SIDRA Capital, CMA-regulated Shariah-compliant financial services company and international real estate investment firm, alongside its partner Inoks Capital have been named by Islamic Finance News (IFN) as the winner of the publication's “Most Innovative Deal” Award as part of the IFN Deals of the Year 2014. The accolade is for Sidra Capital's advisory role in a €7.5 million ($9 million) financing arrangement that is part of a massive effort to build new government-sponsored housing in the Cote d'Ivoire and its economic capital and largest city of Abidjan. “We are truly honored to receive this award from IFN,” said Hani Baothman, CEO of Sidra Capital, “especially because it cites a project that is an excellent example of Shariah-compliant funding that satisfies both business and social needs. We are proud to be a part of it and thrilled for the recognition from IFN.” He added: “The innovative aspect of this deal is that it offers steady income during the investment period as well as a conversion option that gives our investors the option to convert the financing into equity. This facility allows for the flow of capital from Shariah- compliant Middle Eastern investors to non-traditional real estate investment destination of Cote d'Ivoire. It affords the investors with a settling period to better understand the sector prior to making any permanent investment in the sector and the country.” “The structure is quite innovative as it authorizes the investors to generate revenues from the investment from two possible sources while limiting the downside. It is very unique as it also provides the investor the capacity to harness the entire potential of the investment as and when it gets comfortable with the destination's environment, but nevertheless, still realizing steady returns along the way. We once again take great pride to receive this award with Sidra Capital, as it further demonstrates the joint capacity to be innovative and provide good investment opportunities that are socially responsible for the benefit of all communities, investors and investees alike,” added Abdul-Massih, CEO of Inoks Capital. — SG
