London Sukuk Summit: 2008 London Sukuk Summit Awards Honour Islamic Bankers Past and Present

Thursday, June 26, 2008; Posted: 10:31 AM
 

Jun 26, 2008 (M2 PRESSWIRE via COMTEX) — LDNXF | Quote | Chart | News | PowerRating — The Second Annual London Sukuk Summit Awards of Excellence last night honoured a host of regulators and bankers who have contributed much to the Islamic banking and finance movement over the last three decades.

 

The Awards ceremony was held during the Gala Dinner at the Royal Horseguards Hotel in Whitehall following the opening day of the 2008 London Sukuk Summit based on the theme ‘Gearing Up for UK Sukuk Originations’. The Summit is endorsed by the UK Treasury; UK Trade & Investment (UKTI), City of London Corporation; and the London Stock Exchange.

The Gala Dinner was sponsored by Saudi Arabian Basic Industries Corporation (Sabic), one of the world’s largest petrochemical exporters, and one of the most active oil sector corporates involved in accessing Islamic Finance and which has emerged as a major Sukuk originator out of Saudi Arabia.

The Guest of Honour at the Gala Dinner was David Richards, CBE, the Chairman of Aston Martin, a former professional rally driver and also the Chairman of Prodrive, a world-leading independent motor sport and automotive technology business. Mr Richards addressed the Gala Dinner on the pioneering GBP522 million acquisition of Aston Martin from Ford Motor Company by a consortium led by Kuwait’s The Investment Dar Company (TID) and ADEEM Investments & Wealth Management.

Perhaps the most poignant award of the evening was the ‘Special Award for Outstanding Contribution to the Development of Global Islamic Finance’ which was given posthumously to The Late Tan Sri Dato’ Jaafar Hussein, Governor, Bank Negara Malaysia (June 1985 – May 1994). It was Tan Sri Jaafar who famously declared in the late 1980s that he had a dream to see a dual Malaysian banking system – an Islamic system operating side-by-side a conventional one, cooperating but not inter-acting – during his life time. In effect he was the architect of the modern Malaysian Islamic financial system.

Adnan A. Al Musallam, Chairman & CEO of The Investment Dar in Kuwait, who started his career in Islamic banking way back in the 1970s at Kuwait Finance House and who over the years has effectively trained several of the current generation of senior Islamic bankers in Kuwait, was similarly honoured for his ‘Outstanding Leadership in Islamic Finance’.

Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) was recognized for his ‘Outstanding Contribution to the Development of Islamic Capital Markets’. The DIFC are promoting Islamic finance aggressively and has embarked on several initiatives especially in research and training.

Richard Thomas, Managing Director of Global Securities House, UK, and Chairman of Gatehouse Bank, the latest Islamic investment bank to be authorized by the Financial Services Authority (FSA) received an award for ‘Outstanding Contribution to Islamic Finance in the UK’. Mr. Thomas has over 25 years experience in Islamic banking – a career which started in the 1980s at Saudi International Bank and then at United Bank of Kuwait and more recently at ABC International Bank in London.

Other awards included one for Etihad Etisalat (Mobily)in Saudi Arabia for the $2.875bn Islamic Syndication Financing Facility for the ‘Most Innovative Financing Transaction’ category; Saudi Basic Industries Corporation (SABIC) for the SAR8 billion SABIC-II Issuance for the Most Innovative Sukuk Structure/Deal’ category; The Al Thani Group in the UAE for the $100 million Musharaka Sukuk Issue for the ‘Best Sukuk Structure by a Private Corporate Issuer’ category; Deutsche Bank AG Global Transaction Banking Trust & Securities Services for the ‘Best Administrator/Trustee’ category; Barclays Capital and CitiGroup for the $1 billon, Dana Gas PJSC Convertible Sukuk for the ‘Best Arranger(s) of a Sukuk Structure’ category’; Sheikh Nizam Yaquby for the ‘Award for Excellence for Shariah Advisory’; Kuwait Finance House for the ‘Outstanding Contribution to the Islamic Finance Sector’ category; The Malaysia International Islamic Financial Centre (MIFC) for the ‘Best International Islamic Finance Centre’ category; and City law firm Clifford Chance for the ‘Outstanding Contribution by a Law Firm to Islamic Financial Services’ category.

Full List of Sukuk Summit Awards of Excellence:

1. Special Award Outstanding Contribution to the Development of Global Islamic Finance The Late Tan Sri Dato Jaafar Hussein Governor, Bank Negara Malaysia June 1985 – May 1994

2. Outstanding Contribution to the Development of Islamic Capital Markets H.E Dr Omar Bin Sulaiman Governor, Dubai International Financial Centre (DIFC)

3. Outstanding Leadership in Islamic Finance Adnan A. Al Musallam, Chairman & CEO Investment Dar

4. Outstanding Contribution to Islamic Finance in the UK Richard Thomas Managing Director, Global Securities House, UK

5. Most Innovative Financing Transaction Etihad Etisalat (Mobily) For the $2.875bn Islamic Syndication Financing Facility

6. Most Innovative Sukuk Structure/Deal Saudi Basic Industries Corporation (SABIC), For the SAR8 billion SABIC-II Issuance

7. Best Sukuk Structure by a Private Corporate Issuer Al Thani Group For the $100 million Musharaka Sukuk Issue

8. Best Administrator/Trustee Global Transaction Banking Trust & Securities Services Deutsche Bank AG

9. Best Arranger(s) of a Sukuk Structure Barclays Capital and CitiGroup For the $1 billon, Dana Gas PJSC Convertible Sukuk

10. Award for Excellence for Shariah Advisory Sheikh Nizam Yaquby Shariah scholar

11. Outstanding Contribution to the Islamic Finance Sector Kuwait Finance House

12. Best International Islamic Finance Centre Malaysia International Islamic Financial Centre

13. Outstanding Contribution by a Law Firm to Islamic Financial Services Clifford Chance

14. Outstanding Contribution to the Development of The Islamic Finance Services Industry Prof. Rifaat Abdel Karim Secretary General, Islamic Financial Services Board (IFSB)

CONTACT: Summit Secretariat, Sukuk Summit Tel: +44 (0)20 8200 9002 e-mail: [email protected]

M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected]

 

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