09 Feb 2015 | 09:50 am |
International law firm Pinsent Masons, which has offices in Dubai and Doha, will be presented with the highly coveted Mudarabah Deal of the Year Award, at the latest Islamic Finance News (IFN) awards.
The award, based on peer nominations and expert independent industry analysis, is for the counsel Pinsent Masons provided to Dubai Islamic Bank, one of the top Islamic finance banks in the world, on a USD $127 million Mudarabah facility made available to Emirates Central Cooling Systems Corporation (EMPOWER).
EMPOWER, which is one of the world’s largest district cooling companies, had sought funding for its Business Bay district cooling network. Dubai Islamic Bank, as part of its commitment to supporting the growth and improvement of Dubai’s infrastructure, delivered a five-year Mudarabah on an amortizing basis.
According to EY’s World Islamic Banking Competitiveness Report 2014-15, the industry is expected to see significant growth over the coming years. Global Islamic banking assets witnessed a compounded annual growth rate (CAGR) of around 17% from 2009 to 2013, whilst Islamic banking assets in six core markets – Qatar, Indonesia, Saudi Arabia, Malaysia, UAE and Turkey – are expected to reach US$1.8 trillion by 2019.
Amir Ahmad, Partner at Pinsent Masons, said: “We are delighted with our success at the respected IFN Awards. Islamic finance is an integral part of the firm’s offering in the Middle East, and winning in a category that is based on peer nominations and expert independent industry analysis is evidence that we are cementing our position amongst the top tier Islamic finance firms in the GCC region.”
Multinational law firm Pinsent Masons has advised HSBC, Korea Development Bank, The Norinchukin Bank, Intesa Sanpaolo, and Abu Dhabi Commercial Bank on all aspects of the project financing of the Khalifa University Student Accommodation public-private partnership (PPP) project.
Multinational law firm Pinsent Masons has been appointed by The Hong Kong Institute of Architects, Hong Kong Institute of Construction Managers and The Hong Kong Institute of Surveyors to assist with the drafting of a new generation of the standard forms of building works contracts for Hong Kong last updated in 2005/2006.
Multinational law firm Pinsent Masons has assisted SPE Capital, an independent management firm, in the sale of Amanys Pharma to Laprophan, a pioneering pharmaceutical company in Morocco.
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