Bahrain > Islamic finance
Islamic finance
Baker & McKenzie Limited’s team is noted for its pragmatism and ability to handle complex work. One highlight saw the department act for Gulf International Bank in relation to a SR6bn package of multi-option Islamic and trade finance facilities. The team also acted on a major sukuk-financed real estate development in Bahrain bay, involving many disciplines. Julie Alexander and Ian Siddell are ‘extremely knowledgeable and calm under pressure’.
Trowers & Hamlins is instructed by a string of new banking clients including BMI, and continues to act for the Central Bank of Bahrain in its ongoing administration of The International Banking Corporation BSC. Neale Downes heads the team, which is assisted by Bahrain-based real estate lawyer Abdul-Haq Mohammed.
Charles Russell LLP’s Islamic finance operation is ‘gaining ground in the Bahraini market’. Spearheaded by the ‘very client-focused’ Nicholas Polley, the department specialises in shari’ah-compliant project financing in relation to infrastructure and restructurings. Clients include the Bank of Bahrain and Kuwait and Bahrain Islamic Bank.
Norton Rose (Middle East) LLP’s various departures were offset to some degree by Dubai-based Mohammed Paracha’s increased involvement in the jurisdiction. The firm is instructed on the high-profile establishment of the Mega Islamic Bank, a new wholesale bank. Other clients include Novus Aviation Services, Millennium Aircraft Leasing Company, and Barwa International. Associate Mark Adams is the contact in Bahrain.
ASAR – Al Ruwayeh & Partners’ team head Mike Durgavich is well known for sukuk and murabaha work. In one highlight, the firm assisted JP Morgan with the review of wakala documentation. The department is ‘responsive, helpful and good value, with an impressive ability to deal with local bureaucracy’. Associates Steve Brown and Ali Sheikh are also recommended.
Hassan Radhi & Associates is the preferred touchstone in the jurisdiction for many international firms, and has strong sukuk and murabaha capabilities. Hassan Ali Radhi and Raju Alagarsamy are the main contacts.
Haya Rashed Al Khalifa Attorneys at Law & Legal Consultants advises Islamic investment banks and other financial institutions in matters such as ijara sukuk and two-step murabaha. One highlight saw the team advise Unicorn Investment on its relaunch as Alkhair Bank. Ronald Langat is a contact.
Qays H. Zu’bi, Attorneys & Legal Consultants acted as local counsel on a $1.25bn Central Bank of Bahrain sukuk issue, in respect of which it also advised the Ministry of Finance. Other clients include Saudi Telecom and Rasameel Structured Finance. Associate Naveen Thakur is ‘incredibly helpful and always responsive’.
SNR Denton’s growing client base includes Capinnova Investment Bank, which it is advising in relation to a complex hotel development in Saudi Arabia. The team also represents Gulf One Investment Bank.