Islamic Finance | White & Case LLP International Law Firm, Global Law Practice
Islamic Finance
Islamic Finance

Islamic Finance


Our Islamic finance lawyers have extensive experience in structuring, documenting and negotiating complex transactions and developing innovative Shari’ah-compliant techniques, including in relation to Murabaha, Ijara, Wakala, Istisna, Salam, Mudaraba, Musharaka and other structures including Sukuk issues. Our knowledge and insight enable clients to successfully navigate the complexities surrounding these structures. We have built excellent relationships with the leading Islamic banks and Shari'ah scholars.

Clients benefit from our significant on-the-ground presence in the Middle East through our offices in the UAE (Abu Dhabi and Dubai) and Doha. These offices are supported by our global teams, allowing us to complete Islamic finance transactions around the world. Our Islamic finance capabilities span capital markets, banking, project finance, asset finance, restructuring and investment funds.

Our regional Islamic finance team has worked on some of the largest and most high-profile Islamic finance transactions in the Middle East and elsewhere in the world, including advising on many of the "firsts" in Islamic finance:

  • the largest US$ Sukuk offering by a sovereign issuer to date in Asia (Republic of Indonesia)
  • the first international Shari'ah compliant financing for a Russian financial institution (AK BARS Bank)–US$60 million Murabaha facility
  • the largest US$ denominated Sukuk offering to date (State of Qatar)
  • the largest project finance Sukuk offering to date and the first greenfield project Sukuk (Sadara Basic Services Company)
  • the first US$ denominated Sukuk issued by a Japanese corporate (Nomura Holdings Inc.)
  • the first Islamic public-private partnership (PPP) financing in Saudi Arabia (Hajj Terminal)–US$205 million Ijara/Istisna facility
  • the first Sukuk in the Middle East qualifying as bank capital for regulatory purposes (Saudi Hollandi Bank)
  • the first Rule 144A offering by a Saudi Arabian corporate issuer and the first high yield Sukuk offering by a GCC issuer (Dar Al-Arkan Real Estate Development Company)
  • the first long-term Islamic project financing (Qatargas II)–US$530 million Istisna facility
  • the largest Islamic project financing (at the time) in Saudi Arabia (Petro-Rabigh Phase 1)–US$600 million Ijara facility


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MENA Legal Adviser of the Year
IJ Global 2016

Best Law Firm
emeafinance Middle East Banking Awards 2016

Hybrid Deal of the Year (Al Safi Danone Company Ltd)
Islamic Finance News 2015

Saudi Arabia Deal of the Year (Saudi Aramco revolving credit facilities)
Islamic Finance News 2015

Best Law Firm in Energy and Natural Resources
Islamic Finance News 2015

Best Law Firm in Structured Finance
Islamic Finance News 2015

Project Finance Team of the Year
Islamic Finance News 2014

Sadara Chemical Project

Project Finance Deal of the Year
IFLR Middle East Awards 2013

Global Finance Deal of the Year, Project Finance, Middle East
The American Lawyer 2013

Project Finance & Infrastructure Deal of the Year and Saudi Arabia Deal of the Year
Islamic Finance News 2014

Middle East Petrochemical Deal of the Year
Project Finance International 2014

Best Sovereign Deal of the Year
Republic of Indonesia Sukuk
Finance Asia Achievement Awards 2014

Syndicated Deal of the Year
Gulf Marine Middle East FZE
Islamic Finance News 2014

Middle Eastern Mining Deal of the Year
Emirates Steel Industries Refinancing
IJGlobal, Middle East 2015


Investment Corporation of Dubai
Representation of Investment Corporation of Dubai in connection with the US$1 billion issuance of trust certificates by ICD Sukuk Company Limited under its US$2.5 billion trust certificate issuance programme. The trust certificates, which were issued in a single tranche maturing in 2027, were offered pursuant to Regulation S and are listed on the Nasdaq Dubai and on the Irish Stock Exchange, and have a profit rate of five percent per annum.

EQUATE Petrochemical Company K.S.C.C. and the Kuwait Olefins Company K.S.C.C.
Representation of EQUATE Petrochemical Company K.S.C.C. and the Kuwait Olefins Company K.S.C.C. on the establishment of EQUATE Sukuk SPC Limited 's US$2 billion Trust Certificate Issuance Programme in December 2016 and the Regulation S offering of US$500 million trust certificates under this Programme. This issuance was the largest-ever corporate Sukuk issued out of Kuwait.

