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
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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.


Positive impact of Vision 2030 on hospitality: Report

Ascott has reported a decrease of 10 percent in expat families within the Kingdom.
Updated 16 December 2018
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Positive impact of Vision 2030 on hospitality: Report

The Ascott Limited has drawn up a report into the changing dynamics of guest profiles in Saudi Arabia. 

As the government’s Vision 2030 economic diversification strategy proves to have a positive effect on the hospitality industry, Ascott is witnessing a notable change in its guests across the Kingdom. This has been influenced by the swift introduction of various initiatives from the removal of ban on women driving, to the introduction of cinemas, concerts with mixed-gender admission and major events such as the Formula E that was held last week in Riyadh.

“Our guest profiles are changing in line with the changing dynamics of the country. We have seen a spike in female guests of 7 percent from 2017, influenced by guests traveling for both work and leisure,” said Vincent Miccolis, Ascott’s regional GM for the Middle East, Africa and Turkey. 

Female guests have increased considerably this year, as properties across Jeddah averaged a 9 percent growth, while Ascott Rafal Olaya Riyadh experienced a growth rate of 5 percent. 

“It means there is an opportunity for the serviced residence industry to tap in to the growing number of female travelers and provide tailored services specifically for women,” explained Miccolis.

Ascott Rafal Olaya Riyadh has a women’s only leisure floor consisting of an outdoor pool, gymnasium, lounge, children’s playroom and day spa. The property is receiving positive feedback from female business travelers about the facilities.

Ascott has reported a decrease of 10 percent in expat families within the Kingdom, attributed to the introduction of expat levies on dependents. Family occupants taking two and three-bedroom apartments have moved to single occupants in a one-bedroom apartment. Miccolis said: “If the announcement made last week on Bloomberg regarding a review of the expat levies being restructured comes to fruition, it will provide a positive outcome for our industry.” 

International guests have maintained a consistent average over the last two years of 25 percent across the Kingdom, however Jeddah and Riyadh are on opposite scales. Fifty-five percent of Ascott Rafal Olaya Riyadh’s guests are international, which is a growth of 15 percent from 2017. While the four properties in Jeddah have 15 percent international guests, this is a decline of 10 percent from 2017.

“With these changing dynamics of our guests in the Kingdom, a key focus is customer service training, with the goal of exceeding guest expectations. 

This year posed a credible 92 percent customer satisfaction score, a testament to the staff in the region,” said Miccolis.