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“Potsdam Institute for Climate Impact Research and Climate Analytics. 2013. Turn Down the Heat : Climate Extremes, Regional Impacts, and the Case for Resilience. © Washington, DC: World Bank. https://openknowledge.worldbank.org/handle/10986/14000 License: Attribution-NonCommercial-NoDerivs 3.0 Unported.”

The public sector witnessed a contraction in deposits in the month of May. Delving into segment details, public sector deposits dropped by 7.4% MoM (+7.7% YTD). The semi-government institutions segment gained by 5.9% MoM (+0.4% YTD). However, the government segment experienced a contraction of 22.7% MoM (-13.3% YTD). Further, the government institutions segment (represents 64% of public sector deposits) also receded by 4.6% MoM (+18.9% YTD). On the other hand, private sector deposits outpaced the public sector and inched up by 1.4% MoM (+15.9% YTD).

The Lebanese economy has witnessed a retreat in its economic activity in the first quarter of 2013 relative to the first quarter of 2012, due to the regional turmoil in several Arab countries, especially in Syria that is severely affecting the Lebanese economy, amidst growing domestic political tensions. Lebanon's major economic indicators are presented in the following:   - Construction permits decreased by 21.1%. - The number of real-estate sales transactions decreased by 18.9%. - The number of tourists decreased by 12.5%. - The number of passengers at the Beirut-Rafic Hariri International Airport (HIA) increased by 10.4%. - The value of cleared checks decreased by 0.6%. - The fiscal deficit decreased by 89% to USD 17.9 million in January 2013. - The net public debt increased by 6.8%. - Inflation rose by 3.71%. - The Central Bank of Lebanon's gross FX assets increased by 9% to USD 35.3 billion. - The banking sector's total assets increased by 7.4% to USD 155.4 billion. - Market capitalization of Beirut Stock Exchange (BSE) increased by 0.5% to USD 10.9 billion. - The trade deficit decreased by 10.4%. - Capital inflows decreased by 4.29% to USD 4.23 billion. - The balance of payments recorded a deficit of USD 62.2 million. - Economic growth is estimated at 2% in 2013 and 4% in 2014 according to the International Monetary Fund (IMF).      

The outlook on Saudi banks remains strong despite the marginal downward revisions in our estimates. We do not incorporate the recent rise in the yields of the US10Y Treasuries but we expect NIMs to bottom out in 2013E as was the case in our previous update. We acknowledge the likelihood of a sustained rise in interest rates is higher now which will positively impact valuations.

We remain Overweight on Savola with a PT of SR57.5 and remain Neutral on Almarai with a PT of SR68.6. The long-term outlook of the Saudi Food and Agriculture sector remains strong. Growth in demand will be supported by a young and growing population, expansions into new segments and high market share for Almarai and Savola. However, volatility in global food prices, reliance on imports and a lack of pricing power are key concerns.

Being one of the largest exporters of natural gas, Qatar is ambitiously putting itself on the world map to be the choicest destination and is creating the platform for hosting the mega event-2022 FIFA Football World Cup. It is believed that hosting mega events such as the FIFA would leave a legacy behind for the country. Mahesh Mistry from A. M. Best elaborates on Qatar and its revenues generated from energy commodities, which are one of the key drivers for growth for insurance products in the region. For our insurance and reinsurance fraternity, we spoke to some of the heavyhitters of the industry to know their expectations from the Multaqa Qatar 2013 and have put together some inspiring

The Moroccan central bank (Bank Al-Maghrib - BAM) left its rate unchanged during its quarterly meeting today June 18th.Moreover, BAM decided to implement a new system to enhance the financing of micro-businesses operating in the industrial and exporting sectors.

Ma’aden’s stock has been under pressure this year due to three major reasons: 1) correction in gold price directly impacting profits; 2) subdued DAP demand outlook , which could hamper the bottom-line; and 3) numerous shutdown announcements suggesting weak results for the second quarter. In spite of these  near term concerns, we remain positive on Ma’aden’s long-term prospects, as it is seen as the government’s initiative to build a third pillar in the Saudi economy complimenting Aramco and Sabic. Accordingly, we maintain our Overweight rating with an unchanged target price of SAR37 per share. Nevertheless, we expect volatility in the stock prices due to changing products’ outlooks, potential operational challenges, and the relatively longer time horizon for attaining better earnings visibility and stability.

