BNY Mellon has been appointed delegate, principal paying agent, registrar and transfer agent on a new Trust Certificate Issuance Programme established by MAF Sukuk Ltd.
Sukuk issuances under the programme are unconditionally and irrevocably guaranteed by Majid Al Futtaim Holding LLC. The inaugural issuance was for USD400,000,000 with a 5.85% profit rate per annum due in 2017.
As delegate and principal paying agent BNY Mellon will perform fiduciary duties and make profit and principal payments to investors on behalf of MAF Sukuk Ltd while handling administrative duties related to the issuance of the certificates.
“The launch of the programme and the successful inaugural issuance of the MAF Sukuk Ltd. certificates could set a benchmark for other privately-owned companies in the Arabian Gulf region that are considering diversifying their sources of funding”, says Giambattista Atzeni (pictured), Middle East and North Africa senior relationship manager for BNY Mellon Corporate Trust. “The Sukuk market in the region is broadly recovering and we have seen an increased interest by investors in these type of transactions”.
“BNY Mellon’s heritage of serving clients in the Middle East and Africa spans 100 years. This new relationship with a strategic player such as Majid Al Futtaim Holding spotlights our ongoing commitment to serving clients in the Emirate of Dubai,” says Tarek Elrefai, head of Global Client Management for Middle East and Africa at BNY Mellon.
