AMJ’s Islamic Finance team advised on two of the winning deals in the IFN Awards Deals of the Year 2017 ceremony held at the Ritz Carlton in Dubai on March 11.

The annual IFN Awards, now in the 12th edition, recognise excellence and innovation in the global Islamic Finance industry.

The Oman Deal of the Year was awarded to Oman Government for its US$2 billion 144A Sovereign Sukuk and the Ijarah Deal of the Year was awarded to Mazoon Electricity Company for its US$500 million 144A/Reg S Sukuk.

The winning deals were selected from a total of 425 nominations from across the world.

AMJ advised the Government of Oman and the issuer, Oman Sovereign Sukuk Company, on the Omani law aspects of the Oman Deal of the Year, the Sultanate’s maiden international public sukuk issuance in June 2017. The issuance was the debut issuance under the Sultanate’s first-ever trust certificates issuance program on which AMJ also advised. The deal is further noteworthy for being the second-largest US dollar Sukuk issued out of the GCC since July 2012.

On the Ijarah Deal of the Year awarded to Mazoon Electricity Company, AMJ acted as Oman Counsel for the joint lead managers and issuers. The US$500 million Reg S/144A Sukuk was the first international corporate sukuk issue out of Oman, and the first Reg S/144A corporate sukuk out of the MENA region since May 2016. The deal is also the first-ever Sukuk from the regulated electricity distribution sector which required detailed discussions with the regulator on structuring the transaction in order to comply with the restrictions of the Oman’s Sector Law.

The corporate deal also demonstrated the efficacy of Oman’s Sukuk law, which uses an SPV in lieu of a trust. The concept and structure were not deterrents to global and US investors who respectively took up 30% and 13% of the deal.The fact that both the award-winning deals were well-received by investors which should instil confidence in Omani institutions and corporates for the success of future transactions in the global market.

The IFN Deal of the Year 2017 awards, which were for the first time hosted as a part of IFN’s World Leaders Summit, assembled CEOs and decision-makers from Islamic financial institutions, top business leaders, policymakers, legal experts, economists and thought leaders from key Shariah finance markets around the world.

Mansoor Malik led AMJ’s team supported by senior Islamic Finance associate Asad Qayyum. AMJ was previously awarded the IFN’s global Sovereign Deal of the Year award for its advisory role on Oman’s OMR250million inaugural sovereign sukuk issuance in 2015.

AMJ partnered the Islamic Finance News in staging a successful third Oman Forum at the Grand Millennium, Muscat on March 13. The day-long annual event attracted a record number of industry players, regulators and legal experts gathered to deliberate the future of Islamic retail banking, capital markets and takaful in Oman. In his keynote address to an audience of more than 200 bankers, issuers and other key stakeholders from across the Middle East, Europe and Asia, new Central Bank of Oman chief, Tahir Salim Al Amri, noted that while Islamic banking in Oman accounted for OMR 3.03bn (12.9 per cent) of total banking assets at the end of 2017, the impressive growth trajectory of the segment shows signs of tapering. He urged Islamic banks and windows to focus on innovation and the introduction of new sharia-compliant financial products and services that are not clones of conventional banking offerings. This recurrent theme had been highlighted by AMJ’s managing partner, Mansoor Jamal Malik  in the 2017 Forum when he called for alternative investment products to maintain growth and create a vibrant and sustainable market.

During the course of the day, a high-level line-up of speakers participated in a series of panel discussions, case studies and presentations, on the opportunities and challenges in the Islamic market for both capital-raising and investment. Senior associate, Asad Qayyum , participated in a panel session of experts discussing the sharia-compliant project finance structures and future of Oman’s Islamic capital markets.

AMJ won the inaugural ‘Oman Law Firm of the Year 2017’ award at The Oath Middle East Awards ceremony hosted by Niche Publishers at Jumeirah Beach Hotel in November 2017. The Firm also received an honourable mention in the small regional firm category.

