The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Denton Wilde Sapte (DWS) has bagged a role on the first securitisation of sharia-compliant mortgage equivalents in the United Arab Emirates (UAE).
The DWS team, led by Islamic finance head Farmida Bi, advised the banks Standard Chartered Bank and Morgan Stanley, and investment company Emirates National Securitisation Company (ENSEC), on the $210m (£102m) securitisation for real estate provider Tamweel.
Bi said: "Property ownership is still very new in the UAE so this transaction, which will encourage progress in the secondary property market, is very important. The deal was also significant because it was rated and we feel this is important in making securitisation more common in the UAE."
This transaction is the first residential financing securitisation to rely solely on the underlying assets. It is also multi-tranched.
The DWS partner on the deal Richard de Belder said: "ENSEC is trying to introduce securitisation into the Middle Eastern markets and we're delighted to have worked on this deal, which opens further possibilities for sharia-compliant fundraising."