Corporate Sukuk Market Day Three World Bank Arab
Corporate Sukuk Market Day Three – World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 Session 1 2: Ijlal Ahmed Alvi Chief Executive Officer IIFM
Global Sukuk Issuances – All Currencies (Jan 2001 – March 2015, USD Millions) 800, 000 737, 142 700, 000 600, 000 500, 000 400, 000 300, 000 200, 000 137, 499 138, 170 92, 403 100, 000 0 1, 172 1, 371 7, 057 9, 465 13, 698 2001 2002 2003 2004 2005 33, 837 2006 50, 041 2007 24, 264 2008 37, 904 2009 120, 854 52, 978 17, 600 2011 2012 2013 2014 2015 - Grand March Total Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 1
International Sukuk Issuances ( Jan 2001 – March 2015, USD Millions) 35, 000 29, 567 30, 000 25, 605 25, 000 20, 169 20, 000 13, 859 15, 000 12, 082 10, 000 8, 444 7, 000 5, 000 425 1, 130 1, 680 2001 2002 2003 2, 503 6, 565 4, 098 3, 413 2, 140 0 Ø 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 March Total International Sukuk Issued $138. 680 bio Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 2
Domestic Sukuk Issuances (Jan 2001 – March 2015, USD Millions) 130, 000 117, 331 120, 000 112, 565 110, 000 100, 000 91, 286 90, 000 83, 960 80, 000 70, 000 60, 000 48, 880 50, 000 36, 182 40, 000 30, 000 10, 000 747 241 2002 0 Ø 22, 124 21, 755 20, 000 5, 377 6, 962 2003 2004 30, 904 11, 035 10, 286 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 March Total Domestic Sukuk Issued $599. 634 bio Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 3
International Sukuk Issuances By Issuer Status (Jan 2001 – March 2015, USD Millions) Jan 2001 - Dec 2008 Jan 2009 - Dec 2013 Sovereign; 5, 459; 15% Sovereign; 24, 749; 38% Quasi. Sovereign; 4, 500; 12% Quasi. Sovereign; 10, 446; 16% Corporate; 27, 273; 73% Corporate; 30, 122; 46% Jan 2014 -March 2015 Sovereign; 8, 711; 24% Corporate; 7, 911; 22% Source: IIFM Sukuk Database Quasi-Sovereign; 19, 510; 54% World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 4
Domestic Sukuk Issuances By Issuer Status (Jan 2001 – March 2015, USD Millions) 2009 -2013 2001 -2008 Sovereign; 30, 938; 30% Corporate; 86, 857; 22% Corporate; 72, 080; 69% Quasi. Sovereign; 655; 1% Quasi. Sovereign; 28, 330; 7% Sovereign; 278, 452; 71% Jan 2014 -March 2015 Corporate; 23, 142; 23% Sovereign; 72, 520; 71% Quasi-Sovereign; 6, 659; 6% Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 5
Structural Break-Up of International Corporate Sukuk Issuances (Jan 2001 – March 2015, USD Millions) Sukuk Al Wakalah ; 8, 787; 13% Hybrid Sukuk ; 7, 559; 12% Islamic Exchangeable Sukuk ; 4, 040; 6% Sukuk Al Musharakah; 11, 411; 17% Sukuk Al Murabahah; 6, 835; 10% Sukuk Al Ijarah; 18, 847; 29% Source: IIFM Sukuk Database Sukuk Al Mudharabah, 7, 825, 12% World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 6
Structural Break-Up of Domestic Corporate Sukuk Issuances (Jan 2001 – March 2015, USD Millions) Sukuk Al Salam ; 1; 0. 001% Sukuk Al Wakalah ; 2, 962; 2% Bai' Bithaman Ajil ; 12, 682; 7% Hybrid Sukuk ; 26, 657; 15% Sukuk Al Musharakah; 47, 835; 26% Islamic Exchangeable Sukuk ; 408; 0. 224% Sukuk Al Murabahah; 45, 684; 25% Source: IIFM Sukuk Database Sukuk Al Ijarah; 36, 297; 20% Sukuk Al Mudharabah; 6, 084; 3% Sukuk Al Istisna'a; 3, 469; 2% World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 7
Currency Break-Up of Domestic Corporate Sukuk Issuances (Jan 2001 – March 2015) QAR 0. 08% SAR 13% SGD 0. 41% TRY 0. 61% AED 4% BND BHD 0. 11% 0. 01% IDR 0. 57% JOD 0. 07% KWD 0. 18% MVR 0. 002% PKR 0. 88% OMR 0. 07% MYR 79% Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 8
Currency Break-Up of International Corporate Sukuk Issuances (Jan 2001 – March 2015) GBP 0. 50% CNY 0. 24% EUR 0. 18% JPY 0. 04% MYR 7% USD 92% Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 9
Country wise Break-Up of Global Corporate Sukuk Issuances (Domestic & International, Jan 2001 – March 2015) France 0. 0003% Brunei Darussalam 0. 08% China Bahrain Germany 1% 0. 04% 0. 02% UK 0. 14% Hong Kong 0. 08% Indonesia 1% Japan 0. 08% Jordan 0% Kuwait 1% Luxembourg 0. 02% UAE 19% Turkey 2% Singapore 1% Saudi Arabia 12% Sudan 0. 05% Qatar 2% Pakistan 1% Malaysia 60% Mauritius Oman 0. 05% Maldives 0. 001% Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 10
Break-Up of Global Corporate Sukuk Issuances by Tenor (Domestic & International, Jan 2001 – March 2015) Perpetual 2% ≥ 11 Years 24% ≤ 12 Months 10% >12 Months ≤ 5 Years 37% >6 years ≤ 10 Years 27% Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 11
