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. Please see our Subscription Terms and Conditions.

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

Islamic finance awards 2008: Deal of the year

An RMBS clinching the best deal category for the year of the sub-prime crisis might appear at first to be a little ironic.

Tamweel Residential ABS

But Islamic asset-backed transactions up to now have barely dripped compared with the torrent of paper that has flowed from the west. So UAE Islamic housing financier Tamweel’s issuing Shariah-compliant secured notes worth $210 million undoubtedly constituted an important landmark. "You could say it was the first real securitization in the Middle East," says Sandeep Chaudhry, chief executive of Emirates National Securitization Corporation (Ensec).

"We all heard the thousands of reasons why we couldn’t get the deal done"
Sandeep Chaudhry, Ensec

Sandeep Chaudhry, Ensec

The $177 million class A tranche was rated Aa2 by Moody’s, and AA by Fitch. As such, the deal was both the first ever Shariah-compliant tranched securitization and the first ever internationally rated securitization to be issued in the Gulf. "We all heard at the beginning the thousands of reasons why we couldn’t get the deal done. But the result was something that looks identical to a developed-market product – not held together by plasters and tape," says Chaudhry.

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