Manama: The Global Islamic Finance Awards has announced the Ajil Cayman Sukuk as the “Best Sukuk Deal of the Year” which was jointly arranged earlier this year by GIB Capital.

GIB Capital, which is the investment services subsidiary of Gulf International Bank (GIB), acted as joint lead manager and joint book runner for the SR500 sukuk issuance, which was successfully closed through a private placement last May for Ajil Financial Services Company via Ajil Cayman Sukuk – a limited liability special-purpose company.

The Global Islamic Finance Awards are organized by the London-based Edbiz Consulting, an international Shariah advisory firm.

Professor Humayon Dar, Founder of the Global Islamic Finance Awards and Chairman of Edbiz, said that the main consideration for granting this award to the Ajil Cayman Sukuk was “its innovative and pioneering structure that was used in Saudi Arabia for the first time.”

GIB’s Chief Executive Officer Dr. Yahya Alyahya stated, “We are very pleased with this additional recognition of GIB’s leading role in investment banking and the arrangement of sukuk issuances. GIB won many other awards this year; this reflects its pioneering role on one hand and the market’s confidence in its investment banking capabilities on the other hand.”

“GIB has developed considerable expertise in originating, structuring and placing regional sukuk issuances in the GCC over the past few years. We view the decision by the Global Islamic Finance Awards to choose Ajil Cayman Sukuk as the best deal of the year in 2012 as an independent endorsement of GIB’s investment banking expertise,” he added.

GIB and GIB Capital offer innovative solutions in the fields of financial restructuring, private placements, private sale, IPOs, underwriting equity as well as mergers and acquisitions.

Source: Al Arabiya Digital