1. Islamic Finance News : Islamic Deals of the Year 2009 Awards (March 2010)

The Islamic Deals of the Year (DOTY) Awards is a survey held annually by the industry’s leading poll, the Islamic Finance News (IFN). The survey is feted as being a comprehensive and unbiased guide to both the Islamic transactions (which are regarded as the best within the Islamic finance industry) and the leaders (who are viewed as the best in their respective fields within the Islamic finance space), as voted by the public.

From the 18 categories at stake in the poll, in addition to the individual country awards, Albar & Partners clinched 5 prestigious awards at the IFN DOTY awards held at the Mandarin Oriental Hotel in the capital city of Kuala Lumpur, for our role as legal counsel in the following deals, which won as “Islamic Deals of Year 2009”:-

• “2009 Malaysia Islamic Deal of the Year”: PAAB RM20 billion Musharakah & Ijarah Program:
Out of various leading contenders, IFN felt that this mega deal – Pengurusan Aset Air Berhad’s RM20 billion Sukuk issuance – edged ahead of the pack as this important financing supported the proposed consolidation and modernization of the national water industry in Malaysia using a unique combination of Ijarah and Musharakah to facilitate the different acquisition elements.

• “2009 Project Finance Deal of the Year ”: PAAB RM20 billion Musharakah & Ijarah Program : The PAAB RM20 billion (US$5.92 billion) Sukuk issuance again stood out as a winner amongst the many worthy competitors in this crowded field. The mega deal allowed PAAB to finance the acquisition of water assets, rights, liabilities and land from various state operators in Malaysia. The transaction combined Ijarah and Musharakah principles, whereby the Ijarah was applied to existing assets, while the Musharakah was applied to future acquisitions and prospective construction.

• “2009 Infrastructure Deal of the Year ”: PAAB RM20 billion Musharakah & Ijarah Program: IFN also voted the PAAB RM20 billion (US$5.92 billion) Sukuk issuance as the winner in this category of Islamic Infrastructure transactions.

• “2009 Musharakah Deal of the Year ”: Sunway Plantinum Success Musharakah Financing: According to IFN, they received submissions for Musharakah from all over the world, but the right sized, Maybank Islamic Bank’s RM132 million (US$23milion) Musharakah Mutanaqisah term financing for Sunway Plantinum Success was deemed the winner. The property financing assisted the obligor in refinancing conventional debt at the Monash University’s Malaysian Campus. Widely applied for property, this declining balance partnership represented an excellent example of the concept at work as a replacement to traditional debt.

• “2009 M&A Deal of the Year”: MMC Corporation’s acquisition of Senai Airport Terminal Services and Aliran Ihsan Resources: IFN said that the clear leader in the Islamic mergers and acquisitions financial space for 2009 went to this deal. The Senai Airport Terminal Services (SATS) Acquisition was viewed as benefitting the MMC Group as it allowed it to leverage on SATS (which operates in the State of Johor) and to capitalize on the growth potential of Iskandar Malaysia.

2. Islamic Finance Asia (Feb/ March 2010 issue) : Islamic Groundbreaker Deal of the Year 2009

In the February/ March 2010 issue of Islamic Finance Asia, the publication selected the Top 10 deals across Asia as “The Top 10 Groundbreakers”. Albar & Partners played a lead role as legal counsel for the Arranger & Financier in the Sunway Platinum Success Musharakah deal, one of the Top 10 Groundbreakers of 2009.

This deal caught the attention of Islamic Finance Asia as a Groundbreaker due to its innovation in home financing, which was translated into a bigger scale. Proceeds from the RM132 million (US$38.56 million) deal were used to refinance the issuer’s existing term loans taken up to part-finance the construction of Monash University’s Malaysian campus. The deal utilized the Musharakah Mutanaqisah structure (which is typically used for individual home financing). It broke the traditional boundaries of a typical Musharakah Mutanaqisah partnership as it did not utilize cash on the issuer’s side for the refinancing, instead playing on the issuer’s ownership of the existing property. The deal’s closure was also subject to stringent timelines in order to enable the issuer to complete its repayment of existing term loans by the due date.

3. IFN Leading Lawyers Survey 2010

Albar & Partners is pleased to announce that our Senior Partner Ms. Lily Tan Chea Li has been voted by global senior Islamic Finance practitioners in the industry (including issuers, investors, non-legal financial intermediaries & regulators) as one of the world’s pre-eminent Islamic Finance lawyers for two (2) consecutive years by the Islamic Finance News (IFN) Leading Lawyers survey 2010 & 2009.

Lily was first recognized as an IFN Leading Lawyer in the practice area of ‘Islamic Project Finance’ in 2009. In 2010, Lily was voted as an IFN Leading Lawyer in the practice area of ‘Islamic Banking & Finance’.