To date the coupon and principal of the bond have been paid according to schedule. The bond issue is amortizing on a monthly basis, and currently stands at EGP 55,144,108, equivalent to 65.1% redemption of the original balance. Given the senior-subordinated structure of the bond, the principal amortization has been directed for the most part to class A notes, which currently stand at EGP 10,300,000, or 11.7% of the original balance. Class B notes, which have absorbed some of the excess cash collections, currently stand at EGP 44,844,108, or 64.1% of the original balance. The asset pool backing the issue has been amortized at 69.9%, and currently equals EGP 58,438,888.

GCC petrochemical production was up by 2.6% in 2012 GCC petrochemicals capacity reached 127.8mn tons representing a 5.5% growth from the previous year. Saudi Arabia lead the region with 86.4mn tons of capacity, representing 67.6% of the total regional capacity. Qatar with 16.8mn tons accounts for 13.2% of the region’s total production capacity, while Oman’s petrochemicals capacity reached 9.5mn tons equivalent to 7.4% of the region’s total. UAE companies continued its expansion programs and production capacity now represents 4.8% of the total. Saudi Arabia led with 6mn tons coming on stream followed by Oman bringing online 0.6mn tons and Qatar 0.2mn tons on stream.   Saudi petrochemical sector outlook remains mixed We expect things to be more nervy for Saudi Arabia going forward. First of all, we believe the shift towards specialty chemicals to come at a price and would keep the companies at their toes as it would be more exposed to oil price volatility. Secondly, we believe Europe which on an average account for roughly 25% of the turnover is not yet out of problems. Thirdly, competition is going to intensify as margins of US shale backed petrochemicals have risen. While on the positive side, demand from Asia particularly China has increased, secondly, production of high quality petrochemicals because of shift towards Naptha would open new industries and markets for the local producers. 

Synopsis- The Future of the Wine Market in Egypt to 2017 is the result of Canadean’s extensive market research covering the Wine market in Egypt. - The report presents detailed data on the Wine consumption trends in Egypt, providing historic and forecast consumption volume and value at market and category level, alcoholic strength (Fortified Wine), price segment (Still Wine), brand share data and distribution channel data. - This report brings together Canadean Intelligence's research, modelling and analysis expertise in order to develop uniquely detailed market data. This allows domestic and foreign companies to identify the market dynamics to account for the Wine sales overall and to know which categories and segments are in the ascendency in the coming years. Summary- This report provides authoritative and granular detail of the Wine market in Egypt; and in doing so fills the gaps in marketers’ understanding of market trends and the components of change causing them. - Based upon extensive secondary research, this report provides comprehensive and granular insights that allows marketers to confidently update their strategic and tactical plans. ScopeDetailed category coverage is provided, covering three product segments that include: Fortified Wine, Sparkling Wine, and Still Wine. Detailed product sales segmentation for volumes is provided, including brand data (2009-12) and distribution channel data (2009-12), at the product category level. Future forecasts allow marketers to understand the future pattern of market trends; from winners and losers to category dynamics and thereby quickly and easily identify the key areas in which they want to compete in the future. Reasons To BuyThe report provides a unique mix of highly granular market data, based upon detailed industry research, in order to offer a detailed insight into the trends and dynamics affecting Wine market in Egypt. Custom segmentation of the market provides unique view

On 11 June the MSCI announced the results of its 2013 Annual Market Classification Review. The UAE and Qatar are to be reclassified to EM from FM, effective from the May 2014 review. Greece is to be reclassified from DM to EM and Morocco from EM to FM, effective from the November 2013 review. Taiwan and Korea remain under review for a DM upgrade. China A-Shares will be put under review for potential EM inclusion and Egypt is to be monitored more closely for exclusion from EM if the situation on the FX market deteriorates.    

Private Equity (PE) deal activity in the MENA region grew in May. PE funds in the region bought stakes in four companies during the month compared to just one in April. Foreign PE funds also showed interest in regional companies. For instance, The Carlyle Group purchased a significant minority stake in Jordan-based frozen food major Al-Nabil Food Industries. The investment was made through the USD500 million Carlyle MENA Partners fund, which had last acquired a minority stake in women hosiery and undergarments company Penti in Turkey in 2012.

