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Herbert Smith

Financial Services - Islamic finance 2009 (2)

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Rankings at a glance
Award levelCommended
InnovationThe first shari'a compliant Leveraged Buy Out, combining senior and mezzanine debt
Originality6
Rationale6
Impact5
Total17
DescriptionThe firm developed a Shari'a compliant structure to source funds from an Islamic private equity house to buy MCAW Group. It involved a package of bespoke intercreditor agreements to surmount the Shari'a exclusion of such debt structures

Financial Services - Islamic finance 2009

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Rankings at a glance
Award levelHighly commended
InnovationAl-Qatrana cement project financing: the first Islamic multi-source financing to benefit from direct Export Credit Agency protection
Originality6
Rationale6
Impact6
Total18
DescriptionGroundbreaking Shari'a compliant financing covered by both German and the Finnish ECAs. Prior to this, ECA backed financings had been linked to Islamic structures, but this is the first time one has been developed to directly benefit from ECA backing