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CMA-World Bank International Conference: 'Sukuk Markets, Challenges & Opportunities'
December 6, 2016Riyadh, Saudi Arabia
The conference will bring together stakeholders to discuss how Sukuk markets can contribute to long-term economic growth in the MENA region.

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Recent developments in Sukuk markets in the Kingdom of Saudi Arabia (KSA) and the Gulf Countries Council (GCC) have prompted the World Bank Group and the Capital Markets Authority of Saudi Arabia (CMA) to organize a high-level event to discuss Sukuk market development and other related issues and challenges. 

The main objective of the event is to gather various stakeholders from the Islamic finance industry, capital markets regulatory bodies, multilateral development banks (MDBs), institutional investors and policy makers to discuss how Sukuk markets can contribute to long-term economic growth within the Middle East and North Africa region.

Islamic finance, especially Islamic capital market instruments, have an asset-backed and risk-sharing approach that provides a reasonable alternative to more conventional methods of financing large-scale projects. These alternative approaches, which have helped various Sukuk structures gain momentum during the last five years, can be used to attract both domestic and international capital. 

The conference provides a platform for the participants and stakeholders to discuss the recent outlook of Islamic capital market instruments and their potential to support long-term sustainable development.

The WB-CMA conference on Sukuk markets aims to achieve several objectives:

  • Enhance understanding of the issues and challenges faced by Sukuk markets in KSA in particular and in GCC in general.
  • Strengthen domestic and regional capital markets for efficient channeling of excess liquidity in the region, and better utilization of funds for sustainable growth in the region.
  • Enhance governance, standardization, and market operations to mitigate potential risks associated with this growing market.
  • Have an impact on the demand-side of Islamic financing instruments in identifying critical enablers and drivers. 
  • (pdf)

 

CMA-World Bank
International Conference
“Sukuk Markets, Challenges and Opportunities”

December 6, 2016
Riyadh, Kingdom of Saudi Arabia
December 6, 2016
07:45 –08:30 am Delegates Registration and coffee
08:35–08:40 am AL-Qur'an Al-Kareem
08:40–09:00 am GCC Country Director, World Bank Group
09:00-09:20 am H.E. CMA Chairman
09:20– 09:40 am H.E. Minister of Finance
09:40– 10:00 am Coffee Break
Session 1: Realizing Potential of Sukuk Market
 
  • Linking Sukuk market with long-term economic development
  • How Sukuk market can be utilized to fill the funding gap
  • Developing the primary and secondary market for Sukuk
  • Islamic financial markets in organized exchanges as compared to OTC markets
10:00–11:30 am

Chair: H.E. Dr. Abdulrahman A. Al Hamidy, Director-General and Chairman of the Board, Arab Monetary Fund

Panelists: 

  • Mustafa Saiyid, Senior Financial Sector Expert, International Monetary Fund
  • Dr. Muliaman D. Hadad, Chairman of The Financial Services Authority (OJK), Republic of Indonesia
  • Motashar Al Murshed, CEO & Country Executive, Merrill Lynch Saudi Arabia
  • Michael Bennett, Head of Derivatives and Structures Finance, World Bank
11:30–11:45 am Coffee Break
Session 2: Dynamics of Sukuk Markets
 
  • Development of new product structures that will reinforce long-term Islamic finance
  • Institutional Investor behavior in Islamic Finance (Mutual funds, investment banks, pension funds, etc.
  • The analysis of investment horizon and risk appetite of Islamic Finance investors
  • Incentives that might be used to attract long-term institutional investors
11:45 am–01:15 pm

Chair: Abayomi A. Alawode, Head of Islamic Finance, World Bank

Panelists: 

  • Khalid Albdah, CEO, Goldman Sachs Saudi Arabia
  • Hani Deaibes, Head, Debt Capital Market MENA, JP Morgen
  • Michael P. Grifferty, President, The Gulf Bond and Sukuk Association
  • Wassim Al khatib, Managing Director, Head of Investment Banking, NCB Capital  
01:15–02:15 pm Lunch Break
Session 3: How to Create an Enabling Environment for Sukuk Market
 
  • Discussion of the main challenges in infrastructure Sukuk issuances
  • Sukuk for infrastructure finance
  • The role of Sukuk in the development projects
  • Tax legal concerns
  • Success stories and/or case studies of use of Sukuk for development
02:15–03:30 pm

Chair: Zeyad Khoshaim, Managing Partner, Khoshaim & Associates in cooperation with Allen & Overy

Panel:

  • H.E. Majed Al Hogail, Minister of Housing   
  • H.E. Dr. Faisal Hamad Al Sugair, Chairman of Saudi Civil Aviation Holding Company
  • Fahad Al-Sudairi, Executive vice president of Finance, Planning & Chief Financial Officer, Saudi Electricity Company
  • Dr. Hamid Merah, Secretary General, AAOIFI
03:30–03:45 pm Coffee Break
Session 4: Regulatory and Governance Issues

