Arun Ratra, Head of Global Markets Groups in GIC, receives the award
On the occasion of the 8th Kuala Lumpur Islamic Finance Forum, Islamic Finance Awards Ceremony 2011, which took place in Kuala Lumpur on 4th October 2011, Gulf Investment Corporation, (GIC) was the recipient of the Panel of Judges award for: THE MOST OUTSTANDING SUKUK PRODUCT - SUKUK WAKALAH BI ISTITHMAR - for the year 2011.
The awards ceremony is to honor and recognize 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.
"This landmark transaction is the first of its kind, which meets the Shariah requirements of both Malaysia and investors in the GCC" stated Mr. Hisham AL-Razuqqi GIC’s Chief Executive Officer. He also added that " The Sukuk Programme has received great support allowing GIC access to a diversified range of investors through the issuance of two Sukuk in 2011 totaling MYR 1.35 billion (US 450 Million)."
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 utilizes the contracts of commodity Murabahah denoting the debt portion and Wakalah (agency) denoting the equity component.