09 Feb 2015 | 09:50 am |
International law firm Pinsent Masons, which has offices in Dubai and Doha, will be presented with the highly coveted Mudarabah Deal of the Year Award, at the latest Islamic Finance News (IFN) awards.
The award, based on peer nominations and expert independent industry analysis, is for the counsel Pinsent Masons provided to Dubai Islamic Bank, one of the top Islamic finance banks in the world, on a USD $127 million Mudarabah facility made available to Emirates Central Cooling Systems Corporation (EMPOWER).
EMPOWER, which is one of the world’s largest district cooling companies, had sought funding for its Business Bay district cooling network. Dubai Islamic Bank, as part of its commitment to supporting the growth and improvement of Dubai’s infrastructure, delivered a five-year Mudarabah on an amortizing basis.
According to EY’s World Islamic Banking Competitiveness Report 2014-15, the industry is expected to see significant growth over the coming years. Global Islamic banking assets witnessed a compounded annual growth rate (CAGR) of around 17% from 2009 to 2013, whilst Islamic banking assets in six core markets – Qatar, Indonesia, Saudi Arabia, Malaysia, UAE and Turkey – are expected to reach US$1.8 trillion by 2019.
Amir Ahmad, Partner at Pinsent Masons, said: “We are delighted with our success at the respected IFN Awards. Islamic finance is an integral part of the firm’s offering in the Middle East, and winning in a category that is based on peer nominations and expert independent industry analysis is evidence that we are cementing our position amongst the top tier Islamic finance firms in the GCC region.”
Multinational law firm Pinsent Masons has advised DCC Energy, a division of leading international sales, marketing and support services group DCC plc, on the acquisition of WIRSOL Roof Solutions (WIRSOL), a provider of photovoltaic (PV) and battery storage systems.
Multinational law firm Pinsent Masons has advised M Group Services, the leading provider of essential infrastructure services in the UK and Ireland, on its sale to private equity house CVC.
Multinational law firm Pinsent Masons’ partner Sylvia Tonova and senior associate Chloé De Jager have been appointed as Members of the ICC International Court of Arbitration, as representatives for Bulgaria and South Africa respectively. Both new appointments are for a three-year term set to commence on 1 July 2024.
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