Over 300 legal professionals from the region attended the Oath Award. The event debuted in 2015 to celebrate law firms, general counsel and in-house teams who are ‘revolutionising the region with their outstanding contribution’. The judging panel includes prominent regional counsel and the Awards process is independently audited by Grant Thornton.

AMJ’s founder and managing partner, Mansoor Jamal Malik commenting on the Award said, “We are delighted to be the first recipients of The Oath’s Oman Law Firm of the Year Award and to have been shortlisted in the small regional law firm of the year category. Recognition by the top legal counsel and industry leaders in the GCC region is a stellar achievement for an Omani firm. It underscores the partnership’s unwavering commitment to raising standards of legal advice and service to the business community in Oman and beyond.”

The previous month, AMJ had won the ‘Oman Law Firm of the Year’ for the seventh year in a row at the International Financial Law Review (IFLR) 2017 Middle East Awards, as well as the IFLR’s ‘Domestic Deal of the Year’ award for its work on a merger between the International Petroleum Investment Company and Mubadala Development Company.

For more information, contact Bernadette Bhacker-Millard

AMJ won two prestigious legal awards at the International Financial Law Review (IFLR) Middle East Awards at Dubai’s Burj Al Arab on October 18. AMJ won both the ‘Oman Law Firm of the Year’ for the seventh year in a row, and the ‘Domestic Deal of the Year’ award for its work on a merger between the International Petroleum Investment Company and Mubadala Development Company.

The annual IFLR Awards, now in its 12th year, brings together leading global and regional corporate law firms to celebrate the most outstanding legal deals that have taken place in the region in the preceding 12 months. The Awards recognise the best law firms in each jurisdiction based on performance in business law, finance, capital markets and M & A. Winners are selected based on innovation and the complexity of deals completed.

In addition to these two awards, AMJ was shortlisted alongside the GCC’s top, global law firms for advising the Government of Oman on its US$ 2 billion international sukuk issuance, and on the landmark merger between Falcon Insurance/Arabia Insurance merger earlier this year.

AMJ’s founder and managing partner, Mansoor Jamal Malik commenting on the awards said, “We are delighted with our success at the IFLR awards. In an increasingly competitive market for legal services, these independent research-based awards are an important benchmark of performance. They also highlight the resilience of the Omani government and business community in adopting bold and creative approaches to structuring deals in order to deliver key projects despite the tough market conditions of the past few years.”

For more information, contact Bernadette Bhacker-Millard

For the seventh year running, AMJ has retained its top ranking in Chambers Global, a leading international guide to lawyers and law firms around the world. Chambers Global conducts independent research into the legal markets of 190 countries, identifying the leading lawyers and law firms through interviews with thousands of lawyers and their clients. The Firm won the select Band 1 ranking for its corporate law practice, and Band 2 for litigation in Chambers 2017 edition released mid-March.

Additionally, four AMJ partners and special counsel retained the ‘leading lawyer’ ranking they have held for successive years. Chambers singles out managing partner, Mansoor Malik as sole star individual in the jurisdiction for the seventh year in succession. Malik is ranked for both his dispute resolution and corporate practices. Chambers describes him as “widely respected due to his masterful practice in finance, energy and projects matters.” “His practice in Islamic finance also earns great respect in the local market.” Commentators highlight that: “He is extremely knowledgeable in terms of the general legal landscape and he is able to provide holistic views thanks to his general experience and great network.”

Marcus Pery, banking and finance partner, retained his Band 2 ranking with clients commenting: “He’s switched on, knowledgeable, experienced and accessible,” and: “He’s been a key partner to our business.” Two lawyers also improved their individual rankings; Ardeshir Patel, corporate and capital markets partner moved up to Band 2. Clients describe him as ” very knowledgeable, technically solid and very easy to work with. He is truly solution-oriented.” Graham Mouat, special counsel in the commercial department, rose to Band 3.

Earlier this year, AMJ again achieved top-tier ranking for financial and corporate work in the IFLR1000, another leading global directories for financial and corporate law firms. The IFLR named Malik, Patel, Pery and Mouat as leading lawyers for their track record of innovative work on landmark transactions in the preceding twelve months.

For more information, contact Bernadette Bhacker-Millard

AMJ was named ‘Oman Law Firm of the Year’ at the International Financial Law Review (IFLR) 2016 Middle East Awards held at Dubai’s Burj Al Arab on October 19. The event gathered the region’s leading lawyers to celebrate stand-out deals over the previous 12 months. As well as the country award, AMJ was shortlisted with the GCC’s top law firms for work on a number of Oman’s landmark deals including the US$6.4 billion Liwa Plastics project financing and the Oman government’s US$680 million debut sukuk.

The annual IFLR Awards recognise the best law firms in each jurisdiction based on high level performance in business law, finance and the capital markets and mergers and acquisitions. Winners are selected based on innovation and the complexity of deals completed. This is the sixth consecutive year that AMJ has won the title and the ninth time in the 11-year history of the awards

Receiving the award on behalf of the Firm, managing partner, Mansoor Malik said, “We are delighted with this prestigious award from the industry-leading IFLR following an exceptionally challenging year for Oman and the region. Thirty years of experience in Oman has enabled the Firm to play a strategic role as adviser to both government and private sectors over the past 12 months. A bold and creative approach to structuring deals and close collaboration with clients has ensured successful delivery of key projects despite the tough market conditions.”

For more information, contact Bernadette Bhacker-Millard

AMJ has retained top spot in the Legal 500 2016 global directory rankings for Oman released in mid-April. The firm achieved top-tier ratings in all 6 practice areas under review, viz: banking and finance, corporate and M&A, dispute resolution, projects and energy, shipping and real estate and construction. Mansoor Malik and Marcus Pery are named as ‘elite’ lawyers by the Legal 500 and an additional 14 AMJ lawyers are listed as ‘recommended’.

This follows AMJ’s Band 1 ranking for its Corporate Commercial practice in the prestigious Chambers Global Guide 2016 published in mid-March. This is the sixth consecutive year, that the firm has achieved top rating in Chambers, and similarly the sixth consecutive year that managing partner, Mansoor Malik has garnered the exclusive accolade of ‘star individual’ in Oman’s legal world. Three additional AMJ lawyers were rated as leading lawyers; Marcus Kemal Pery, partner and banking specialist who frequently advises on high-value domestic and cross-border transactions; Ardeshir Patel partner and capital markets/M & A specialist and Graham Mouat real estate and projects lead. AMJ’s Dispute Resolution practice also retained its Band 2 for the sixth consecutive year.

Earlier this year, AMJ again achieved top-tier ranking for financial and corporate work in the the IFLR1000, one of the top global directories for financial and corporate law firms and lawyers. The IFLR named three AMJ lawyers, Mansoor Malik, Ardeshir Patel and Marcus Pery, as leading lawyers for their track record of innovative work.

For more information, contact Bernadette Bhacker-Millard

AMJ has won an international award for its advisory role on Oman’s OMR250million inaugural sovereign sukuk issuance.

The firm received the prestigious global Sovereign Deal of the Year 2015 award from the industry leading Islamic Finance News (IFN) at its annual Deals of the Year Awards ceremony in Dubai on February 28.

The Awards recognise those who have participated in the industry’s most groundbreaking transactions each year. The sovereign issuance also won an honourable mention in the top global ijarah and sukuk categories.

Commenting on the award, managing partner, Mansoor Jamal Malik said, “We are delighted that Oman’s first-ever sovereign sukuk issuance has been recognised as the standout sovereign deal of the year in the global Islamic finance space. We are pleased to have contributed to a successful debut offering which is expected not only to boost Oman’s emergent Islamic finance industry but also to strengthen the capital markets and to support the government’s economic diversification drive.”

