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CMS acts in £20m fundraising by the Islamic Bank of Britain

Date: 18/08/2010

Jason Zemmel

The Islamic Bank of Britain, the AIM-listed, Sharia-compliant bank, has raised £20 million before expenses through a placing of new shares.

CMS Cameron McKenna LLP acted for existing client Qatar International Islamic Bank, a founding shareholder of the Islamic Bank of Britain and the sole placee under the placing. Qatar International Islamic Bank is listed on the Qatar Exchange and in 2009 reported assets in excess of £3 billion and annual profits of £95 million.

The CMS Cameron McKenna team was led by corporate partner Jason Zemmel, who was assisted by Stephen Hodgkins and Simone Girson. Ash Saluja, a partner in our financial services team, and James Besley provided regulatory advice.

Jason Zemmel commented: “I am delighted that we were able to advise our client on this investment, which provides further evidence of our expertise in corporate finance transactions. This deal was not without its complexities, but it was made possible due to the coordination and in-depth industry knowledge of our team, the team at QNB and the in-house team at Qatar International Islamic Bank”.

QNB Capital LLC acted as sole financial advisor to Qatar International Islamic Bank.
Eversheds acted for the Islamic Bank of Britain.

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Nicola Stokes
+44 (0)207 367 3495
nicola.stokes@cms-cmck.com

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