IFN Project & Infrastructure Finance Law Firm of the Year
We are excited to announce that we have been awarded the IFN Project & Infrastructure Finance Law Firm of the Year for 2022. Islamic Finance News is the most prestigious and only fully independent Islamic Awards disseminator, whose awards are a trusted and apt representation of the current Islamic financial market landscape. As such, it is a huge honour to be recognized by them as a leading law firm within the global Islamic financial legal industry. We are especially pleased to receive pleasant news of this award with our upcoming 5th Anniversary this November.
This award cements our involvement as leading lawyers for various essential project and infrastructure related financing in Indonesia. An achievement we are exceptionally proud of this year, which has contributed to our recognition by IFN is our involvement in the IDR750,000,000,000 financing under the Musyarakah structure provided by PT Bank Syariah Indonesia Tbk. in relation to the financing of the Medco Power Indonesia renewable energy project. The loaned funds will be invested into the renewable energy project under a mutually agreed profit sharing arrangement, thereby benefitting both parties as they harness their respective strengths toward their shared goal of ensuring the project’s success.
In addition to the above, the award also recognizes our involvement in the IDR 1 Trillion hybrid financing to fund the Makassar – Parepare Railway project, the first public-private partnership railway project in Indonesia, using conventional financing structures and Musyarakah Mutanaqishah principles.
Led by Putu Raditya Nugraha, the head of Banking and Finance Practice Group, and Kirana Sastrawijaya, the head of Power, Energy & Infrastructure Practice Group, for both projects, we are glad to take part in such a significant transaction positioned to accelerate the nation’s infrastructure and economic progress through the development of renewable energy and critical infrastructure projects.
In addition to the long-lasting impact that these projects will have on the social and economic fabric of Indonesia, some of these deals are also the first-of-its-kind, creating important precedents for future Shari’a financing in Indonesia. We are excited for what the future of Shari’a financing holds, and for our involvement in the advancement of it.
This award from IFN highlights yet another achievement of UMBRA in 2022, and it is a testament to the breadth and depth of our team’s expertise, demonstrating our ability to assist on a diverse range of financing advice, in addition to conventional financing methods. Once again, we express our huge thanks and gratitude to each of our loyal and kind clients for their overwhelming trust and support, and to our lawyers for their dedication and hard work which has led to us being selected for this prestigious award.
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