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 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, 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." Islamic Finance News awards are among the most prestigious awards, designed to recognise individuals and institutions that have made significant contributions to the Islamic banking and finance industry.-PR