The Gulf Bond and Sukuk Association Talks Sukuk with African Finance Leaders

June 15, 2014 1:37 pm

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, held a seminar on Islamic finance in Dakar, Senegal last week at the Making Finance Work for Africa (MFW4A) Partnership Forum.

The conference was organized by MFW4A, an initiative with stakeholders including African Development Bank, International Monetary Fund and European Investment Bank, and was held at King Fahd Palace Hotel. Around three hundred African officials, investors and academics attended the event.

Presenting on behalf of GBSA’s Islamic Finance Practice Group were Debashis Dey, Head of Middle East Capital Markets at Clifford Chance, and Hani Ibrahim, Head of Debt Capital Markets at Sharia-compliant investment banking firm QInvest.

Nouran Yousef of Egypt’s Ministry of Finance and Farid Masmoudi of Islamic Development Bank’s Islamic Corporation for Development of Private Sector also presented.

The seminar covered key concepts in Islamic finance as well as current trends in the Sukuk market and the use of Sharia-compliant financing as a development tool.

GBSA President Michael Grifferty said: “We are delighted to cooperate with MFW4A and African Development Bank as we share the same commitment to unlocking the power of capital markets for the creation of economic growth and employment.”

He went on to add: “We need to ensure that African companies and sovereigns are aware of all financing options available along with the respective risks and rewards.”

The GBSA’s committees, working groups and National Chapters bring together the thought leaders of the regional credit markets to create a more collective voice on key issues affecting the industry.