Securities presents its vision for the development of sukuk markets in the Middle East and Africa

Abu Dhabi 12-10-2019
The Securities and Commodities Authority (SCA) participated in the “Sukuk Markets Development in the Middle East and Africa Region” Forum in Abu Dhabi in collaboration with IFSB and the Regional Commission for Africa and the Middle East (AMERC). IOSCO, Dubai Islamic Economic Development Center, Gulf Bonds and Sukuk Association and S&P Global Credit Ratings Agency.
Dr. Obaid Saif Al Zaabi, CEO of the Authority, delivered a keynote speech at the opening of the forum, outlining the reasons for the emergence of the Islamic capital market. With Islamic principles.
He added that according to the Global Islamic Economy Index for the year 2017, the UAE ranked second after Malaysia according to the criterion of the total value of the listed Sukuk.
In his speech, Zaabi predicted that total Islamic finance assets would reach $ 3.5 trillion by 2021, citing a report by Thomson Reuters that estimated Islamic funds would grow at least $ 77 billion by the beginning of 2019.
He announced that the Securities and Commodities Authority is considering a plan to regulate unlisted capital market transactions and is considering the establishment of local rating agencies to stimulate the issuance of local currency retail sukuk by the corporate sector.
The event was attended by a large audience that included a number of financial / economic policymakers, senior management in ministries of finance and economy, regulators, international organizations, debt management offices, market players and relevant stakeholders.
The Forum’s four sessions were: Islamic Finance and Sukuk: Key Concepts and Global Importance, Future Prospects The Role of Sukuk in Achieving Development Goals: Prospects and Challenges, Finally, Technological Innovation and its Growth Potential in Islamic Capital Markets Instruments: key policy areas and ways forward.
Discussions at the Forum focused on a better understanding of Islamic finance and its distinctive characteristics and developments in sukuk markets, including sustainable and innovative development trends.
They reviewed recent developments and prospects for future growth of sukuk markets in the Middle East and Africa, as well as identifying areas for further development in order to promote the growth of these markets and their effective use in order to achieve the development objectives of the region. Also discussed were aspects related to strengthening the regulatory environment, including considerations relating to investor protection and stability arising from the development and growth of sukuk markets, and to strengthening the growth and overall flexibility of capital markets in the region, taking into account the specificities and differences of sukuk from their conventional counterparts.
Participants sought to identify issues and challenges faced by Members with regard to the development of sukuk markets in their countries and to the effective use of sukuk in sustainable development initiatives, as well as to identify the most pressing gaps in the institutional, legal and regulatory frameworks of Member States that may affect growth, stability and resilience. Protect investors in sukuk and capital markets in general.
In addition, the relevant policy areas that local policymakers and international standard-setting organizations should address in order to address issues were addressed.
The meeting was moderated by the Chairman of the Gulf Bonds and Sukuk Association (GBSA), Michel Greiferti. As a keynote speaker.