Clifford Chance

Clifford Chance advises Standard Chartered Bank on the world's first Formosa Sukuk for Qatar Islamic Bank

Clifford Chance has advised Standard Chartered Bank (SCB) (the lead manager) on the world's first Formosa Sukuk for Qatar Islamic Bank (Q.P.S.C.) (QIB) which was issued at a value of US$800 million. The five-year Sukuk is dual listed on the Taipei and Irish Stock Exchanges and is considered to be the first Reg S Sukuk listed on the Taipei Stock Exchange.

This issuance aligns with QIB's strategy to diversify funding from new international markets and the new regulations issued by the Taiwanese regulatory authorities have enabled QIB to take advantage of a market that previously only conventional issuers could access.

Clifford Chance partner Stuart Ure commented:
"We are delighted to have been involved in this landmark transaction which signifies Qatar Islamic Bank's strong position in the market. This transaction paves the way for regional Islamic issuers who are seeking new sources of funding in the capital markets and is in line with the growing interest in the Asian markets that we have been witnessing. Moreover, the transaction's success is a testament to the robust regulatory framework in Taiwan."

The Clifford Chance team comprised of Stuart and Senior Associate, Mohsin Abbasi.

Lee & Li advised QIB as to Taiwanese law.