The Asset Triple A
Islamic Finance Awards 2018 - Best Deals

Capital Markets
Project Finance
Digital Finance
Capital Markets
Islamic deal of the year / Best sukuk / Best sovereign sukuk
Kingdom of Saudi Arabia US$9 billion dual tranche sukuk
Global coordinators: Citi, HSBC, J.P. Morgan
Bookrunners: BNP Paribas, Citi, Deutsche Bank, HSBC, J.P. Morgan, NCB Capital
The first sovereign sukuk by the Kingdom of Saudi Arabia and the largest sukuk issuance globally. The structure allows the issuer to use a mudaraba module to invest 51% or more of the sukuk proceeds in certain commercial enterprises
Best green sukuk / Most innovative deal
Tadau Energy 250 million ringgit green sukuk
Principal adviser, lead arranger and lead manager: Affin Hwang Investment Bank
This is the world’s first green sukuk and Malaysia’s first large scale solar power plant to successfully tapped into the Islamic capital market and issued under the SRI framework of the Securities Commission Malaysia
Best quasi-sovereign sukuk
Cagamas dual re-opening of three-year 475 million ringgit sukuk and 525 million ringgit sukuk
Shariah advisers: CIMB Islamic Bank, HSBC Bank Malaysia, Maybank Islamic Bank
Lead manager: CIMB Investment Bank
This was the first ever dual tranche re-opening of existing Islamic medium term note for the company and the domestic market, demonstrating Cagamas’ continued innovation within the local fixed income market and its ongoing strategic initiatives to promote secondary liquidity
Best SRI sukuk
PNB Merdeka Ventures 2 billion ringgit murabaha and wakala sukuk
Principal adviser and Shariah adviser: MIDF Investment
Lead arrangers and lead managers: MIDF Investment and RHB Investment Bank
The proceeds will be used to partly finance of Menara PNB118, which will be the tallest building in Malaysia upon completion in 2021 – the first building in the country that will satisfy the triple green building platinum accreditations locally and internationally
Best government-guaranteed sukuk
Perbadanan PR1MA Malaysia 2.5 billion ringgit murabaha sukuk
Shariah advisers: AmBank Islamic, CIMB Islamic Bank, Maybank Islamic Bank, RHB Islamic Bank
Lead arrangers, bookrunners and lead managers: AmInvestment Bank, CIMB Investment Bank, Maybank Investment Bank, RHB Investment Bank
The first public funding exercise for the development of high quality housing for middle income households in Malaysia
Best supranational sukuk
Islamic Development Bank US$1.25 billion Islamic trust certificates
Shariah Adviser: Islamic Development Bank
Lead managers and bookrunners: Dubai Islamic Bank, First Abu Dhabi Bank, Gulf International Bank, HSBC, Maybank Investment Bank, Natixis, Standard Chartered, Warba Bank
Co-lead manager: Union National Bank
The transaction achieved the tightest pricing for the issuer in 2017 and investor diversification with large participation of Asian accounts
Best corporate sukuk
Tenaga Nasional 2 billion ringgit wakala sukuk
Principal advisers, lead arrangers, bookrunners and lead managers: AmInvestment Bank, Maybank Investment Bank
The deal marks the return of Tenaga to the domestic capital market at the corporate level since 2001 and the 20-year tranche was the longest tenor among the corporate bonds in the Malaysian ringgit bond/sukuk market in 2017
Best new sukuk
Danajamin Nasional 500 million ringgit subordinated murabaha sukuk
Principal adviser, lead arranger, bookrunner and lead manager: AmInvestment Bank, Maybank Investment Bank
This was Danajamin’s inaugural issuance in the debt capital markets and represented the world’s first financial guarantee insurer tier 2 subordinated sukuk
Best corporate hybrid sukuk
Tanjung Bin Energy 800 million ringgit unrated perpetual sukuk
Shariah advisers: CIMB Islamic Bank, Maybank Islamic Bank
Principal advisers, lead arrangers and lead managers: CIMB Investment Bank, Maybank Investment Bank
Bookrunner and lead manager: RHB Investment Bank
This was the first perpetual sukuk by an independent power producer in Malaysia, the proceeds of which are earmarked to redeem the outstanding junior term loan facility
Best bank capital sukuk
Warba Bank US$250 million additional tier 1 mudaraba sukuk
Shariah advisers: KFH Capital, Noor Bank, Standard Chartered
Global coordinator: Standard Chartered
