Clifford Chance Advised Emirates NBD Capital And Standard Chartered Bank On Establishment Of A Sukuk Programme
Global law firm Clifford Chance has advised Emirates NBD Capital and Standard Chartered Bank in their roles as arrangers
Clifford Chance Advised Emirates NBD Capital And Standard Chartered Bank On Establishment Of A Sukuk Programme
Global law firm Clifford Chance has advised Emirates NBD Capital and Standard Chartered Bank in their roles as arrangers and dealers for the establishment of Albaraka MTN Ltd.'s Shari’a-compliant trust certificate (Sukuk) issuance programme (the Programme). Albaraka Türk Katılım Bankası A.Ş. (Albaraka Türk) serves as the obligor for this pioneering initiative.
Albaraka Türk, the first interest-free Islamic bank established in Türkiye and listed on the Borsa Istanbul, has launched the first-ever international public Sukuk Programme by a Turkish participation bank. The Programme, now listed on the London Stock Exchange’s International Securities Market, allows for the issuance of Sukuk in the form of senior unsecured Sukuk or subordinated Tier 2 capital Sukuk, marking a significant milestone in Türkiye’s financial landscape. Additionally, the Programme enables the issuance of sustainable Sukuk in line with Albaraka Türk’s sustainable finance framework.
Emirates NBD Capital and Standard Chartered Bank were arranging and managing this groundbreaking Programme.
The Clifford Chance team was co-led by Partners Sait Eryılmaz (Istanbul) and Stuart Ure (Dubai), with significant contributions from Senior Associates Ali Altıparmak (Istanbul) and Nader Koudsi (Dubai), Associates Bilgesu Cakmak (Istanbul), Sophie Larsen (Dubai), and Saby Mahmud (Dubai), as well as Trainee Solicitors Aykan Karpuzcu (Istanbul) and Zeena Sa'di (Dubai).
Partner Stuart Ure commented, "We are thrilled to have advised Emirates NBD and Standard Chartered Bank on Albaraka Türk's landmark project, which represents a significant development in the Turkish Sukuk market. This marks the first instance of establishing a debt capital markets funding platform in Türkiye. The successful launch of the Programme highlights the dedication of all stakeholders, particularly the management team at Albaraka Türk."