4. Asialaw’s Leading Lawyers Survey 2010

Albar & Partners is pleased to announce that Managing Partner, Syed Zaid Albar, has been nominated by in-house counsel and peers as one of the region's pre-eminent Islamic Finance lawyers in the 2010 Asialaw’s Leading Lawyers survey.

Additionally, we are proud to state that our Senior Partner Mr. Chung Swee Loong has been nominated as one of the region's pre-eminent Banking lawyers in the same Asialaw’s Leading Lawyers survey for 3 successive years. Swee Loong was first recognized as an Asialaw Leading Lawyer in the practice area of Banking in 2008. He was re-nominated again in 2009. Hence, this year’s 2010 nomination is his hat-trick.

5. IFLR 2010: Expert Guide to the World’s Leading Experts in Islamic Finance

Within the Islamic Finance space, Managing Partner Syed Zaid Albar together with Senior Banking & Finance/ Capital Markets Partner (Chung Swee Loong) were recognized as two (2) of the world’s experts in the practice area of Islamic Finance by IFLR in the IFLR 2010: Expert Guide to the World’s Leading Experts in Islamic Finance.

6. Corporate INTL 2010 Global Awards: Capital Markets Law Firm of the Year in Malaysia

The Corporate INTL awards celebrate excellence across the globe. The 2010 Global Awards commemorates those who have been active over the past 12 months and who have shown excellence not only in expertise but in service and during a difficult global economic downturn. The firms shortlisted have been researched by the publication’s own independent team looking at the service range, the firm’s business and where it operates and the support offered to clients.

Albar & Partners is pleased to announce that as recognition of the tremendous capital markets work completed by us in 2010, we have been selected by the Corporate INTL 2010 Global Awards as the winning “Capital Markets Law Firm of the Year 2010 in Malaysia”.

7. Corporate Intl 2010 Legal Awards: “Banking & Finance Law Firm of the Year in Malaysia” award

Held on an annual basis, the Corporate Intl Legal Awards invites nominations from law firms world-wide to submit information on deals advised which fall under one of the carefully selected sectors. The nomination forms are then assessed by their researchers, and a shortlist of 5 firms per sector compiled for each country award, before a judging panel comprising 8 experts from the world of business consider the suitability of each potential candidate.
After a hectic work year for our Banking & Finance practice group in 2010, Albar & Partners is pleased to highlight that we have been selected as Corporate Intl’s winner as the “Banking & Finance Law Firm of the Year 2010 in Malaysia”.

8. The Asia Pacific Legal 500: Guide to Asia’s Commercial Law Firms (2010/2011 Edition): “APL 500”

Two of our partners were identified again for another successive year by the APL 500 as Leading Individuals in its 2010/2011 Edition. Managing Partner, Syed Zaid Albar was named as a Leading Individual in the practice area of Banking & Finance, while Senior Partner for Litigation, Datuk N. Chandran was named as a Leading Individual in Dispute Resolution.

In term of rankings, Albar & Partners maintained its previous year’s Tier 1 ranking in the practice areas of Banking & Finance, Islamic Finance and Project & Energy and Shipping. For the practice area of Corporate and Mergers & Acquisitions and Capital Markets, Albar & Partners was ranked in Tier 3, while Dispute Resolutions drew Tier 4 rankings.

(i) Extract of review under “Banking & Finance”

Albar & Partners has unrivalled connections to institutional lenders, thanks in part to the profile of name partner Syed Zaid Albar, and this continues to sustain its pre-eminent practice. The firm’s practice currently centres on acquisition, real estate and infrastructure finance, involving both conventional and Islamic loans, as well as debt capital markets work. Clients praised the firm for being ‘commercial’, having a ‘tremendous work ethic’, being ‘very experienced’, and providing ‘value for money’. Our Senior Partner (Banking & Finance / Capital Markets), Chung Swee Loong was singled out for his ‘deep understanding of lenders and borrowers’ needs’.

(ii) Extract of review under “ Capital markets”

According to the APL 500, Albar & Partners has a fine record in the bond market, including conventional and Islamic deals. The firm’s connections to major domestic and foreign banks ensure that it is constantly in the frame for cornerstone deals. Clients include Standard Chartered, HSBC, CIMB and Maybank. Led by Lily Tan Chea Li, the firm represented CIMB Investment Bank Berhad on Pengurusan Aset Air Berhad’s RM20bn Ijarah and Musyarakah programme.

