Clifford Chance advises HSBC Bank Middle East Limited on an innovative and ground breaking sukuk structure

Clifford Chance recently advised HSBC Bank Middle East Limited (HBME) regarding the update of its US$5 billion sukuk issuance programme and a US$500,000,000 issuance under the Programme.
As part of the update of the Programme, the existing Wakala structure of the programme had to be overviewed again in light of recent amendments to the UAE’s laws. That is why HSBC and Clifford Chance spent a considerable amount of time developing an innovative structure, which utilised Mudaraba and Wakala arrangements, which sought to address the new laws in a manner that complied with the Shari’a requirements of HSBC whilst at the same time being marketable to Islamic investors globally.

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