The Asset Triple A
Islamic Finance Awards 2017 - Best Deals

Capital Markets
Project Finance
Treasury and Trade
Digital Finance
Capital Markets
Islamic deal of the year / Best sovereign sukuk/Best sukuk
Government of Malaysia US$1.5 billion dual-tranche trust certificates
Joint bookrunners and lead managers: CIMB Investment Bank, HSBC, J.P. Morgan, Maybank Kim Eng
The first time a sovereign has accessed the sukuk market without utilizing physical assets such as land and building or commodity murabaha
Best equity deal
Sime Darby US$571.2 million primary placement
Principal adviser, sole bookrunner and placement agent: Maybank Kim Eng
The largest Shariah-compliant equity offering in Malaysia and the second largest in Asean in 2016. The deal was well covered from institutional investors following an accelerated book building process
Best exchangeable sukuk
Bagan Capital US$398.8 million exchangeable sukuk into shares of Beijing Enterprises Water Group
Joint bookrunners and lead managers: Bank of America Merrill Lynch, CIMB Investment Bank, Deutsche Bank
The first ever US dollar-denominated exchangeable sukuk with a non-Shariah compliant reference stock at issuance and the first ever sukuk in the world to offer exposure to the growing water utility sector in China
Best sovereign sukuk – Highly commended
Republic of Indonesia US$2.5 billion dual-tranche trust certificates
Joint bookrunners and lead managers: CIMB Investment Bank, Citi, Deutsche Bank, Dubai Islamic Bank, Standard Chartered
The first ever dual-tranche US dollar sukuk by the Republic of Indonesia and the largest Asian US dollar sukuk transaction at that point in time
Best quasi-sovereign-sukuk
Danga Capital Berhad US$750 million wakala sukuk with commodity murabaha
Joint global coordinators: CIMB Investment Bank, DBS
Joint bookrunners and lead managers: CIMB Investment Bank, DBS, Standard Chartered
Shariah adviser: CIMB Islamic Bank
The deal was Khazanah Nasional’s first senior unsecured US dollar sukuk and marked its return to this market after an absence of 10 years. It was innovatively structured as wakala sukuk with a commodity murabaha investment
Best government-guaranteed sukuk
DanaInfra Nasional 4.5 billion ringgit murabaha sukuk
Joint lead arrangers and lead managers: AmInvestment Bank, CIMB Investment Bank, HSBC, Maybank Kim Eng, RHB Investment Bank
The deal was the largest government-guaranteed ringgit issuance in 2016 and was upsized from the initial target of four billion ringgit on the back of strong demand for the public tranche. It achieved the lowest profit rates for DanaInfra since 2014
Best supranational sukuk
Islamic Development Bank US$1.5 billion trust certificates
Joint bookrunners and lead managers: Boubyan Bank, CIMB Investment Bank, Emirates NBD Capital, Gulf International Bank, J.P. Morgan, Natixis, Standard Chartered
The first issuance by a supranational from the Middle East in 2016 and was priced 8-10bp inside of IDB’s secondary levels with no new issue premium
Best corporate sukuk
TNB Global Ventures Capital US$750 million wakala sukuk
Sole principal adviser and lead arranger: CIMB Investment Bank
Joint bookrunners and lead managers: BNP Paribas, CIMB Investment Bank, Citi, HSBC
The first ever sukuk in Asia to use rights to services in relation to electricity distribution as the underlying asset. It was the largest and lowest-priced Asian corporate US dollar sukuk in 2016
Best corporate hybrid sukuk
Sime Darby 2.2 billion ringgit perpetual sukuk
Sole principal adviser, lead arranger and lead manager: Maybank Kim Eng
The largest sukuk issuance globally by a non-bank entity and the largest ringgit perpetual sukuk issuance. This was the first perpetual sukuk structured based on the Shariah principle of wakala bi al istithmar in the world
Best bank capital sukuk
Noor Bank US$500 million tier 1 perpetual mudaraba sukuk
Joint global coordinators: Citi, Standard Chartered
Joint bookrunners and lead managers: Citi, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank, Sharjah Islamic Bank, Standard Chartered
The first additional tier 1 sukuk offering by Noor Bank and strengthened its capital adequacy ratio to accommodate future growth opportunities
Best bank capital sukuk – Highly commended
Mumtaz Rakyat Sukuk Berhad 300 million ringgit Basel III-tier 2 subordinated murabaha sukuk
Sole principal adviser & lead arranger: Maybank Kim Eng
Joint lead managers: AmInvestment Bank, Maybank Kim Eng
The first development financial institution in Malaysia to issue Basel III-compliant tier 2 subordinated sukuk, which will be recognized as tier 2 capital of Bank Kerjasama Rakyat Malaysia under Bank Negara Malaysia’s capital adequacy framework for Islamic banks
Best local currency sukuk
Cagamas 375 million ringgit commodity murabaha sukuk
Sole lead manager: CIMB Investment Bank
Shariah advisers: CIMB Islamic Bank, Maybank Islamic Bank, HSBC Amanah, Amanie Advisors
Attracted strong demand from both local and foreign investors and achieved lower cost of funding. Improved secondary trading of the re-opened stock from zero to 180 million ringgit post issuance, representing 48% of the re-opened size
