Baker & McKenzie Limited has a strong pedigree for structuring complex and innovative financings across a number of key areas, including project finance, Islamic finance, contractor finance, receivables finance and securitisation. The group is led by Ian Siddell, who splits his time between Saudi Arabia and Bahrain, and has expertise in multi-sourced financings and shari’ah compliant transactions. Fatima Alhasan, recently promoted partner Delwar Hossain and Mohsin Iqbal are other key individuals in the group, which is seen as a first port of call among Bahrain-based banks, corporates and government. Senior associate Nadeem Kunwar is also recommended.
Banking and finance (including Islamic finance) in Bahrain
Baker & McKenzie Limited
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Key clients
The Oil and Gas Holding Company B.S.C. (c) (nogaholding)
Bahrain National Gas Company (B.S.C.)
ABC Islamic Bank (E.C.)
Gulf International Bank B.S.C
Al Rajhi Banking and Investment Corporation
Aluminium Bahrain B.S.C (Alba)
Bahrain Islamic Bank B.S.C
Arab Bank plc
Ahli United Bank B.S.C
The Saudi National Commercial Bank (Bahrain)
National Bank of Pakistan, Bahrain
ACWA Power International
Olayan Financing Company (OFC)
Arabian Centres Company
Alawwal Bank
Samba Capital & Investment Management Company
Saudi Fransi Capital
The Saudi Investment Bank (SAIB)
Riyad Bank
NCB Capital
Metito Group
Mowah Co.
Textron Financial Corporation
Work highlights
- Acting for the lenders in relation to the first tranche of the refinancing made available to Bahrain National Gas Expansion Company (a wholly owned subsidiary of the Government of Bahrain’s oil and gas arm, nogaholding), to secure conventional and Islamic financing for the operation of a gas processing plant (CGPIII) with a capacity of 350 million standard cubic feet per day.
- Advising Ahli United Bank B.S.C. in relation to its open banking requirements to comply with the newly passed Central Bank of Bahrain new regulations on open banking, including the preparation of a pro forma open banking agreement for the bank.
- Acting for Arab Bank plc in relation to release and settlement of facilities provided to a corporate obligor with its headquarters in Dubai for the purposes of meeting funding requirements for the development of certain wind and solar projects in Jordan and Turkey and certain bonding requirements in respect of such projects.
Trowers & Hamlins LLP
Underlining its credentials as a market-leader, Trowers & Hamlins LLP has a strong track record in big-ticket conventional and Islamic finance matters, as well as capital markets transactions. Led by managing partner Jeremy Ingham, the practice is highly active in transactional work and regulatory compliance advice to clients. Salman Ahmed in Oman leads the firm's Islamic finance practice in the region. Bilal Kahlon's practice has gained momentum since his arrival from Baker & McKenzie Limited in Janaury 2020, with him winning a number of key mandates.
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Testimonials
‘Trowers have never failed to impress us with their in-depth knowledge of and expertise in Islamic financing. The team is always accessible and their tactful yet cordial approach when it comes to negotiation helps in attaining the desired outcome while maintaining our relationship with the counterparties untarnished.’
‘A great team who are knowledgeable, commercial, friendly and approachable.’
‘Honesty, clarity, beyond the engagement, friendly, always available and diligent.’
Key clients
GFH Financial Group
Central Bank of Bahrain
National Bank of Bahrain
Citibank BBK B.S.C.
Al Salam Bank B.S.C.
Ahli United Bank B.S.C.
Bahrain Development Bank BSC
First Energy Bank B.S.C
Bahrain Steel B.S.C
Kuwait Finance House B.S.C
Venture Capital Bank B.S.C
Bank Muscat
Arab Banking Corporation
Al Salam Bank Bahrain
Shariyah Review Bureau
Dubai Islamic Bank PJSC
Mizuho Bank Ltd, Labuan Branch
Gulf International Bank B.S.C
Work highlights
- Advised Bank ABC and NBB (as joint lead arrangers and bookrunners) on the drafting, negotiating andfinalising of an amended and restated facility agreement for each of four Oman-based energy company.
- Assisting Bank ABC as lead arranger and a syndicate of other leading Bahraini and regional banks (including Bank of Bahrain and Kuwait, National Bank of Bahrain, Mashreqbank, Arab Bank and Abu Dhabi Commercial Bank) in relation to amendments to separate financings to four leading power companies in Oman.
- Advised Bahrain Steel on all of their financings enabling them to continue operating the world’s only fully integrated single site steel manufacturing facility.
Zu'bi & Partners, Attorneys & Legal Consultants
Zu’bi & Partners, Attorneys & Legal Consultants
regularly advises on complex Islamic financings, including sukuk transactions and project finance mandates, as well as syndicated loans and secured commercial loans. Senior partners Qays H. Zu’bi, Hatim Q. Zu’bi, Eman Omar , Dareen Abdul Rahim and Naveen Thakur co-head the team, which is also noted for its expertise in licensing and regulatory issues. Associate Noor Al Taraif has experience of bond and sukuk issuances.
