Al Tamimi & Company's Jordan and Kuwait offices served as lead counsel in the closing of an 85 million JOD Sukuk Al Ijara Mountahia Bittamlik. The transaction, led by Khaled Saqqaf, partner and head of the Jordan and Iraq offices, and Alex Saleh, partner and head of the Kuwait office, marks the first ever issuance of an Islamic Sukuk in Jordan. 

The transaction, which closed on the 1st of March, 2011, took place after the Jordanian Cabinet of Ministers approved a number of tax exemptions for the issuance of Islamic bonds for Al Rajhi Cement / Jordan PSC, a Shari'a compliant company, in October 2010. Al Tamimi & Company was mandated as lead counsel to Capital Investments - the investment arm of Capital Bank, and who acted as Lead Managers of the transaction. Our involvement included structuring, drafting, reviewing and implementing all transaction documentation, in addition to advising on law aspects and security options relevant to the transaction.