MUSCAT: Multinational law firm Dentons' Banking and Finance team has been awarded IFN’s Ijarah Deal of the Year Ijarah Deal of the Year for Oman Air’s dual facility refinancing.
Dentons advised Oman Air in relation to an RO 149 million conventional facility from Bank Muscat and an RO 46 million Islamic term finance facility (Service Ijara Facility) through Bank Muscat's Islamic window Meethaq Islamic Banking, both facilities were supported by a guarantee from the Government of the Sultanate of Oman. The team was led by partner Sadaf Buchanan (Muscat).
The accolade was one of three award-winning deals that Dentons had garnered in the IFN Deals of the Year Awards 2022, announced in Dubai on May 27, 2022. These awards recognise excellence, achievement and leadership in the Islamic finance industry.
The other two award-winning categories that Dentons won accolades for include: Social Impact Deal of the Year, which was awarded to IsDB’s $2.5 billion sustainable Sukuk. Dentons advised IsDB, a multilateral development finance institution located in Jeddah, Saudi Arabia, on the issuance of $2.5 billion trust certificates under its US$25 billion trust certificate issuance programme, which marks the IsDB's largest issuance to date. The proceeds will be used to finance green and social projects. The team was led by partner Alex Roussos (Dubai);
The Kuwait Deal of the Year was awarded to Kuwait Finance House’s $750 million Tier 1 Sukuk. Dentons advised the joint lead managers (including Standard Chartered Bank, Dubai Islamic Bank, Emirates NBD and First Abu Dhabi Bank) in respect of KFH's Reg S US$ perpetual tier 1 capital securities issuance, which was the first AT1 issuance for KFH and represented its first foray into the international capital markets overall. The team was led by partner Alex Roussos (Dubai).
Commenting on the awards, Dubai-based partner Alex Roussos said: "We are thrilled to have supported our clients on these three key transactions in the Islamic finance space. Congratulations to everyone at Dentons who was involved in these matters!"
Oman Observer is now on the WhatsApp channel. Click here
