Stephenson Harwood advises on first Shari'ah compliant French lease sukuk issuance
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Stephenson Harwood advises on multi-award-winning Islamic finance deal
Law firm Stephenson Harwood LLP recently advised on a deal which has won three awards at the Islamic Finance News (IFN) Deals of the Year awards.
The firm advised Korean Export Credit Agency Export – Import Bank of Korea (KEXIM) and BNP Paribas as lease arranger and the French lease lenders on a private placement Sukuk (backed by commodity Murabaha receivables) for the Norfa LNG SAS. This deal was the first Shari'ah compliant French lease Sukuk issuance.
The deal was awarded Cross Border Deal of the Year 2024; Structured Finance Deal of the Year 2024; and Europe Deal of the Year 2024 at the awards, which took place in Dubai on 17 February, and recognise those who have participated in the industry's most groundbreaking transactions over the previous 12 months.
The transaction was commended for its innovative structuring with the Sukuk issuance embedding commodity Murabahah (Tawarruq) trades to secure commitments. The transaction was also highlighted for its ability to satisfy all interregional - Norway, France, and Kuwait – regulatory, legal and tax issues as part of the structuring requirements of the transaction.
The Stephenson Harwood team was led by Paris-based partner Alain Gautron with the support of partner Ezio Dal Maso and associate Chloé Chiss.