OGIER HOUSE, THE ESPLANADE, ST HELIER, JE4 9WG, JERSEY
- Tel:
- Work 01534 504000
- Fax:
- Fax 01534 504444
- Web:
- www.ogier.com
- Email:
Ogier advises on IDB $1.5bn sukuk programme update
Ogier has advised the Islamic Development Bank in the recently completed update to IDB’s $1.5bn sukuk trust certificate programme.
The programme was established in 2005 and has been updated to reflect market and Shari‘a developments, as well as providing for trust certificates to be admitted to listing on the official list of the UK FSA and to trading on the London Stock Exchange. The proceeds of issuance will be used to purchase a portfolio of sukuk assets, such as Ijara (leasing) assets, Murabaha receivables, Ishsna receivables and sukuk investments.
The issuing vehicle, IDB Trust Services Limited, is a Jersey company. The choice of Jersey as the location of the issuing vehicle underlines the jurisdiction's suitability for Islamic capital market deals originating in the Middle East tapping the global investor pool in Europe and Asia, as well as the GCC.
The Ogier team (Matthew Swan, Bruce MacNeil and Lucy Rogers) advised IDB and Clifford Chance on Jersey legal issues; and Ogier Fiduciary Services (Jersey) Limited (Peter Gatehouse, Anne-Marie Burns and Alex Baker) provide corporate and trust administration services in respect of the structure.
Ogier is one of the world's leading providers of offshore legal and fiduciary services. The group employs more than 800 professional and support staff.
The group has a presence in nine jurisdictions around the world, namely Bahrain, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, Ireland, Jersey, London and Tokyo.
Ogier provides advice on all aspects of BVI, Cayman, Guernsey and Jersey law and associated fiduciary services through a global network of offices that cover all time zones and key financial markets.
Corporate and finance law and associated fiduciary services form the core of our business, principally in the areas of banking, corporate and commercial, investment funds, private client, real estate, and structured finance. At the same time Ogier is a full-service firm, with strong practices in the areas of employee benefits, employment law, litigation and property.