Workshop on Sukuk Model Law project held
Workshop on Sukuk Model Law project held
The workshop was organized in partnership with the Monetary Authority of Brunei Darussalam (AMBD) and was held in Brunei capital.
It was aimed to identify the best practices from the South East Asian experience with Sukuk, as well as to understand the challenges for countries in the region aspiring to issue Sukuk.
Participants included senior officials of financial authorities from the IDB member countries in the ASEAN region, namely Brunei, Indonesia, Malaysia, Bangladesh and Maldives, as well as from Hong Kong, South Korea, Singapore, Philippines, Sri Lanka and Cambodia.
Specialist law firms, banks, academics and consultants with expertise in Islamic finance also participated in the event.
Speaking during the event, IRTI Director General Prof. Mohamed Azmi Omar said: “Facilitating IDB member countries in mainstreaming and creating an enabling environment for Islamic finance is a key part of IDB’s mandate. The Sukuk Model Law project is expected to contribute significantly in harnessing the global best practices and expertise to create a global benchmark and toolkit for Sukuk issuance.”
The project aims to create a model Sukuk law and guidelines that allow IDB member countries and other jurisdictions a basis for a legal framework for Sukuk issuance and regulation.
This was the second of four regional consultations on the Sukuk law. The first regional consultation was held in Dakar, Senegal, in partnership with the Central Bank of West African States (BCEAO) in January. Two more regional consultations are planned for Europe/Central Asia and the MENA regions.
ADIB becomes first bank to join UAEIIC
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. This comes following an approval from the board of directors of the UAEIIC, headed by Sultan bin Saeed Al-Mansoori, UAE minister of economy.
Through this membership, ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy, to help remove obstacles, strengthen foreign investment relations and support sustainable economic development.
Khamis Buharoon, vice chairman and acting CEO at ADIB, said: “We are proud to be the first bank to join the UAE’s Investors Council. We are also committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. Important measures have already been taken to secure support and protection and to overcome any challenges faced by Emirati investors abroad, and we look forward to playing an instrumental role in building on these efforts.”
He added: “The establishment of the UAE International Investors Council forms part of broader efforts to advance economic diversification policies that complement the expansion and growth of the UAE’s private sector as well as create a favorable environment that supports national companies investing abroad. The council provides a vital link between investors interested in promising opportunities available in countries with close ties to the UAE and governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.”
Jamal Saif Al-Jarwan, secretary-general of the Emirates Council for overseas investors, said: “We have the honor to join Abu Dhabi Islamic Bank as an active member of the council, which contributes to enhancing the role of the council’s working environment to support the state’s economic development and to keep pace with developments in the economic, investment and banking sectors in general, since the measure of success depended not only on financial results but also on how it dealt with the needs changing markets, innovative and sophisticated solutions that keep pace with rapid global changes and shifts in those sectors.”
He added: “Emirati investment abroad plays a vital role in more than 70 countries in the world and has a great impact on the soft and reputed power of our young state in the world, which is a great achievement and a strong demonstration of the path of investment of the Emirati investors in the right direction.”