2009 London Sukuk Summit

2009 London Sukuk Summit

Sukuk

Two influential regulators, Tan Sri Zarinah Anwar, Chairman of the Securities Commission of Malaysia, the securities regulator, and Dr Mohammed Al-Jasser, Governor of the Saudi Arabian Monetary AgencySaudi Arabian Monetary Agency (SAMASAMA), the central bank, have won this year’s premier honour at the 2009 London Sukuk Summit Islamic Finance Awards which was held at a Gala Dinner on the evening of 2nd July 2009 at the Radisson Hotel in London. The awards formed part of the 2009 London Sukuk Summit which was held at the same hotel on 2nd-3rd July 2009.

Chairman Tan Sri Zarinah won the ‘Outstanding Contribution to the Development of Islamic Capital Markets’ Award while Governor Al-Jasser won the ‘Outstanding Contribution by a Regulator to Islamic Financial Services’ Award at a ceremony organized by London based ICG-Events.

The Awards recognizes the achievements, progress and effort by individuals and institutions in the Islamic finance space. This year there were 24 Award categories.

Tan Sri Zarinah Anwar, who took over the helm at the Securities Commission in 2006, is recognized for her vital role in expanding the role and depth of the Malaysian Islamic capital markets and promoting Islamic capital markets in regional and international bodies such as International Organisation for Securities Commissions (IOSCO). She is a strong advocate of the connectivity in global Islamic finance, and is active in promoting cross-border Islamic capital market activity.

Under her leadership, the Securities Commission, for instance, entered into a milestone agreement with the Dubai Financial Services AuthorityDubai Financial Services Authority (DFSADFSA) for the cross-border marketing of Islamic funds. Similarly, Chairman Tan Sri Zarinah introduced the pioneering Islamic Markets Programme (IMP), which entered its fourth year this year and which aims at guiding, helping and educating emerging country regulators in the field of Islamic capital markets regulation. This annual event is also part of the many initiatives undertaken by the Securities Commission to develop the talent pool for the Islamic capital market (both within and outside Malaysia), as well as promoting knowledge-sharing on the Islamic capital market.

Governor Al-Jasser, who took over in March this year, has made a rapid impact on the Islamic finance market and is an outspoken supporter of developing a world-class Islamic finance system especially in the wake of the near-collapsed financial system in the West which has been experiencing a major crisis and credit crunch. The appointment of Dr Al-Jasser has raised expectations of a greater Saudi leadership role in regional and global Islamic finance. Another prominent figure that was honoured is Dr Ahmad Mohammad Ali, President of the Jeddah-based Islamic Development BankIslamic Development Bank (IDB)(IDB), who was recognized for his ‘Outstanding Leadership in Islamic Finance’. Dr Ali has been at the helm of the IDB for almost 30 years, save a few months when he became Secretary-General of Rabita, the World Muslim League, which is based in Makkah.

Under his watch, the IDB has become an important multilateral development bank of the Muslim world, and has fostered the development of member country economies and promoted policies aimed at poverty alleviation, private sector development, the promotion of Islamic finance globally, and promoting intra-Islamic trade and investment. Currently intra-Islamic trade stands at almost 14 per cent of the total trade of the 57 Muslim countries.

Other Saudi winners recognized included The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IDB GroupIDB Group, for the ‘Most Innovative Islamic Financing Transaction’ for the Djibouti Container Terminal Financing.

The IDB also won the ‘Most Innovative Sukuk Structure/Deal’ Award for its RM1billion Medium Term Notes facility issued in for Malaysia. Ayman Sejiny, CEO of Unicorn BankUnicorn Bank in Saudi Arabia, whose major shareholder is Dar Al-Arkan Real Estate Development Company (DAAR)Dar Al-Arkan Real Estate Development Company (DAAR), was named ‘Islamic Banker of the Year’.

DAARDAAR itself was recognized for the ‘Best Sukuk Structure by a Private Corporate Issuer’ for its recent SR750m Sukuk. Similarly, National Commercial bank of Saudi Arabia won the ‘Outstanding Contribution to the Development of Global Islamic Finance’ Award, while Siraj CapitalSiraj Capital whose major shareholder is the Al-Sulaiman Family of Saudi Arabia was named the ‘Best Islamic Wealth Management Service Provider’.

Kuwait Finance HouseKuwait Finance House, one of the largest Islamic banks in the world, won the ‘Most Innovative Islamic Bank’ Award.

