Albilad Capital bags “Local Currency Sukuk Deal of the Year” award 2018

Albilad Capital has won “the best local currency sukuk deal of the year” award for 2018, according to an official statement.

The announcement comes during the Bonds, Loans & Sukuk Middle East Awards ceremony held in Dubai, on Nov. 6, which celebrates excellence in the Middle Eastern and Islamic Capital Markets.

Albilad Capital acted as the arranger and initial dealer for the SAR 400 million sukuk issuance for Morabaha Marina Financing Company, which provides consumer as well as commercial financing solutions for retail and small-and-medium enterprises (SMEs).

The sukuk, which was approved by the Saudi Arabian Monetary Authority (SAMA), is deemed the first issuance by a non-banking financing firm in the Kingdom.

“The award recognizes Albilad’s leading role in introducing innovative and pioneering financial solutions, in addition to its qualified team and expertise in the investment banking field. Albilad mapped out a strategic plan aimed at providing the market with sharia-compliant debt instruments, in line with the economic restructuring in the kingdom,” Albilad Capital’s chief executive officer, Zaid Almufarih, stated.