(iii) Extract of review under “Corporate & M&A”

While noting that the firm was a “banking & finance titan”, the APL 500 felt that Albar & Partners also made considerable headway in the corporate arena, thanks in part to its banking relationships; which include CIMB and Maybank. Senior Partner Lily Tan Chea Li heads the department.

(iv) Extract of review under “Dispute resolution”

Noted frequently for its adeptness in banking and financial services litigation, Albar & Partners confirmed its capabilities in 2010 by appearing in the landmark Pengurusan Danaharta Nasional case in the Malaysian Court of Appeal. Senior Partners, N Chandran and V Vijakumar, were the lead partners in that case.

(v) Extract of review under “Islamic Finance”

Based on its research the APL 500 remarked that Albar & Partners also benefits from connections to Malaysia’s most influential banks operating in the Islamic space. Team members are equally capable on conventional and Islamic deals, with Chung Swee Loong and Syed Zaid Albar to the fore.

(vi) Extract of review under “Projects & Energy”

According to the APL 500, Albar & Partners has a formidable presence in project finance. Its connections to leading Malaysian banks ensure its presence on many significant deals. Lead partners Syed Zaid Albar, Lily Tan Chea Li and Angeline Lee Sze Yeen have excellent reputations.

(vii) Extract of review under “Shipping”

The APL 500 reviewed that Albar & Partners had an exemplary record in ship finance, most notably in relation to offshore oil and gas. Much of its work was Islamic, and for major banking clients such as AmBank (M) Berhad, Bank Muamalat Malaysia Berhad, and Kuwait Finance House (Malaysia) Berhad. Syed Zaid Albar and Chung Swee Loong are recommended.

9. IFLR1000: The Guide to the World’s Leading Financial Law Firms (2011 Edition)

Three of our partners, namely Ms. Lily Tan Chea Li, Mr. Chung Swee Loong and Ms. Angeline Lee Sze Yeen, were ranked by the IFLR 1000 in this edition as leading lawyers in their respective practice areas of Corporate/M&A, Banking & Finance and Capital Markets.

(i) Extract of review under “Banking & Project Finance”

Albar & Partners retained its Tier 1 ranking in the Banking & Project Finance practice area, with IFLR1000 reporting that in-house counsel sources recommended Albar & Partners because "… they have been found to be very realistic in the course of negotiations of the terms and conditions of various financing facilities, very committed to ensure that the required deadlines for completion and drawdown are met, very reasonable for fees charged for the quality of work, and very sincere in their intentions to assist in providing any legal advice to the company".

As one of the premier and full-service banking firms in Malaysia, Albar & Partners is reaping the rewards from its top-class standing, providing clients with traditional and Islamic facilities as necessitated by the revival of project financing. Albar & Partners' impressive deal sheet best exemplifies the firm's standing within the industry. Under the leadership of corporate heavyweight Lily Tan and banking specialist Chung Swee Loong, with support from leading practitioner Angeline Lee, Albar & Partners was involved in a string of notable syndicated financings in 2010.

Clients were quoted that they used Albar & Partners because, amongst others, "… Senior Partner Chung Swee Loong understands [the client’s] legal standing and they add value in structuring loan offers which saves on the total expenditure on the loan…He often demonstrates his ability to bridge lender and borrower requirements due to his vast experience in executing corporate loans."

(ii) Extract of review under “Capital Markets”

Albar & Partners also retained its Tier 1 ranking in the capital markets practice area, with IFLR1000 highlighting client feedback that we were “… strong in both legal technical knowledge and the ability to offer commercially viable solutions for complex deals."

One of the forerunners in shariah-compliant finance, Albar & Partners is well-positioned in the race to establish a leading Islamic law-centered capital markets practice as Malaysia establishes itself as a hub for Islamic finance. With some of the best Islamic finance minds in the country, including practitioners Lily Tan and Angeline Lee, the team at Albar & Partners consistently pushed the boundaries of innovation in this area.

"Lily Tan is well versed in Malaysian laws and able to provide a practical approach in problem solving," says one director of a financial institution. "[Her team] has a good understanding of our requirements and dedicates resources at our disposal."

Among the firm's highlighted transactions is one of the most critically-acclaimed deals this year, the ijarah and musyarakah (joint venture) programme for Pengurusan Aset Air's (PAA) acquisition of water assets. Albar & Partners advised CIMB Investment Bank as the sole advisor and arranger to the RM20 billion ($6.34 billion) Islamic MTN and commercial papers issuance for PAA's program. The deal consisted of a unique mixture of ijarah and musyarakah principles, the former for funding of assets already acquired and the latter for funding future acquisitions and construction.

Not only was the deal acknowledged as "the country's biggest corporate Islamic fund-raising", additional complexity laid in balancing the host of interests of various stakeholders, including the Government of Malaysia, Suruhanjaya Perkhidmatan Air Negara (industry regulator), state water operators as well as their respective financiers and bondholders.

