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Dubai to host Mena sukuk congress

Staff Report / 2 February 2014

The conference, scheduled to open on Monday, will highlight the best international practices in the field of sukuk.

Dubai Economic Council (DEC) on Saturday announced the launch of the two-day ‘Sukuk Congress Middle East and North Africa’ in partnership with the International Centre for Quality and Productivity (IQPC) in Dubai with the aims to create an active dialogue to discuss the most important issues related the sukuk industry in the region at present.

The conference, scheduled to open on Monday, will highlight the best international practices in the field of sukuk and will analyse 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.

Hani Al Hamli, secretary-general of the DEC, 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.

Al 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.

“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.

— abdulbasit@khaleejtimes.com

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