'International Islamic Financial Markets Conference commenced under the Patronage of BMA Governor with live Sukuk example

The two-day conference, which is supported by the Bahrain Monetary Agency and the Islamic Research & Training Institute of the Islamic Development Bank, showcased a live Sukuk example when Liquidity Management Centre B.S.C. (c) and The Bahrain Financial Harbour Holding Company B.S.C. (c), jointly launched the market offering of the Al Marfa'a Al Mali Sukuk (the Sukuk) in the open market today.

H.E Mr. Al Maraj thanked the International Islamic Financial Market, the General Council for Islamic Banks and Financial Institutions and all Conference sponsors and participants for their initiative in the organization and support of the event. He also expressed his certainty that the Conference would enrich the debate on the important Sukuk issues.

'The timing of this conference could not be more important considering the rapid pace of growth in the global Islamic finance industry. The development and innovation in Islamic capital and money markets is critical for the sustained development of this industry,' Mr. Maraj commented.

'We have seen, recently, tremendous potential of sukuk as an asset class and hence the growth in the global Islamic debt capital market. We now need to witness a similar pace of innovation and development in the arena of the Islamic money market,' he continued.

Liquidity Management Centre (LMC) was mandated by the Bahrain Financial Harbour Holding Company B.S.C.(c) to finance development of the Financial Centre (by the Financial Centre Development Company as Project Company) costing approximately US$ 270 million. LMC's Chairman, Mr. Aref Kooheji expressed his pleasure to be associated with a project of such national significance and regional profile, as well as to be contributing towards the continuing expansion in both the quality and depth of the Islamic Sukuk financing market.

Commenting on the Sukuk issue, Mr. Esam Janahi, Chairman of the Bahrain Financial Harbour Holding Co B.S.C. (c) said: 'The sukuk offer will present a valuable opportunity to Islamic investors who are keen to participate in Sharia-compliant growth opportunities. We are confident that the issue will generate great enthusiasm among Islamic investors given the credential of Bahrain Financial Harbour as a one-of-a-kind project with a long-term outlook. It's our pleasure to thank the participating institutions for their unlimited support to the project.'

The Conference offers a wealth of experience and knowledge with over 60% of its speakers coming from abroad; the Conference content follows the theme 'Opportunities in the Islamic Capital & Money Markets'.

Today's sessions addressed topics such as the Global Sukuk Market, which were chaired by Mr. D.M Qureshi, IDB Global Sukuk, and covered by Mr. Asad Zafar, Director of Asset Finance HSBC Amanah, Ismail Dadabhoy, Noriba Bank B.S.C, and Ahmed al-Somiam, BMA.

Mr. Khalid Aboodi, Chairman International Islamic Rating Agency, chaired the panel on Regulatory Aspects of Sukuk Issues, which was covered by Mr. Ahmad Adil, Ernst & Young,

Mr. Arul Kandasamy, CALYON Corporation & Investment Bank, Mr. Arshad Ismail, HSBC Amanah, Mr. Ahmad Tayara, Shamil Bank and Mr. Iqbal Daredia, Noriba.

Following Mr. Ahmed Abbas, who gave a presentation on Bahrain Financial Harbour Sukuk, case studies on Mudarabaha and Musharaka Sukuk were discussed. These were chaired by H.E. Dr. Ahmad Jachi, First Vice Governor, Central Bank of Lebanon, and covered by Osman Hamad Mohammed Khair, Sudan Financial Services CO, Nathif J. Adam, Sharjah Islamic Bank, and Fuad Al-Homoud, Munshaat Real Estate Projects Co.

Shari'a Perspective on Sukuk Issues, were chaired by Sheikh Nizam Yaquby and panellists included: Dr. ElTegani Ahmed, Advisor to the Minister of Finance, Sudan, Mr. Hussein Hamid Hassan, Chairman of Shariah committee, Dr. Sami Ibrahim Al-Suwailem, Islamic Development Bank (IDB) - Islamic Research Training Institute (IRTI), Dr. Ahmed Ali Abdallah, Bank of Sudan, Professor Muhammad Anas Zarka, The International Investor, Kuwait, and Mr. Kamal Mian, HSBC.

The AlBaraka Banking Group (ABG), Al Baraka Islamic Bank, Al-Amin Bank, Kuwait Finance House (KFH) Bahrain, Jordan Islamic Bank and ABC Islamic Bank are lead sponsors of the event, and the Bahrain Financial Harbour (BFH) and Liquidity Management Centre (LMC) sponsored today's lunch.

The IIFMC has approximately 250 delegates attending, representing all key market players, including sukuk issuers, arrangers, underwriters, market makers, investors, funds/portfolio, mangers, regulators, reserve managers, Shari'a scholars, consultants and legal advisors.

On-the-day registration is available for those interested in attending the second day.