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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

Mashreq

Gold Sponsor

Abu Dhabi Commercial Bank (ADCB)

Gold Sponsor

Abu Dhabi Islamic Bank

Gold Sponsor

BofA Securities

Gold Sponsor

GIB Capital

Gold Sponsor

SMBC

Silver Sponsor

Citi

Silver Sponsor

Crédit Agricole CIB

Silver Sponsor

Mauritius Commercial Bank (MCB)

Silver Sponsor

Moody's Investors Service

Silver Sponsor

Rawabi Holding

Silver Sponsor

White & Case

Bronze Sponsor

ADFG/SHUAA

Bronze Sponsor

Akin Gump Strauss Hauer & Feld LLP

Bronze Sponsor

Bank of Jordan

Bronze Sponsor

Bank of Sharjah

Bronze Sponsor

Barclays

Bronze Sponsor

Boubyan Bank

Bronze Sponsor

Capital Markets Malaysia

Bronze Sponsor

DWF

Bronze Sponsor

Finsight

Bronze Sponsor

Fitch Ratings

Bronze Sponsor

Intertrust

Bronze Sponsor

Kuwait International Bank

Bronze Sponsor

London Stock Exchange

Bronze Sponsor

Morgan Lewis

Bronze Sponsor

S&P Global

Bronze Sponsor

Squire Patton Boggs

Bronze Sponsor

United Arab Bank

Bronze Sponsor

Warba Bank
  • 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?

Speakers

Mahmoud Nawar CFA

Mahmoud Nawar CFA

Vice President, Debt Capital Markets

GIB Capital

Mahmoud Nawar CFA

Mahmoud Nawar CFA

Vice President, 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

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
Zeina Rizk

Zeina Rizk

Director, Fixed Income Asset Management

Arqaam

Zeina Rizk

Zeina Rizk

Director, Fixed Income Asset Management at Arqaam

Director, Fixed Income Asset Management, did a team move to setup the fixed income asset management business in Arqaam Capital. Zeina has 10 years of investment experience in the Global Credit Market, with a 6-year track record of co-managing Conventional Global Credit fund and a 3-year track record of co-managing Shari’ah Global Credit Fund. The Shari'ah fund won the best Shari'ah Fund in 2014 and 2015. Zeina was previously a fixed income advisor and a member of the management of a global fixed Income fund domiciled in Luxembourg. She also held a position as a credit and market risk supervisor, she also worked in securitization part of the structuring of asset-backed securitization deals. Zeina is a CFA Charterholder since 2011.

Arqaam

Zeina Rizk

Platinum Sponsors

Emirates NBD First Abu Dhabi Bank (FAB)

Gold & Networking Sponsor

Mashreq

Gold Sponsors

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

Silver Sponsors

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

Bronze Sponsors

ADFG/SHUAA Akin Gump Strauss Hauer & Feld LLP Bank of Jordan Bank of Sharjah Barclays Boubyan Bank Capital Markets Malaysia DWF Finsight Fitch Ratings Intertrust Kuwait International Bank London Stock Exchange Morgan Lewis S&P Global Squire Patton Boggs United Arab Bank Warba Bank