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image Introduction to Risk Management in Islamic Banking – Basel II Compliance.
Event date: - 2012-12-07
   
image 12th Annual Islamic Finance Summit
Event date: - 2013-02-26
   
image The 3rd PPP MENA Conference
Event date: - 2013-03-17
   
image Islamic Finance Forum Europe
Event date: - 2013-05-28
   
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GCC’s sukuk issuances are set to reach around $35 bn in 2013 according to estimates by Global Islamic Finance Magazine. According to recent Kuwait Financial House report Saudi Arabia issued $10.5bn in sukuk in 2012, a 278% increase over 2011.

This volume of Sukuk Issuing put the country at the second position in 2012 after Malaysia. Meanwhile issuing of sukuk was followed by $4bn General Authority for Civil Aviation offering, the first government-backed sharia-compliant bond issue, and the single-largest sukuk anywhere to date.

At present, the Saudi’s Islamic financial assets make up more than one-quarter of the GCC’s total Islamic assets, and by 2015, Saudi Arabia’s share will grow to more than half, according to Ernst & Young recent forecasts. But the market still stay demanding,  This demand worth $300bn in 2012, more than twice the $132bn total reached in 2011. According to estimates from Ernst & Young’s 2011-12 World Islamic Banking Competitiveness Report, hat global demand is expected to be around $900bn by 2017. Saudi’s local firms are also trying to access to abroad new clients including private equity and mutual funds.  The national commercial bank is in process of forming two new Islamic equity funds in Dublin. Saudi investment fund Sedco capital plans to add 8-10 funds in 2013.

However the kingdom has pulled out unexpectedly from International Islamic Liquidity Management ( IILM )on March 2013, a body backed by central banks from Middle East and Asia.  Saudi Arabia’s stake in the IILM was bought by the central banks of Qatar and Malaysia, bringing the number of the body’s shareholders down to ten.
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Moinuddin Malim, CEO, Mashreq Al Islami


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