The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Islamic finance awards 2012: Deal of the year

In June, after nearly two years of work, Indonesia-based telecom company PT Natrindo Telepon Seluler (Axis, now known as PT Axis Telekom Indonesia) completed a financing that is notable for the amount raised, its innovative nature and its complexity.

Axis, the Indonesian subsidiary of Saudi Telecom, raised $1.2 billion through a triple-tranche transaction. The financing involved China Development Bank, Sweden’s export credit agency and the World Bank.

The deal originated in 2009 when HSBC began discussions with Saudi Telecom about how to finance Axis’s growth. Axis has more than 11 million subscribers and doubled its revenues from 2009 to 2010.

The first tranche of the deal was a $450 million Saudi riyal and US dollar dual-currency murabaha facility. The Multilateral Investment Guarantee Agency, a part of the World Bank dedicated to promoting foreign direct investment, gave the tranche a guarantee against Indonesian political risk. This was the first Islamic trade in Indonesia, and the first telecoms trade in Asia, to benefit from such a guarantee.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree