In June 2014, Britain became the first western country to issue sukuk. £200m was issued, however the sale was heavily oversubscribed attracting orders of over 10 times that at £2.3bn. There were a range of global investors from the UK, Middle East & Asia.
In addition, in November 2014, a $500m dollar sukuk was issued by the International Finance Facility for Immunisation – money raised by donations from 9 sovereign countries included Britain and France.
Chancellor George Osborne has said London is hoping to secure its place as a global hub of Islamic finance, and the issuance of a sukuk is part of a long-term economic plan to make Britain the centre of the global financial system.
Whilst there is an appetite amongst non-Muslim financiers to invest utilising Islamic finance models, integration of Islamic Finance into the Western world may face some challenges.
For example, Goldman Sachs has previously been criticized for issuing products that some complained were not fully Sharia compliant. International standardisation could appease these comments and The Islamic Financial Services Board is one such regulatory body.
Three main themes covered:
Please click on any of the above to see the full bio for the relevant participant.
Massoud joined BLME in April 2007 as Director of Corporate Banking to develop BLME’s Sharia’a compliant trade and business finance products and services. In 2011, Massoud headed BLME’s launched newly Islamic Capital Market’s business, to offer BLME clients access to the wider Sharia’a financing market and to establish closer relationship with other institutions and syndication desks active in the Sharia’a financing market, in particular with Islamic banks in the Middle East.
Prior to joining BLME, Massoud started his career at ICI/Zeneca where he spent 10 years in engineering and investments for bioscience and agrochemical products, before moving to strategy consultancy with AT Kearney and Integrum. Massoud then moved to financial services when he joined BDIC as a corporate finance advisor and later on becoming involved in structured debt with European American Capital. Massoud is a PhD in Chemical Engineering and has qualified with an MBA from Oxford University.
Michael has spent fifteen years with the World Bank, splitting his time between the World Bank’s Paris office and its Washington, DC headquarters, with a primary focus on structured finance. Among other areas, he is responsible for the World Bank Treasury’s transactional work in the area of Islamic finance. His notable transactions include the World Bank’s only Sukuk issuance to date, a MYR 760 million issue in 2005, as well as arranging a US$500 million international Sukuk for the International Finance Facility for Immunization in 2014. Prior to joining the World Bank, he worked in the capital markets field in New York, Tokyo and Hong Kong. He is a graduate of Columbia University Law School in New York.
Mushtak Parker is an economist, financial writer, analyst, and research consultant with over 35 years of experience. He is Editor of Islamic Banker, the market reference for the global Islamic finance sector.
He has covered the Islamic finance and economy sector, and the Middle East, South East Asia and Southern, East and West Africa, for more than four decades and has written extensively on these areas.
He has published two books - one on Human Rights in Yugoslavia and the other a Directory on Islamic Banking & Finance. He has also written several bespoke confidential consultancy reports on Islamic finance and various economic and finance topics for major institutions including finance and economy ministries in a number of countries, central banks, investment banks, commercial banks, insurance firms, accountancy firms and professional bodies.
Since 2013, he has also been a Member of the International Jury Panel of the Royal Award for Islamic Finance.
Gordon had a banking career with Midland Bank and HSBC in the UK and the US which was interspersed with three years at Airbus in their Customer Sales Financing team and with a secondment to work for 12 months with the UK’s Secretary of State for Trade and Investment to set up an Export promotion scheme. Leaving banking for public service Gordon has been with UKEF (ECGD) in various capacities initially leading the product and business development initiative followed by running the department’s business underwriting teams and steering the Risk Committee as alternate Chair. Gordon is currently responsible for the Aviation business and for leading the initiative in the field of supplier finance.
Andy has worldwide responsibility for NBAD's bond and loan businesses across conventional and Islamic products. He is based in Abu Dhabi. With more than 20 years experience in international debt markets, Andy was previously Head of Cross-Border DCM at BofA Merrill Lynch in New York having been Head of EMEA and Asia DCM at the same firm in London. Before this he worked in Hong Kong as Co-Head of Asia-Pacific Debt Finance at HSBC and Head of Asian Fixed Income Origination and Syndicate at Standard Chartered.
Andy has bookrun in excess of US$300 billion of fundraisings and has been involved in the development of international Sukuk since the market’s inception. He led the first-ever global Sukuk for Malaysia as well as debut offerings from Goldman Sachs, Hong Kong SAR, IFFIm/World Bank, Pakistan, Sharjah and the UK.