Rizwan H Kanji

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Rizwan Kanji

DUBAI
T: +971 4 377 9905
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Rizwan H. Kanji is a partner with King & Spalding specialising in debt capital markets and securitisations both conventional and Islamic including Islamic finance structures.

Mr Kanji has been active in the Middle East for over seven years and frequently advises a variety of global investment banks, sovereign states and multinational regional corporates. Chambers 2011, recognises Mr. Kanji as a leading name in debt work both conventional and Islamic who “consistently exceeds expectations”. Chambers 2012 recognises Mr. Kanji to be a “leading figure advising on Shari’ah-compliant instruments”.

Mr. Kanji is recognised as one of the leading advisers across the Middle East on debt capital markets by Chambers Global 2013 which states “Rizwan Kanji leads King & Spalding LLP in capital markets matters in the region, and is recognised for his strength advising clients on Shari'ah-compliant debt products. He is a frequent fixture on prominent sukuk transactions”. Chambers Global continues with “Rizwan Kanji of King & Spalding LLP draws praise for his work on debt capital markets transactions, turning his hand to both conventional and Shari'ah-compliant structures”. In 2014, Chambers states “Rizwan Kanji leads the debt capital markets practice. He is praised for his technical skills in Shari'ah-compliant debt”. Clients say: “He was flexible, open-minded and structured the documentation well”. Chambers Global 2014 also states “Debt capital markets partner Rizwan Kanji of King & Spalding LLP has great expertise advising on a variety of both traditional bond work and Shari'ah-compliant sukuk”. Chambers Global 2015 describes Rizwan Kanji as “highly esteemed for his experience on debt issuances, with particular mastery of Shari'a-compliant structures” and praises him for his “good breadth of practice in sukuk and debt capital markets matters.”

Representative Experience

  • Islamic Development Bank on the issuance of  US$1.5 billion Trust Certificates which was triple listed on the London Stock Exchange, Nasdaq-Dubai and Bursa Malaysia. The dealers were Boubyan Bank, CIMB, Emirates NBD PJSC, Gulf International Bank, J.P. Morgan, Natixis and Standard Chartered Bank.

  • Islamic Development Bank on the issuance of Euro300 million Trust Certificates listed on the London Stock Exchange and was placed with the Central Bank of Algeria.

  • Kuveyt Türk Katilim Bankasi A.S on its debut Subordinated Tier 2, Basel III compliant US$350 Resettable Subordinated Trust Certificates due 2026 listed on the Irish Stock Exchnage. The joint lead managers were Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank, Emirates NBD Capital Limited, HSBC Bank plc, KAMCO Investment Company, KFH Capital, Noor Bank and QInvest.

  • Islamic Development Bank on the establishment of its US$25 billion Trust Certificate Program which was triple listed on the London Stock Exchange, Nasdaq-Dubai and Bursa Malaysia. The dealers were CIMB, HSBC, National  Bank  of  Abu  Dhabi, Natixis  and Standard  Chartered  Bank. To date, this is the largest sukuk programme established in the world.

  • EmiratesNBD Capital Limited, Al Hilal Bank PJSC and Saudi Hollandi Bank as joint lead managers in relation to U.S.$50 million privately placed sukuk issued by Al Bayan Holding Group issued through a Cayman incorporated special purpose vehicle.

  • Societe Generale S.A in its capacities as Mandated Lead Arranger and Security Agent in relation to US$120 million secured Shari’ah-compliant financing to Fajr Capital.  The syndicate participants included Ajman Bank,  Commercial Bank International, Islamic Corporation for the Development of the Private Sector and Qatar First Bank.

  • Emirates NBD Bank PJSC as the sole lead manager in Damac Real Estate Development’s issuance of US$100 million privately placed Trust Certificates due 2017.

