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So much demand and not enough supply: Are sukuk market technicals stacking up?

Broadcast on Sep 14, 2021 from Livestream: Bonds, Loans & Sukuk Middle East 2021

Platinum Sponsor

Emirates NBD

Platinum Sponsor

First Abu Dhabi Bank (FAB)

Gold & Networking Sponsor

Mashreqbank

Gold Sponsor

Abu Dhabi Commercial Bank (ADCB)

Gold Sponsor

Abu Dhabi Islamic Bank

Gold Sponsor

BofA Securities

Gold Sponsor

GIB Capital

Gold Sponsor

SMBC

Gold Sponsor

Standard Chartered

Lunch Sponsor

MUFG

Silver Sponsor

Citi

Silver Sponsor

Crédit Agricole CIB

Silver Sponsor

Intesa Sanpaolo

Silver Sponsor

Mauritius Commercial Bank (MCB)

Silver Sponsor

Moody's Investors Service

Silver Sponsor

Rawabi Holding

Silver Sponsor

White & Case

Bronze Sponsor

SHUAA Capital

Bronze Sponsor

Akin Gump Strauss Hauer & Feld LLP

Bronze Sponsor

Arqaam

Bronze Sponsor

Bank of Jordan

Bronze Sponsor

Bank of Sharjah

Bronze Sponsor

Barclays

Bronze Sponsor

Capital Markets Malaysia

Bronze Sponsor

DWF

Bronze Sponsor

FIM Partners

Bronze Sponsor

Finsight

Bronze Sponsor

Fitch Ratings

Bronze Sponsor

London Stock Exchange

Bronze Sponsor

Maybank Islamic

Bronze Sponsor

Morgan Lewis

Bronze Sponsor

NetRoadshow

Bronze Sponsor

S&P Global

Bronze Sponsor

Squire Patton Boggs

Bronze Sponsor

TMF Group

Bronze Sponsor

UK Export Finance

Bronze Sponsor

United Arab Bank

Supporting Partner

AlHuda CIBE

Supporting Partner

IsFin
  • Is a lack of supply, and spread tightening, forcing investors to shoulder too much risk?
  • Working within the framework of the new AAOIFI accounting standards to successfully issue sukuk: How have the costs and benefits for issuers been affected by the changes in standards?
  • Formosa and taking sukuk global: What are the new characteristics of supply and demand of the sukuk market?

Moderator

Rizwan Kanji

Rizwan Kanji

Rizwan Kanji

Partner at Akin Gump Strauss Hauer & Feld LLP

Rizwan Kanji’s practice focuses on debt capital markets, finance and securitizations using both conventional and Islamic finance structures.

He advises investment banks, financial institutions, multilateral development banks, sovereign states, insurance companies and multinational regional corporations on high-profile transactions across the Middle East, Turkey and Africa.

Widely considered one of the leading lawyers within Islamic finance, Rizwan has earned a reputation for advising on “first of its kind” transactions.

Global directories, Chambers and Partners have consecutively ranked Mr. Kanji as one of the world's leading Islamic finance and debt capital markets lawyers. Clients are highly impressed with his breadth of expertise, elaborating: "His problem-solving skills and pragmatic approach to transactions are invaluable” and “He has a lot of attention to detail and is very attentive to his clients.”

Akin Gump Strauss Hauer & Feld LLP

Rizwan Kanji

Speakers

Mahmoud Nawar CFA

Mahmoud Nawar CFA

Head of Debt Capital Markets

GIB Capital

Mahmoud Nawar CFA

Mahmoud Nawar CFA

Head of Debt Capital Markets at GIB Capital

Mahmoud has over 15 years of aggregate experience in banking and corporate finance services. He is currently a key member of the debt capital markets team at GIB Capital. He has played leading roles in several high profile bond and Sukuk transactions for GCC sovereigns and quasi-sovereign issuers, including the first Basel 3 compliant Sukuk in Saudi Arabia. Through his career he has worked with clients in Bahrain, Saudi Arabia, UAE, Qatar, Kuwait and Egypt. Prior to joining GIB Capital in Nov 2011, Mahmoud was part of the Strategy Management and earlier the Corporate Finance team at Bank ABC. His role included leading acquisition finance and mergers and acquisitions on behalf of clients and later on behalf of Bank ABC, in addition to overlooking the strategy implementation. Prior to that, Mahmoud was part of the Corporate Finance and Advisory team at Standard Chartered Bank, Dubai. Earlier he worked for Barclays Bank – Egypt, where he was part of the Corporate Credit team, responsible for managing a loan portfolio and later on he assumed the role of Structured Credit Manager.

Through these different roles Mahmoud has been exposed to some of the key transactions that have taken place in the GCC and Egypt, giving him an unparalleled experience in leading DCM and debt advisory transactions coupled with the competency that comes from being full engaged throughout the life cycle of transactions, whether in advisory or debt financing.

