STAT is pleased to announce that it has advised The Saudi National Bank – SNB and the Saudi Banking Treasury Group (BTG), represented by the treasurers of all licensed banks in the Kingdom of Saudi Arabia with oversight from the Saudi Central Bank (SAMA), on the Shariah compliant structuring solutions relating to IBOR migration. The engagement involved the development of legal and Shariah-compliant structuring solutions under Saudi law and drafting the applicable contractual treatment required for migration. The IBOR migration project reflects the Kingdom of Saudi Arabia’s proactive approach to benchmark reform, preparing the financial sector for the transition under the SAIBOR regulatory reforms.

This advisory stems from earlier engagements, where STAT advised SAMA and BTG on recent SAIBOR reforms, including their contractual treatment and implementation.

The STAT team advising on the transaction was led by partners Faris Al Amoudi and Zeyad Y. AlSalloum, alongside senior counsel Richard Blackburn, with additional support from associate Omar Alsughaiyer.

STAT continues to demonstrate expertise in supporting key financial institutions and regulatory bodies on complex, high-profile Islamic financing transactions and regulatory reform initiatives.