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Banking

Islamic finance awards 2008: Best commodities house

For yet another year, the joint venture between Dawney, Day and Icap has been well ahead of the competition in Islamic commodities trading.

DDCAP Group In the past 12 months the London-based firm has been involved in an impressive array of transactions.

DDCap helped fuel Investment Dar’s takeover of Aston Martin

DDCap helped fuel Investment Dar’s takeover of Aston Martin

On July 1, for example, it facilitated a $2.5 billion commodity trade to support the conversion of Kuwait International Bank (formerly Kuwait Real Estate Bank) to a fully compliant Islamic bank. It also provided the commodities facilitation for the 2007 acquisition of Aston Martin by the consortium led by Islamic investment company Investment Dar. Elsewhere, it is commodities facilitator for the $1.1 billion five-year syndicated murabaha for Bahraini investment bank Arcapita arranged in May, as well as for the syndicated murabaha facilities worth $450 million for Bahrain’s Awal Bank (in August) and $300 million for Qatar Islamic Bank (in November).

In addition, the firm is the mandated commodities facilitator for the DIFC-governed Almaz Fund, launched in October 2007 (the fund is sponsored by National Bank of Dubai Investment Bank).

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