Advises on capital markets and securities issuances, structured finance, securitisations, financial restructuring and special situations, Shari’ah-compliant fund formations and other transactional matters.
Widely recognised as a leading lawyer within the realm of debt capital markets, Islamic finance, structured finance, financial restructurings and other special situations.
Has developed a reputation for advising on “first of its kind” transactions.
Represents clients in the Middle East, Africa, Asia, Europe, North America, Latin America and emerging markets worldwide.

Rizwan’s practice focuses on debt capital markets, finance and securitisations, including financial restructurings using both conventional and Islamic finance structures. Rizwan is among an elite group of lawyers in the region, and globally, advising on matters spanning capital markets, debt finance, financial restructurings and other special situations, on both a conventional and Shari’ah-compliant basis.

Widely considered one of the leading lawyers within capital markets, Islamic finance, structured finance and financial restructuring, Rizwan has earned a reputation for advising on “first of its kind” transactions. He advised on the world’s first sustainable regulatory capital environmental, social & governance (ESG) sukuk issuance, the first sukuk out of Turkey, the first regulatory capital bond issuance out of Jordan, the first syndicated Murabaha financing out of Russia, the first “Blue Bond” in the world and the establishment of the largest sukuk programme to date.

Highly sought-after for his technical skills, Rizwan assists clients on complex, multifaceted and multijurisdictional transactions. He advises on the full spectrum of Shari’ah-compliant matters, including acquisition finance, syndicated and bilateral financings, fund finance, asset finance, special situation private credit, project finance transactions, distressed debt and structured loans.

Rizwan offers clients bespoke solutions, innovative structures and a proactive solution-driven commercial approach. He often advises on matters with hybrid Islamic and conventional elements. Rizwan has led numerous landmark transactions, including new money transactions across product areas, regulatory capital debt issuances, ESG issuances and securitisations. Rizwan’s nuanced understanding of clients’ businesses and the legal environment in which clients operate enables him to successfully conduct bespoke transactions that meet business and legal objectives.

With a global practice, Rizwan assists clients in the Middle East, Africa, Asia, Europe, North America, Latin America and emerging markets worldwide. He advises investment banks, financial institutions, multilateral development banks, sovereign states, insurance companies and multinational regional corporations on high-profile transactions.

Rizwan is ranked as a Leading Lawyer by Chambers both in the UAE and the Middle East for Debt Capital Markets and Islamic Finance. Chambers Global recognizes Rizwan for having “undertaken substantial debt & equity transactions, including securitisations and [being] active in both conventional and Shari'a-compliant matters.” Rizwan is a noted for being a “well-respected capital markets lawyer involved in transactions across the Middle East” with a “considerable reputation for his activity in sukuk and Shari'a-compliant issuances.”

Representative Work

Debt Capital Markets and Securities

Advised Ziraat Katılım Bankası A.Ş. as obligor in connection with its debut international issuance of $500 million lease certificates due November 2026 issued by Ziraat Katilim’s wholly owned subsidiary Ziraat Katılım Varlık Kiralama A.Ş. This sukuk issuance was the first international issuance by a state-owned participation bank in Türkiye.
Advised EmiratesNBD Capital Limited as sole lead manager with respect to the issuance of privately placed US$400 million Trust Certificates issued by Alpha Star (iv) Limited for and on behalf of Damac Real Estate Development Co Limited.
Advised Capital Investments (DIFC) Ltd. and Capital Investments and Brokerage Company / Jordan Ltd. as the sole structuring agent and manager, respectively, in respect of Capital Bank of Jordan’s inaugural $100 million Reg S perpetual Basel III-compliant additional tier 1 capital securities offering. The issuance is the first-ever additional tier 1 capital securities offering out of Jordan. The capital securities have been admitted to trading on Nasdaq Dubai.
Advised Kuveyt Türk Katilim Bankasi A.S. (“Kuveyt Turk”), one of the leading Turkish participation banks majority-owned by Kuwait Finance House, on the landmark issuance of US$350 million of fixed-rate resettable sustainability Tier 2 certificates due 2031, listed on the Irish Stock Exchange plc (Euronext Dublin). This is the world’s first sustainable regulatory capital sukuk issuance.
Advised The Bank of New York Mellon, London Branch in connection with the issuance of 6.50 percent fixed-rate senior partially guaranteed by the World Bank, through the International Bank for Reconstruction and Development, notes due 2028, issued by the Republic of Seychelles. The issuance is the world’s first ever “Blue Bond,” the proceeds of which will be used to fund grants for fisheries management and as loans to encourage investment in sustainable fishing.

