Practice Areas - Debt Capital Markets Law Firms and Lawyers
| Deal Date: | 22-04-2016 | Practice Area: | Debt Capital Markets |
| Deal Title: | University Bank Issuance of Basel-III Compliant Sukuk Notes | Industry: | Banks |
| Description: |
Linklaters LLP advised University Bank on its sukuk issuance in the United States.
The US dollar-denominated Shariah compliant perpetual sukuk issuance was intended to be recognised as Basel III-compliant, Additional Tier 1 capital by U.S. regulators, and was believed to be the first sukuk to be included within the Additional Tier 1 capital resources of a bank in the United States. The sukuk was limited to an annual profit rate of 5.75% and had no maturity date.
University Bank (a subsidiary of University Bancorp Inc.) is a community bank headquartered in Ann Arbor, Michigan which specialises in Islamic banking and mortgage subservicing for the credit union industry.
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| Financial Center: | Dubai | Value: | 0.00-0.00 |
| Advised Party: | Issuer | Law Firm | Linklaters |
| Issuer Jurisdiction | United States | Listing Jurisdiction | United States |
| Classification: |
Islamic Finance Islamic Finance Bonds and Sukuk |
Lawyer | Jonathan Fried |
