Maples and Calder assists 1st Islamic Bond Listing on London Stock Exchange

The offshore law firm Maples and Calder has acted as Cayman Islands counsel to the issuer, ADIB Sukuk Company Ltd. in establishing its USD 5 billion sukuk issuance programme, which is the 1st Islamic-compliant bond to be listed on the London Stock Exchange.

ADIB Sukuk Company Ltd., registered in the Cayman Islands, was set up by Abu Dhabi Islamic Bank (ADIB) as a special purpose entity. It has issued sukuk for investors to use the proceeds for acquiring a co-ownership interest in a portfolio of assets comprising lease contracts from ADIB, the 2 parties becoming co-owners of the assets.

Maples and Calder Dubai managing partner, Tahir Jawed commented that this transaction was a very important development for the whole Islamic finance market. He also emphasized the fact that the Islamic finance market “has seen phenomenal growth” in the last few years.

“The transaction volume and its being listed on the London Stock Exchange signifies that the enormous potential of Sharia compliant products has been recognised by the global financial community. So, now these products got accepted as a mainstream asset-class by investors.

It is also worth noting that the transaction shows that the Cayman Islands is becoming the leading offshore jurisdiction for Islamic finance.

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