The work of the Islamic Finance team at global law firm Norton Rose Fulbright has been recognised by Islamic Finance News’ ‘IFN Deals of the Year 2020’ awards, with two deals the firm advised on receiving accolades.
The winning deals are:
- Hybrid deal of the year: Shuaa Energy 3'S US$420m project finance facility
A team led by Paul Mansouri and Robin Balmer, partners in the Dubai office, advised a consortium of arrangers on the financing of the ACWA Power-sponsored SHUAA Energy 3, a renewable energy project in Dubai with an extremely competitive tariff. The financing for the project is a limited recourse project financing with the senior debt provided by a number of international, regional and local banks along with a project recourse mezzanine tranche committed by a regional bank, structured as a circa 27-year soft mini-permanent financing with both conventional and Islamic tranches.
- Syndicated deal of the year: National Commercial Bank's US$1.2bn syndication
A team led by Mohammed Paracha, partner in the Dubai office, advised a consortium of arrangers on a deal which is one of the first to address AAOIFI Shariah Standard 59. It was successfully closed as a non-capital transaction when doubt was highest about COVID-19.
Mohammed Paracha, Norton Rose Fulbright Head of Islamic Finance, Middle East and Africa, comments: ‘’We are thrilled to be recognised with two deal of the year awards this year, in addition to being named IFN banking & finance law firm of the year in 2020. This is a true testament to our team, which continues to be noted for its breadth and its extensive cross-border work in both the Middle East and, working alongside our colleagues from Norton Rose Fulbright’s other regions, globally. We are proud to be one of only a handful of global law firms that offer a fully integrated, global Islamic Finance capability.’’
Norton Rose Fulbright’s global Islamic finance lawyers have long-standing experience in delivering pioneering legal advice on Islamic finance transactions for Islamic financial institutions, conventional banks and corporates. With more than 30 years of experience in Islamic finance law, our lawyers have a wealth of knowledge across a range of Shariah-compliant structures, including market-leading experience in Sukuk transactions, Murabaha, Istisna’a, Ijara and Musharakah financings and Takaful deals.