Standard Chartered Islamic branch has emerged as an institution to watch. Its extensive range of customized Islamic financial solutions in 2006 resulted in mandates that were several industry firsts. In 2007 Standard Chartered plans to accelerate product development and expand its already impressive global presence.
In Asia, it arranged the first Islamic profit rate swap deal, for Bank Muamalat, worth $150 million. Standard Chartered also jointly arranged the $96 million murabaha facility executed for Asia Real Estate Fund, the first Murabaha financing in Singapore. Leveraging cross-broader opportunities and its global brand helps to make Standard Chartered stand out among its regional competitors.
In the Middle East, Standard Chartered jointly closed the first syndication facility for Kuwait Finance House. The $850 million five-year revolving deal involved 27 banks from around the globe. Standard Chartered also solely managed Pakistan’s first local-currency sukuk issuance, placed by Sitara Chemicals for R1.1 billion ($18 million).
A final landmark deal for 2006 was the longest-tenor sukuk issued by Qatar Real Estate Investment Company. Standard Chartered was joint lead manager of the $270 million, 10-year deal that was placed in four tranches over 10 months in line with the project’s construction schedule.