The UAE will remain the cornerstone of the sukuk market in the region. Global sukuk issuances including Malaysia for 2009 touched AED 31 billion (US$ 8.5 billion) with an increase expected this year. The current year has already witnessed AED 11 billion (US$ 3 billion) of overall issuances across the Gulf Cooperation Council (GCC) region.
These statements resounded optimism from speakers at the International Islamic Finance Forum 2010. It also indicated the growth of Islamic finance both within the GCC region and globally.
“The sukuk markets will pick up in the coming months. However, governments need to give the Islamic finance industry a stronger framework which could be common around the GCC region,” said Mohammed Dawood, Director Capital Markets, HSBC Amanah.
High level speakers addressed the audience during the forum. Speakers include Mohammed Dawood, Director Capital Markets, HSBC Amanah, Debashish Dey, Partner Head of Capital Markets and Structured Finance Middle East, Clifford Chance and Nida Raza SVP Capital Markets, Unicorn Investment Bank among others.
The highlight of this year’s event is 36 new senior level speakers that will touch upon pertinent issues. Key topics of discussion include the future of Islamic finance which will be discussed by the leaders of the Central Banks and high profile heads of Islamic Banking among others.
“There is a shift towards local currency syndication for corporate issuances or finances. However, authorities need to develop a deep local currency market. It is also witnessed that sukuk growth has been higher in the overall industry,” said Ähsan Ali, Head of Islamic Origination, Standard Chartered SAADIQ
The International Islamic Finance Forum 2010 is being held from May 16th – 19th, 2010 at The Monarch Hotel, Dubai, UAE.