Although the last of GCC states to embrace Islamic finance, Oman has over the last three years built a strong Shariah compliant banking and finance industry. Today the sector comprises two fully-fledged Islamic banks and six Shariah compliant banking windows, as well as two takaful operators and a several Shariah compliant investment funds. Islamic banking assets accounted for 7.4% of the total banking sector at the end of 2015 and are forecast to reach 10-12% within the next two years.

Malik led AMJ’s team which included corporate and capital markets partner, Ardeshir Patel, and senior associate, Asad Qayyum.

For more information, contact Bernadette Bhacker-Millard

AMJ has maintained its top-tier ranking for financial and corporate work in the latest IFLR1000 Guide released last month. Three AMJ lawyers, Mansoor Malik, Ardeshir Patel and Marcus Pery, are also singled out, uniquely in the jurisdiction, as leading lawyers for a clear track record of innovative work.

One of the top global directories for financial and corporate law firms and lawyers, the IFLR1000 describes AMJ as ‘Oman’s leading commercial firm by some way’ and as being ‘a rarity in the Middle East, where international firms tend to dominate the top tiers of rankings, an independent domestic firm widely considered the strongest advisor in its market. Banking, all types of finance and capital markets are areas where the firm is widely considered the best choice for advice in Oman.’

According to the IFLR, clients are consistently impressed by the quality of legal and practical advice and level of the service AMJ lawyers provide. “Their professionalism, technical abilities and overall customer service were excellent and rank alongside the best I have received from ‘magic circle’ firms,” explains one who has instructed the team on a range of banking and finance work. “Their advice was always clear and logical and they have a commercial problem solving ability which is the hallmark of a true advisor.” Another, who instructed the firm on a project finance agreement, says: “A solid performance – difficult to see a better firm in Oman.”

As well as analysing client and peer feedback, the IFLR also ranks firms and lawyers based on innovation in their financial and corporate deals. AMJ’s recent deal highlights include Mansoor Jamal Malik advising Oman Oil, the lead developer on the Musandam IPP, and representing the lenders providing $164 million in financing for the Sur IWP expansion project. In banking, Marcus Perry represented First Gulf Bank in refinancing a facility agreement of around $314 million for Al Qahtani Investments, and assisted Bank Muscat in negotiating a $215 million financing for MB Petroleum and its group companies.

The team was also involved in several large debt capital markets issues. One headline deal saw Mansoor Malik representing the joint lead managers HSBC, National Bank of Abu Dhabi, Credit Agricole Corporate Investment Bank and Standard Chartered Bank on the establishment of a $600 million EMTN programme for the National Bank of Oman. Ardeshir Patel advised include Oman’s first-ever, cross-border dual currency bond issuance, the public merger of ONICH and Ominvest and the acquisition of a brokerage division of Bank Muscat.

For more information, contact Bernadette Bhacker-Millard

Al Busaidy Mansoor Jamal & Co, has been recognised as the ‘Oman law firm of the year’ for the fifth year running by the International Finance Law Review (IFLR), the leading market guide for financial and corporate law firms worldwide. The annual IFLR Middle East Awards ceremony held in Dubai’s iconic Burj Al Arab on October 28, brought together 160 participants from leading law firms in the region to celebrate the most innovative and complex deals, teams and firms over the past 12 months.

The national title is awarded to the firm which has demonstrated the highest level of performance in finance and capital markets and M & A in each GCC country. This is the eighth time that AMJ has won the title in the ten-year history of the Awards.

The Firm was also shortlisted in 4 other categories, for its work on the US$1 billion bond issue by Oman Electricity Transmission Company, the US$164 million project financing of the Sur IWP expansion and a high-value, cross-border share acquisition as well as for project finance team of the year.

