Deal Note: Crowell & Moring Cairo Advises Abu Dhabi Islamic Bank- Egypt on Landmark Islamic Finance Deal
Washington, D.C. - May 22, 2013: In a first-of-its-kind transaction in post-revolution Egypt, Crowell & Moring's Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with a landmark Islamic Finance facility extended to Maridive and Oil Services SAE.
Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger (IMLA) and the global coordinator in the deal, coordinating the financing with Abu Dhabi Islamic bank (UAE), Arab African International Bank, Banque du Caire and Arab International Bank. The deal is the first Islamic Ijara structure syndication to take place in the Egyptian market, and, valued at $150 million, is considered one of the largest in the challenging Egyptian banking market. As legal counsel to the initial mandated lead arranger, Crowell & Moring advised the facility providers (the banks) on the structuring and documentation of the transaction.
The Cairo-based lawyers that worked on the deal are recognized to be among the most knowledgeable Islamic finance lawyers in the region. For the past two years, the team has been named by Islamic Finance News as the "Best Islamic Finance Firm" in Egypt. Crowell & Moring operates in Egypt in collaboration with and through Hegazy & Associates, a leading Egyptian law firm based in Cairo. Crowell & Moring and Hegazy & Associates established their strategic association in 2009 to provide a broad range of legal services to meet the needs of a diverse international, regional, and Egyptian client base, including multinational and domestic corporations, government authorities, banks, and financial institutions. Crowell & Moring is one of only a handful of U.S. or UK law firms to establish a presence in Egypt.