Structural Break-Up of International Sukuk (Jan 2001 – July 2014, USD Millions) World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 12
Structural Break-Up of Domestic Sukuk (Jan 2001 – July 2014, USD Millions) World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 13
Long Tenor Global Sukuk Issuances 70, 000 60, 000 50, 000 40, 000 30, 000 20, 000 10, 000 0 226 492 $57 bio $58 bio $22 bio 10 Years 11 Years - 20 Years Value Ø 79 >20 Years Number of Issues Total Long term Sukuk $137 bio (2001 -July 2014) The Sukuk market across the globe has historically suffered from a lack of longer maturity tenors, which presents a pressing problem for banks, financial institutions, pension funds and insurance companies which are trying to match durations of their liabilities in a Shari ‘ah compliant manner. The last five years, however, have seen a trend towards longer maturity issues from all parts of the world, especially from Malaysia. As of 2013, longer maturity Sukuk issues of tenors ten years and above form almost 20% of the total Sukuk issued as against 9. 5% in 2009 with the greatest surge seen in the group with tenors between 10 and 20 years. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 14
Global Corporate Sukuk Issuances – Selected Value Leaders Issuance Currency International/ Domestic Structure Amount in USD Tenor Mio or Equivalent (Months) USD International Sukuk Al Ijarah 913 120 USD International Sukuk Al Wakalah 500 60 USD International Sukuk Al Mudharabah 1, 000 Perpetual USD International Sukuk Al Wakalah 500 60 United States United Arab Emirates USD International Sukuk Al Wakalah 500 60 USD International Sukuk Al Mudharabah 500 Perpetual Turkey USD International Hybrid Sukuk 500 60 SAR Domestic Sukuk Al Ijarah 533 120 2014 Saudi Arabia United Arab Emaar Malls Group Emirates Saudi Telecom Saudi Arabia Saudi Investment Bank Saudi Arabia USD SAR International Domestic Sukuk Al Wakalah Hybrid Sukuk 750 533 120 120 2014 Turkiye Finans USD International Sukuk Al Murabahah 500 60 2014 USD International Sukuk Al Ijarah 650 60 2014 Damac Properties National Commercial Bank Turkey United Arab Emirates SAR Domestic Hybrid Sukuk 2013 GEMS Education Saudi Arabia United Arab Emirates USD International Sukuk Al Mudharabah 200 Issue Year Issuer 2015 Emirates Airlines 2015 Sharjah Islamic Bank 2015 Dubai Islamic Bank 2014 Flydubai 2014 The Goldman Sachs 2014 Al Hilal Bank Kuveyt Türk Participation Bank 2014 Banque Saudi Fransi Issuer Country United Arab Emirates 1, 300 60 Perpetual Source: IIFM Sukuk Database World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 15
Emaar Malls Group Sukuk Transaction Summary Issuer Obligor Country of Transaction Issue Type Issue Size Issue Rating Pricing Date Issue Date Tenor Maturity Profit Rate Issue Format Listing Governing Law Joint Lead Managers EMG Sukuk Limited Emaar Malls Group LLC (“EMG”) United Arab Emirates Fixed Rate Trust Certificates USD 750 million Baa 2 (Moody’s) / BBB- (S&P) 11 June 2014 18 June 2014 10 -year 18 June 2024 4. 564% Reg S only Nasdaq Dubai English Law and Dubai Law ADIB, AHB, DIB, ENBD Capital, FGB, Mashreq, Morgan Stanley, NBAD, Noor Bank, Standard Chartered Bank and UNB Emaar Malls Group LLC is a leading owner and operator of shopping malls in Dubai having established some of the most iconic malls and entertainment and lifestyle centres in the UAE which serve as a major attraction to international visitors. The Company’s portfolio of companies comprises of four shopping malls and 31 community shopping centres which are strategically located in key areas of Dubai, benefitting from population growth and increasing tourist attractions. Emaar Malls is also preparing for a potential initial public offering over the course of 2014 where it will float minimum 15% of its share capital. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 16
Emaar Malls Group Structure Diagram Emaar Malls as seller of Wakala Assets Emaar Malls as Servicing Agent Revenues from Proceed Wakala Assets s Sale and Purchase Agreement Service Agency Agreement Emaar Malls as purchaser of Wakala Assets (Obligor) Purchase Undertaking/Sale Undertaking Payment of Exercise Price Issuer and Trustee Proceed s Certificate s Declaration of Trust Legend: = cash flows Periodic Distribution Amounts and Dissolution Distribution Amounts Certificateholders = agreement/asset transfer World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 16