Advised Kuveyt Turk in the debut issuance of US$200 million perpetual Tier 1 Capital Certificates, listed on the regulated market of the Irish Stock Exchange plc trading (Euronext Dublin).
Represented Albilad Capital in relation to the establishment of the SAR500,000,000 sukuk issuance programme by Murabaha Marina Financing Company and the issuances of numerous series of sukuk thereunder.
Represented Albilad Capital in relation to the establishment of the SAR500,000,000 sukuk issuance programme by Maalem Financing Company and the issuances of numerous series of sukuk thereunder.
Represented Emaar Properties PJSC with respect to the establishment of its US$2 billion Euro Medium Term Note (EMTN) programme listed on the London Stock Exchange. The joint lead arrangers included HSBC Bank and Standard Chartered Bank.
Represented UBS, Abu Dhabi Commercial Bank PJSC and Emirates NBD Capital Investment Limited as joint lead managers in respect of a US$250 million Shari’ah-compliant Irish Stock Exchange-listed residential-mortgage-backed securitisation originated by a United Arab Emirates (UAE)-incorporated home financing company.
Represented Türkiye Finans Katilim Bankasi A.Ş. on its US$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.
Represented Kuveyt Turk 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.
Represented Emirates NBD and Maisarah Islamic Banking as joint lead managers in connection with a tender and exchange offer for OMR50 million trust certificates due 2018, listed on the Muscat Stock Exchange and issued on behalf of Tilal Development Company, a leading Omani real estate developer and mall operator (Tilal) (existing sukuk). The transaction also involved the issuance of US$137 million 6.50 percent trust certificates due 2023 on behalf of Tilal (new sukuk), listed on the unregulated market of Euronext Dublin. This transaction is the first exchange and tender offer out of Oman and was selected as “Deal of the Year – Oman” and received honourable mentions for “Deal of the Year” and “Restructuring Deal of the Year” by Islamic Finance News.
Counselled Emirates NBD, Rand Merchant Bank and MUFG Securities EMEA plc as joint lead managers on the debut US$150 million sukuk issuance by the Africa Finance Corporation, a multilateral development bank that finances infrastructure projects in its 14 member countries. This transaction is the first sukuk issuance by an African supranational entity and was the first dollar sukuk of 2017 globally.
Advised Kuveyt Turk on its debut Subordinated Tier 2, Basel III-compliant US$350 million Resettable Subordinated Trust Certificates due 2026 listed on the Irish Stock Exchange. 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.
Advised the Islamic Development Bank on the establishment of its US$25 billion Trust Certificate Programme, 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.
Ashmore Saudi Arabia in connection with the establishment of a SAR1 billion sukuk programme by the sovereign-owned Bidaya Home Finance, a leading home finance lender in Saudi Arabia.

Financial Restructuring

Advising the Ad-Hoc Committee of sukuk holders of US$400 million Trust Certificates issued by Emirates REIT, with respect a liability management exercise and restructuring of the Trust Certificates, listed on the Irish Stock Exchange plc (Euronext Dublin).
Advised Ad Hoc Group of Noteholders on US$7.1 billion Valaris plc financial restructuring.
Advised Pearl Plaza Holding Limited on a complex, multifaceted and multijurisdictional direct lending transaction, whereby our client granted a term loan facility to a global fashion house originating from the Middle East.