  • Societe Generale S.A.  as sole arranger in a US$190 million five- year sharia'ah compliant credit receivable synthetic securitisation by Fawaz Abdulaziz AL Hokair & Co the largest retail mall operator in the Kingdom of Saudi Arabia.  The transaction is the first such transaction where credit card receivables generated at various point of sale terminals in various retail outlets in the Kingdom of Saudi Arabia were securitised in a Shari’ah compliant structure. This deal has been awarded the “the Structured Finance deal of the year 2014” at the Islamic Finance News Awards 2014.

  • Al Hilal bank PJSC, Emirates NBD, Mashreqbank psc and Noor Bank PJSC as joint lead managers in relation to U.S.$120 million privately placed sukuk due 2019.  The deal was awarded “the Commodity Murabaha Deal of the Year 2014” at the Islamic Finance News Awards 2014.

  • Taajeer Company for Machinery, Real Estate and Vehicle trading on the establishment of a SAR500 million Shari'ah-compliant programme in respect of the securitisation of Shari'ah-compliant car loan and equipment financing receivables. The sole arranger was NCB Capital Limited.

  • Kuveyt Türk Katilim Bankasi A.S. on its U.S.$500 million Senior Unsecured Certificates  due 2019, listed on the Irish Stock Exchange.  The joint lead managers were Citigroup Global Markets, Emirates NBD, HSBC and Standard Chartered Bank.

  • Türkiye Finans Katilim Bankasi A.Ş. on its U.S.$500 million Senior Unsecured Certificates due 2019, listed on the Irish Stock Exchange.  The joint lead managers were HSBC, Emirates NBD, Citi Global Markets and QInvest.

  • Asya Katılım Bankası A.Ş. (Bank Asya), Turkey's largest participation bank, in relation to its debut issuance of U.S.$250 million Resettable Subordinated Certificates due 2023. This is the first Shari’ah-compliant Subordinated Tier 2 issuance out of Europe. The joint lead managers were Bank of America Merrill Lynch, Emirates NBD, HSBC and the National Bank of Abu Dhabi PJSC and the Certificates are listed on the Irish Stock Exchange.

  • UBS, Abu Dhabi Commercial Bank PJSC and Emirates NBD Capital Investment Limited as joint lead managers in respect of a U.S.$250 million Shari'ah­-compliant Irish stock exchange listed residential mortgage backed securitisation originated by a UAE incorporated home financing company.

  • Warba Bank KSC as mandated lead arranger for a KWD105 million privately placed exchangeable financing that allowed Shari’ah-compliant debt to be exchanged for shares of a third-party company listed on the Kuwait Stock Exchange.

  • BNY Mellon Corporate Trustee Services Limited as delegate on the establishment by Alef PCC of its Trust Certificate Issuance Programme and debut drawdown of US$400,000 in Fund Linked Trust Certificates under the programme. The sponsor and dealer was Société Générale.

  • Société Générale as sole manager for privately placed US$100 million Trust Certificates by a Bahrain-based Islamic bank. The Trust Certificates were issued through a Cayman Islands special purpose vehicle.

  • The Islamic Development Bank in relation to the issuance of U.S.$750 million Trust Certificates dual-listed on the London Stock Exchange and Bursa Malaysia issued pursuant to its U.S.$3.5 billion Trust Certificate Program. The joint lead arrangers were BNP Paribas, HSBC and Standard Chartered Bank.

  • Kuveyt Türk Katilim Bankasi A. Ş. in its issuance of U.S.$350 million Trust Certificates listed on the London Stock Exchange. This is the first asset-backed sukuk from Turkey and the first sukuk issued pursuant to the new Turkish legislation issued through a Turkish Special Purpose Vehicle, KT Sukuk Varlik Kiralama A.S. The joint lead arrangers were HSBC, Standard Chartered Bank, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank. This transaction was awarded the Turkey Deal of the Year at the Islamic Finance News Awards 2011.

  • Société Générale in its role as sole manager in relation to a privately placed U.S.$100 million Trust Certificates by a Bahrain based Islamic Bank. The Trust Certificates were issued through a Cayman Islands Incorporated special purpose vehicle.

