Islamic Finance News also awards IFFIm honourable mention in category of ‘Sukuk Deal of the Year’
Washington, 13 January 2015 - IFFIm’s inaugural Sukuk transaction has been named “Social Impact Deal of the Year 2014” by Islamic Finance News (IFN), a leading provider of information on Islamic finance markets and instruments. Awards were selected based on peer nominations and independent industry analysis.
IFFIm issued its inaugural Sukuk on 27 November 2014, raising US$500 million to accelerate the availability of funds for immunisation programmes and health system strengthening by Gavi, the Vaccine Alliance. The deal was arranged by Standard Chartered Bank as global coordinator as well as Barwa Bank, CIMB Investment Bank, National Bank of Abu Dhabi, NCB Capital Company, in collaboration with the World Bank as IFFIm’s treasury manager.
“Given the misguided efforts of extremists in Pakistan and Nigeria to stop vaccinations, the global Islamic finance community fought back supporting funding for children’s immunization in the world’s poorest countries through Gavi,” notes the publication, adding that more than 85% of the order book was from uniquely Islamic investors. It was the first charity-driven Sukuk in the Islamic capital markets and “provides institutional investors with a socially responsible investment that will help protect tens of millions of children against preventable diseases.”
2014 is the first year that IFN had the Social Impact category. IFFIm’s Sukuk was also presented an honourable mention for IFN’s overall “Deal of the Year,” which the publication describes as one of the most rigorous and highly contested awards in the industry.