Barwa Bank appointed Co-Lead Manager for Abu Dhabi Islamic Bank$1 billion hybrid sukuk
Doha, Nov 2012–Barwa Bank, Qatar's fastest growing Shari’ah compliant bank, has been appointed as Co-Lead Manager for the Abu Dhabi Islamic Bank (ADIB) world's first Shari'a- compliant hybrid tier 1 sukuk. This strategic transaction is a key milestone for the global Islamic finance industry and as the only non UAE based bank to be selected as a Co-Lead Manager, marks another high profile position for Barwa Bank.
Steve Troop, CEO, Barwa Bank commented on the deal, “I am delighted that Barwa Bank was appointed as Co-Lead Manager for the region’s first ever hybrid tier 1 issue. Being chosen by ADIB, one of the most prestigious issuers in the GCC is a further testament to our growing reputation in the Debt Capital Markets; no other Qatari Bank has managed to do as much geographically diversified business as Barwa Bank and this is a testimony to the market’s positive perception of the bank”.
Bashar Jallad, Group Head of Treasury and CIO, Barwa Bank Group said: ” as a recently established and fast growing Shari'ah compliant bank, we have identified Debt Capital Markets as a major area, where we can capitalise on our team's expertise and qualifications . This strategy has been met with great trust by issuers which gives us confidence in our potential to lead in this growth segment”.
The transaction follows the recent appointment of Barwa Bank as Co-Manager for the Republic of Turkey’s debut sukuk transaction, as well as a succession of other high profile arranger positions for the bank. Earlier this year Barwa Bank was Co-manager on the Government of Dubai’s Sukuk issuance, had Joint Lead Manager roles for the spectacularly successful State of Qatar sukuk, the Islamic Development Bank and the most recent Emaar issues.
As of September 17th 2012, Barwa Bank was ranked amongst the top ten for International, Global and MENA region Sukuk arrangers in the Bloomberg league tables (2012 – ytd). With the bank’s impressive league table standing and its heavy involvement in high profile Islamic business, Barwa Bank is fast emerging as a key market player.
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