EQUATE Petrochemical Company K.S.C.C. and the Kuwait Olefins Company K.S.C.C.
Representation of EQUATE Petrochemical Company K.S.C.C. and the Kuwait Olefins Company K.S.C.C. on the establishment of EQUATE Petrochemical B.V.'s US$4 billion GMTN Programme in October 2016 and the Rule 144A/Regulation S offering of US$2.25 billion notes in aggregate under this Programme.  This transaction marked the first ever Rule 144A issuance wholly guaranteed by Kuwaiti entities, the largest ever international Eurobond issuance wholly guaranteed by Kuwaiti entities and the largest corporate Eurobond offering from the GCC region since June 2014.

Saudi Aramco
Representation of Saudi Aramco on its landmark US$10 billion revolving credit facilities. The facilities are divided into two US dollar conventional tranches (in an aggregate value of US$7 billion) and two Saudi Riyal murabaha tranches (in an aggregate value of US$3 billion). The Sharia compliant murabaha facilities represent the largest ever Saudi Riyal financing of its kind. This deal was recently recognised as "Saudi Arabia Deal of the Year" by Islamic Finance News (2015).

Representation of YASREF and its shareholders, Saudi Arabian Oil Company and China Petrochemical Corporation on its US$4.7 billion syndicated loan facilities. The new loans partially refinance shareholder funds used for the construction of YASREF’s grassroots full conversion oil refinery located in Yanbu Industrial City, Saudi Arabia. The financing combined a US$3.1 billion conventional facility and a US$1.6 billion Sharia compliant murabaha facility.

Republic of Indonesia, 2014
Representation of the Republic of Indonesia in connection with the Rule 144A/Regulation S offering of US$1.5 billion Sukuk al-Ijara due 2019, under its US$5 billion Sukuk program. The Sukuk were listed on the Singapore Stock Exchange. This was the largest-ever Sukuk issuance by an issuer in Asia and was recently recognized as "Best Sovereign" at the Finance Asia Achievement Awards 2014.

State of Qatar Sukuk, 2012
Representation of the State of Qatar (SoQ) on the US$4 billion two-part bond issuance by SoQ Sukuk A Q.S.C. This deal has been recognized as "Deal of the Year 2012" by ASIAN-MENA COUNSEL; "Qatar Deal of the Year 2012" by Islamic Finance News; and "Deal of the Year 2012" by EMEA Finance's Achievement Awards.

Sadara Chemical Project, 2013
Representation of Saudi Aramco in connection with all project development and project financing aspects of the US$20 billion Sadara Chemical Project, a joint venture with The Dow Chemical Company. The transaction is the largest-ever project financing in the chemicals sector and raised US$12.5 billion from multiple financing sources. We also represented Sadara Basic Services Company on the issuance of US$2 billion in sukuk for the project, the largest-ever offering of sukuk in a project finance context.

EMAL Phase II, 2014
Representation of commercial banks in connection with the financing for Phase II of the EMAL project, including conventional and Islamic tranches totalling US$3.4 billion, as well as four ECAs (US Export-Import Bank, Hermes, Coface and the Export-Import Bank of Korea (K-EXIM)) with respect to direct and export credit agency (ECA)-supported tranches totalling US$600 million. This project was recognized as "Middle East Industrial Deal of the Year" at the Project Finance International Awards (2014). We also previously advised the commercial lenders in connection with the initial US$4.7 billion financing of Phase I of the same project.

Zakher Marine International, 2014
Representation of Abu Dhabi Islamic Bank (ADIB), as sole bookrunner and initial mandated lead arranger, and a group of other lenders on a US$420 million Islamic financing provided to Zakher Marine International Inc. The facility arranged by ADIB will fund Zakher Marine's new shipbuilding program that includes 15 vessels and three self-elevating accommodation barges. Zakher Marine provides services to the offshore oil and gas industries and to offshore marine construction companies, and currently operates more than 35 offshore support vessels.

Gulf Marine Middle East FZE, 2013
Representation of the arrangers in connection with the US$410 million Islamic Ijara facilities to support the growth and expansion program being implemented by Gulf Marine Services Group in preparation for Group's IPO on the London Stock Exchange during the first half of 2014. This deal was the first Islamic-financed syndicated leveraged recapitalization in the UAE, and was awarded "Syndicated Deal of the Year" by Islamic Finance News 2014.

Emirates Steel Industries Refinancing, 2014
Representation of the lenders on the US$1.3 billion refinancing of the Emirates Steel Industries (ESI) project in Abu Dhabi, United Arab Emirates. The financing was provided by a group of 19 international, regional and UAE commercial banks, split into conventional and Islamic facilities. It was principally applied to refinance the existing US$1.1 billion project financing provided to ESI in 2010 in relation to the expansion financing of its steel production facility in Abu Dhabi. The transaction also allowed Senaat, the UAE's largest industrial conglomerate and Emirates Steel's parent company, to consolidate its steel assets under Emirates Steel. This deal was recognized as "2014 Middle Eastern Mining Deal of the Year" by IJGlobal: Middle East 2015.