Barwa Bank acted as Joint Lead Manager on the recent $800 million five-year Sukuk for Saudi-based Islamic Development Bank (IsDB).
Steve Troop, CEO, Barwa Bank commented on the deal which marks the bank's first Sukuk involvement as Joint Lead Manager and its increasing presence in the Debt Capital Markets, "We are extremely proud to be lead arrangers for this transaction which is IsDB’s first public debt issuance in over a year. Our aim is to associate Barwa Bank with the leading institutions and IsDB, the highest rated institution in the Middle East (AAA), represents one of the most prestigious names in Islamic Finance. Barwa Bank is now a strong participant in this market - another clear demonstration of how we are achieving our vision of becoming a universal Shari'ah compliant bank based in Qatar."
Barwa Bank also acted earlier this year as Co-Lead Manager on the Government of Dubai's $1.25 billion Sukuk issuance.
Keith Bradley, General Manager and Head of Banking said, "Within a few weeks we have acted as Co-Lead Manager on The Government of Dubai Sukuk and Joint Lead Manager for IsDB; Barwa Bank has proven that it is credible in DCM: going forward we will continue to develop this market segment."
Khalid Mahdi Al Ahbabi, AGM Head of Wholesale Banking also commented, "Barwa Bank won over many other competing banks to act as Joint-Lead Manager on this transaction thanks to our capabilities, connections and strong market presence in Qatar. Sukuk are an excellent way to tap into growing liquidity among Shari'ah compliant investors and are proving a significant contribution to the Islamic Finance industry and the development of the GCC economy."
Ihsan Khelef, Head of Debt Capital Markets concluded," IsDB has achieved an extremely successful deal in volatile market conditions, further demonstrating their credit quality Regional demand, notably from IsDB's Member States has strongly anchored the transaction, allowing the institution to price at its lowest levels ever. This transaction is a meaningful building block for our ambitious DCM plans."
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