EuroABS is delighted to announce it will be working with Al Rayan Bank to enable them to meet their Bank of England compliance requirements for the first ever Sharia compliant transaction, Tolkien Sukuk No.1 plc (closing date 22 February 2018).
EuroABS continues to support high quality issuers in the securitisation market. Darren Nesbitt, Chief Operating Officer of EuroABS, said “We are pleased that first time issuers in the UK are coming to EuroABS to support them through the important transparency requirements. Al Rayan Bank have made an important move in bringing the first public Sukuk transaction to the securitisation market and it has been well received by investors. Investors have made it clear that high quality reporting is important to them. EuroABS can ensure that issuers meet these expectations”.
Amir Firdaus, Treasurer at Al Rayan Bank said “As a first time issuer, we found EuroABS was very helpful in our application for Bank of England eligibility, quick in responding to our queries, and also understood well the unique asset class and Sharia compliant structure that we had used”.