Dubai will host on Monday the two-day "Sukuk Congress Middle East and North Africa" organized by the Dubai Economic Council (DEC) in partnership with the International Center for Quality and Productivity (IQPC) at the Radisson Royal Hotel, Dubai.
The conference aims to create an active dialogue to discuss the most important issues related the Sukuk industry in the region at present. The conference will highlight the best international practices in the field of Sukuk and will analyze various practices to derive a set of recommendations and initiatives that will be the basis to develop institutional capacity, legislation and regulations to facilitate the growth of the sukuk industry in line with regional initiatives.
On this occasion, Hani Al Hamli, Secretary-General of the Dubai Economic Council, stated that the sukuk industry is being observed with great interest by governments , financial institutions, banking and other businesses and investors regionally and in the international arena due to its vital role in strengthening the financial sector and the facilitation of investments on the one hand and the creation of income and wealth of on the other and this is reflected, by extension, in positive economic growth rates .
Hamli said that the sukuk industry has seen high demand over the past decade and became the favoured method to finance government projects and corporate expansion , and the UAE stands at the forefront of the region's countries in terms of the size of the issuance , trading and global turnout.
The DEC secretary general stated: We have seen a rise in the number of issuances from industries as diverse as real estate developers, the airline industry, Islamic financial institutions as well as telecoms companies which has led to the increase in the value of Sukuk issued. In addition the growing number of institutions issuing sukuk further reinforcing the fact that the sukuk product is adaptable to several sectors. In addition the industry has emerged as a phenomenon internationally as a result of increasing demand for high-quality investments and thus the listing of these instruments in foreign exchanges .
Al Hamli also said that developments have occurred in the sukuk market in the Gulf region recently and this will would lay the foundations and guidelines in the formation of a robust and sustainable sukuk industry in the region , and perhaps at the forefront of these developments is the announcement of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President Prime Minister of the UAE and Ruler of Dubai to position Dubai at the epicenter of the Islamic economy and a centre for Islamic finance, an initiative that will reshape the map of the Sukuk market not only at the level of the UAE and the region , but also on a global level .
Additionally we can't overlook the developments that taking place in some of the GCC countries recently in the sukuk industry , which herald a promising future for the region over the long term , where sukuk will be an essential part of the portfolio of conventional and Islamic investors alike..
In spite of this, Al Hamli stated the sukuk raises a lot of issues relating to issuances, its usages and the ability to keep up with the fast paced developments taking place in conventional banking and finance, in addition to the readiness of the legal and regulatory framework for the development of this sector . Hence the importance of this conference is to provide an interactive platform for stakeholders in the sukuk sector to engage in discussion and debate about the most important developments taking place in the sector in the MENA in general and in the UAE and Dubai in particular .
For his part , Mr. Symon Rubens , Managing Director for the Middle East, Africa and South Asia at IQPC stated , the Islamic Economy sector is an area of great importance to us. We strive to keep up with the initiatives and the overall economic objectives of the governments of countries in the region in their pursuit of continued development.
In particular , it has consistently Center and , especially recently, to organize events and activities that highlight the strategic importance of the Islamic Economy Initiative launched by the government of Dubai last year, which is no doubt that it will change the map of Islamic economy regionally and globally .
Mr. Simon added , "We are proud of our cooperation with the DEC in organizing this event , the DEC has turned into the most important economic decision- support centers in the Emirate of Dubai and the UAE, and is continuously contributing to the promotion of development programs initiatives by the Emirate in various sectors." The conference program includes over two days on several discussion sessions and interspersed with some key learnings by specialists in Islamic finance from within the region and beyond. And will address the sessions : Market Analysis regional sukuk , and the diversification of the investor base to take advantage of the demand for Islamic investment , in addition to case studies, analysis of investment frameworks Takaful and their effects on the sukuk market , and will discuss the challenges and opportunities in the listing of sukuk or private placement , and facilitate the growth of sukuk and increase the potential of the industry.