Norton Rose Fulbright has advised SCB on US$700m Islamic and conventional facility to Government of Pakistan

Global Business May 24, 2018

Global law firm Norton Rose Fulbright has advised Standard Chartered Bank in relation to a US$700m syndicated conventional loan agreement and Islamic commodity Murabaha facility to the Government of Pakistan with a guarantee from the World Bank (acting through the International Bank for Reconstruction and Development (IBRD)).

The financing used a commodity based Murabaha agreement (with an Investment Agency Agreement for Islamic syndication) sitting alongside a conventional loan agreement with a common terms agreement.

The conventional loan was closed in June 2017 with the Islamic financing completing in April 2018.

The Norton Rose Fulbright team was led by partner Davide Barzilai with assistance from Mark Brighouse.

This deal was awarded “Best Deal” at the Global Trade Review (GTR) Awards on 26 April 2018. GTR is a leading international trade and trade finance markets publication.

Davide Barzilai commented:

“This deal is ground-breaking as it is the first time that IBRD has supported an Islamic facility and was also the largest underwritten term loan for any Pakistani borrower. The deal was initially closed in a very tight timeframe which is testament to the hard working and effective teams of all involved.”

Norton Rose Fulbright was recently awarded Finance Team of the Year at the annual Legal Business Awards for the firm’s work advising the International Committee of the Red Cross (ICRC) on a pro bono basis, in relation to its innovative funding mechanism to encourage social investment from the private sector.

For further information please contact:

Meeta Campanaro, Senior Public Relations Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595886276

Notes for editors:

Norton Rose Fulbright

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see