Dentons has advised Dubai retailer Majid Al Futtaim on its issuance of $500 million 4.5% trust certificates due 2020, with Clifford Chance counseling the joint lead managers.

The certificates, listed on the Irish Stock Exchange and NASDAQ Dubai, were issued under Majid Al Futtaim's $1.5 billion trust certificate issuance programme which was updated to accommodate wakala and murabaha structures.

The Dentons team was led by capital markets partner Alex Roussos. Meanwhile, Dubai partner Stuart Ure led the Clifford Chance team advising Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank, First Gulf Bank and Union National Bank.