Saudi Arabia is expected to introduce new corporate governance regulations by the end of 2006, and the Kingdom is also in the process of drafting regulations which would facilitate the issuance of Sukuk (Islamic bonds), said Turki Ibrahim Almalik, head of Authorization and Inspection at the Capital Market Authority (CMA).

Almalik, according to Arab News, confirmed that “the draft law on corporate governance for financial institutions is still under evaluation. We are going through the final phase and should be passed by the end of the year."

© 2006 Mena Report (www.menareport.com)