IslamicFinance.de

The merger of Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar is said to take six months to complete, Masraf Al Rayan’s chairman Hussain Ali al-Abdulla said lately. In December Reuters had reported that merger talks had begun which, if successful, would create the Gulf state’s second-largest bank. The new bank would have assets worth more than 160 billion riyals ($44 billion).
KPMG and PricewaterhouseCoopers have been appointed as merger advisers, along with law firm Allen & Overy as legal adviser, and furthermore the Barwa Bank and International Bank of Qatar. Masraf Al Rayan’s shareholders approved the issuance of sukuk worth up to $2 billion to meet the bank’s liquidity needs. In January banks had been appointed to handle a debut sukuk issue of around $500 million, banking sources told Reuters that month, but Abdullah said on Sunday the timing of the issue had not been finalised. Asked whether the bank’s liquidity had been affected by low oil prices Abudullah said “liquidity now is better than in 2016” and that the U.S. Federal Reserve’s raising of interest rates last month would improve the profits of Qatari banks.

Allen & Overy, associated with local law firm Abdulaziz AlGasim Law Firm, advised Saudi Electricity Company (SEC), on the successful closure of its $1.75 billion dual-series Sukuk issue. The transaction represents SEC's first international Sukuk issuance and the largest international debt capital markets issuance to date out of Saudi Arabia.
The transaction was organized as a Sukuk al-ijara, with the two series of trust certificates launched by Saudi Electricity Global SUKUK Company.

Freshfields Bruckhaus Deringer has hired an Allen & Overy lawyer as its first-ever global head of Islamic finance.
Tarek El-Assra is the new counsel in the firm’s Dubai office.
The appointment comes after the news less than a month ago that partner Pervez Akhtar, hired from A&O in December, had been promoted to the role of regional managing partner for the Middle East and North Africa.

National Takaful Company "Watania" was advised by Allen & Overy on its Initial Public Offering (IPO).
The date of the public launch was 18 April 2011 and corresponded 55% of the total share capital of Dhs150m.
Ibrahim Mubaydeen, managing partner of the Abu Dhabi office and Eyad Mahadeen, senior associate, were the ones that led the team.