 
  • Recent regulatory efforts by International Standard Setting bodies
  • Discussion on Sharia Governance and Sharia Standardization
  • Key challenges for Regulators and Supervisors
  • Key legal issues
03:45–05:00 pm

Chair: Zamir Iqbal, World Bank Global Islamic Finance Development Center

Panelists:

  • Dr. Mohammad Alsuhaibani, Chairman, Finance & Investment Department, Al-Imam Muhammed Ibn Saud Islamic University
  • Dr. Mohamad Hammour, Chairman and CEO, Guidance Financials
  • Salman Al-Sudairi, Partner, Law Office of Salman M. Al-Sudairi in association with Latham & Watkins
  • Dr. Azmi Omar, Director General, Islamic Research and Training Institute (IRTI), Islamic Development Bank Group
05:00-05:10 pm Coffee Break
Session 5: The Role of Debt Markets in Economic Growth
 
  • Recent regulatory efforts by Saudi Governmental bodies
  • The role of debt issuances in supporting economic growth
  • A Roadmap, Saudi Arabia’s strategy for debt issuance
  • Advantages & disadvantages of issuing long-term debt
05:10–06:45 pm

Chair: Dr. Najem Alzaid, ?Chief Governance & Legal Officer, Al Rajhi Bank

Panelists: 

  • H.E. Dr. Hamad Al Bazai, Vice Finance Minister
  • Mohammed Elkuwaiz, CMA Vice Chairman
  • Dr. Fahad Alshathri, Deputy Governor for Research and International Affairs, Saudi Arabian Monetary Agency
Logistical Information for Participants

  • Prince Sultans grand hall - Al Faisaliyah Hotel

    Venue
    Address: King Fahad Rd., Olaya, Riyadh, Saudi Arabia For details of Al Faisaliyah Hotel, please refer to the Hotel Website:
     | 

  • Accommodation and Hotel Facilities:

    Riyadh has a many hotels that can meet the needs of international visitors. For the convenience of international conference participants, the following hotels in Riyadh have agreed to provide corporate rate for the participants on first come first served basis. Please contact the hotels directly for reservation. Or apply through the attached form
    Please find attached the required form to provide the participants with the visa by the CMA | 

  • Al Faisaliyah Hotel

    Address: King Fahad Rd, Olaya Street Tel: +966 11 273 2000
    E-mail |  Website

  • Narcissus Hotel

    Address: Riyadh, Saudi Arabia, on the corner of Olaya Street and Tahlia Street Tel: +966 11 294 63 00 Fax: +966 11 294 63 93
    E-mail | 
  • Reminder: To ensure your accommodations, please send your reservation at your earliest convenience.

  • Airport Transfer

    The King Khaled International Airport is located 10 km from the city center, and travel time is approximately 20 to 30 minutes by taxi. The cost for the Airport London Taxi is approx. SAR 120.00 (USD40-50) per trip from airport to the city center. The cost for the normal taxi is approx. SAR 70.00 (USD20-30) per trip from airport to the city center.

  • Visa Requirements

    Most international travelers will need a valid visa to enter Saudi Arabia. Please refer to the link below for visa requirements. Please be advised that that there is NO VISA-On-Arrival at the King Khalid International Airport (RUH).
    Please find attached the required form to provide the participants with the visa by the CMA | 

  • General Information:

    Language: The official language in Saudi Arabia is Arabic. However, in addition to Arabic, many Saudis speak English. Signs around the country are in Arabic and English.

  • Currency:

    The unit of currency in Saudi is the Saudi Arabia Riyal indicated as SAR. Participants are advised to change some currency into SAR upon arrival at the first port of entry in Riyadh. There are several licensed money changers at the Airport at both the arrival and departure halls and in and around hotels in Riyadh. Major credit cards like VISA and MasterCard are widely used throughout Saudi Arabia. General banking hours are Sunday to Thursday from 9.00 a.m. to 6.00 p.m. ATMS are also available at the arrivals hall of the airport.

  • Electricity:

    The standard voltage in Saudi Arabia is 220 - 240 volts. Standard 3-pin square plugs and sockets.

  • Mobile Phones:

    If you are planning to make numerous calls and/or need to be reached at all times, you can use your international mobile phone as roaming is available in the country. Otherwise you can purchase prepaid SIM cards (STC, Mobily, Zain) at any phone shop located at the airport at the public area of the Airport arrival hall, or at shopping malls.

  • Medical Assistance:

    For any medical consultations and/or in health emergency cases you can rely on the hotel to call a doctor or use the emergency medical contacts listed below.
  • Specialized Medical Center
    Tel: (+966) 11 434 3800
  • Dr. Sulaiman Alhabib
    Tel: (+966) 11 462 2224
  • Dallah Hospital
    Tel: (+966) 9200 12222

  • Climate:

    The average temperature in December in Riyadh is between 20°C and 35°C.
Details
  • Location: Riyadh, Saudi Arabia
  • Date: 12/06/2016
  • Venue: Prince Sultans grand hall - Al Faisaliyah Hotel
  • CONTACT: Abdulaziz Alsaiari
  • aalsaiari@worldbank.org
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