Structured Finance and Finance

Advised Emirates NBD Capital Limited, as Mandated Lead Arranger and Bookrunner, in connection with the senior unsecured, UAE Dirham denominated, AED 4.2 billion (equivalent to US$1.1 billion) Islamic finance transaction term and revolving facilities made available to Salik P.J.S.C. by Emirates NBD Bank (P.J.S.C.). The proceeds of the facilities shall be utilised by Salik to purchase rights under a concession agreement entered into with the Dubai Roads and Transport Authority and for its general corporate purposes.
Represented Warba Bank KSC as mandated lead arranger for a KWD105 million exchangeable financing that allowed Shari’ah-compliant debt to be exchanged for shares of a third-party company listed on the Kuwait Stock Exchange. This transaction was awarded “Kuwait Deal of the Year” by Islamic Finance News and is the first exchangeable financing out of Kuwait.
Advised Société Générale S.A. as sole arranger in a US$190 million, five-year Shari’ah-compliant credit-receivable synthetic securitisation by Fawaz Abdulaziz Al Hokair & Co., the largest retail mall operator in Saudi Arabia. This transaction was the first such transaction where credit card receivables generated at point-of-sale terminals in various real estate outlets in Saudi Arabia were securitised in a Shari’ah-compliant structure.
Acted for Société Générale S.A. as sole arranger in a US$150 million, five-year Shari’ah-compliant secured financing to Fajr Capital, one of the leading Shari’ah-compliant private equity firms in the Middle East.
Counselled Citi Global Markets Limited, Commerzbank, JP Morgan and Emirates NBD as mandated lead arrangers in relation to a senior unsecured US$100 million syndicated Murabaha financing to AK Bars Bank in Russia. This was the first syndicated Murabaha financing into Russia and was awarded “Europe Deal of the Year” by Islamic Finance News.
Advised a leading global real estate asset manager with respect to the establishment of a Shari’ah-compliant feeder fund to its established and performing real estate fund.

List may include matters worked on prior to joining Akin.

Advised Kuveyt Turk in the debut issuance of US$200 million perpetual Tier 1 Capital Certificates, listed on the regulated market of the Irish Stock Exchange plc trading (Euronext Dublin).
Represented Albilad Capital in relation to the establishment of the SAR500,000,000 sukuk issuance programme by Murabaha Marina Financing Company and the issuances of numerous series of sukuk thereunder.
Represented Albilad Capital in relation to the establishment of the SAR500,000,000 sukuk issuance programme by Maalem Financing Company and the issuances of numerous series of sukuk thereunder.
Represented Emaar Properties PJSC with respect to the establishment of its US$2 billion Euro Medium Term Note (EMTN) programme listed on the London Stock Exchange. The joint lead arrangers included HSBC Bank and Standard Chartered Bank.
Represented UBS, Abu Dhabi Commercial Bank PJSC and Emirates NBD Capital Investment Limited as joint lead managers in respect of a US$250 million Shari’ah-compliant Irish Stock Exchange-listed residential-mortgage-backed securitisation originated by a United Arab Emirates (UAE)-incorporated home financing company.
Represented Türkiye Finans Katilim Bankasi A.Ş. on its US$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.
Represented Kuveyt Turk 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.
Represented Emirates NBD and Maisarah Islamic Banking as joint lead managers in connection with a tender and exchange offer for OMR50 million trust certificates due 2018, listed on the Muscat Stock Exchange and issued on behalf of Tilal Development Company, a leading Omani real estate developer and mall operator (Tilal) (existing sukuk). The transaction also involved the issuance of US$137 million 6.50 percent trust certificates due 2023 on behalf of Tilal (new sukuk), listed on the unregulated market of Euronext Dublin. This transaction is the first exchange and tender offer out of Oman and was selected as “Deal of the Year – Oman” and received honourable mentions for “Deal of the Year” and “Restructuring Deal of the Year” by Islamic Finance News.
Counselled Emirates NBD, Rand Merchant Bank and MUFG Securities EMEA plc as joint lead managers on the debut US$150 million sukuk issuance by the Africa Finance Corporation, a multilateral development bank that finances infrastructure projects in its 14 member countries. This transaction is the first sukuk issuance by an African supranational entity and was the first dollar sukuk of 2017 globally.
Advised Kuveyt Turk on its debut Subordinated Tier 2, Basel III-compliant US$350 million Resettable Subordinated Trust Certificates due 2026 listed on the Irish Stock Exchange. 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.
Advised the Islamic Development Bank on the establishment of its US$25 billion Trust Certificate Programme, 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.
Ashmore Saudi Arabia in connection with the establishment of a SAR1 billion sukuk programme by the sovereign-owned Bidaya Home Finance, a leading home finance lender in Saudi Arabia.

