Dr Zeti Akhtar Aziz, the Governor of Bank Negara Malaysia, the central bank, will give the main keynote address at the landmark London Sukuk Summit which is scheduled to be held between the 20th- 21st June 2007 at the Royal Horse Guards Hotel, Whitehall, London.
Dr Zeti, who won the 'Central Banker of the Year' Award in 2005 awarded by the FT Group's The Banker, will discuss the challenges for a global Islamic Capital Market (ICM) with special reference to strategic developments in Malaysia in this respect. 'The Sukuk Summit - Strategies for Today: Demystifying Islamic Capital Markets (ICM) Products' is jointly organized by ICG the London-based conference group specializing in Islamic finance events, and Islamic Banker, the market reference for the global Islamic finance industry.
Malaysia has by far the most developed domestic ICM. But, with the establishment of the Malaysian Islamic Financial Centre (MIFC) earlier this year - effectively Malaysia Inc.'s new Islamic banking brand - the Badawi Government is keen to promote the MIFC as a one-stop shop for origination, issuance and investment of and in Islamic financial products. The MIFC as such is seeking to attract established strong global players - domestic IFIs who have a truly global reach and foreign IFIs who are committed to a full set of banking activities in Malaysia and the region.
All these measures are part of a new strategy to accelerate the sector's growth, under the MIFC brand, which has a general secretariat and council comprising various Malaysian ministries and government agencies, and which is chaired by Dr Zeti Akhtar Aziz, the Governor of Bank Negara. Not surprisingly, every Malaysian minister or trade mission going on a foreign visit is obliged to promote the MIFC abroad.
To ensure a more effective delivery of this MIFC strategy, the government has set up an executive committee of key officials, regulators and industry leaders. An 'executive green lane' has been accorded by the immigration department to the MIFC Secretariat to expedite applications by expatriates for long-term employment passes with multiple-entry visas. This will facilitate the greater movement of talent and expertise in the area of Islamic finance in Malaysia.
At the same time, Asia in general is finally awakening to the huge opportunities that the global Islamic finance sector is offering, with Japan and China emerging as the two potentially most important markets. In this context, Etsuaki Yoshida, Deputy Director, Japan Bank for International Cooperation, has also confirmed his participation at the Sukuk Summit and will address delegates on Japan's attitude to Islamic finance and its emerging role in playing the lead in developing an Islamic capital markets in the Asia-Pacific region. In fact, the Japan Bank for International Co-operation (JBIC) is in the process of launching a "substantial" Sukuk (Islamic trust certificates) series out of Kuala Lumpur and denominated in Malaysian ringgit.
Tadashi Maeda, Director General of JBIC, confirmed recently that the Bank is embarking on "a proactive Sukuk issuance" strategy, which includes both issuance by the Bank and through credit enhancement by JBIC through its guarantee, where Japanese private companies and their affiliates overseas issue Sukuk.
JBIC, which became an observer member of the Islamic Financial Services Board (IFSB) in January 2007 and which together with the IFSB organized the first-ever international Islamic finance conference in Tokyo in February 2007, is also promoting Islamic finance in the Asia region through two initiatives - AMBI (the Asian Bond Markets Initiative) and the AGI (Asia Gateway Initiative), both aimed towards helping the establishment of an integrated Islamic finance market in Asia, in which Japan would play a key role in promoting such a market and fostering a secondary market of Sukuk in Asia.
The aim is also to attract petrodollar investment from the GCC countries in strategic projects and infrastructure in Asian countries. JBIC has also established an in-house Islamic Finance Study Group in May 2006 and has even appointed its own Shariah Advisory Group.
The above developments coincide with the recent announcement by the UK Treasury that it is conducting a study to see how the British government could issue Sukuk (Islamic trust certificates) in the wholesale sterling market. The UK Treasury development has caught the imagination of the global Islamic finance industry, especially those of potential investors, who see London spearheading the development of a Euro-Sukuk market.
Ian McCartney, UK Minister of Trade & Investment, will be hosting a special reception for delegates on the afternoon of the second day of the Summit, at which he will also address them on the latest moves to promote London as a hub for Islamic finance and trade. The reception will be chaired by Roy Leighton, Chairman of the Financial Services Sector Advisory Board of the UKTI and a Member of the Chancellor of Exchequer's High Level Group of Experts.
Richard Thomas, Managing Director, Global Securities House (UK) will inform the delegates of the objectives and remit of the newly formed Islamic Financial Services Sub Committee, UKTI FSSAB, of which Richard is chair.
In addition, Michael Ainley, Head of International Firm's Department, at the Financial Services Authority (FSA) will deliver a keynote address on 'Financial Globalisation & the Role of the UK as Preferred Hub for International Islamic Finance'. Mohammed Tariq, Head of Treasury at the Islamic Development Bank (IDB) in Jeddah, Saudi Arabia, will also speak on resource mobilization using Islamic capital market instruments.
In this context, 'The Sukuk Summit' could not be more timely and assumes an even greater importance given the growing number of issuances and syndications structured out of London, the preferred jurisdiction for Islamic finance transactions; and the emerging importance of south and east Asia.
To register for the Sukuk Summit please click the register button below.
-Ends-
For more information about 'The Sukuk Summit' please visit www.sukuksummit.com To attend the event, please contact Aisha Abbasi on (+44) 20 8209 1751 or email aisha@icg-events.com
ICG - Islamic Conferences Group
Tudor House
Streamline Llanvanor Road
London NW2 2AR
United Kingdom
Telephone (+44) 20 8209 1751
Fax (+44) 20 8209 1079
Email: sukuk@icg-events.com
Web: www.sukuksummit.com
Islamic Banker
Mushtak Parker Associates Ltd
119 Leighton Gardens,
London, NW10 3PS
United Kingdom
Telephone: (+44) 20 8969 0706
Fax: (+44) 208969 0667
Email: islambank@aol.com or islamicbanker@aol.com
© Press Release 2007
