Norton Rose Fulbright advises Standard Chartered on first Hermes-backed Islamic financing in Bangladesh

Global law firm Norton Rose Fulbright has advised Standard Chartered Bank on an Islamic financing to Akij Food And Beverage Ltd. (Akij Food And Beverage), the first Islamic facility to be backed by German Export Credit Agency Euler Hermes Aktiengesellschaft (Hermes) in Bangladesh.

Standard Chartered Bank was the investment agent, mandated lead arranger and security agent for the transaction, which will support the expansion of Akij Food And Beverage’s carbonated soft drinks line in the country. 

The cross-border Norton Rose Fulbright team advising on the deal was led by partners Nick Merritt and Aditya Rebbapragada, as well as associates Andrea Lim and Su Xin Lim, in Singapore; partner Bernhard Fiedler and associate Julia Tschickardt in Germany; and partner Nicholas Robinson and counsel Seya Rahnema in Dubai.

Nick Merritt said:

“We were delighted to work on this transaction, which marks the first time Hermes has backed an Islamic facility in Bangladesh. It was a complex financing, with numerous international elements, and we worked closely with our client Standard Chartered Bank and other parties across multiple jurisdictions to successfully close the deal."

“This is the second financing in Bangladesh that we have advised on and closed in recent weeks, following the financing of EPV Thakurgaon Ltd. by Infrastructure Development Company Limited and the OPEC Fund for International Development. Together, these indicate a strong endorsement by international financiers for the ongoing development of infrastructure in Bangladesh under the current interim government.”

Norton Rose Fulbright’s global Islamic finance lawyers have long-standing experience in delivering pioneering legal advice on Islamic finance transactions for Islamic financial institutions, banks and corporates. The firm’s lawyers advise across a range of Shariah-compliant structures, including market-leading experience in Sukuk transactions, Murabaha, Istisna’a, Ijara and Musharakah financings and Takaful deals.