Best securitization sukuk
Al Dzahab Assets 900 million ringgit murabaha asset-backed securitization programme
Joint principal advisers, lead arrangers and lead managers: AmInvestment Bank, Hong Leong Investment Bank
Shariah adviser: Mohd Daud Bakar
The first asset-backed securities issued by a non-government-linked company, with the sukuk issuance collateralized by the Islamic personal financing facilities receivable originated by RCE Marketing
Best securitization sukuk – Highly commended
CIMB Islamic Bank 900 million auto loan asset-backed securities
Sole lead arranger: BTMU Malaysia
Lead manager: CIMB Investment Bank
Malaysia’s first ever Shariah-compliant auto loan securitization, providing a new avenue to diversify funding for Islamic auto loan providers
Most innovative deal
Sarawak Hidro 5.54 billion ringgit murabaha sukuk
Sole principal adviser and lead arranger: Maybank Kim Eng
Joint lead managers: Maybank Kim Eng, RHB Investment Bank
The first hybrid project finance sukuk of its kind and the largest ringgit issuance in 2016. The first government-owned issuer to shed its government guarantee – marking Sarawak Hidro’s first foray into the sukuk market on a stand-alone basis and the first project finance structure to attain a higher credit rating than its offtaker
Project Finance
Best project finance deal / Best debut sukuk
Lebuhraya DUKE Fasa 3 3.64 billion ringgit wakala bi al-istithmar sukuk
Sole financial adviser, principal adviser and lead arranger: AmInvestment Bank
Joint bookrunners and lead managers: AmInvestment Bank, CIMB Investment Bank, Maybank Kim Eng, RHB Investment Bank
Malaysia’s first sukuk issuance based on the Shariah principle of wakala bi al-istithmar to fund the development and construction of an expressway, and the largest ringgit-denominated greenfield toll road project financing (in nominal value) to date
Best syndicated loan
Yinson Production (West Africa) Private Limited US$780 million commodity murabaha term facility
Coordinating bank: Maybank Investment Bank
Joint mandated lead arrangers and bookrunners: CIMB Islamic Bank, Export-Import Bank of Malaysia, Intesa Sanpaolo (Singapore), Maybank International, OCBC Al-Amin Bank, Standard Chartered, United Overseas Bank
Shariah adviser: Maybank Islamic Bank
The facility successfully restructured the obligor’s existing US$780 million conventional syndicated term loan into an Islamic murabaha term financing facility to meet the Securities Commission Malaysia’s screening criteria for Shariah-compliant stock
Best acquisition financing
Axiata SPV2 Berhad US$500 million wakala sukuk
Joint bookrunners and lead managers: CIMB Investment Bank, Deutsche Bank, HSBC
The first 10-year sukuk by a telco company and the proceeds were used to fund the acquisition of Nepalese mobile operator Ncell
Best ship financing
National Shipping Company of Saudi Arabia US$350 million syndicated murabaha facility
Sole underwriter: Standard Chartered
Joint mandated lead arrangers and bookrunners: Arab National Bank, Bank Al-Bilad, First Abu Dhabi Bank, Standard Chartered
The five-tranche deal, each comprising of a pre-delivery and post-delivery portion, was competitively-priced and enabled the company to diversify its investor base
Best green financing
KNPC Clean Fuels Project 1.2 billion Kuwait dinar financing
Arrangers: Kuwait Finance House, National Bank of Kuwait
• The Clean Fuels Project will transform the two of Kuwait largest refineries into an integrated merchant refining complex with a focus on producing higher value products such as diesel and kerosene for export.
Treaury and Trade
Best commodity trade fund
Sidra Mutajara Fund
Manager: Sidra Capital
Provides working capital to small and medium-size emerging markets companies focusing on agricultural commodities, energy and metals
Best structured trade finance
Almarai Company US$300 million and 900 million Saudi riyal commodity murabaha revolving facilities
Joint mandated lead arrangers and bookrunners: Credit Agricole CIB, Gulf International Bank, HSBC, J.P. Morgan, First Abu Dhabi Bank, Saudi British Bank, Standard Chartered
The facility was structured as a dual tranche commodity murabaha facility to attract regional Islamic banks and diversify Almarai funding avenue
Best supply chain finance programme
Meezan Bank and Karandaaz Pakistan 5 billion rupee programme
Service providers: Karandaaz Pakistan, Meezan Bank
The specialized supply chain partnership programme will provide 5 billion rupee financing to small and medium-sized corporate vendors and distributors over the next two years
Digital Finance
Best fintech deal
Kobimbing 6 million ringgit term financing
Sponsoring bank and underwriter: Bank Islam
The deal was funded by Bank Islam’s restricted investment account product via Investment Account Platform
Best digital banking product
Product: Workbench
Service provider: Standard Chartered Saadiq
• An on-boarding tool, Workbench is a wireless tablet banking solution that offers real time connectivity and straight-through processing for all Standard Chartered Saadiq products, with clients being able to open an account in under seven minutes.