GEMS MEA Sukuk Transaction Summary Issuer Issue Rating Status Format Pricing Date Settlement Date Issue Size Maturity Date Profit Rate Step-Up Mid-swap Level Reoffer Spread vs Midswap Profit Rate Payment Deferral: Change of Control Listing Governing Law ADIB GEMS MEA Sukuk Limited Not Rated Unsecured and subordinated Regulation S 14 th November 2013 21 st November 2013 USD 200, 000 Perpetual 12. 00% p. a. , semi-annual payments, reset after 5 -years to a new fixed rate equal to then 5 -year USD Mid Swap + Initial Credit Margin + Profit Rate Step-up (5%) One time step-up of 5. 0% on 21 November 2018 1. 465% 10. 535% Cumulative, with deferral, at Mudareb’s discretion as detailed in the Preliminary Prospectus Varkey family ceases to directly and indirectly control or own 50%+ of the business) call at the face amount together with any outstanding payments (if not called 500 bps profit rate step-up); Irish Stock Exchange and Nasdaq Dubai English Law Structuring advisor and Joint Bookrunner GEMS Education Ltd. founded in 1968 is the world’s biggest privately-owned operator of schools. The GEMS global education business (GEMS Education), operating through GEMS MENASA Top. Co (Cayman) Limited (Top. Co) and its subsidiaries, is among the world’s largest providers of high quality private education and related services. GEMS Education has grown, since its inception with a single school in Dubai (Our Own English High School (OOEHS)), which continues to operate today, to a network as at 30 September 2013 of 48 schools operating in eight countries around the world. As at 31 March 2013, the Group employed 9, 595 education professionals, specialists and staff. Apart from kindergarten to secondary school offerings the Group also provides educational consulting services to governments and third party private schools in the MEA region through its Ed. Sol brand. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 18
GGEMS MEA Sukuk Structure Diagram World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 19
Al Hilal Bank Perpetual Tier 1 Sukuk Transaction Summary Issuer AHB Tier 1 Sukuk Limited Obligor Al Hilal Bank P. J. S. C. Obligor Ratings A (S&P) / A (Fitch) Format Reg S Only Structure Sukuk al – Mudarabah Sukuk Type Subordinated Tier 1 Capital Certificates Pricing / Settlement Date 24 June 2014 / 30 June 2014 Optional Call Date 30 June 2019, and on every fifth anniversary thereafter Reset Date 30 June 2019, and every 5 years thereafter to a new fixed rate based on then prevailing 5 year US Mid Swap Rate + the Initial Credit Margin Rate Tenor Perpetual Issue Size USD 500 million Profit Rate 5. 500% Governing Law English, law Issue Price /Spread 100 / MS + 373 bps Al Hilal Bank’s Role Joint Lead Manager/Bookrunner World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 20
Al Hilal Bank Perpetual Tier 1 Sukuk Structure Diagram The Issuer will issue Certificates (which shall be perpetual and accordingly shall not have a fixed redemption) to the Certificateholders and collect the trust certificate Proceeds therefrom. Pursuant to a Mudharabah Agreement between AHB (as Mudareb) and the Issuer (as Raab-al-Maal), a. Mudharabah will be constituted where under the Trust Certificate Proceeds will be contributed by the Issuer as the initial Mudharabah Capital. The. Mudharabah shall commence on the date of the payment of the Mudharabah Capital to AHB by the Issuer and shall terminate on the date that the Trust Certificates are redeemed in full. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 21
Damac Properties Sukuk Transaction Summary Issuer Alpha Star Holding Limited Obligor Damac Properties Country of Transaction United Arab Emirates Structure Sukuk Al Ijarah Issue Size USD 650 million Issue Rating Issue Date ‘‘BB’’ by Standard and Poor’s Credit Market Services Europe Limited. 18 June 2014 Tenor 5 -year Maturity April 2019 Profit Rate 4. 970% per annum. Listing London Exchange /Nasdaq Dubai Governing Law English Law and Dubai Law Joint Lead Managers ADIB, Barclays Bank PLC, Citigroup, Global Markets Limited, Deutsche Bank AG, London Branch, Dubai Islamic Bank, Emirates NBD Capital and National Bank of Abu Dhabi Damac in dual listing should encourage more UAE-based companies listed abroad to do the same. With 41 companies from the Middle East and North Africa currently listed on the LSE, analysts and business executives cited London’s lack of constraints as one of the main reasons for listing there. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 22
Damac Properties Sukuk Structure Diagram World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 23
