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.


EU to hit US imports from Friday in response to Trump tariffs

Updated 20 June 2018
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EU to hit US imports from Friday in response to Trump tariffs

BRUSSELS: The EU will start charging import duties of 25 percent on a range of US products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June, the European Commission said on Wednesday.
The Commission formally adopted a law putting in place the duties on €2.8 billion ($3.2 billion) worth of US goods, including bourbon and motorbikes.