Bookrunners and lead managers: Bank ABC, Emirates NBD Capital, KFH Capital, KIPCO Asset Management Company (KAMCO), Noor Bank
The sukuk was Warba’s inaugural offering in the international debt capital markets and the first tier 1 instrument from the region in 2017
Best local currency sukuk
Saudi Arabian Oil Company 11.25 billion riyal debut sukuk
Arranger, lead coordinator, bookrunner, lead manager and dealer: HSBC Saudi Arabia
This was the largest sukuk issuance globally outside of sovereign and government-guaranteed categories and allows the issuer to support ongoing capital expenditure requirements
Best retail sukuk
Khazanah Nasional 100 million ringgit sustainable and responsible investment sukuk
Shariah adviser: CIMB Islamic Bank
Principal adviser and lead arranger: CIMB Investment Bank
Lead managers: CIMB Investment Bank, Maybank Investment Bank, RHB Investment Bank
The transaction marks the first time a SRI sukuk has been offered to retail investors and the retail sukuk was the first ever to be offered through reward crowdfunding platform
Best structured finance sukuk
SkyWorld Capital 50 million ringgit musharaka sukuk
Financial adviser and deal structurer: NewParadigm Capital Markets
Shariah adviser: Dr Mohd Daud Bakar
Lead arranger: United Overseas Bank (Malaysia)
Lead managers: Alliance Investment Bank, United Overseas Bank (Malaysia)
Underwriter: Alliance Investment Bank
Guarantor: Danajamin Nasional
This was the first securitization of progress billings in Malaysia and the first sukuk to monetize unbilled sales for executed property transactions and the first to involve affordable housing
Best liability management
Sime Darby Berhad any-and-all cash tender offer and consent solicitation
Structuring bank and dealer-manager: HSBC
A landmark transaction involving US$400 million sukuk due 2018 and US$400 million sukuk 2023 representing the first ever liability management transactions involving both a tender offer and a consent solicitation in the international market from Malaysia
Best Reit
Emirates Reit (CEIC) Limited US$400 million wakala sukuk
Shariah advisers: Dubai Islamic Bank, Standard Chartered
Global coordinator and ratings adviser: Standard Chartered
Lead managers: Dubai Islamic Bank, Emirates NBD Capital, Standard Chartered, Warba Bank
The first Reit from Gulf Cooperation Council region to access the international sukuk market and achieved the tightest spread by a debut real estate issuer from Dubai
Project Finance
Best project finance deal
Projek Lintasan Sungai Besi Ulu Klang 380 million ringgit wakala sukuk
Principal adviser: AmInvestment Bank
Shariah adviser: Dr Mohd Daud Bakar
Lead arrangers and lead managers: Affin Hwang Investment Bank, AmInvestment Bank, Bank Pembangunan Malaysia, Maybank Investment Bank
The deal was the largest A+/A1 rated corporate issue by a non-financial institution for over 16 years in the ringgit market
Best syndicated loan
STC Malaysia Holding Limited 1.508 billion ringgit syndicated murabaha facility
Mandated lead arrangers: HSBC Amanah Malaysia, MUFG (Malaysia), Standard Chartered
The facility allows the borrower to meet its desired objectives and provides a natural currency hedge to STC Malaysia against its offshore ringgit investment
Digital Finance
Best investment account platform
Product: Project AR Rahn 1
Service provider: Bank Muamalat
The first musharaka structure/equity-linked investment offering on investment account platform with the investment performance based on the performance of the underlying musharaka asset
Best digital banking product
Product: Mobile takaful
Service provider: Standard Chartered
The mobile application for selling takaful products with the digital on-boarding done for two products – an investment-linked takafulthat offers protection, saving and investment, and a regular contribution plan for financial security
Best digital banking solution
Product: iMal
Service provider: Path Solutions
iMal supports various Islamic instruments such as murabaha and musharaka, and offers Islamic financial institutions a comprehensive solution addressing all their business requirements to enable them to serve their customers with total transparency
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