Humania’s US$125 Million Islamic Financing Facility


Clifford Chance has advised four international development finance institutions on a US$125 million Islamic financing facility to Humania.

Led by International Finance Corporation (IFC), the institutions involved in the consortium were: the European Bank for Reconstruction and Development (EBRD), Finnish Fund for Industrial Cooperation (Finnfund), and OPEC Fund for International Development (OPEC Fund).

The financing will be used to develop greenfield general hospitals in Alexandria (Egypt), and Casablanca (Morocco), greatly improving the quality of healthcare facilities in these countries. The facilities will also benefit from internationally recognised certification.

Humania is a private healthcare company within the Bait Al Batterjee Group.

The Clifford Chance team was led by Partner, Global Head of Islamic Finance, Qudeer Latif (Picture), Counsel Ahmed Choudhry, Counsel Alhassane Barry, Associate Uzair Khan and Trainee Solicitor Shema Begum, all based in Dubai. Clifford Chance team advising the financiers on the Morocco law aspects were led by Partner Mustapha Mourahib and Counsel Ouns Lemseffer based in our Casablanca office and by Associate Meriem Komiha, based in Paris. Abuhimed Alsheikh & Alhagbani Law Firm (AS&H), in cooperation with Clifford Chance, advised on all Saudi law related matters and were led by Partner Yasser Al-Hussain, Senior Associate Abdulkhaliq Elshayyel and Associate Reema Al-Hamoud.

Involved fees earner: Reema Al-Hamoud – Abuhimed AlSheikh AlHagbani (AS&H); Yasser Al-Hussain – Clifford Chance; Alhassane Barry – Clifford Chance; Ahmed Choudhry – Clifford Chance; Uzair Khan – Clifford Chance; Meriem Komiha – Clifford Chance; Qudeer Latif – Clifford Chance; Ouns Lemseffer – Clifford Chance; Mustapha Mourahib – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Clifford Chance;

Clients: European Bank for Reconstruction and Development; Finnish Fund for Industrial Cooperation; International Finance Corporation; OPEC Fund for International Development (OFID);

Author: Michael Patrini.