Acted for a Malaysian subsidiary of First Islamic Investment Bank, Bahrain, in a series of transactions that paved the way for Malaysia to be one of the Islamic financial hubs of the world
Acted for a Malaysian subsidiary of First Islamic Investment Bank, Bahrain, in a series of transactions that paved the way for Malaysia to be one of the Islamic financial hubs of the world which include the following:
- Project Financing of US$400 million (Islamic Tranche) for Kuala Lumpur's second light rail transit system. Advised and structured a two-stage Islamic financing utilizing an Istisna Facility during construction period and an Ijara Facility upon completion of the project.
- Issuance of US$360 million Islamic Notes for the refinancing of an independent power plant in Malaysia. Advised and structured the Islamic refinancing via the issuance of Sukuk Al-Ijara Notes to the financiers ("SANIF"). The notes are based on the Islamic concept of Ijara featuring different maturity dates.
- Issuance and listing of US$300 million Islamic equipment trust certificates Sukuks for a national airline carrier. Advised and structured the issuance of Sukuks. The transaction was poised to provide an opportunity for Malaysia to establish its leadership in Islamic capital markets.
- Issuance of US$320 million Islamic toll revenue-sharing certificates for a national premier toll highway operator in Malaysia. Advised and structured the issuance of Sukuks Al-Manfaa involving appointment of a Manfaa Trustee appointed by the Islamic investors. The issuance utilized the concept of Ijara.
- Project financing for the construction of a US$2.32 billion coal-fired power plant in Malaysia. Advised and structured the proposed Islamic tranche undertaken in 2 stages, utilizing the Istisna concept during construction stage and later "conversion" of the Istisna Facility to the Ijara Facility after the construction stage.
- Project financing of US$240 million for the development of a high technology industrial park in Malaysia. Advised and structured a financing package comprising of two facilities i.e Islamic Bridging Facility comprising of a Murabaha arrangement to finance the purchase of land from five hundred individual vendors and a main facility via an Ijara arrangement to settle the Murabaha facility and to udertake the infrastructure development thereof.