GIB Capital

Mahmoud Nawar CFA

Gulf International Bank B.S.C. (GIB) is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain.

GIB offers a diverse range of financial products and services and bespoke banking solutions to a wide customer base in the GCC, Europe and North America. This includes corporate banking, the world’s first Shariah compliant digital retail banking service, meem, as well as investment banking spanning asset management, bond and sukuk issuance, financial restructuring, private placements, private sale, IPOs, underwriting equity and debt, and mergers and acquisitions.

GIB’s services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia, GIB Capital and GIB (UK) Ltd. Additionally, the Bank has branches in the UAE and USA.

GIB Saudi Arabia is the first foreign domiciled bank to establish a local commercial bank in the Kingdom. It is headquartered in Eastern Province and operates branches in Riyadh, Jeddah and Dhahran, while the Bank’s investment banking activities are delivered by GIB Capital, based in Riyadh.

GIB (UK) Ltd is a London and New York based international asset management subsidiary.

GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the primary shareholder.

LinkedIn URL: https://www.linkedin.com/company/gulfintlbank

Bashar Al Natoor

Bashar Al Natoor

Global Head of Islamic Finance

Fitch Ratings

Bashar Al Natoor

Bashar Al Natoor

Global Head of Islamic Finance at Fitch Ratings

Bashar Al Natoor is Fitch Rating’s Global Head Islamic Finance. Mr Al Natoor is responsible for coordinating all Islamic Finance activities across Fitch’s Sovereign, Financial Institutions, Corporate, Structured Finance, Infrastructure and Insurance teams, bringing together dedicated analytical and industry expertise into a centralised and focused Islamic finance group.

Mr Al Natoor has more than 16 years' experience in the Islamic Finance market. Since joining Fitch in 2007, he has overseen Fitch's Sukuk criteria and Islamic Finance practices, undertaken research and written numerous published articles on Islamic Finance. Mr Al Natoor Joined Fitch as a director in the EMEA Corporates group based in Dubai. He was responsible for analysing EMEA issuers, with focus on Middle East and Turkish issuers in the construction, property and Telecommunication sectors. Prior to joining Fitch, Mr. Al Natoor spent seven years at the Islamic Development Bank (IDB) in key roles including Investment Officer in the Treasury Department, a Senior Credit Analyst in Risk Management and Senior Technical Assistant to the Vice President of Finance & Administration. Before working with IDB, Mr Al Natoor was a senior auditor for four years in Arthur Andersen.

Mr Al Natoor graduated with an MSc in banking and financial studies from the Arab Academy for Finance and Banking Science and a BS in finance and banking from Amman University. Bashar is also a Certified Bank Auditor (CBA), a Certified Risk Professional (CRP), a Chartered Market Analyst (FAD-CMA), and a Certified Risk Analyst (CRA).

Fitch Ratings

Bashar Al Natoor

Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.

Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

For additional information, please visit fitchratings.com.

LinkedIn Page: www.linkedin.com/company/fitch-ratings

Nicholas Samara

Nicholas Samara

Head of Debt Capital Markets, MENA

SMBC

Nicholas Samara

Nicholas Samara

Head of Debt Capital Markets, MENA at SMBC

Nicholas Samara joined SMBC in early 2020 to head their MENA DCM franchise and has recently relocated to Abu Dhabi from London earlier this year. At SMBC, he is tasked with building out their regional DCM platform across product offerings while also bridging the gaps between Asian investors and regional issuers. Nicholas has extensive experience in fixed income markets, also previously having spent over a decade with Citi in New York and London advising clients on private and public capital markets issuances across global emerging and high grade markets. In London, he was part of Citi's emerging markets DCM team, focusing on originating and executing sovereign, corporate and financial institution bond offerings as well as advising issuers on liability management transactions across CEEMEA, executing USD 75 BN of new issues over his time at Citi. His latter years focused solely on MENA, where he furthered his client relationships at senior ministry and executive management levels. Prior to London, Nicholas spent nearly four years with Citi in New York originating and executing 4(2) US Private Placements debt issuances for corporates in the Americas, Western Europe and Australia. Prior to Citi, Nicholas spent one year as a financial analyst with Morgan Stanley in Washington DC.

SMBC

Nicholas Samara

With over four centuries of history and rooted in the stability of Japan and growth of Asia, SMBC Group reaches out around the world to provide the advice, connections and support that create value. Our customers in Africa and MENA choose SMBC Group because we offer local knowledge and global expertise.

With one of the most extensive domestic and international branch networks of any Japanese bank, SMBC Group uses the strength of its extensive footprint with powerful capabilities in loan and debt capital markets, project and trade finance, and a wide range of other financial services to deliver customer-focused, integrated solutions.