On 29 May 2013, we downgraded Tunisia's sovereign rating to Ba2 from Ba1. There were three key drivers of this rating action: (1) Tunisia's persistent political uncertainty and the risk of instability; (2) the fragile state of the undercapitalised government-owned banks; and (3) the sizeable external pressures on Tunisia's balance of payments and government finances.

Samba Financial Group's Aa3 long-term global local-currency (GLC) deposit rating incorporates a twonotch uplift from its a2 baseline credit assessment (BCA). This uplift reflects our assessment of a very high probability of systemic support, given the bank's importance to the payment system, and Saudi Arabia's strong track record of support towards the banking system.

Bahrain's Baa1 sovereign ratings are supported by the country's positive net international investment position. At the end of 2012, this was around 75% of GDP. Bahrain also has a relatively high, albeit volatile, level of GDP per capita. The country's success in diversifying its economy away from oil is supportive of Bahrain's ratings over the longer term, but the challenge for the government is also to diversify its fiscal revenue base, which remains dominated by oil receipts. The government of Bahrain enjoys strong relations with its fellow Gulf Cooperation Council (GCC) members and the US, which are protective of Bahrain's sovereignty.

On 7 June 2013 we confirmed STB's B1 local and foreign currency deposit ratings and affirmed the bank's caa3 standalone strength (mapped from its E Bank Financial Strength Rating). STB's caa3 standalone strength rating reflects the bank's capital shortfall in the context of its: (1) weak and deteriorating asset quality with a high stock of non-performing loans (NPLs) which we estimate at around 25%; (2) low earnings generation, which provides insufficient loss-absorption capacity, and (3) insufficient capital buffers in the context of the above.

Banque de Tunisie's Ba2 long-term local currency (LC) deposit rating benefits from one-notch uplift from the bank's ba3 BCA. This is based on Moody's assessment of a high probability of systemic support in the event of need, given BdT's deposit market share and its importance to the country's payment systems and economy.

On 7 June 2013 we downgraded Arab Tunisian Bank's (ATB) local currency deposit ratings to Ba2 and foreign-currency deposit ratings to Ba3. Concurrently we downgraded the bank's standalone strength to ba3 (mapped from a D- Bank Financial Strength Rating) from D/ba2. ATB's ba3 standalone strength is driven by (1) our expectations that asset quality will deteriorate (despite a small improvement in the nonperforming loan (NPL) ratio to 9.3% in 2012 from 10.4% in 2011), given the high credit expansion (35.4% in 2010) in a fragile operating environment, which suggests an unseasoned loan book.  

On 7 June 2013 we confirmed Amen Bank's Ba3 local and foreign currency deposit ratings and affirmed its b2 baseline credit assessment (bca, mapped from an E+ Bank Financial Strength Rating). Amen's b2 bca reflects (1) our expectation of asset quality deterioration in the coming quarters given the high credit expansion in a fragile operating environment, (2) the bank's tight liquidity position and high reliance to funding from the central bank and (3) Amen's upcoming capital increase to which the IFC will participate, which will strengthen the bank's relatively weak capital buffers and enhance its risk management over the medium term.

The first driver underlying Moody's decision to place Bahrain's Baa1 sovereign rating on review for possible downgrade is the country's rising government debt burden, which introduces uncertainty into the country's longer-term debt sustainability. Although Bahrain's fiscal deficit for 2012 was a moderate 2.6% of GDP and smaller than the deficits recorded in 2009 and 2010, the IMF estimates Bahrain's high and rising fiscal break even oil price to be at $118.70/barrel, which is above our forecast of $106/barrel for the average oil price in 2013.

Moody's assessment that the Gazeley sale is credit positive for JAFZ and could result in a more conservatively positioned financial profile than the current b1 BCA suggests."Should the sale proceeds be of a meaningful amount, the mandatory early payment clause under the Islamic facility would accelerate JAFZ's already deleveraging trend line," says Rehan Akbar, an Analyst in Moody's Corporate Finance Group and analyst for JAFZ.