Financial Restructuring

Advising the Ad-Hoc Committee of sukuk holders of US$400 million Trust Certificates issued by Emirates REIT, with respect a liability management exercise and restructuring of the Trust Certificates, listed on the Irish Stock Exchange plc (Euronext Dublin).
Advised Ad Hoc Group of Noteholders on US$7.1 billion Valaris plc financial restructuring.
Advised Pearl Plaza Holding Limited on a complex, multifaceted and multijurisdictional direct lending transaction, whereby our client granted a term loan facility to a global fashion house originating from the Middle East.

Structured Finance and Finance

Advised Emirates NBD Capital Limited, as Mandated Lead Arranger and Bookrunner, in connection with the senior unsecured, UAE Dirham denominated, AED 4.2 billion (equivalent to US$1.1 billion) Islamic finance transaction term and revolving facilities made available to Salik P.J.S.C. by Emirates NBD Bank (P.J.S.C.). The proceeds of the facilities shall be utilised by Salik to purchase rights under a concession agreement entered into with the Dubai Roads and Transport Authority and for its general corporate purposes.
Represented Warba Bank KSC as mandated lead arranger for a KWD105 million exchangeable financing that allowed Shari’ah-compliant debt to be exchanged for shares of a third-party company listed on the Kuwait Stock Exchange. This transaction was awarded “Kuwait Deal of the Year” by Islamic Finance News and is the first exchangeable financing out of Kuwait.
Advised Société Générale S.A. as sole arranger in a US$190 million, five-year Shari’ah-compliant credit-receivable synthetic securitisation by Fawaz Abdulaziz Al Hokair & Co., the largest retail mall operator in Saudi Arabia. This transaction was the first such transaction where credit card receivables generated at point-of-sale terminals in various real estate outlets in Saudi Arabia were securitised in a Shari’ah-compliant structure.
Acted for Société Générale S.A. as sole arranger in a US$150 million, five-year Shari’ah-compliant secured financing to Fajr Capital, one of the leading Shari’ah-compliant private equity firms in the Middle East.
Counselled Citi Global Markets Limited, Commerzbank, JP Morgan and Emirates NBD as mandated lead arrangers in relation to a senior unsecured US$100 million syndicated Murabaha financing to AK Bars Bank in Russia. This was the first syndicated Murabaha financing into Russia and was awarded “Europe Deal of the Year” by Islamic Finance News.
Advised a leading global real estate asset manager with respect to the establishment of a Shari’ah-compliant feeder fund to its established and performing real estate fund.

List may include matters worked on prior to joining Akin.

"His problem-solving skills and pragmatic approach to transactions are invaluable."

Chambers Global, 2020

Education
L.P.C., The College of Law, London, 2002
LL.M., University of Southampton, 2001
LL.B., University of Leicester, 1998

Bar Admissions
Solicitor, England and Wales

Recognitions

The Legal 500 EMEA, Capital Markets – Leading Individual, 2020–2022.
Bonds, Loans and Sukuk Middle East Awards, Global Bank/FI Sukuk Deal of the Year, 2022.
Islamic Finance News, Turkey Deal of the Year, 2021.
Chambers Global, Islamic Finance Middle East-wide, 2017–2021.
Chambers Global, Capital Markets: Debt Middle East-wide, 2013–2021.
Chambers Global, Banking & Finance: Islamic Finance United Arab Emirates, 2016–2021.
Chambers Global, Capital Markets: Debt United Arab Emirates, 2009–2021.
Islamic Finance News, Regulatory Capital Deal of the Year, 2020.
Bonds, Loans and Sukuk Awards, Local Currency Bond – Sukuk Deal of the Year, 2018.