SAMBA declared capital markets partner of 2004 World Islamic Banking Conference
Two key industry partners have been announced for this year’s WIBC in Bahrain. SAMBA will participate as the Capital Markets Partner in the World Islamic Banking conference (WIBC) scheduled for 11-13 December while The Islamic Development Bank will participate as the Multilateral Strategic Partner.
Samba Financial Group was one of the Lead Arrangers of the landmark US $ 2.35 billion Islamic Financing facilities put together for Etihad Etisalat Company. As Capital Markets Partner at the Conference, SAMBA executives will share their experiences of structuring and managing the complexities of the largest ever Islamic financing put together for Etihad Etisalat Company at the World Islamic Banking Conference.
Samba is the pre-eminent corporate and investment bank in the region offering an array of financial and capital market services to its client base comprising top tier corporates and public sector entities.
Talking about the huge success of the Etihad Etisalat IPO, Tirad Mahmoud, General Manager, Corporate and Investment Banking Group, Samba Financial Group said “The IPO was more than 50 times over-subscribed and the Company received more than SR 50 billion for the SR 1 billion of shares on offer. SAMBA believes that one of the reasons for such huge over-subscription was the Sharia compliant financing which made the Company very attractive to Islamic Investors”.
Samba Financial Group Lead managed the subscription process for the Ettihad Etisalat Initial Public Offering (IPO); Ettihad Etisalat Company offered 20 million shares representing 20% of its capital. The recent $2.35 billion bank financing for Ettihad Etisalat Company is a significant milestone in the history of Islamic banking and sets a benchmark for Islamic financing deals into the future.
Dr. Ahmed Mohammed Ali, President of the Islamic Development Bank (IDB) said “By way of our participation in WIBC we are fulfilling one of the IDB objectives - to enhance and support the development of Islamic banking and finance. The IDB Group uses modes of finance that are sharia compatible for its operations.”
The IDB group, headquartered in Jeddah, consists of Islamic Research & Training Institute (IRTI), Islamic Corporation for the Development of the Private Sector (ICD), Islamic Corporation for the Insurance and Investment and Export Group (ICIEC). The group has regional offices in Kazakhstan, Malaysia and Morocco, and field representatives in 8 member countries. (menareport.com)
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