A&O achieves first with Kuwait sukuk

Allen & Overy scooped the lead role advising on the first ever sukuk programme in Kuwait.

The firm, advised joint arrangers, BNP Paribas, National Bank of Kuwait, Standard Chartered Bank and WestLB on the $1.5bn sukuk programme for National Industries Group Holding (NIG).

Lead partner on the deal was Roger Wedderburn-Day, assisted by consultant Anzal Mohammed in Dubai.

Mohammed said: “Kuwait is certainly hotting up at the moment. We have not seen much activity on the conventional market in the jurisdiction but sharia compliant issuances have really taken off.”

Allen & Overy has advised on three sukuk programmes in Gulf Corporation Council (GCC) countries during the last eight months, including the $200m convertible sukuk for International Investment Corporation in Kuwait in June.

Mohammed commented: “The UAE has clearly been very exciting but other jurisdictions in the GCC are becoming more active. Kuwait is gaining strength and is definitely focusing on Islamic financial instruments.”

NIG instructed Kuwaiti firm Al Sarraf to advise on this deal.