Al Wagayan, Al Awadhi & Al Saif successfully represented BNP Paribas, which acted as Senior Joint Lead Manager, in BNP’s first Sukuk transaction in the State of Kuwait regarding a US$100 Million Sukuk Musharaka transaction with United Real Estate Company, S.A.K., a local Kuwait real estate entity. In addition to BNP’s involvement, NBK Capital acted as the other Senior Joint Lead Manager, while Gulf International Bank, B.S.C., Qatar Islamic Bank and Boubyan Bank, K.S.C. all acted as Joint Lead Managers. Also, AL-Amin Bank E.C. acted as Co-Lead Manager, while SHUAA Capital psc acted as Co-Manager. “It was both challenging and rewarding working with parties from several jurisdictions to close on this deal and to act as counsel for such a world-renown bank such as BNP,” said Alex Saleh, Managing Partner for the law firm and lead attorney on behalf of Al Wagayan, Al Awadhi & Al Saif, which acted as Kuwait counsel for BNP.

The Sukuk certificates will be constituted by a declaration of trust made by the issuer, an off-shore entity. Application regarding the certificates has been made to the United Kingdom Financial Services Authority, which is the United Kingdom competent authority for the purposes of Directive 2003/71/EC. Application has also been made to the London Stock Exchange plc for the Certificates to be admitted to listing on the Official List of the London Stock Exchange and traded on the Gilt Edged and Fixed Income Market of the London Stock Exchange.