Speaking on behalf of the five-partner practice, founder and managing partner, Mansoor Jamal Malik said, “This prestigious award recognises the firm’s work on the most complex and innovative transactions in Oman over the past year. As the choice of winner is based on clients’ feedback and peer review as well as on the complexity of transactions, the award is an invaluable benchmark of our performance. The four other awards for which the Firm was shortlisted demonstrate to the sophistication and calibre of projects that the Omani government is committed to carrying out in strategic sectors under its Vision 2020 development master plan.”

Senior Partner, Dr Said Hilall Al Busaidy added, “Everyone at the firm is proud that IFLR has recognised the stellar effort of the team and their dedication to serving the business and legal needs of our clients. It proves that the Firm in on the right track in investing in the recruitment of skilled young lawyers from leading international centres, as well as developing young Omani lawyers to serve the country’s future needs for professional legal services.”

For more information, contact Bernadette Bhacker-Millard

The International Finance Law Review (IFLR) has shortlisted AMJ for its work on 3 of the region’s landmark deals of the past 12 months in the categories of debt and equity financing, project financing and mergers and acquisitions.

Deals were the debut US$1 billion bond issue by Oman Electricity Transmission Company on which AMJ acted as co-counsel to the lead managers, the US$164 million project financing of the Sur IWP expansion on which AMJ advised the lenders and a major acquisition of shares in a leading Omani company by a subsidiary of one of the largest food companies in the world where AMJ acted for the vendors.

In addition to deals of the year, AMJ’s project finance team is shortlisted for ‘team of the year’ for its work on complex restructuring of finance packages in Oman’s strategic power and water sector. The awards will be announced at the IFLR annual awards ceremony at the iconic Burj Al Arab in Dubai on October 28.

AMJ has consolidated its leading position in Oman’s market for legal services with a record number of top rankings and recommendations in the Legal 500 EMEA 2015 edition. Released in April, this independent annual guide to law firms in Europe, Middle East and Africa ranks AMJ as a top-tier firm in all five areas of legal practice reviewed, making it the only law firm in Oman to achieve top-tier status across the board in banking and finance, corporate and M&A, dispute resolution, projects and energy and shipping.

Two of the firm’s partners make the Legal 500’s list of elite ‘leading lawyers’ and five lawyers are recommended in the editorial commentary. Managing partner, Mansoor Malik, described by the guide as ‘a prominent figure in the Oman legal market’ is named as a leading lawyer for both his projects and energy and corporate and M&A practices, a unique achievement in the jurisdiction. He is also recommended for banking and finance. Senior partner, Dr Said Al Busaidy, referred to as ‘one of the greatest legal figures in Oman’, is recommended for dispute resolution. Partner Marcus Pery is a leading lawyer for banking and finance and recommended for corporate and M&A. Partner Ardeshir Patel wins two recommendations, one for corporate and M&A and the other for banking and finance and Special Counsel, Graham Mouat, is recommended for shipping.

Managing partner Mansoor Malik remarked “We are delighted with these very strong Legal 500 results. It is an outstanding achievement and reflects hard work and dedication of the whole firm.” He added, “The Legal 500 rankings are especially rewarding as they focus on client feedback and a rigorous benchmarking process. They vindicate our philosophy of putting clients first and of continually striving to maintain the quality of our service and improve our processes.”

The Legal 500 is a leading global directory which uses a mix of independent research, client feedback and peer recognition to evaluate the performance of legal service providers around the world.

