GIC wins top award for sukuk
Kuwait , October 6, 2011
Gulf Investment Corporation (GIC) won the ‘Most Outstanding Sukuk Product’ award at the 8th Kuala Lumpur Islamic Finance Forum Islamic Finance Awards Ceremony 2011, held recently.
The awards recognise and honour the significant efforts and contributions by individuals and institutions in developing the Islamic Finance industry.
The award was presented to GIC by Tan Sri Nor Mohamed Yakcop, Minister in the Prime Minister's Department, Malaysia.
"This landmark transaction is the first of its kind, which meets the Shariah requirements of both Malaysia and investors in the GCC," stated Hisham Al Razuqqi GIC’s chief executive officer. He also added that GIC will continue to develop and introduce to the market innovative products and services.
GIC was established under the auspices of the Gulf Cooperation Council (GCC) with the mandate to promote private enterprise and support economic growth in the GCC region.
In 2010 GIC mandated the Royal Bank of Scotland Berhad to act as the arranger for GIC's MYR Sukuk Programme which would appeal to both Middle Eastern and Malaysian investors. The sukuk utilises the contracts of commodity Murabahah denoting the debt portion and Wakalah (agency) denoting the equity component. – TradeArabia News Service
More Finance & Capital Market Stories
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn