Barclays was awarded the Restructuring Deal of The Year at the Islamic Finance News Awards Ceremony 2012 which took place recently in Dubai.

The award recognizes the sizable contribution Barclays made to Nakheel’s $2.22 billion restructuring through chairing the coordinating bank committee for the Nakheel restructure.

John Vitalo, Middle East chief executive officer for Barclays, said: “We are delighted to receive this prestigious award that recognises our efforts in the Islamic banking space and in particular for supporting Nakheel’s restructuring.”

“We are proud of our achievements in the Islamic financing space and are committed to continue to demonstrate our ability to structure conventional as well as Islamic tailor-made financing solutions.”

This award builds on Barclays' strong track record in the Islamic finance space, where in 2011 Barclays was awarded the Sovereign Deal of the Year Award for participating in the Government of Malaysia’s $1.25 billion global sukuk and the Syndicated Deal of the Year Award for the $1.4 billion project financing for the Jubail Refinery.

The winners of the Islamic Finance News Awards 2012 were determined through a voting system cast by industry participants, including financial services professionals, issuers, investors, non-banking financial intermediaries and government bodies from around the world. – TradeArabia News Service