Practice head(s):
Qays H. Zu’bi; Hatim Q. Zu’bi; Eman Omar; Dareen Abdul Rahim; Naveen Thakur
Testimonials
‘Great team of lawyers, always willing to step in and resolve the most difficult issues facing clients. Naveen Thakur is strong technically, and gives sound practical advice. He’s not afraid of standing up to clients when he knows that his advice is legally accurate.’
‘Naveen Thaker is solid, knows his stuff.’
Key clients
Investcorp Holdings BSC.
UBS AG
Bahrain LNG W.L.L.
Bahrain Development Bank BSC
Khaleeji Commercial Bank B.S.C.
NATIONAL BANK OF PAKISTAN
GE Capital Aviation Services
JP Morgan Chase Bank
The Oil and Gas Holding Company BSC(c) (nogaholding)
Bahrain Islamic Bank BSC
Work highlights
- Acted as the Bahraini counsel to KHCB (Obligor) on the issuance of sukuk worth $159m and advised on all Bahrain law aspects of the transaction.
- Acted as the Bahraini counsel to Bahrain Mumtalakat Holding Company in the $600m tender offer to acquire the Trust Certificates due 2021 and advised on all Bahrain law aspects of the transaction.
- Acted as the Bahraini counsel to Bahrain Ministry of Finance and National Economy and the CBB in the issuance of $1bn Trust Certificates and advised on all Bahrain law aspects of the transaction.
Al Tamimi & Company
Al Tamimi & Company, which is highlighted for its strong presence across the Middle East and North Africa, advises domestic and international banking clients on a wide ambit of Islamic finance and conventional banking matters. Its varied portfolio of transactional work spans areas such as bilateral and syndicated lending, aircraft finance, project finance, trade finance, derivatives and securitisation. Team head Rafiq Jaffer , whose practice is split between Bahrain and the UAE, has over a decade of experience in debt capital market transactions. Also recommended is senior associate Natalia Kumar.
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Testimonials
‘They are easily accessible, listen to your viewpoint and recommend legal way out accordingly. Besides they are pretty knowledgeable and experienced in their respective law fields.
‘We believe they have given a standout service to our bank.’
‘The team is knowledgeable and responsive when needed. This makes the firm stand out against their peers in Bahrain.’
‘The individuals in the team are very approachable with a can-do attitude. Rather than being theoretic, individuals are pragmatic and advise is always practically achievable.’
‘Excellent. The law firm is friendly, open and responsive to the needs of its clients. These lawyers are very approachable and pleasant to work with. They have shown by their tireless endeavours that the work is not merely an assignment to them, it is something they work on with passion.’
Key clients
Standard Chartered Bank
Kuwait Finance House (Bahrain) B.S.C.
ICICI Bank Limited
Credit Suisse AG – Foreign Branch
Julius Baer (Bahrain) B.S.C. (C)
HSBC Bank Middle East Limited
Mashreq Bank P.S.C.
National Bank of Bahrain
Bank of Bahrain and Kuwait (BBK)
Citibank N.A.
Habib Bank Limited
United Gulf Holding Company B.S.C.
DLA Piper Middle East LLP
DLA Piper Middle East LLP fields a sizeable banking team in Manama, which advises borrowers and lenders on the gamut of conventional and Islamic financing matters. Practice head Mohamed Toorani, who made partner in May 2021, handles a range of domestic and cross-border transactions for clients such as Gulf International Bank. His team works with Paul McViety, who is a key contact in Dubai, and leads the firm’s Islamic finance practice. McViety is also active in a myriad of other conventional financing transactions. At associate level, Jenan Benahi is recommended.
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Testimonials
‘The DLA team has shown professional and innovative approach in term of collaboration, diversity and people behaviours.’
‘The fee flexibility combined with excellent services and closed relationships during the pandemic are uniquely shown for client. Clients engage with well-equipped professional knowledge of the financial industry and Islamic finance products in particular.’
‘The team was very helpful and with the right expertise for the case we had. When needed, partners from UAE came to Bahrain and met with with our legal team.’
Key clients
Bahrain Ministry of Transport and Telecommunications (MTT)
Venture Capital Bank
GFH Financial Group
Mashreq Bank
Kuwait Investment Authority
NCB
Al Salam Bank
Gulf International Bank
Rain Financial
Arab Bank
Environmental Chemical Corporation
Kuwait Finance House
Bahrain Islamic Bank
Work highlights
- Advising the Bahraini Ministry for Transport and Telecommunications on the procurement of a 109km above ground metro line PPP project.
- Advised KFH on a deal involving major banks in Bahrain providing murabaha facilities to Eskan Bank BSC.