Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

23/05/2013 07:40 AST

In a first-of-its-kind transaction in post-revolution Egypt, Crowell & Moring's Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with an Islamic finance facility extended to Maridive and Oil Services SAE.

Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger (IMLA) and the global coordinator in the deal, coordinating the financing with Abu Dhabi Islamic bank (UAE), Arab African International Bank, Banque du Caire and Arab International Bank, said a press release. The deal is the first Islamic Ijara structure syndication to take place in the Egyptian market, and, valued at $150 million, is considered one of the largest in the challenging Egyptian banking market. As legal counsel to the initial mandated lead arranger, Crowell & Moring advised the facility providers (the banks) on the structuring and documentation of the transaction, it said.

Partner Walid Hegazy, who led the Crowell & Moring team, commented, "This is an important development for our clients, our Cairo office and for Egypt. This Shari'ah-compliant facility will open doors for new Islamic finance deals and business ventures, as well as providing a boost for the economy that Egypt greatly needs to prosper. We are thrilled to work with the prestigious Abu Dhabi Islamic Bank and honoured to be a part of building something that will impact generations to come in our country. Crowell & Moring looks forward to further developing our presence in Egypt and is excited about the long term potential of the region's most populous country."

CPI Financial