  • The Islamic Development Bank in relation to the establishment of its U.S.$3.5 billion Trust Certificate Programme dual listed on the London Stock Exchange and Bursa Malaysia and the subsequent issuance of U.S.$500 million Trust Certificates under the Programme.

  • U.S.$2 Billion EMTN Programme by Emaar Finance Limited - advised Emaar Properties PJSC, one of the world’s largest real estate developers in relation to its debut U.S.$2 billion EMTN Programme established by Emaar Finance Limited and unconditionally and irrevocably guaranteed by Emaar Properties PJSC. The Programme is listed on the London Stock Exchange.

  • Kuveyt Türk Katilim Banksai A. Ş.  on its debut issuance of  US$100 million Trust Certificates listed on the London Stock Exchange. This was the first sukuk from Turkey and the first by a European bank issued through a Cayman Islands special purpose vehicle. The joint lead managers were Citibank N.A. and Liquidity Management House. This transaction was awarded the Deal of the Year and Sukuk Deal of the Year at the Islamic Finance News Awards 2010.

  • U.S.$750 million Sukuk-al-Ijara CBB Sukuk Company (No.2) SPC - advised the Kingdom of Bahrain in relation to its U.S.$750 million sovereign Sukuk al-Ijara listed on the London Stock Exchange which was issued by CBB International Sukuk (No.2) SPC. This was the first sukuk to be listed in 2009 on the London Stock Exchange.

  • U.S.$2 Billion Trust Certificate Programme by Emaar Sukuk Limited - advised Emaar Properties PJSC, one of the world’s largest real estate developers, in relation to the establishments of its U.S.$2 billion trust certificate programme issued by Emaar Sukuk Limited. The trust certificate programme is listed on the London Stock Exchange.

  • U.S.$350 million Sukuk-al-Ijara CBB Sukuk Company SPC - advised the Kingdom of Bahrain in relation to its U.S.$350 million sovereign Sukuk al-Ijara listed on the London Stock Exchange which was issued by CBB International Sukuk SPC. This was the first sovereign sukuk to be listed on the London Stock Exchange and was awarded “Bahrain Deal of the Year - 2008”.

  • F&C Asset Management plc - advised F&C an asset management company in relation to its lower Tier II £250 Million Subordinated Bonds issue listed on the London Stock Exchange.

Publications

  • Co-Author “Islamic Capital Markets: Principles and Practices” published by ISRA and SEC Malaysia 2015.

  • “Turkish Delight,” Islamic Business & Finance Magazine. April 2013.

  • “Sukuk slump worsens in Gulf on pricing,” Gulf News. 20 August 2013.

  • “Global Review Debt Capital Markets,” IFN Annual Review. 2013.

  • “Securitisation in the Middle East,” Global Islamic Finance Report.

  • UAE and Kingdom of Saudi Arabia chapters, The International Comparative Legal Guide to Securitisation. 2013.

  • UAE and Kingdom of Saudi Arabia chapters, The International Comparative Legal Guide to Securitisation. 2012.

Speaking Engagements

  • Financing Projects in New Oil Era – Dubai 23 March 2016. Panelist: Accessing Capital Markets for Project Funding Bonds.

  • East African Islamic Finance Summit – Nairobi 17 February 2016. Speaking session. Sukuk and opportunity for East African corporates.

  • Islamic Financial News Issuers Forum: Dubai, 13 September 2015: Moderator: Raising Capital: State of the Market from an Issuers Perspective

  • Law Justice and Development Week   -The World Bank, Washington DC 13 – 16 November 2015: Speaking session: Islamic Finance and Development: Innovative instruments for Development Finance.

  • Islamic Financial News Roadshow: Riyadh, 17 November 2014: Panelist: Sukuk, Infrastructure and Project Finance In the GCC

  • Ernst & Young and Borsa Istanbul – Istanbul 29 April 2014: Speaking session: Sukuk with  all aspects in Turkey.

  • World Islamic Banking Conference: Bahrain, 3 December 2013: Speaking session: : Global Sukuk Market Developments & Potential for Market Standardization: Restructuring Sukuk – Lessons Learnt.

