JEDDAH, 7 June 2007 — As one of the most important financial centers in the world, London is set to host Sukuk (Islamic trust certificates) summit on June 20 to 21 at the Royal Horse Guards Hotel, Whitehall.
The summit which is expected to draw a big group of world class experts in the field, including some from the GCC (Gulf Cooperation Council) countries, will focus on the British government’s efforts to determine the application of Sukuk in the wholesale sterling market.
Under the theme “Strategies for Today: Demystifying Islamic Capital Markets (ICM) Products,” the summit, which has the support of the UK Trade & Investment Department (UKTI), the Middle East Association and the Arab-British Chamber of Commerce, will thresh out issues pertaining to Islamic capital market sector.
Dr. Zeti Akhtar Aziz, governor of Bank Negara Malaysia, the central bank, will give the keynote address on the challenges for a global Islamic Capital Markets (ICM) with special reference to strategic developments in Malaysia.
Etsuaki Yoshida, deputy director, Japan Bank for International Cooperation, will address delegates on Japan’s attitude to Islamic finance and its emerging role in playing the lead in developing Islamic capital markets in the Asia-Pacific region.
Other speakers include Phelan Hall from the Corporate and Taxation Department of UK Treasury who will give a presentation of the tax treatment of Islamic capital market wholesale instruments under the new guidelines presented by Chancellor Brown in his budget 2007 speech in March this year.
Similarly, Michael Ainley, head of International Firm’s Department, at the Financial Services Authority (FSA) will speak on “Financial Globalization & the Role of the UK as Preferred Hub for International Islamic Finance.”
Mohammed Tariq, head of treasury at the Jeddah-based Islamic Development Bank (IDB), will also speak on resources mobilization using Islamic capital market instruments.
The Sukuk summit is jointly organized by Islamic Banker, the market reference for the global Islamic finance industry, and ICG Events, a London-based conference company specializing in Islamic finance events.