(iii) Extract of review under “Mergers & Acquisitions”

In the Corporate/ M&A practice area, Albar & Partners pulled in a Tier 3 ranking, with IFLR1000 noting that corporate heavyweight Lily Tan had secured and acted in several key transactions involving large domestic enterprises over the past year.

10. Asialaw Profiles: The Guide to Asia Pacific’s Leading Law Firms (2010 edition)

Once again, Albar & Partners was ranked as a Tier 1 Banking & Finance firm by Asialaw Profiles: The Guide to Asia Pacific’s Leading Law firms in its 2010 edition.

Asialaw Profiles noted that as one of the product pioneers in Islamic finance, particularly in relation to shariah – compliant project finance, Albar & Partners features some of the best practitioners in the country. The firm boasts leading capital markets specialist Angeline Lee, banking expert Chung Swee Loong, and client – favourite Lily Tan.
According to a financial client, “Tan and Chung are well-versed in Malaysian laws and able to provide practical solutions in legal matters.”

In a landmark 2009 transaction, Albar & Partners advised CIMB Investment Bank as sole adviser and arranger to the complex RM20 billion (US$6.34 billion) Islamic medium term note (MTN) and commercial papers issuance for Pengurusan Aset Air’s acquisition of water assets in the country’s biggest corporate Islamic fundraising. “They are strong in both legal technical knowledge and the ability to offer commercially viable solutions for complex deals that we are involved in,” recalls an investment banking client. Sources were quoted that they would recommend Albar & Partners to other Malaysian corporations because “…. their advisory services are good and professional.”

11. Chambers Asia (2010-2011 edition)

Albar & Partners retained its Band 1 rankings in the 2011 edition of Chambers Asia for the practice areas of Banking & Finance, Capital Markets and Islamic Finance in Malaysia, while we achieved a Band 2 ranking for Islamic Finance (Asia-wide region), Band 3 ranking for Corporate/ M&A and Band 4 for Dispute Resolution respectively.

Three (3) of our partners were listed as Key Individuals, with Senior Partner (Mr. Chung Swee Loong) ranked in Band 1 for the practice areas of Banking & Finance and Islamic Finance, while Senior Partner (Ms. Lily Tan Chea Li) was ranked as a Band 2 Banking & Finance practitioner and Band 3 Corporate/ M&A practitioner respectively. Banking Partner (Ms. Angeline Lee) was ranked by the researchers of Chambers Asia as an “Up & Coming” practitioner, who was deemed as a ‘rising star’.

(i) Extract of review under “Banking & Finance”

Chambers Asia noted that Albar & Partners’ banking and finance practice was the largest of its groups, and comprised a team of experts who focused on corporate banking, Islamic banking, capital markets and structured finance and project finance. The team's top-tier reputation in the sector could be attributed to its continued involvement in high-profile transactions, which included the provision of legal counsel to CIMB in its capacity as sole lead arranger in Pengurusan Aset Air's MYR20 billion issuance of Islamic MTN and commercial papers.

They quoted sources as saying: "This is a very strong, committed team which has a very fast turnaround time." "The team of lawyers provided us with practical solutions."

Senior Partner (Mr. Chung Swee Loong) was considered by many clients interviewed by Chambers researchers as an “expert banking lawyer” who brought "practicality and sound advice to clients," and was thus well respected for his “experience in Islamic law”. Senior partner (Ms. Lily Tan Chea Li) was lauded for her "technical expertise, commercial perspective and strong understanding of the business environment," while Banking Partner (Ms. Angeline Lee Sze Yeen) garnered praise from clients: "She is very well versed in financings and is skilled in bonds work and project finance transactions."

(ii) Extract of review under “Islamic Finance”

Chambers Asia commented that Albar & Partners was renowned for its in-depth Islamic finance knowledge and was at the forefront of many innovative Shari’a-compliant structuring transactions. Sources quoted said: “The firm is our first choice. Their lawyers can work within very tight deadlines and are skilled in negotiations."

(iii) Extract of review under “Mergers & Acquisitions”

Chambers Asia highlighted that Albar & Partners also impressed on corporate transactions. Senior Partner (Ms. Lily Tan Chea Li) was noted for her wide-ranging expertise, which spanned capital markets, structured and project finance and corporate M&A.

(iv) Extract of review under “Dispute Resolution”

Chambers Asia remarked that Albar & Partners’ Litigation practice team was best known for its handling of retail banking cases and commercial litigation. In the past year, the team had enjoyed several significant wins, led by Senior Partner (Datuk N. Chandran).