  • International Financial News Saudi Arabia Forum: Riyadh, 18-19 November 2013: Moderator panel: Sustaining Saudi Arabia’s Exceptional Growth in the Islamic Capital Market: Regulations, Product Innovation and Structuring.

  • International Financial News Roadshow: Turkey: Borsa, 3 September 2013: Speaking session: Sustaining Turkey's Exceptional Growth and Development in the Participation Finance Market.

  • Gulf African Bank Islamic Finance Conference: Mombasa, 2 July 2013: Risk factors pertaining to Islamic finance.

  • Islamic Financial News Issuers & Investors Europe Forum (Issuer Day): London, 28 May 2013: Moderator: Islamic Capital Markets and Sukuk: Recent Developments in European Markets.

  • International Financial Law Review – European Capital Markets Forum: London, 9 April 2013. Speaking session: Executing deals with success in emerging markets: Islamic Capital Markets.

  • Ernst & Young Islamic Finance Forum: Turkey, 16 January 2013. Update on the Sukuk markets in Turkey.

  • Thomson Reuters Middle East Investment Summit 2012: Abu Dhabi, 18 November 2012: Presentation: Sukuk Structures – Latest Developments and Challenges.

  • Islamic Financial News Roadshow: Riyadh, 12-14 November 2012: Moderator panel: Global Perspective on Sukuk Structures and Transactions – Latest Developments, Applications and Challenges.

  • UBS Africa Forum 2012 Connecting Africa, Zurich, Switzerland: 1-4 October 2012: Speaking session: Importance of Islamic Finance.

  • Sovereign Sukuk & Development in Egypt: 8 October 2012: Speaking session: Introduction to Sukuk.

  • Second Annual Middle East Islamic Finance & Investment Conference: Dubai, 18 April 2012: Speaking session 1: Assessing the Role of the Newly Launched Islamic Interbank Benchmark Rate in Developing the Islamic Finance Industry to the Next Level; Speaking session 2: Interactive Roundtable Discussion on Islamic Capital Markets: Tapping into the Next Growth Phase of Sukuk in the Middle East.

  • European Capital Markets Forum: London, 25-26 April 2012: Presentation: International Financial Review.

  • International Capital Market Association: Dubai, 25 January 2012: Taught a course on bond and sukuk documentation.

  • Islamic Financial News Roadshow. Borsa, 6 December 2012: Speaking session: Product Structure, Innovation and Development for Participation Finance in Turkey.

Awards & Recognition

  • Awarded – Kuwait Deal of the Year – 2015 – for  the National Industries Holding Group and International Sukuk Company’s syndicated commodity Murabaha and privately placed Sukuk Issuance

  • Awarded - Commodity Murabaha Deal of the Year - 2014 - for the sukuk issued by Drake & Scull International PJSC

  • Awarded - Structure Finance Deal of the Year - 2014 - for the securitization by Fawaz Abdulaziz Alhokair Co

  • Short listed - Debt Capital Markets Team of the Year - 2008 - by the IFLR Awards

  • Awarded - Bahrain Deal of the year - 2008 - for the Kingdom of Bahrain first sovereign Sukuk

  • Awarded - Sukuk Deal of the year - 2010 - for the KT Turkey Sukuk Limited Sukuk

  • Awarded - Deal of the year - 2010 - for the KT Turkey Sukuk Limited Sukuk

  • Awarded - Turkey Deal of the year - 2010 - for the KT Turkey Sukuk Limited Sukuk

  • Awarded - Most Innovative Deal - 2010 - for the KT Turkey Limited Sukuk

  • Awarded - Europe Deal of the year - 2011 - for the AK Bars Bank transaction

  • Awarded - Turkey Deal of the year - 2011 - for the KT Sukuk Varlik Kiralama A.S. Sukuk
EDUCATION
LL.M., Southampton University - UK
LL.B., University of Leicester

ADMISSIONS
England and Wales