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Advisers: Barwa, CIMB, NBAD, NCB, Stanchart; Allen & Overy, Slaughter and May
Backers of Islamic finance often try to argue that Shariah compliance contributes to a broader social good. That’s not always an easy claim to make, but this deal showed Islamic finance contributing in a useful way.
The International Finance Facility for Immunisation (IFFIm) is a multilateral created to provide predictable and long-term funding for Gavi, the Vaccine Alliance, which seeks to bring health and immunization programmes to young children in 70 of the world’s poorest countries.
The idea of the sukuk was to raise funding, diversify the investor base, and create a benchmark in sukuk without compromising on the pricing available in the conventional world.
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