IFN Forum: Saudi Arabia key market to watch for sukuk

Updated 18 November 2013
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IFN Forum: Saudi Arabia key market to watch for sukuk

Islamic Finance News Forum 2013 began in Riyadh on Monday with focus on Saudi Arabia's exceptional growth in the Islamic capital market and its immense potential in Islamic issuance space.
The two-day forum features an issuers and investors' day and addresses key issues pertinent to the current economic scenario in the Kingdom and follow up on the latest developments within the country’s Islamic financial market, including recent governmental efforts.
The forum will explore the opportunities within the country for Islamic issuers, investors, corporate and financial institutions.
Islamic finance is a booming industry with a strong growth rate that is attracting participants from all over the world as the flaws in the conventional industry are increasingly exposed and countries seek alternative means of diversifying their financial bases.
Speaking to Arab News Khalid A Al-Mulhim, acting CEO of Alkhair capital and one of the forum panelists, said: "The Kingdom is considered to be one of the key markets to watch as it has proved its potential in the capital market’s issuance space in the last fiscal year, with a slew of high-profile issuance of Islamic bonds (sukuk) backed by the government."
The Kingdom issued the single largest sukuk in January 2012, which was worth $4 billion, by the General Authority of Civil Aviation (GACA) and its sukuk market is considered one of the largest in the world with Malaysia.
Commenting at his company headquartered in Bahrain, he stated that it seeks to provide the market with an integrated and comprehensive range of Shariah-compliant investment products and services with emphasis on delivering exceptional value and tailored solutions to clients and shareholders.
"Alkhair has the unique advantage to issue Islamic financing securities (sukuk) with a strong track record, and a strong access to the Malaysian sukuk market and expertise, as we have a fully licensed Malaysian sister company AlKhair Malaysia," he said.
"AlKhair Capital Saudi commands the skills and the capabilities to create suitable Islamic financing solutions to our clients," he added.
Bank Alkhair, a Bahrain-based Islamic investment bank founded in 2004, is the major shareholder in Alkhair capital, he said, adding that it is an Islamic wholesale bank with subsidiaries in Malaysia and Turkey.


Flydubai denies claims it’s resuming flights to Syria

Updated 35 min 38 sec ago
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Flydubai denies claims it’s resuming flights to Syria

  • Airline spokesman says there are no plans to resume service
  • Two countries have recently denied similar claims over their embassies in Syria

DUBAI: The United Arab Emirate’s budget airline, flydubai, has responded to claims stating it was planning to resume flights to the Syrian capital Damascus.

None of the Emirati airlines currently serve Syria and a spokesman for flydubai said the company had plans to change that.

“flydubai follows the regulations of the General Civil Aviation Authority (GCAA),” the statement read.

“flydubai is considering the option to re-enter the market and will announce any operational updates once the decision is made by the relevant authorities to reinstate the UAE national carriers’ operations to Syria.”

This is the latest in a line of denials over such claims. In the past two weeks both the UK and Russia have denied reports that they were planning to reopen their embassies in the wartorn country.