuk
First Abu Dhabi Bank US$850 million sukuk
Bookrunners and lead managers: Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, NCB Capital Company, Sharjah Islamic Bank, Standard Chartered
This is the largest ever sukuk issued by a conventional bank with Islamic investors accounting for 60% of the issue size.
Best liability management
Government of the Emirate of Sharjah US$1 billion sukuk with switch and tender offer
Global coordinators: HSBC, Standard Chartered
Bookrunners and lead managers: Bank ABC, Dubai Islamic Bank, HSBC, KFH Capital, Sharjah Islamic Bank, Standard Chartered
The first GCC sovereign to have undertaken a liability management exercise together with a new sukuk issue.
United Kingdom
Best acquisition financing
Jersey Incorporate Property Holding Company £72 million Islamic facility to acquire a logistics and distribution hub
Sole financier: Standard Chartered
The facility was structured as a Shariah-compliant non-recourse murabaha facility, setting a precedent for Islamic non-recourse cross-border facilities involving acquisitions of offshore real estate assets.
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