Trowers & Hamlins advises Mizuho on $300m Murabaha financing to Islamic Corporation
International law firm Trowers & Hamlins has advised Mizuho Bank Berhad (Mizuho) in relation to a bilateral, Shari'a compliant financing of USD300 million made available to the ICD.
The ICD is a private sector arm of the Islamic Development Bank with over 50 member countries including Malaysia and a developmental mandate to foster the growth of private sectors in its member countries. The proceeds of this financing will be utilised by ICD to fund activities aimed at achieving its developmental mandate.
Mr. Ayman Sejiny, Chief Executive Officer of ICD, commended the strong partnership between ICD and Mizuho:
“We are delighted to be working with one of our strong partners in the Asia region, the Mizuho Bank Group. The proceeds of this new financing from Mizuho will be used to support ICD’s developmental mandate by encouraging and fostering the growth and expansion of private sector enterprises in our member countries. This transaction again reflects and underscores the trust and confidence of regional and international financial institutions in our global developmental agenda."
"ICD will continue to leverage on its relationship with Mizuho and other development partners in the broader Asia Pacific region in promoting private sector development and in sharing our Islamic finance knowledge and expertise amid growing interests for shariah compliant financing and investments.”
Mr. Shojiro Mizoguchi, Chief Executive Officer of Mizuho, said: “This signing marks another achievement for Mizuho Bank (Malaysia) in expanding its Islamic finance businesses and it has also cemented our view of ICD as one of the most dynamic and reputable multilateral development institutions.”
The Trowers & Hamlins team was led by partner Elias Moubarak with support from associate Nicol Ong.
Elias said: "Our congratulations go to the Mizuho and ICD teams on the successful completion of this financing, which will have a positive impact on ICD's developmental mandate. We are proud to have been able to utilise our cross border, Islamic finance expertise to support Mizuho in relation to this important transaction."