Islamic Finance News recognised Standard Chartered Saadiq for the Best Deal of the Year Award for successfully closing the US dollar dominated Government of Pakistan (“GOP”) International Sukuk.
The Bank was competing with some of the largest players in the Banking Industry and has won this award on the basis of its competence and commitment to the clients.
Standard Chartered was one of the lead advisors to the Government of Pakistan (GOP) in the recently concluded International Sovereign Sukuk transaction. The Bank played an instrumental role in resolving a roadblock around asset structuring. This enabled smooth execution of International Sovereign Sukuk which raised USD 1 billion for the country for 5 years at 6.75 percent per annum (50 bps less than conventional sovereign issue).
Commenting on the recognition, Mr. Azhar Aslam, Head of Islamic Banking, Standard Chartered Pakistan said, “This award comes as a recognition of our efforts to provide our clients efficient, and convenient shariah compliant solutions. Standard Chartered’s global expertise, strong on-the-ground presence and deep local market insights give us a distinct competitive edge to provide financing structures that enable us to deliver value to our clients.”
Standard Chartered Pakistan was the first international bank to get an Islamic Banking license and to open the first Islamic Banking branch in Pakistan. In 2013, the Bank was recognised by The Banker (an affiliate of Financial Times) as the Islamic Bank of the Year.