Deutsche Bank has won Islamic Finance news “Best Islamic Trustee/Custodian 2011” Award. In addition, Deutsche Bank received the awards for "Project Finance Deal of the Year 2011" and "Saudi Arabia Deal of the Year 2011" recognizing Deutsche Securities Saudi Arabia’s successful execution of Saudi Aramco Total Refining and Petrochemical Company (SATORP) Sukuk Certificates.
The awarded SATORP Sukuk was the first public project Sukuk in the Kingdom of Saudi Arabia and in the region with an innovative Shariah structure of a combination of Istisna and Ijara with Musharaka contractual overlay interposed between the two.
“We are honored to have received these awards from Islamic Finance news, as this reaffirms our dedication and focus to servicing the needs of the growing Islamic Finance market. Our expansion in Asia and MENA has fuelled impressive growth in Sukuk transactions and through our trust and custody businesses we are committed to delivering world-class solutions to our clients”, said F. Jim Della Sala, Managing Director and Global Head of Trust and Agency Services Deutsche Bank.
This is the second consecutive year that Islamic Finance news has recognized Deutsche Bank's excellence in providing Islamic Trustee and Custody Services in their annual Global Banking Awards.
"We are very pleased to receive these awards which underline our strong commitment to Islamic Finance. The awards demonstrate our ability to adapt all types of investment products and strategies to the Shari’a compliant world. The Deal of the Year Award reflects Deutsche Securities' dedication to the Kingdom of Saudi Arabia along with its capabilities to structure complex Islamic Finance transactions", said Ashok Aram, CEO Deutsche Bank MENA.