Jun 04 2013
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ICIEC & Liquidity House Sponsor Sukuk Summit
Dr. Abdel Rahman Al-Tayeb Taha, the Chief Executive Officer of ICIEC, commented "In line with its mandate to facilitate the flow of investments and project finance to its Member Countries, ICIEC has taken the initiative to launch this innovative insurance product which is the first of its kind in the market. Sukuk Insurance will help ICIEC's member countries tap international capital markets and mobilise resources by providing insurance cover to investors in sovereign Sukuks. We are targeting Sovereign Ijarah Sukuks at the outset, and will roll this product out to other forms of Sukuk in due course. This is in line with the strategy of the Islamic Development Bank Group to promote infrastructure development and the expansion of the Islamic Finance sector in member countries".
He added "Many member countries have issued or are planning to issue Sukuk to raise funds to finance their infrastructure and other developmental projects. This product will enable, in particular, those member countries who are rated below investment grade or are unrated, to gain access to international capital markets. ICIEC's insurance cover, given its Aa3 rating by Moody's, will serve as a strong credit enhancement mechanism, and encourage international banks and investors to participate in such Sukuk offerings".
This innovative product is expected to be available later this year and Sukuk Summit delegates will be amongst the first to get a detailed insight into the working of this important industry innovation.
We are also pleased to announce that Liquidity House for Investment KSCC, a long time participant and supporter of the London Sukuk Summit are also supporting this year's Summit as a sponsor. Liquidty House continues to build on its position as a leading provider of Islamic advisory services with a focus on global Sukuk structuring and placement.
For instance Liquidity House recently completed a mandate for the Turkish government - The firm, alongside Citigroup and HSBC, advised on the Turkish Treasury's concluded debut sovereign Sukuk issue, which had an order book almost five times of the issue size, ultimately raising $1.5bn. It is expected that the issue will be a gateway for further Sukuk issuances from Turkey with the sovereign issue having paved the way for a fast growing Sukuk market across the already GCC region and Malaysia, in addition to new territories and markets.
Liquidity House, which is wholly owned by Kuwait Finance House, has been recently mandated with other debut Sukuk issuances for various Sovereigns which will be coming to the market later part of this year or early next year.
"We are absolutely thrilled to have KFH Group, represented through its Sukuk arm Liquidity House, mandated by an increasing number of sovereign issuers as they look to broaden their investor base and sources of financing. Having been selected alongside and ahead of some of the world's largest financial institutions is a huge affirmation of the value proposition offered by KFH Group and Liquidity House and the vast expertise the firm and our teams have in Islamic Finance," said Mr. Emad Yousuf Al Monayea Board Director & CEO of Liquidity House.
He concluded, "With these mandates, we expect to continue to build our capabilities and our roster of clients including regional and global governments, as evidenced in the awards and accolades reaped during our nascent tenure."
Sukuk is one of the fastest growing areas within Islamic Finance and the success of the Turkey's sovereign Sukuk issue goes to underscore the huge demand for Sukuk not just in the MENA region and Asia or Islamic countries, but also globally. We expect that many more governments and corporates worldwide will take advantage of this demand in coming months and years and KFH Group and Liquidity House are well positioned to support them.
Given all the above with the support of ICIEC and Liquidity House, the Summit presents you with a focused networking opportunity allowing you to share in knowledge with influential industry groups operating in key global markets. With the Summit fast approaching and places growing increasingly scarcer please ensure that you book your seat today to avoid disappointment as the Summit is surely an event not to be missed!
For further information and more detail on the Sukuk Sumit please visit: www.sukuksummit.com
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