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ADCB captures two awards by Islamic Finance News

Mar 4, 2009 - 05:15 -

WAM Abu Dhabi, Mar. 4, 2009 (WAM) -- Abu Dhabi Commercial Bank (ADCB) claimed two awards by the pre-eminent international Islamic finance magazine Islamic Finance News on 3rd March 2009 in a distinguished Awards Ceremony held in Dubai.

The award was in recognition of ADCB's role in arranging two Sukuk deals last year, namely; Bahrain Deal of the Year 2008 - CBB Sukuk Ijarah and Structured Finance '&' UAE Deal of the Year 2008 - Sun Finance Limited Sorouh Securitization. The Sun Finance deal was the first of its kind and the first dirham denominated Sharia compliant asset backed sukuk.

Receiving the award, Mr. Walter Pompliano, ADCB's Treasury and Investments Divisions, expressed great pride in his outfit's achievement. "We at ADCB are very proud to receive this prestigious award for the Sun Finance Securitization. It demonstrates how ADCB is always at the forefront of innovation and excellence. The deal was very well received by the market and has become a benchmark against which the success of future deals will be measured," he said.

The Sun Finance Limited Sukuk is a UAE dirham Securitization of receivables from the sale of plots of land on Reem Island by Sorouh to real estate developers. The Sorouh Sun Finance Limited securitization was a landmark in Sukuk transaction because it is the first time this structure has been designed and implemented in the Emirate of Abu Dhabi, and the first time a securitized issue was based on dirham receivables.

The IFN Polls was established in 2005, and continue to be an apt representation of the current Islamic financial market landscape. Since then it has been the industry's leading and most comprehensive annual poll.

WAM/SA