(MENAFN- Arab Times) Islamic Finance News ("IFN"), the Islamic finance industry's leading publication, has announced that Rasameel Structured Finance Company ("Rasameel"), and Yusuf A. Alghanim and Sons w.l.l. ("YAAS") have received two accolades in the categories of 'Global Sukuk Deal of the Year' and 'Kuwait Deal of the Year'. Rasameel, a leading Kuwait-based Islamic structured finance firm, has been recognized for its involvement as the Structuring and Shariah Advisor, for YAAS's pioneering Islamic securitization Sukuk issuance - KD 12.5 million Sukuk Al-Istithmar (YAAS Sukuk I). YAAS Sukuk I was also short-listed amongst five nominees for the most coveted title, the 'Global Deal of the Year'.
The ground-breaking issuance will be the first of several planned Sharia-compliant sukuk issuances for YAAS's electronics and home furnishing retail business. YAAS Sukuk I entails both structural and originator provided credit enhancements to provide prospective investors with low risk exposures and competitive return. The KD 12.5 million is to be issued in two tranches; KD 10 million senior Class A Sukuk certificates with a profit of 6 percent p.a. and junior tranche of KD 2.5 million Class B Sukuk certificates with a profit 8 percent p.a. Furthermore, the issuance offers quarterly redemptions of principal and profit with a scheduled maturity tenor of 18 months and a weighted average repayment tenor of 11 months.
The issuance marks a landmark deal for Rasameel and YAAS, this being the first time an Islamic securitization in the form of sukuk has been issued in the State of Kuwait. Speaking on behalf of Yusuf A. Alghanim & Sons, Robert Farrow, Corporate Treasurer, said, "We are honored and extremely pleased to have received such prestigious accolades from a leading Islamic Finance publication. The first of its kind in Kuwait and perhaps the Middle East, the deal has proven an excellent means for us to diversify our funding base and access new markets. "
Commenting on the awards, Issam Z. Al-Tawari, Chairman & Managing Director of Rasameel Structured Finance Company, said, "We are extremely honored to be the recipient of not one, but two highly prized accolades in the 2012 IFN Awards. The IFN Awards are a highly recognized honor in the Islamic financing industry, and are the icing to an already highly valued deal. The highly underserved Shariah compliant debt capital market is proving an excellent funding option for companies, while providing investors a steady stream of predictable income with higher returns than current fixed deposit benchmarks, within Shariah compliant investment products. As such, these awards highlight how Rasameel serves as an excellent partner in the Islamic capital market, and how we meet our overall directive to help companies and investors in the GCC expand and diversify their funding and investment options."Â
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