BIBD, big winner at Islamic Finance News Awards 2013
BANK Islam Brunei Darussalam Berhad (BIBD) emerged as big winners at the Islamic Finance News (IFN) Awards 2013 held on March 5 at the Grand Hyatt Hotel in Kuala Lumpur.
According to a press release from the bank, BIBD was presented with four awards, the “Structured Finance Deal of the Year 2012” for the Brunei Gas Carriers (BGC) Sdn Bhd US$170 million Islamic Financing Facility, “Turkey Deal of the Year 2012” for the Republic of Turkey’s US$1.5 billion sovereign Sukuk, the “Tawarruq Deal of the Year 2012” for Al-Baraka Turk US$450 million Syndicated Financing and the “Best Islamic Bank 2012” in Brunei Darussalam.
Receiving the prestigious award on behalf of BIBD was Hj Muhd Sabirin bin Hj Othman, Head of Public Sector and Government Linked Companies (PSGLC) Relations, Hak Yeung, Head of Corporate Finance and Advisory (CFA) and Syed Alwi Alkaff, Senior Manager of CFA.
Hj Muhd Sabirin commented, “This is a momentous milestone for BIBD, and Insya Allah, there will be more awards in the years to come”. He continued, “These accolades commemorate all the strides BIBD has been pursuing at the international level, making a mark in the international Islamic finance arena.”
The BGC transaction, which BIBD had won the “Structured Finance Deal of the Year 2012” award for, was the largest financing transaction in Brunei Darussalam in 2012, which also attracted participation from two leading Japanese banks. It involved the refinancing of a previously owned vessel, along with the financing of a new vessel.
This innovative Shariah compliant facility has a sound financing structure with a comprehensive security package reflecting the importance of the project-driven nature of the financing.
This transaction adds on to the capabilities of BGC, adding to their fleet of vessels, which plays a fundamental part in supporting the LNG supply chain from Brunei to Japan and Korea.
This, in turn, is paramount to the long-term economic future of Brunei Darussalam.
The new BGC vessel, Hull No 2606, is an integral component of BLNG’s fleet renewal plan, taking the lead over older tankers that have been delivering BLNG supplies to Japan/Korea for the last 40 years.
The modernised design will provide BLNG with the capacity to continue shipping LNG supplies over the longer term to its gas utility customers in Japan and Korea, and underscores its commitment as a long-term LNG supplier.
IFN is categorically recognised as the Islamic Finance industry’s leading publication.
With a world-wide readership in excess of 21,000 industry practitioners and regulators, the IFN Awards offer its winners a truly global audience and a phenomenal vehicle in which to reach ones clients, potential clients and peers.
The IFN Awards honours the best in the Islamic financial industry. It is one of the most prestigious awards and highly recognised by the global Islamic capital markets.
The IFN Awards, established in 2006, recognises those who have participated in the industry’s most ground-breaking transactions each year. A panel of experts from non-competing organisations then sieve through all submissions during the elimination process until just one transaction in each category remains and is thus awarded the winner of that category.
This year, over 300 nominations in over 25 categories were received, resulting in the most competitive Deal of the Year competition since its inception in 2006.
The 2012 process was marked by a blend of innovation, replication and market expansion.
On the other hand, the IFN Deals of the Year was established in 2006 and recognises those who participated in the industry’s most ground-breaking transactions each year.
A panel of experts from non-competing organisations then sieve through all submissions during the elimination process until just one transaction in each category remains and is thus awarded the winner of that category.
The event is produced by Islamic Finance events as part of the RED money Group.