2008 LONDON SUKUK SUMMIT

The UK has yet to see its first Sukuk origination. However, London has an unenviable history and track record for structuring and arranging Sukuk. HSBC; Citigroup; WestLB London Branch; Standard Bank (London Branch); Deutsche Bank London Branch; ABC International Bank; and Dawnay Day CAP have all been active in this capacity..

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SABIC THE GLOBAL PETROCHEMICALS GIANT TO HOST SUKUK SUMMIT GALA DINNER
David Richards C.B.E., Chairman, Aston Martin, one of the lead 'drivers' behind the landmark Islamic acquisition
of an 'iconic' British brand, to deliver Sukuk Summit Gala Dinner speech.
GALA DINNER TO ALSO FEATURE 2008 SUKUK SUMMIT AWARDS
The premier Islamic finance industry accolades

"Who will the winners be in 2008?"



 Sukuk Facts
  • The total amount of Sukuk outstanding is currently estimated at about US$120bn, which includes the Sukuk issuances in the GCC, Pakistan, Brunei and the US$47bn of Malaysian Sukuk and securities outstanding.
  • But if we add other wholesale Islamic papers such as private debt securities, MTNs, Asset-backed MTNs, Money Market instruments including government bonds, notes and Treasury Bills, then the total size of the wholesale Islamic financial market increases to an estimated US$200bn.
  • In 2007, there were an estimated 180 Sukuk and Islamic certificate issuances worldwide, in seven currencies - the US dollar: the Malaysian ringgit, the UAE dirham, the Pakistani rupee, the Bahraini dinar, the Saudi riyal, the and the Brunei dollar.


UK Government Consolidates Commitment to Originate Sukuk in the Wholesale Sterling Market

Chancellor of the Exchequer Alistair Darling confirmed in his Budget 2008 announcement on 12th March that "the Government remains committed to examining this issue and will continue to assess the feasibility of issuing a sovereign Sukuk."
..."We are determined to consider fully the overall implications of such an issuance. Outstanding tax, regulatory and value-for-money considerations mean that any final decision taken today would be premature. However, the Government will take legal powers in the Finance Bill 2008 to facilitate a future sovereign issuance".
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Alistair Darling
Chancellor of the Exchequer,
Alistair Darling



HM Treasury, UK Consultation entitled: Government sterling sukuk issuance - Issued 14th November 2007
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"The government will step up preparations this week for the launch of sharia-compliant bonds, known as Sukuk, as it seeks to turn London into the world centre of Islamic finance. Kitty Ussher, the Treasury minister, will tell City leaders she is launching a three-month consultation process and could use next spring?s Budget to put in place any legal changes that might be needed to launch the first western government Sukuk."
Nov 11 2007


..."Sukuk and other bonds would absolutely explode," David Lewis, the Lord Mayor for the City of London, the capital's financial district, told leading Islamic bankers at a meeting this week. "If we in London could promote such a market, there would be huge international interest."...
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David Lewis,
the Lord Mayor for the City of London

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The Chancellor's announcement is a very important statement of intent of the UK government and for the future of the Euro Sukuk Market. Despite the impact of the Global Credit Crunch, the Sukuk market remains robust with $20 Billion announced for 2008. According to Islamic Banker, some ten bond issuances were affected in the GCC market in 2007 but of these ten, only three were potential Sukuk issuances. Some issuances were delayed because of pricing concerns and the fact that western investors were wary of further exposure to the market. One or two issuances have also been affected by decrease in valuation of the assets but on the whole the Sukuk market is set to expand rapidly in 2008 and 2009.

The International Finance Corporate (IFC) (part of the World Bank Group) for instance confirms that it expects to participate in a number of Sukuk issuances in 2008. Given the above developments and the debate which has ensued following the AAOIFI Shariah board recommendation, the London Sukuk Summit, the main industry platform for the Sukuk and Islamic Capital Markets on an annual basis, assumes an even greater importance.

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