Global law firm Norton Rose Fulbright has won Capital Markets Law Firm of the Year at the Islamic Finance News (IFN) Law Awards 2018.
Judges at the leading global Islamic finance publication highlighted the range of Norton Rose Fulbright’s work in the Islamic capital markets field over the past year. Highlighted deals included the first Shariah-compliant securitisation in the UK, the first green sovereign sukuk for the Republic of Indonesia, a large sovereign hybrid sukuk/bond facility for the Islamic Republic of Pakistan and the first additional Tier 1 capital issuance, whether conventional or Islamic, in Turkey.
The judges’ award noted the pioneering nature of the firm’s work in representing Al Rayan Bank plc on Tolkien Funding Sukuk No. 1 plc, a residential mortgage-backed sukuk. Tolkien was the first Islamic mortgage-backed securitisation in the UK. Norton Rose Fulbright’s London, Dubai and New York offices acted as structuring and documentation counsel on the securitisation of a pool of Shariah-compliant home purchase plans. The transaction is the first public securitisation under the UK’s "alternative finance arrangements" regime.
David Shearer, partner in the London office of Norton Rose Fulbright, commented:
“Capital Markets Law Firm of the Year is always a hotly-contested category at the IFN awards. We are proud of the contribution our securitisation team made to winning this year’s award, with its groundbreaking work on the Tolkien transaction. Tolkien is a breakthrough transaction in the UK RMBS market and showcases the strength our securitisation team has in bringing a novel transaction to market for a debut issuer.”
Norton Rose Fulbright’s capital markets team was also commended for its support of Albaraka Türk Katılım Bankası A.Ş., Emirates Airlines, the Republic of Indonesia and the Islamic Republic of Pakistan.
Gregory Man, partner in the Dubai office of Norton Rose Fulbright, commented:
“We are delighted to be recognised for the range of groundbreaking Islamic finance matters our capital markets team has worked on over the last year. Our strengths are extremely wide-ranging, covering securitisation, green sukuk, additional Tier 1 capital, as well as high-profile corporate and sovereign sukuk. It is also notable that our Dubai office work is not concentrated in a single region, but comprises leading transactions across the Middle East, Asia and Europe.”
Norton Rose Fulbright was also involved last year in advising the ad hoc committee of creditors of Dana Gas PJSC in relation to Islamic finance and UAE law aspects of the restructuring of Dana Gas’ previously outstanding sukuk.
Norton Rose Fulbright’s Islamic finance practice is one of the longest-established in the market and continues to advise a wide variety of high profile clients on cross-border work.
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Notes for editors:
Norton Rose Fulbright
Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 4,000 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through our global risk advisory group, we leverage our industry experience with our knowledge of legal, regulatory, compliance and governance issues to provide our clients with practical solutions to the legal and regulatory risks facing their businesses.
Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.