Top experts for London Sukuk Summit
Dubai, June 5, 2008
A roundtable comprising senior representatives from some of the most proactive Sukuk
originators in recent times will be convened at this year’s premier Islamic finance event the 2008 London Sukuk Summit.
The event is scheduled to be held at the Royal Horseguards in Whitehall in
London on June 25 and 26, 2008.
The theme of this year’s summit, which is endorsed by the UK Treasury; UK Trade &
Investment (UKTI), City of London Corporation; and the London Stock Exchange, is ‘Gearing up for UK Sukuk Originations’.
The roundtable will comprise Mutlaq Al-Morished, vice-president, Saudi Arabian Basic
Industries Corporation (Sabic); Karl E Marietta, chief financial officer, The National Cooling Company (Tabreed); Ayman Sejiny, advisor to the chairman, Dar Al-Arkan Real Estate Development Company (Daar); Nazmi Camalaxman, manager, Global Markets, CIMB Islamic Bank; and Emmanuel Volland, director, Financial Services Ratings, Standard & Poor’s.
Sabic, Tabreed and Daar have all issued several Sukuk issuances over the last two years
pushing the boundaries of Islamic capital market structures and innovation. Sabic has issued the SR3 billion ($0.80 billion) Sabic Sukuk-I and the SR8 billion Sabic Sukuk-II issuances in 2007.
Tabreed similarly has gone twice to the market with Sukuk issuances - a $100 million Sukuk in 2004 and a $200 million in 2006.
Daar in early 2007 issued a $600 million Sukuk issuance, the first international Sukuk issuance by a Saudi corporate, followed by a $1 billion issuance in late 2007.
Malaysia’s CIMB Group is the leading structurer and arranger of Sukuk in terms of
volumes, total assets and mandates. Standard & Poor’s is one of the leading agencies assigning ratings to Sukuk issuances.
The rationale behind the convening of the Issuers Roundtable is to ascertain the motives of issuers in going to the market to raise funds; their requirements and concerns about the Sukuk structures; their views on the Shariah governance process; and their future outlook in sourcing Islamic Finance especially in the era of the global credit crunch and its impact on the financial markets.
Conference delegates will also have a chance to dialogue with Roundtable participants in what could be potentially a very informative interactive exercise.
The 2008 Summit follows the highly successful inaugural London Sukuk Summit along the theme ‘Strategies for Today; Demystifying Islamic Capital Market Products’ held in June 2007 and organised by ICG Events, with the support and encouragement of leading market players in the UK and abroad.
Senior speakers from the Financial Services Authority; the Japan Bank for International
Cooperation; Dubai International Financial Centre; The Islamic Financial Services Board; the Islamic Corporation for the Insurance of Export Credits and Investment; and prominent organisations and market players have already committed to participate at this year’s summit.
The London Sukuk Summit is specifically aimed at keeping you informed about the Sukuk market developments and innovation; to provide a platform for dialogue with your peers; and to give you a voice in contributing to the future direction of the Islamic debt and capital markets. – TradeArabia News Service