Emirates Palace, Abu Dhabi, UAE

Global Financial Markets Series

The Future of Sukuk: West – East Corridor

4th February, 2015, The Gherkin, London

Introduction

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:

  1. Can demand sustain a sukuk market?
  2. Can sukuk attract western investors?
  3. What is the future of sukuk?

Panelists

Moderator

Please click on any of the above to see the full bio for the relevant participant.

Dr Massoud Janekeh

Director, Head of Islamic Capital Markets, BLME

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.


Press Releases

Global Sukuk issuances to reach $145 billion in 2015 - English | Arabic
4th February, 2015
NBAD to host a panel discussion in London on future of Sukuk - English | Arabic
4th February, 2015

Videos

What is the future of Sukuk?

4th February, 2015, The Gherkin, London

Duration: 00'51"

Can Sukuk attract western investors?

4th February, 2015, The Gherkin, London

Duration: 01'00"

Can demand sustain a Sukuk market?

4th February, 2015, The Gherkin, London

Duration: 01'00"

Gallery