Clifford Chance

Clifford Chance advises Emirates NBD Capital and Standard Chartered Bank in relation to the establishment of a U.S.$ Sukuk Programme by Albaraka Türk Katılım Bankası A.Ş.

Global law firm Clifford Chance has advised Emirates NBD Capital and Standard Chartered Bank as arrangers and dealers in relation to the establishment of Albaraka MTN Ltd.'s Shari’a-compliant trust certificate ("Sukuk") issuance programme (the "Programme") with Albaraka Türk Katılım Bankası A.Ş. ("Albaraka Türk") as obligor.

Albaraka Türk is the first interest-free Islamic bank established in Türkiye and listed on the Borsa Istanbul. The Programme represents the first-ever international public sukuk Programme by a Turkish participation bank.

The Programme was admitted to the London Stock Exchange’s International Securities Market and is the first in Türkiye under which sukuk may be issued in the form of senior unsecured Sukuk or subordinated Tier 2 capital Sukuk. The Programme also allows for the issuance of sustainable Sukuk, in accordance with Albaraka Türk’s sustainable finance framework.

Fitch Ratings issued a long-term rating of “B-” and a short-term rating of “B” in respect of the Programme. Emirates NBD Capital and Standard Chartered Bank acted as arrangers and dealers in respect of the Programme.

Clifford Chance's team was co-led by partners Sait Eryılmaz (Istanbul) and Stuart Ure (Dubai) with support from senior associates Ali Altıparmak (Istanbul) and Nader Koudsi (Dubai), associates Bilgesu Cakmak (Istanbul), Sophie Larsen (Dubai) and Saby Mahmud (Dubai) and trainee solicitors Aykan Karpuzcu (Istanbul) and Zeena Sa'di (Dubai).

Partner Stuart Ure comments "We are delighted to have advised Emirates NBD and Standard Chartered Bank on Albaraka Türk's landmark project which represents a notable development in the Turkish sukuk market, being the first instance of the creation of a debt capital markets funding platform. The establishment of the Programme is testament to the efforts of the stakeholders and particularly the management team at Albaraka Türk."

Consistently ranked Band 1 in legal directories, Clifford Chance was awarded 12 awards at the Bonds, Loans and Sukuk Awards 2024, 10 awards at the Islamic Finance News Awards 2023 and 8 awards at the IFLR Middle East Awards 2023.

Clifford Chance was also named Banking and Finance Law Firm of the Year at The Legal 500 MENA Awards 2024 and, UAE Banking & Finance Law Firm of the Year at the Chambers Middle ast Awards 2024.