Sunday 14, May 2017 by Georgina Enzer

Hogan Lovells advises on the first Sukuk to be listed on ISE's Global Exchange market

Hogan Lovells has advised Aktif Bank on the first Sukuk ever to be listed on the Global Exchange Market of the Irish Stock Exchange ("ISE").

The $118million Sukuk was issued under a mudarabah structure with GAP İnşaat Yatırım ve Dış Ticaret A.Ş., a Turkish construction company, acting as Mudarib.

While the Irish Stock Exchange has listed Sukuk historically, this is the first Sukuk to be listed on the ISE's Global Exchange Market ("GEM"). GEM is one of the fastest growing debt listing markets in Europe, with over 1,000 issuers and more than 11,000 debt securities from 50 countries. 

The Hogan Lovells team was led by Imran Mufti (Partner, Dubai), with support from Annalisa Feliciani (Counsel, Rome), Ahmet Kalafat (Senior Associate, Dubai) and trainees Marjun Parcasio and Luigi de Angelis.

Hogan Lovells also represented Bank of New York Mellon as delegate trustee  and paying agent with Kit Johnson (Partner, London), Megan James (Associate, London) and trainee Chris Montague-Jones advising. 

"We were delighted to assist Aktif Bank on this landmark transaction and its listing on the Global Exchange Market of the Irish Stock Exchange which has increasingly become much more of a popular venue for sovereign and corporate issuers from the Middle East," said Mufti.

Hogan Lovells has a first-rate reputation as a leader in Islamic finance, having advised on many first-of-their-kind transactions, such as the first major Sukuk by an African sovereign, the first convertible Sukuk, the first equity-linked Sukuk, the first Shari'ah-compliant securitisation, the first international Sukuk al-Mudharaba and Sukuk al-Musharakah, the first Sukuk buy-back, and the first Multilateral Investment Guarantee Agency (MIGA) guaranteed Islamic project financing.

"This Sukuk represents a milestone for Islamic capital markets originating out of Turkey, particularly in light of the ISE listing on the Global Exchange Market. We were pleased to work with the Hogan Lovells team, benefitting from their deep understanding of Islamic finance, capital markets and their experience advising on similar transactions,” said Onur Aksoy from Aktif Bank.

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