Nakheel, the Dubai-based master developer, has won the 'the Restructuring Deal of 2011' award.
The award marks a significant recognition to Nakheel's efforts to restructure $2.22 billion, as part of its continued commitment to its obligations and its own development.
Regional and global companies from Malaysia, Jordan, and the GCC have been competing as part of the event.
The Islamic Finance News Awards, launched by Kuala Lumpur, Malaysia, REDmoney is the holding company for Islamic Finance events, honours the best in the Islamic financial industry.
The IFN Polls was established in 2005, and continue to be an apt representation of the current Islamic financial market landscape. Since then it has been the industry’s leading and most comprehensive annual poll. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world are invited to participate by casting their votes. The poll is carried out each year with votes being tallied and the results announced during the first week of every year.
The IFN 'Deals of the Year' was established in 2006 and recognises those who participated in the industry’s most groundbreaking transactions each year. Financial institutions, intermediaries and service providers are invited to submit their chosen transactions from the previous 12 months, which fall under one of the carefully selected sectors.
A panel of experts from non-competing organisations then sieve through all submissions during the elimination process until just one transaction in each category remains and is thus awarded the winner of that category.