Islamic finance awards: Deal of the year
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Islamic finance awards: Deal of the year

Deal of the year
Zain Saudi Arabia murabaha and profit-rate swap

In a dual-currency syndicated murabaha, the Saudi operation of Kuwaiti mobile telephone firm Zain raised the largest Islamic cross-border loan of 2009.

When the deal closed in August, borrowing $2.6 billion through Islamic means for a Middle Eastern business was praiseworthy enough, but added to that was an impressive Shariah-compliant hedging instrument, which drove forward a vital new area of the Islamic finance industry.