The Bank of New York Mellon has been appointed by Tamweel PJSC, the largest real estate finance provider in the United Arab Emirates, to provide multiple corporate trust services for a $300million 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.
“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,” says Feras Kalthoum, head of investments, Tamweel.
“Our work for Tamweel highlights the important role our company plays in supporting Islamic transactions and other complex structured finance deals globally. 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,” adds Samir Pandiri, managing director and head of the International division for The Bank of New York Mellon’s corporate trust business.
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.