The Virgin Mobile Middle East and Africa Sukuk led by Arqaam Capital won the Structured Bond/Sukuk deal of the year

Tuesday, October 16, 2018

Arqaam Capital, the specialist emerging and frontier markets investment bank, is pleased to announce that the Virgin Mobile Middle East and Africa pre-IPO exchangeable Sukuk, which was successfully closed in May 2018, has won the Bonds, Loans & Sukuk Middle East Award for Structured Bond/Sukuk Deal of the Year. The award will be presented at a ceremony held on November 6th.

The Senior Secured Sukuk certificates are structured based on Shariah principles. In the event of an IPO, the certificates will transfer into an exchangeable Sukuk, maturing 2 years from the IPO date.

Arqaam Capital Limited acted as the sole Lead Arranger and Bookrunner on this transaction.

Tarek Lotfy, President, GCC at Arqaam Capital said: “As an emerging markets investment bank, we specialize in facilitating capital flows into rapidly growing and dynamic markets, such as the GCC.  Our understanding of both the regional markets and the dynamics of the industry has allowed us to assist the management of Virgin Mobile Middle East and Africa in successfully raising capital ahead of a potential IPO”.

Rony Jawhar, Managing Director at Arqaam Capital Limited, commented: “We are always seeking innovative structures to help raise capital for our clients and we are very pleased that the pre-IPO exchangeable Sukuk we have successfully structured and placed has won this prestigious award which is a further testament to our Capital Markets capabilities”