Founded in Paris in 1920, Gide is a leading international law firm with 12 offices spread throughout the world.
Gide is physically present in six regions of the world, with 11 offices, enabling it to act on cases globally.
9 October 2018
Deals | Morocco | Banking & Finance | Islamic Finance
Gide's London and Casablanca offices have acted as legal counsel to the Kingdom of Morocco's Ministry of Economy and Finance on its inaugural sovereign Sukuk issuance.
The Kingdom of Morocco will issue Sukuk certificates for an amount of 1 billion Moroccan dirhams, with the purpose of notably enabling participating banks to finance their operations through debt and refinancing. The Sukuk certificates were approved by the National Sharia Board (Conseil Supérieur des Oulémas) as regards respecting the precepts of Islam. The Ijara Sukuk certificates will have a maturity of five years.
This issuance is a new step in the implementation of participative finance in Morocco, and will enable resident investors (including the participating banks) to invest their excess cash or carry out investments.
The operation was arranged by Maghreb Titrisation.
Gide also advised the Kingdom of Morocco's Ministry of Economy and Finance on the prudential treatment of sovereign Sukuk certificates, which will be the same as that applied to treasury bonds issued by the Kingdom of Morocco.
Gide's team comprised partner Wacef Bentaibi with associate Benjamin Jothy on real estate and public law aspects, and partner Dimitrios Logizidis with associate Jérémie Bismuth on financial aspects. Gide was also assisted by IFAAS on the Sharia aspects of the operation.