Recent Developments in Sukuk Market Ø CIMB plans first Collateralised Sukuk in RM 1 Bio fund-raising bid CIMB Group Holdings Bhd plans to sell a sukuk backed by a pool of loans, becoming the world’s first Islamic bank to sell the type of collateralised debt that contributed to the global financial crisis. Ø Emirates Airline UK guaranteed Sukuk of US$ 913 Bio Emirates , the Dubai-based airline, issued an Islamic bond that will be guaranteed by Britain's export credit agency, The deal assumes significance as this is the first time the export credit agency has guaranteed a Sukuk, as Islamic bonds are known. Malaysia’s Danajamin guarantees aim to diversify Sukuk market Malaysia's $40 billion sovereign wealth fund Khazanah Nasional plans to issue a sukuk worth up to one billion ringgit ($279. 17 million) to help fund schools. Ø Malaysia Sovereign Sukuk dual-tranche $1. 5 Bio The government of Malaysia priced a dual-tranche $1. 5 billion Sukuk after attracting orders of $9. 0 billion from Asia, Europe, the Middle East and the United States. The dual tranche 10 and 30 -year Sukuks were priced at 115 basis points (bp) and 170 bp over US Treasuries respectively, representing a tightening of 20 bp and 15 bp from the price guidance given. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 24
Recent Developments in Sukuk Market Ø Indonesia plans alternative Sukuk structures to boost volumes Indonesia is aiming to boost volumes of Sukuk by introducing new assets to support the transactions. The government is considering the use of state goods and services as underlying assets on its Sukuk, which have previously relied on projects and infrastructure assets under the ijara or wakala strutacure Ø Malaysia's KLK to multi-currency Sukuk Malaysian plantation company Kuala Lumpur Kepong (KLK) Bhd will raise up to 1. 6 billion ringgit ($431. 9 million) from Sukuk Issuance Ø Kazakhstan’s Sovereign Sukuk Kazakhstan’s parliament has approved a new Islamic finance law, moving the nation a step closer to launching its first sovereign Sukuk Ø Sukuk Express National Bonds Corporation, the leading sharia-compliant savings and investments company in the UAE, has launched 'Sukuk Express', a new service that allows customers to deposit up to AED 20, 000 daily in their National Bonds accounts via 1, 000 quick payment machines World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 25
Conclusion • • It is no surprise that the domestic market is very much Sovereign led, as the domestic market needs local currency instruments to manage their liquidity while the domestic investors prefer to invest in their home currency so as not to be exposed to currency risk. It is likely that most of the Sovereign will keep a bigger share of the local market as Islamic finance activities grow around the globe, more countries will issue Sukuk in their home currency as part of the Government's own funding needs and to develop benchmark curve to facilitate growth of their domestic market. Investors in the local market need to maintain “Risk Free” assets in their portfolio and the Sovereign provides, just that. In the international cross border market, Corporates were the earlier dominant issuers but only after Sovereign or Quasi Sovereign laid the foundation that provided confidence in the Sukuk as an acceptable and viable instrument (eg. Bahrain, UAE, Malaysia, Qatar, and Islamic Development Bank). World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 26
Conclusion • • In addition many new Sovereign / Quasi Sovereign issuers lent support to the Sukuk market, (eg. Government of Malaysia, Government of Turkey, Saudi Electricity Company, Islamic Development Bank, Emirates Airlines, Ras Al Khaimah etc. ). Not only these chunk size Sukuk issuance from high credit quality issuer helped absorb some of the liquidity but in doing so, liquidity remains high and is paving the way for more Sovereign Debutant Sukuk. The Sukuk Mutual Funds space is taking shape with number of banks having set up their own Sukuk Fund to offer to their private clients, this is a positive sign, that the Sukuk market is coming of age. Development of the Sukuk Fund is timely, as the current split between Sovereign and Corporate risk is very much desirable, since it offers investors and fund managers with a good mix of Sovereign and Corporate risk to consider. The choice offers the fund manager to not only diversify credit risk but also take into account their risk return profile in allocating to their portfolio. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 27
