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IFFIm awarded prize for 'Innovation in Islamic Finance 2015'

IFFIm awarded prize for 'Innovation in Islamic Finance 2015'

12 May 2015

Third global award given for IFFIm’s November sukuk transaction

Washington 12 May, 2015 - IFFIm’s inaugural sukuk transaction has received Euromoney magazine’s first award for “Innovation in Islamic Finance.” IFFIm’s sukuk previously was named “Social Impact Deal of the Year” by Islamic Finance News and “Best Supranational Sukuk” by EMEA Finance Magazine.

“Hopefully – and this, really, is what puts it on our list – the IFFIm deal paves the way for more socially-responsible sukuk to be launched,” Euromoney notes in its write-up about the award. IFFIm is “a segment of the market that would mesh very tightly with the principles that Islamic finance is supposed to represent.”

IFFIm issued its inaugural sukuk on 27 November 2014, raising US$ 500 million to accelerate the availability of funds for immunisation programmes and health system strengthening by Gavi, the Vaccine Alliance. The sukuk was coordinated by Standard Chartered Bank, working with joint lead managers Barwa Bank, CIMB, National Bank of Abu Dhabi (NBAD) and NCB Capital Company (NCB Capital), working with the World Bank as IFFIm's Treasury Manager.

Euromoney is a monthly magazine covering global banking, macroeconomics and capital markets, including debt and equity. This year marks the 10th anniversary of Euromoney’s Saudi Arabia Conference targeted at policymakers, financiers, corporate CEOs and international investors. The conference, 5-6 May in Riyadh, featured a presentation on the intersection of sustainable investing and Islamic Finance – with a focus on IFFIm’s sukuk transaction – by IFFIm Board Member Cyrus Ardalan, Gavi Director of Innovative Finance Paolo Sison and the World Bank’s Head of Derivatives and Structured Finance Michael Bennett.