King & Spalding's Measure: The Middle East Quarterly Bulletin - Summer 2013

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In This Issue:

- Europe’s First Subordinated Tier 2 Sukuk: Asya Sukuk Company Limited

- Amendments to the SCA Regulations in the UAE

- Regulation Key to Dubai Real Estate Strength

- Gulf Property Investors Target US Real Estate

- Saudi Pharmaceutical Market: Prospects and Challenges

- Excerpt from Europe’s First Subordinated Tier 2 Sukuk: Asya Sukuk Company Limited:

Around the end of the year 2012, Abu Dhabi Islamic Bank’s US$1 billion Tier 1 hybrid perpetual sukuk was overwhelmingly welcomed by the market.

This was recently followed by a similar US$1 billion Tier 1 hybrid perpetual sukuk issuance by Dubai Islamic Bank indicating that Islamic financial institutions are now accessing the securities market as a source of capital raising in order to maintain their capital ratios.

On 28 March 2013, Asya Katilim Bankasi A.S. (Bank Asya) issued the first Tier 2 subordinated sukuk out of Europe and the Middle East, further illustrating the expanding use by Islamic financial institutions of sukuk to manage capital ratios. This pioneering issuance came with its challenges, particularly from a Turkish regulatory and laws perspective.

Please see full newsletter below for more information.

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