Islamic
Finance

OVERVIEW:

ASAR has one of the strongest Islamic finance teams in the Gulf region, and we have received several awards and accolades in connection with our Islamic finance practice. We provide creative, flexible, market-leading and cost-effective solutions for our clients and the projects in which they are involved.

Our team has a profound understanding of the principles and requirements of Shari’ah and is broadly experienced in structuring Islamic investments, financings and products across the Gulf.

We can help you to reach practical and innovative Islamic financial solutions by overcoming the challenges posed by different legal, tax and regulatory systems.

Our Islamic finance expertise includes structuring and advising on the full range of Islamic finance contracts, including Ijara, Istisna’a, Mudaraba, Murabaha and Musharaka. We also regularly work with many different Shari’ah committees and advisors.

EXPERIENCE:

  • USD 370 million financing to a Kuwaiti telecom company in a Shari`ah compliant form. We acted as legal advisers in Kuwait to the lenders syndicate.
  • Advised on USD 200 million Murabaha facility to a Kuwaiti company.
  • Acted as legal counsel to the issuer and the guarantors in connection with the Islamic Musharaka Trust Sukuk by Lagoon City Sukuku Company Limited.
  • Acted as legal counsel to International Investment Group K.S.C.C. for the USD 200 million convertible Sukuk Programme. The Issuer was IIG Sukuk Limited, a limited liability special purpose vehicle established in the Cayman Islands.
  • Acted as legal counsel to Yusuf A. Alghanim & Sons W.L.L. for USD 100 million MTN Sukuk Programme- Phase 1.
  • Acted as legal counsel to Gulf Finance Hous B.S.C for USD 1 billion Sukuk Programme. The Issuer was GFH Sukuk Limited, a limited liability special purpose vehicle established in the Cayman Islands.
  • Acted as main legal counsel to the Saudi-based Dar Al-Arkan Real Estate Development Company, the Lessor, Guarantor and Obligor on this deal for USD 1 billion Sukuk. The special purpose vehicle issuer was formed in the Cayman Islands.
  • USD 60 million Trust Sukuk Certificates – ASAR acted as lead counsel to Watani Investment Company K.S.C.C. (NBK Capital) as the Mandated Lead Manager & Arranger and to Boubyan Bank K.S.C.P. as the Lead Manager for this Sukuk issue. The Sukuk was issued by a Bahraini-based special purpose vehicle and the Obligor is the Kuwaiti based company Tijara and Real Estate Investment Company K.S.C.C. ASAR also undertook the perfection of the security package provided by Tijara to guarantee the Sukuk.