Dubai Financial Group has been awarded the ‘Best Tawarruq Deal of the Year 2008’ by Islamic Finance News for their $1.5 billion facility arranged last August.

Dubai Financial Group is the financial holding company for Dubai Group focusing on identifying opportunities across the banking, finance and asset management sectors.

The facility was the largest-ever multicurrency syndicated commodity Murabaha transaction in the world at that time, said a company statement.

A total of 24 banks from across the Middle East, Europe and Asia participated in Dubai Group’s syndicated revolving Tawarruq facility.

Kuala Lumpur-based Islamic Finance News is a leading provider of news on the global Islamic finance sector.

Tom Volpe, CEO of Dubai Group and Dubai Holding Investment Group said: "Dubai Group is honoured to be recognized by Islamic Finance News for this transaction, which marked a milestone for the group."

The participation of leading conventional and Islamic banks in closing this successful global syndication was testament to our inherent capabilities and the strength of the regional banking industry.

Dubai Group has always focused on Islamic finance as a core part of our business. The sector’s continuing strength and reliability in light of the current market situation has made it all the more important for our future plans.”

The Islamic Finance News Awards are the most transparent and competitive awards based on a global poll in which nearly 2,500 leading industry practitioners and participants cast their votes this year.-TradeArabia News Service