Press Release

White & Case Advises AK Bars Bank on US$100 Million Sharia-Compliant Financing

Global law firm White & Case LLP has advised AK Bars Bank of the Republic of Tatarstan in Russia on its US$100 million syndicated Islamic financing.

The financing, which will be used to fund Sharia-compliant assets and investment projects in the Republic of Tatarstan, has been provided by a syndicate of 11 international banks. Citi, Commerzbank Aktiengesellschaft and Emirates NBD Capital Limited acted as mandated lead arrangers and bookrunners of the facility.

"ABB is becoming a regular borrower in the international Islamic finance market and it is good to see that banks like Commerzbank and Citi are now back in the market arranging these types of financings. It is also good to see interest in the Russian market from leading GCC based banks like Emirates NBD," said White & Case partner Shibeer Ahmed. "The financing was very well received and raises further awareness in the Middle East and GCC region about the Islamic finance opportunities in the Russian market."

This is the bank's second Sharia compliant financing following its debut US$60 million Murabaha facility, closed in 2011 and on which White & Case also advised.

The White & Case team was led by Abu Dhabi-based partner Shibeer Ahmed supported by Moscow-based partner Natalia Nikitina, and associates Chris Horte (London) and Alexander Novak (Moscow).

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