This year’s ‘Zaki Badawi Award for Excellence in Shariah Advisory’ given in honour of the Late Dr Zaki Badawi, the prominent Azharite Shariah Scholar, was awarded to Dr Daud Bakar of Malaysia. The award recognizes the outstanding and impressive contribution Dr Bakar has made to the development of Fiqh Al-Muamalat not only in his native Malaysia but elsewhere in the region, the Middle East and beyond.

This year also saw two awards for the next generation of Islamic bankers. The ‘Zaki Badawi Award for Outstanding Young Shariah Advisory’ was awarded to Mufti Muhammad Nurullah Shikder, Shariah Adviser to Gatehouse Bank plc, the latest Islamic investment bank to be authorized by the United Kingdom’ Financial Services Authority (FSA). Similarly, Nazmi Camalxaman, UK Manager of CIMB Islamic Bank, won the ‘Young Islamic Banker of the Year’ Award.

Full List of the 2009 London Sukuk Summit – Islamic Finance Awards Recipients

1. Outstanding Contribution to the Development of Islamic Capital Markets
Tan Sri Zarinah Anwar, Chairman, Securities Commission of Malaysia

2. Outstanding Leadership in Islamic Finance
Dr Ahmad Mohammad Ali, President, Islamic Development BankIslamic Development Bank (IDB, Saudi Arabia)

3. Outstanding Contribution to Islamic Finance in the UK
Neil D. Miller, Partner, Norton Rose, United Kingdom

4. Most Innovative Islamic Financing Transaction
Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for the Djibouti Container Terminal Financing, Saudi Arabia

5. Most Innovative Sukuk Structure/Deal
Islamic Development BankIslamic Development Bank (IDB)(IDB) for the RM1billion Medium Term Notes for Malaysia, Saudi Arabia

6. Best Administrator/Trustee/Bookrunner
CIMB Islamic Bank, Malaysia

7. Best Arranger(s) of a Sukuk Structure
Gatehouse Bank for the Milestone Capital Sukuk Programme, United Kingdom

8. Zaki Badawi Award for Excellence in Shariah Advisory
Dr. Daud Bakar, Malaysia

9. Zaki Badawi Award for Outstanding Young Shariah Advisory
Mufti Muhammad Nurullah Shikder, United Kingdom

10. Best International Islamic Finance Centre
Malaysia Islamic Financial Centre (MIFC)

11. Outstanding Contribution by a Law Firm to Islamic Financial Services
Norton Rose, United Kingdom

12. Islamic Banker of the Year
Ayman Sejiny, CEO, Unicorn BankUnicorn Bank, Saudi Arabia

13. Young Islamic Banker of the Year
Nazmi Camalxaman, CIMB Islamic Bank, Malaysia

14. Outstanding Contribution by a Regulator to Islamic Financial Services
Mohammad Al-Jasser, Governor, Saudi Arabian Monetary AgencySaudi Arabian Monetary Agency (SAMASAMA)

15. Most Innovative Islamic Real Estate Financing Transaction
Ali Al-Ghannam, Kuwait Finance HouseKuwait Finance House, for the Multi-Million Dollar Iskandar City Development Project, Kuwait

16. Best New Entrant in the Sukuk Market
Emirates ND, Dubai

17. Most Innovative Islamic Bank
Kuwait Finance HouseKuwait Finance House (KFH)

18. Best Sukuk Structure by a Private Corporate Issuer
Dar Al-ArkanDar Al-Arkan for the SAR 750 million Sukuk, Saudi Arabia

19. Outstanding Institutional Contribution to the Islamic Finance Sector
Lembaga Tabung Haji, Malaysia

20. Outstanding Contribution in CSR by Institution Offering Islamic Financial Services
Oasis Group Holdings of South Africa for the Restoration of the Islamic Library in Timbuktu

21. Outstanding Contribution to the Development of Global Islamic Finance
National Commercial BankNational Commercial Bank of Saudi Arabia

22. Best Islamic Wealth Management Service Provider
Siraj CapitalSiraj Capital, Saudi Arabia

23. Outstanding Contribution by an Accounting & Auditing Firm to Islamic Financial Services
KPMG, United Kingdom

24. Best Sovereign/Quasi-Sovereign Sukuk Issuance
Monetary Authority of Singapore for the Reverse Enquiry Sukuk Facility

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4 responses to “2009 London Sukuk Summit

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