Al Busaidy Mansoor Jamal & Co – Legal 500 rankings: Oman, 2015

Tier 1 in Banking and Finance
Tier 1 in Corporate and M&A
Tier 1 in Dispute Resolution
Tier 1 in Projects and Energy
Tier 1 in Shipping

Leading lawyer: Mansoor Malik for Corporate and M & A
Leading lawyer: Mansoor Malik for Projects and Energy
Leading lawyer: Marcus Pery for Banking and Finance
Recommended: Dr Said Al Busaidy for Dispute Resolution
Recommended: Mansoor Jamal for Banking and Finance
Recommended: Marcus Pery for Corporate and M & A
Recommended: Ardeshir Patel for Corporate and M & A
Recommended: Ardeshir Patel for Banking and Finance
Recommended: Graham Mouat for Shipping

AMJ won two prestigious, international awards at the ninth annual IFLR Middle East Awards ceremony in Dubai on 15 October. The firm scooped the ‘Equity Team of the year’ award in the face of strong competition from UAE-based legal powerhouses, Clifford Chance, Linklaters, and Latham and Watkins. The Firm was also shortlisted in the Deal of the Year category for its landmark equity and project finance deals over the 12 month period, including Sembcorp Salalah Power and Water Company IPO, Al Batinah and Al Sawadi power company IPOs, and Sohar Refinery expansion project. In addition the Firm was named, for the seventh time in the history of the awards, as ‘Oman Law Firm of the Year’. This accolade rewards the best track record of a law firm in Oman providing local-law advice on the most innovative cross-border deals during 2013-2014.

AMJ’s founder and managing partner, Mansoor Jamal Malik commenting on the awards said, “We are delighted with our success at the IFLR awards. These independent research-based awards are based on clients’ recommendations as well as the complexity and level of legal innovation of the deals. In an increasingly competitive market for legal services, they are an important benchmark of performance as well as showcasing the ambitious and exciting programme of infrastructure and privatisation projects underway as part of the Omani government’s current eighth 5-year development plan. As an Omani law firm we are particularly proud to contribute to the success of these ground-breaking deals that underpin the Sultanate’s continued economic expansion and diversification drive”.

Al Madina Investment recently organised an event to celebrate the issue of the first sukuk in Oman. At the event which was attended by Sheikh Abdullah Salim Al Salmi, the executive president of the Capital Market Authority, AMJ received an award for its role advising Al Madina on the Oman law aspects of this ‘first of its kind’ deal.

Al Madina acted as the principal advisor, joint lead arranger and joint lead manager for the 50 million rial ($130 million) sukuk issue by Omani real estate developer, Tilal Development Company. The proceeds of the sukuk issue will be used to finance the expansion of Tilal’s flagship mixed-use development comprising residential and retail units as well as the Muscat Grand Mall shopping complex.

The sukuk issue is seen as an important landmark in the development of the nascent Islamic finance industry in Oman and one which paves the way both for further corporate sukuk issues as well as a soveriegn sukuk mooted for 2014.

AMJ received the accolade of Oman Law Firm of the Year Award 2013 for its market-leading banking and finance and corporate and capital markets practices from the International Financial Law Review at the annual IFLR’s Middle East and North Africa award ceremony in Dubai on October 8.

This is the sixth time in eight years that AMJ has won this award which recognises high-level performance in business law, finance, capital markets and mergers and acquisitions in each country. In addition to the country award, the firm was nominated alongside the leading, global law firms in the GCC in the ‘Deals of the Year’ category for several of its landmark equity and M & A deals in Oman during the previous 12 months.

Founder and managing partner Mansoor Jamal Malik said, “We are delighted to receive this prestigious award from IFLR and gratified that an Omani law firm is competing in the same arena as some of the leading international and regional firms in the GCC. The IFLR bases its choice of winner on clients’ recommendations, complexity of transactions and level of legal innovation shown by the firm over the past year. As such, it is a testament to the talent and dedication of our team and our commitment to providing timely, quality and cost-effective legal support to the business community and to placing our clients’ strategic objectives at the heart of our work.”

Senior partner Dr Said Hilall al Busaidy added, “This award endorses our policy of recruiting bright young lawyers from leading centres of commerce and finance around the globe, investing in and nurturing the largest contingent of Omani lawyers of any law firm in the country. We see this as the best way of developing a robust, legal profession in the country.”