Our Experience in Islamic Finance and Banking

HMCO offers comprehensive services in this area. We have over twenty (25) years of Islamic finance experience and are widely recognized as one of the leading legal practitioners in this field as we fully understand the principles and values underlying Islamic finance.

  • Our recent major transactions in this area are:

  •  We have acted as legal counsel for BNP Paribas in the issuance of the US$650 million Sukuk Al-Manfa’a for Saad Trading Contracting and Financial Services Company (STCFSC), the second largest bond issue in Saudi Arabia in 2006.

  •  We advised the lenders to the project company in connection with the Shoaiba IWPP. This is the first IWPP in Saudi Arabia, to produce 900 MW of electricity and 176 million gallons per day of desalinated water. The lenders provided Islamic, ECA and conventional tranches We Advised the lenders to the project company in the first IWPP (Shoaiba), 2006. The total value of the deal was US$2.2 billion;

  •  We have acted as legal counsel for Saudi Hollandi Bank in the issuance of the 500 million Saudi Riyals

  •  We advised, together with a leading UK law firm, a Saudi Arabian company in connection with its real estate Sukuk worth US$250 million to be listed in Bahrain, together with an exempt offering in Saudi Arabia.

  • We advised a Saudi Arabian hotel management company in connection with the private placement of its shares in accordance with the Capital Market Regulation.

  • We acted as legal counsel for Abdul Lateef Jameel Real Estate Investment Co. Ltd. in the construction of Jabal Al Kaaba, Mekkah Al Mukarama, financed by the Islamic finance MUSHARKA structure.

  •  We acted as legal counsel for National Commercial Bank in their Home Finance Programmed, advising on the legal structure and carried out drafting of all documentation.

  •  We have advised the mandated lead managers in connection with the Islamic financing (musharakah and ijara) for the Al Waha petrochemical complex consisting of propylene and polypropylene plants owned by Sahara petrochemical and Basell, which was named Islamic Deal of the Year 2006 by Project Finance Magazine and Middle East Project Finance Deal of the Year 2007 by the IFLR.

  •  We advised the Standard Bank of South Africa, the mandated lead arrangers, in connection with a US$500 million syndicated MURABAH (Islamic) facility to ALRAJHI Bank. This was ALRAJHI Bank’s debut syndicated MURABAH facility.

  •  We advised BNP Paribas in connection with a syndicated MURABAH financing arising out of BNP Paribas’ participation in a US$100 million Islamic Development Bank syndicated facility to finance Bangladesh Petroleum Corporation imports of crude oil and petroleum.

  • We advised a US aircraft manufacturer in a unique Islamic lease and sale financing of two aircraft utilizing a structure specifically created for the transaction.

  •  We advised on a US$65 million murabaha financing of an international airline for the purchase of fuel under Saudi and UAE laws.