Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Tuesday, February 12, 2008

The Bank of New York Mellon appointed corporate trustee for Tamweel Sukuk

Author: BI-ME staff
Source: BI-ME
Published: 11 February 2008

UAE. The Bank of New York Mellon has been appointed by Tamweel, the largest real estate finance provider in the UAE, to provide multiple corporate trust services for a US$300 million exchangeable Sukuk issue to finance the company's mortgage finance business in the region. Sukuk issues are securities that comply with Islamic law and its investment principles.

As corporate trustee, The Bank of New York Mellon will act as delegate trustee, principal paying agent, exchange agent, transfer agent, replacement agent, calculation agent and registrar.

Feras Kalthoum, Head of Investments at Tamweel, said: "The Bank of New York Mellon is developing a strong record in Islamic finance transactions. We were pleased to have its comprehensive support as corporate trustee for this important issue."

"Our work for Tamweel highlights the important role our company plays in supporting Islamic transactions and other complex structured finance deals globally," said Samir Pandiri, Managing Director and Head of the International Division for The Bank of New York Mellon's corporate trust business. "The sophistication of our technology platform, combined with the experience of our people, will distinguish us as the industry leader as we continue to expand our presence in the region."

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

Tamweel, the highest rated non-banking financial institution in the region (A by Fitch & A3 by Moody's) and the largest provider of real estate finance in the UAE, was established in March 2004 and became a public joint stock company in June 2006. A provider of a wide range of customer-service solutions and innovative home finance products, Tamweel works with 300 partners across country. The company, which aims to become the regional home finance leader, currently has branches in Dubai, Sharjah and Abu Dhabi.

For more information visit www.tamweel.ae and www.bnymellon.com
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