| The Dubai office of Clifford Chance LLP, in conjunction with Al-Jadaan & Partners Law Firm, have advised Bank Al Jazira (the 'Bank') in relation to the issuance in the Kingdom of Saudi Arabia of a SAR1,000,000,000 subordinated Sukuk due 2021 callable with step-up in 2016 (the "Sukuk").
The Sukuk is comprised of a hybrid Mudaraba and Murabaha structure and represents the first sukuk issuance by a fully Shari'a compliant Bank in Saudi Arabia, as well as the first debt capital markets transaction of 2011 in Saudi Arabia. Due to a very high demand for the Sukuk, the Bank sought and obtained regulatory approval for an increased issuance size of SR1,000,000,000 from the SR750,000,000 originally contemplated............................................Full Article: Source
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