Maples and Calder's Dubai office acts on the first sukuk listed on both the Dubai and London Stock Exchanges
International law firm Maples and Calder acted as Cayman Islands counsel to the issue of a USD 750m Sukuk by DIB Sukuk Limited. This is the first ever sukuk issued in both the Dubai International Stock Exchange (DIFX) and the London Stock Exchange (LSE), and has been given an A1 rating by Moody's Investor Services.
DIB Sukuk Limited is a special purpose entity incorporated in the Cayman Islands, created on the instructions of Dubai Islamic Bank (DIB), the world's oldest Islamic bank. DIB Sukuk Limited will issue sukuk certificates to investors and will use the proceeds to acquire co-ownership interest in a portfolio of assets comprising of equity participations and profit loss sharing from Dubai Islamic Bank, with the two parties becoming co-owners in these assets.
Commenting on the issue, Maples and Calder's Dubai managing partner Tahir Jawed said: 'We are delighted to have acted on the first sukuk to be listed on both the DIFX and the LSE. The fact that the London market is heavily involved in issuing Islamic bonds is further confirmation that these products are now considered mainstream financial instruments by the global markets. Due to its position as one of the world's leading Islamic Finance centres, Dubai is now set to reap increasing benefits from this important growth area.'
Denton Wilde Sapte advised Dubai Islamic Bank, Allen & Overy advised Citigroup Global Markets Limited and Standard Chartered Bank as joint lead managers.