First Gulf Bank, or FGB, was awarded the 2012 “Best Islamic Deal in the UAE” award for its $650 million sukuk (Islamic bonds) issuance in August 2011, which was six times oversubscribed.
The award was presented during the Asset Triple A Islamic Finance awards in Kuala Lumpur.
The FGB five-year sukuk was subscribed by more than 200 different investors worldwide. Of these investors, 46 per cent were Middle East based, 24 per cent were from Europe, 24 per cent from Asia and six per cent from the US and other markets.
The transaction was divided between (49 per cent), Banks, as well as (39 per cent) Funds (six per cent) Retail and (six per cent) Insurance and Pensions. The proceeds were used for Islamic general corporate purposes and to fund the growth of the FGB’s Islamic loan book.