Norton Rose Fulbright Advised Standard Chartered On First Hermes-Backed Islamic Financing In Bangladesh

Norton Rose Fulbright Advised Standard Chartered on First Hermes-Backed Islamic Financing in Bangladesh

Global law firm Norton Rose Fulbright has advised Standard Chartered Bank on an Islamic financing facility for Akij Food and Beverage Ltd., marking the first-ever Islamic facility in Bangladesh backed by German Export Credit Agency Euler Hermes Aktiengesellschaft (Hermes).

Standard Chartered Bank acted as the investment agent, mandated lead arranger, and security agent for the transaction, which will support the expansion of Akij Food and Beverage’s carbonated soft drinks line in the country.

The cross-border team at Norton Rose Fulbright provided legal counsel on the deal, with Partners Nick Merritt and Aditya Rebbapragada leading the team alongside Associates Andrea Lim and Su Xin Lim in Singapore.

Partner Bernhard Fiedler and Associate Julia Tschickardt advised from Germany, while Partner Nicholas Robinson and Counsel Seya Rahnema contributed from Dubai. Nick Merritt said:

“We were delighted to work on this transaction, which marks the first time Hermes has backed an Islamic facility in Bangladesh. It was a complex financing, with numerous international elements, and we worked closely with our client Standard Chartered Bank and other parties across multiple jurisdictions to successfully close the deal.”

“This is the second financing in Bangladesh that we have advised on and closed in recent weeks, following the financing of EPV Thakurgaon Ltd. by Infrastructure Development Company Limited and the OPEC Fund for International Development. Together, these indicate a strong endorsement by international financiers for the ongoing development of infrastructure in Bangladesh under the current interim government.”