Workshop on Sukuk Model Law project held

Participants of the Sukuk Model Law workshop pose for a group photo in Bandar Seri Begawan, Brunei Darussalam.
Updated 01 May 2017

Workshop on Sukuk Model Law project held

The Islamic Research and Training Institute (IRTI) and the Islamic Development Bank (IDB) organized a regional consultation workshop on Sukuk Model Law project.
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.

VFS Global opens visa application center in Riyadh

Updated 40 min 7 sec ago

VFS Global opens visa application center in Riyadh

VFS Global, the world’s largest outsourcing and technology services specialist for diplomatic missions, has announced the opening of a UK visa application center in Riyadh, close to the diplomatic quarter.

VFS Global said the new center, which will serve travelers to the UK and Australia, is equipped to handle more visa applicants conveniently with increased seating capacity and ample parking space, while also offering ancillary travel services within the premises for a seamless customer experience.

Officially inaugurating the center, Ambassador of the UK to Saudi Arabia Simon Collis said: “‘Our customers in Saudi Arabia are extremely important to us, and we continually look for new and innovative ways to improve the visa service we offer, both to Saudi nationals and local residents. We offer an excellent visa service for those who choose to apply for a UK visa. 

For Saudi nationals, the average processing time for non-settlement visas is less than five days. Whether speed, convenience or comfort is the priority, we hope that this new VAC — and indeed the visa services available across the whole of Saudi Arabia — provide our customers with a Great British welcome from the very start of their journey to the UK.”

The new center is located at 2591, Al-Hada District, besides Courtyard Marriott Hotel and close to Ritz Carlton, Riyadh. Visa applicants to the UK and Australia can access details on visa application procedures at

Located on the Makkah Road, the center is also well-connected to the city center and other neighboring towns.

Vinay Malhotra, regional group COO for Middle East, South Asia and China, VFS Global, said: “The new standalone center has been designed with a view to provide a comprehensive experience to applicants in terms of visa processing and accessing necessary travel services under one canopy. The UK continues to remain a popular destination for tourism, business and student visitors from Saudi Arabia. The latest visa figures show that over 130,000 Saudi nationals were issued a UK visa in the last year.We are confident that the new center for the UK and Australia visa applicants will provide enhanced convenience and ensure customer delight.”

Managed by professionals, the center also offers the comfort of a Premium Lounge for more personalized service as optional service.