African & MENA customers benefit from SMBC Group's position as a world leader in loan capital markets bookrunning and arranging of loan facilities, including structuring, pricing, advising, executing and distribution of syndicated loans. A specialist debt capital markets team can provide expert advice and execution in core markets for public and private bond issuance, and offer issuers with guidance through the process from structuring, documentation and legal requirements, to execution of relevant funding solutions and investor relations. Particular focus is dedicated to corporate and structured finance and emerging market benchmark transactions for distribution to an international investor audience.

Kashif Raza

Kashif Raza

Head of Corporate Finance and Investment Banking

Abu Dhabi Islamic Bank

Kashif Raza

Kashif Raza

Head of Corporate Finance and Investment Banking at Abu Dhabi Islamic Bank

Kashif joined ADIB in March 2011 and manages the DCM and distribution business for ADIB. His responsibilities include origination, structuring of DCM and syndicated financing transactions and cross asset distribution including debt and equity. He has 20 years of work experience incorporating a rich blend of investment banking, financial advisory and management consulting. Kashif has significant experience of introducing clients to the international debt capital markets and has advised on several international Sukuk and syndications deals for sovereigns, GREs and large corporates. Prior to ADIB, Kashif worked for DIB for 5 years in a similar capacity where has was a part of the core team responsible for establishing the debt capital markets and syndications origination and distribution business. He has earlier worked for Standard Chartered Bank Pakistan where he was involved in several local and foreign currency transactions including the largest bond issue by a large local commercial bank in Pakistan and the largest foreign currency refinancing deal in Pakistan. Prior to SCB he worked for United Bank Ltd. Pakistan in the Investment Banking Group where he led the deal team on several local currency bond issues and syndicated loans.

Abu Dhabi Islamic Bank

Kashif Raza

ADIB is a leading bank in the UAE and the 4th largest Islamic bank globally by assets. Headquartered and listed in Abu Dhabi, ADIB was incorporated in 1997 to serve as the first Islamic bank in the Emirate of Abu Dhabi. Over the last two decades, ADIB has demonstrated a consistent track record of growth with assets now totaling USD 34 billion. The bank currently serves more than 1 million customers through a balanced proposition that combines a highly personalized customer experience with world-class digital banking services. ADIB has one of the largest distribution networks in the UAE with 70 branches and 520 ATMs. Internationally, the bank has a presence in six strategic markets - Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, Sudan and Iraq.

ADIB has embedded robust corporate governance principles overseen by an eminent board that supports a strong and experienced management team. The bank is guided by Islamic finance values, principles of responsible corporate citizenship, and a strong belief that banking solutions should always be simple, fair, and transparent.

ADIB’s digital transformation journey, which began more than two years ago, is centered around customers, ensuring that the bank’s digital solutions always deliver the best possible banking experience. The bank has seen a substantial rise in customer demand for its digital banking services with 70% of customers now enrolled through the bank’s digital channels and 99% of ADIB’s banking transactions conducted digitally.

ADIB’s Wholesale Banking business offers a wide range of Shari'a compliant Islamic Banking solutions. Its client profile is segmented into government and public sector entities, financial institutions and a diversified private sector base of Trading, Contracting, Real Estate, Energy, Transportation, Manufacturing and other industries within the bank's target market. It provides financing and advisory services, supporting clients in capital markets, M&A advisory, syndicated financing, cash management and global trade services.

Nik Joharris bin Nik Ahmad

Nik Joharris bin Nik Ahmad

Nik Joharris bin Nik Ahmad

Country Head, UAE at Maybank Islamic

Over 20 years of experience in the financial industry. His previous posts included Chief Executive Officer of TaHa Alam Sdn Bhd, and Century Banking Corporation Ltd, the first Islamic bank in Mauritius. He started his career at Bursa Malaysia and the Securities Commission and has worked in several investment banks in Malaysia, Kuwait, Bahrain and Saudi Arabia particularly in Islamic corporate debt financing.

Maybank Islamic

Nik Joharris bin Nik Ahmad

Platinum Sponsors

Emirates NBD First Abu Dhabi Bank (FAB)

Gold & Networking Sponsor

Mashreqbank

Gold Sponsors

Abu Dhabi Commercial Bank (ADCB) Abu Dhabi Islamic Bank BofA Securities GIB Capital SMBC Standard Chartered

Lunch Sponsor

MUFG

Silver Sponsors

Citi Crédit Agricole CIB Intesa Sanpaolo Mauritius Commercial Bank (MCB) Moody's Investors Service Rawabi Holding White & Case

Bronze Sponsors

SHUAA Capital Akin Gump Strauss Hauer & Feld LLP Arqaam Bank of Jordan Bank of Sharjah Barclays Capital Markets Malaysia DWF FIM Partners Finsight Fitch Ratings London Stock Exchange Maybank Islamic Morgan Lewis NetRoadshow S&P Global Squire Patton Boggs TMF Group UK Export Finance United Arab Bank

Supporting Partners

AlHuda CIBE IsFin