TheGFCIprovidespro?les,ratings andrankings for79?nancial centres,drawingontwo separate sourcesofdata – instrumentalfactors(external indices) andresponsestoanonline survey. TheGFCIwas?rstpublishedby Z/Yen GroupinMarch2007andhassubsequentlybeenupdatedevery sixmonths. Successive growthinthenumberofrespondents anddata has enabledustohighlightthe changingpriorities andconcernsof?nancialprofessionals overthistime,particularly since?nancial crises begantounfoldin2007and2008. ThisisthethirteentheditionofGFCI(GFCI13).

“Byamugisha, Frank F. K.. 2013. Securing Africa's Land for Shared Prosperity : A Program to Scale Up Reforms and Investments. © Washington, DC: Agence Française de Développement and the World Bank. https://openknowledge.worldbank.org/handle/10986/13837 License: CC BY 3.0 Unported.”    

Moody's downgraded Tunisia's sovereign rating to Ba2 from Ba1 on 29 May 2013. There were three key drivers of this rating action: (1) Tunisia's persistent political uncertainty and the risk of instability; (2) the fragile state of the undercapitalised government-owned banks; and (3) the sizeable external pressures on Tunisia's balance of payments and government finances.

Summary National Iranian Oil Company (NIOC) is an oil and gas exploration and production company. The company explores, develops, produces, distributes, exports, markets and sells crude oil, natural gas and other petroleum products. It undertakes pipeline construction projects of Aghajari Gas Transportation Pipelines and Buyback Gas Supplying Project. NIOC exports products to international oil markets. The company operates oil and gas exploration and production properties in Muscat, Abu Dhabi, Manama, Kangan, Shiraz, Kuwait, Baghdad, Tehran, Tabriz, Baku, Ashgabat and others. It operates through subsidiaries such as National Iranian South Oil Company, Iranian Fuel Conservation Organization, Karoon Oil & Gas Production Company, Naftiran Intertrade Company, Maroun Oil & Gas Company, and many more. NIOC is headquartered in Tehran, Iran. National Iranian Oil Company - Oil & Gas - Deals and Alliances Profile provides you comprehensive data and trend analysis of the company's Mergers and Acquisitions (M&As), partnerships and financings. The report provides detailed information on Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnership transactions recorded by the company over a five year period. The report offers detailed comparative data on the number of deals and their value categorized into deal types, sub-sector and regions. GlobalData derived the data presented in this report from proprietary in-house Oil & Gas eTrack deals database, and primary and secondary research. Scope - Financial Deals - Analysis of the company's financial deals including Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships.- Deals by Year - Chart and table displaying information encompassing the number of deals and value reported by the company by year, for a five year period.- Deals by Type - Chart and table depicting information including the number of deals and value reported

Interest spread to remain under pressure in 2013 SAMA’s expansionary monetary policy stance is likely to keep interest rates low in 2013e–14e. This coupled with rising pricing pressure due to competition and the higher cost of tapping capital market could exert pressure on interest spread in 2013e–14e. Due to subdued growth forecast by IMF in the next two years, interest rates are expected to remain under pressure. We foresee the trend reversing after 2014e, as interest spreads in the banking sector hit a trough.  An optimistic outlook The outlook for KSA’s banking sector is optimistic due to a strong loan growth. Also, higher capital adequacy and lower non-performing loans (NPL) depict balance sheet strength. We recommend a STRONG BUY on Al Rajhi Bank (RJHI) and Arab National Bank (ARNB) and BUY on Riyad Bank (RIBL) and Saudi Hollandi Bank (AAAL). We recommend HOLD on Samba Financial Group (SAMBA), Banque Saudi Fransi (BSFR), and The Saudi British Bank (SABB).

Dar Al-Shifa'a for the Manufacturing of Pharmaceuticals (PHARMACARE) was incorporated in 1986. Its activities include manufacturing, selling, distribution, export and import of medicines, cosmetics, chemicals and veterinary products. The company had been engaged—during 1999 and 2000- in equity finance through cooperation with Michael Wirts and his family– owners of Grunenthal GMBH; a reputable German Company involved in pharmaceutical manufacturing– to finalize its new factory. The cooperation with GMBH strengthened the technology support, training and knowledge transfer and granted the right for Dar AlShifa'a in manufacturing and distributing some of Grunenthal products which will ensure continuous growth in Dar Al-Shifa'a sales and enhance its ability to overcome the competition challenges. At the end of 2011, Wirts family reduced their stake in Dar Al-Shifa'a. Therefore, the company's management decided to include Bank of Palestine and Reach for Investment & Development as shareholders. The German partner holds now a stake of 23.92% of Dar AlShifa'a s shares.

Summary Kuwait Petroleum International Ltd. (KPI) is a downstream energy company. The company refines crude oil and markets refined petroleum products. KPI is a wholly-owned subsidiary of Kuwait Petroleum Corporation (KPC). The company’s product portfolio includes fuels, lubricants, diesel, aviation turbine fuel and other petroleum derivatives, which are offered under its distinctive brand name, Q8. The company carries out the supply of fuel, heating oil and related petroleum products through its retail service stations in Italy, Sweden, Denmark, the Netherlands, Belgium and Luxemburg. Q8 Research & Technology is KPI’s central technical research facility, which undertakes new product development, product specifications, quality control procedures and the specification of most of the purchased materials. Q8 is headquartered at Safat in Kuwait City, Kuwait. Kuwait Petroleum International Ltd. - Oil & Gas - Deals and Alliances Profile provides you comprehensive data and trend analysis of the company's Mergers and Acquisitions (M&As), partnerships and financings. The report provides detailed information on Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnership transactions recorded by the company over a five year period. The report offers detailed comparative data on the number of deals and their value categorized into deal types, sub-sector and regions. GlobalData derived the data presented in this report from proprietary in-house Oil & Gas eTrack deals database, and primary and secondary research. Scope - Financial Deals - Analysis of the company's financial deals including Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships.- Deals by Year - Chart and table displaying information encompassing the number of deals and value reported by the company by year, for a five year period.- Deals by Type - Chart and table depicting information including the number of

Summary Kuwait Energy Company K.S.C. (Kuwait Energy) is an independent upstream energy company. It mainly focuses on the exploration, development and production of oil and gas. The company, through its subsidiaries, conducts operations in the Middle East, North Africa, and Eurasia regions. Kuwait Energy carries out its upstream operations in eight countries, which are Egypt, Oman, Yemen, Iraq, Pakistan, Russia, Latvia and Ukraine. the company has interests in 60 exploration, development and production licenses. The company has regional offices located in Cairo, Kiev, Sana'a, Basra, Ukhta, Baghdad and Moscow. Kuwait Energy is headquartered in Salmiya, Kuwait.   As a part of its growth plan, in 2012, the company spent around 119.8m towards the capital expenditure. Besides, the company announced a new oil discovery of Ahmad-2 well in the area A license in the Gulf of Suez, Egypt, adjacent to the Shukheir North West field. Kuwait Energy Company K.S.C. - Oil & Gas - Deals and Alliances Profile provides you comprehensive data and trend analysis of the company's Mergers and Acquisitions (M&As), partnerships and financings. The report provides detailed information on Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnership transactions recorded by the company over a five year period. The report offers detailed comparative data on the number of deals and their value categorized into deal types, sub-sector and regions. GlobalData derived the data presented in this report from proprietary in-house Oil & Gas eTrack deals database, and primary and secondary research. Scope - Financial Deals - Analysis of the company's financial deals including Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships.- Deals by Year - Chart and table displaying information encompassing the number of deals and value reported by the company by year, for a five year period.- Deals by Type - C

Summary Mubadala Development Company PJSC (Mubadala) is an investment holding group. It is wholly-owned by the Government of Abu Dhabi. It manages a portfolio of national and international investments. Mubadala is formed to carry out Abu Dhabi’s diversification and economic development strategy. The group has interests in a range of sectors, including oil and gas, renewable energy, real estate and infrastructure, aerospace, commercial finance, information and communications technology, healthcare and service-based industries, among others. Mubadala is headquartered in Abu Dhabi, the UAE.   Mubadala is focused on the economic development of Abu Dhabi through participation in various industries. It partners with leading organizations for development of world-class projects. The company focuses on managing long-term investments which can deliver strong financial returns and bring social benefits for the UAE. Mubadala Development Company PJSC - Oil & Gas - Deals and Alliances Profile provides you comprehensive data and trend analysis of the company's Mergers and Acquisitions (M&As), partnerships and financings. The report provides detailed information on Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnership transactions recorded by the company over a five year period. The report offers detailed comparative data on the number of deals and their value categorized into deal types, sub-sector and regions. GlobalData derived the data presented in this report from proprietary in-house Oil & Gas eTrack deals database, and primary and secondary research. Scope - Financial Deals - Analysis of the company's financial deals including Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships.- Deals by Year - Chart and table displaying information encompassing the number of deals and value reported by the company by year, for a five year period.- Deals by Type - Chart and

