Deutsche Bank wins this award on the basis of innovation, the experience of its Islamic finance team, the breadth of its product range, and the frequency with which it advises other Islamic institutions or deals.
The bank’s sukuk work from December 2004 to November 2005 was particularly notable. Geert Bossuyt, Deutsche’s head of retail Islamic finance structuring, says: “Innovation in the field of sukuk was important [in this period], rather than the size of the deal or anything else. The market is pretty tight, so we try to differentiate ourselves by bringing innovation.”
According to Bossuyt, one of Deutsche Bank’s most significant deals was IDB’s $500 million sukuk MTN programme, which is a reliable means of shariah-compliant asset securitization and is thus a facility rather than a one-off transaction. Deutsche Bank acted as a joint arranger and joint bookrunner, with some 70% of the transaction placed outside the Middle East.
Also of note was the development of a platform for sukuk al mudaraba, via the Safa Tower transaction. Deutsche Bank was mandated as an advisor to Saudi Binladin Group on the multi-billion dollar financing of three towers in the Al Haram real estate project.