About International Islamic Financial Market (IIFM) • IIFM is the international Islamic financial market’s organization focused on the Islamic Capital & Money Market (ICMM) segment of the Islamic Financial Services Industry (IFSI). It was founded in 2002 by the collective efforts of the Islamic Development Bank, Autoriti Monetari Brunei Darussalam, Bank Indonesia, Central Bank of Bahrain, Central Bank of Sudan and the Bank Negara Malaysia (delegated to Labuan Financial Services Authority) as a neutral and non-profit organization. Besides the founding members, IIFM is also supported as member by certain regulatory and government bodies such as, The National Bank of Kazakhstan, Indonesian Financial Services Authority, as well as by a number of international and regional financial institutions and other market participants as its members. Given IIFM growing presence as a key standard setting organization; IIFM Board of Directors in its 31 st board meeting held during 2014 made a strategic decision to expand IIFM scope of work as it is the only standard setting organization which develop standardized Islamic financial contracts and product templates. The BOD approved the inclusion of Corporate Finance & Trade Finance segment in addition to existing focus of Capital & Money Market standard agreements and products templates. This to further enhance the development of Islamic financial industry globally through its documentation and Islamic products unification efforts which are much needed for a robust, transparent and vibrant industry. • v v v To date IIFM has published number of key Standard Master Agreements, including: IIFM Master Collateralized Murabahah Agreement & its Operational Guidance Memorandum Interbank Unrestricted Master Investment Wakalah Agreement & its Operational Guidance Memorandum ISDA/IIFM Tahawwut (Hedging) Master Agreement & Explanatory Memorandum Mubadalatul Arbaah (Profit Rate Swap) Standard Documentation (Single Sale Structure) Mubadalatul Arbaah (Profit Rate Swap) Standard Documentation (Two Sale Structure) Master Agreements for Treasury Placement & Structure Memorandum IIFM is also in the process of developing several important documentation and product standards related to the Islamic financial market. It has also published global Sukuk reports (first, second and third editions) and organized a number of seminar and workshops. World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 28
IIFM Mandate In the Islamic Financial Services Industry there are three main standard setting bodies with clear mandate for each. § No overlapping in their mandates § They complement one another through a constructive cooperation and collective action as the basis of the relationship between them. The Institutions are as follows: Name of institution Headquarter/Office Date of establishment Mandate 1 AAIOFI: Accounting and Auditing Organization for Islamic Financial Institutions Manama Kingdom of Bahrain 26 February, 1990 in Algiers. Then registered on 27 March, 1991 in the Kingdom of Bahrain General Shari ‘ah rulings & Accounting Standards. 2 IFSB: Islamic Financial Services Board Kuala Lumpur Malaysia Inaugurated officially on 3 rd November 2002 and started operations on 10 th March 2003 Regulatory and Supervisory aspect of the Islamic Financial Industry. 3 IIFM: International Islamic Financial Market Manama, Kingdom of Bahrain Became officially operational on April 1, 2002 but revised strategic Plan implemented in 2007 Product and documentation standardization of all financial contracts & product templates globally 4 CIBAFI: General Council for Islamic Banks And Financial Institution Manama, Kingdom of Bahrain Established in 2001. Representing the Islamic financial services industry globally, defending and protecting its role World Bank, Arab Monetary Fund Seminar on Development of Sukuk Markets, Abu Dhabi, April 19 -23, 2015 29
Shukaran Wassalamu ‘Alaikum International Islamic Financial Market (IIFM) Office No. 72, 7 th Floor, Zamil Tower (Main Tower), P. O. Box: 11454, Manama, Kingdom of Bahrain Tel: +973 17500161 , Fax: +973 17500171, Email: info@iifm. net, Website: www. iifm. net Disclaimer: The information herein has been obtained from sources believed to be reliable but cannot be guaranteed. The views or opinions expressed are subjected to change at any time. Neither the information nor any opinion expressed can be construed as a solicitation for the purchase or sale of any securities. International Islamic Financial Market disclaims liability in this respect.
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