Summary Entreprise Tunisienne d'Activites Petrolieres (ETAP) is a state-owned energy company. The company is active in exploration, production,  marketing and oil services. ETAP also exports and imports oil and gas based on the requirements in the domestic market. The company promotes the energy sector of the state. It participates in all hydrocarbon operations directly or indirectly. It operates through seven exploration and production companies and six service companies. ETAP is headquartered in Tunis, Tunisia.   ETAP focuses on attracting foreign investments in the country's oil and gas exploration and production activities and entering into associations with the foreign companies. In line with this approach, recently the company in partnership with Tunisian TOPIC entered into an agreement with Tunisian State for the  exploration license Mateur. Entreprise Tunisienne d'Activites Petrolieres - Oil & Gas - Deals and Alliances Profile provides you comprehensive data and trend analysis of the company's Mergers and Acquisitions (M&As), partnerships and financings. The report provides detailed information on Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnership transactions recorded by the company over a five year period. The report offers detailed comparative data on the number of deals and their value categorized into deal types, sub-sector and regions. GlobalData derived the data presented in this report from proprietary in-house Oil & Gas eTrack deals database, and primary and secondary research. Scope - Financial Deals - Analysis of the company's financial deals including Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships.- Deals by Year - Chart and table displaying information encompassing the number of deals and value reported by the company by year, for a five year period.- Deals by Type - Chart and table depicting information includin

Summary Kuwait Foreign Petroleum Exploration Company (KUFPEC) a subsidiary of Kuwait Petroleum Corporation (KPC) is an energy company. It explores, develops and produces oil and natural gas.  KUFPEC key asset base consists of offshore and onshore exploration leases and oil and gas properties. The company participates in joint ventures with other upstream energy companies as an operator and partner. It has geographic presence in Africa, Middle East, Asia and Australia. The company holds various exploration properties in Tunisia, Indonesia, Australia, Egypt and Pakistan. KUFPEC is headquartered in Safat, Kuwait. The company focuses on acquiring new properties and discovery of gas to enhance operational efficiency. Recently the company entered into an agreement to gain 35% interest in EnQuest’s Alma and Galia oil field developments in the UK North Sea for US$500m. The company's SEAR Indonesia Natuna Exploration Well WL-5(X) discovered approximately100 Bcf of gas from a new deep reservoir. Kuwait Foreign Petroleum Exploration Company - Oil & Gas - Deals and Alliances Profile provides you comprehensive data and trend analysis of the company's Mergers and Acquisitions (M&As), partnerships and financings. The report provides detailed information on Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnership transactions recorded by the company over a five year period. The report offers detailed comparative data on the number of deals and their value categorized into deal types, sub-sector and regions. GlobalData derived the data presented in this report from proprietary in-house Oil & Gas eTrack deals database, and primary and secondary research. Scope - Financial Deals - Analysis of the company's financial deals including Mergers and Acquisitions, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships.- Deals by Year - Chart and table displaying information encompassing the number of deals an

There are significant shifts taking place across the world in terms of how wealth is created, the pace at which it is accumulated and the subsequent impact these dynamics have on when, and even whether, it is shared with future generations and charitable causes. Globally there exists a cycle of wealth creation, inheritance and legacy. Each stage of the wealth cycle brings its own set of challenges and opportunities for the individuals and their families. While emerging markets are accruing wealth at a faster pace than more developed territories, many emerging-market entrepreneurs are now planning, often for the first time, how to deal with succession and inheritance, to protect that wealth and ensure children are educated to prosper with it.

This report looks at the emerging regulatory and practice challenges that will impact the Takaful industry. It seeks to assess the business structures and strategies, market development and growth trends globally. Throughout the report, we explore key emerging practical and strategy issues pertinent to the industry and suggest the ways in which Takaful operators can adapt and respond to these challenges for the coming new phase of growth.