Global Petrochemical Giant SABIC Sponsors London Sukuk Summit 2008

PRLog (Press Release) – May 27, 2008 – Saudi Arabian Basic Industries Corporation (Sabic), one of the world’s largest petrochemical exporters, is sponsoring the annual 2008 London Sukuk Summit, which is scheduled to be held at the Royal Horseguards in Whitehall in London on 25th to 26th June 2008.

The theme of this year’s Summit, which is endorsed by the UK Treasury; UK Trade & Investment (UKTI), City of London Corporation; and the London Stock Exchange, is ‘Gearing up for UK Sukuk Originations’.

Sabic is sponsoring the Gala Dinner on the evening of the 25th June 2008, which will be addressed by a Special Guest of Honour and will also host the Annual Summit Awards of Excellence.

Mutlaq Al-Morished, Vice President, Corporate Finance at Sabic will address the conference on the topic “The Global Sukuk Market - Faith & Finance” and will participate in the first-ever Sukuk Issuer’s Panel, which include senior executives from National Cooling Company (TABREED); Dar Al-Arkan Real Estate Development Company (DAAR); CIMB Islamic Bank; and Standard & Poor’s, the international credit rating agency.


Sabic is emerging as a major Sukuk originator out of Saudi Arabia. To date it has issued the SR3 billion Sabic Sukuk-I and the SR8 billion Sabic Sukuk-II issuances in 2007, and according to Mr Al-Morished, Islamic finance will continue to be an important financing option for Sabic in the future alongside other financing options, as and when the situation demands.

In April 2008, Standard & Poor’s assigned a ‘A+’ local currency senior unsecured issue ratings to the Sabic Sukuk-I and Sabic-II issuances respectively. The underlying assets involved in the Sabic Sukuk-II issuance are specific petrochemical marketing agreements into which Sabic has entered. This is a first for the Sukuk sector whereby, under an asset transfer agreement, Sabic has transferred certain rights and obligations for the above marketing agreements, which represent the Sukuk assets of Sabic Sukuk LLC, a wholly-owned subsidiary of Sabic.

The Sabic issuances also underlines a growing involvement of the GCC oil, gas and petrochemical sector in Islamic finance, which augurs well for the future development of the Islamic capital markets and debt sector.

The 2008 London Sukuk Summit follows the highly successful Inaugural London Sukuk Summit along the theme ‘Strategies for Today; Demystifying Islamic Capital Market Products’ held in June 2007 and organized by ICG Events, with the support and encouragement of leading market players in the UK and abroad.

Senior speakers from the Financial Services Authority; the Japan Bank for International Cooperation; Dubai International Financial Centre; The Islamic Financial Services Board; the Islamic Corporation for the Insurance of Export Credits and Investment; and prominent organizations and market players have already committed to participate at this year’s Summit.

The London Sukuk Summit  is specifically aimed at keeping  you informed about the Sukuk market developments and innovation; to provide a platform for dialogue with your peers; and to give you a voice in contributing to the future direction of the Islamic debt and capital markets!
We look forward to seeing you at this unique and ground-breaking event!

For more information, please visit www.sukuksummit.com/london  

Contact:
Summit Secretariat
Sukuk Summit 2008
ICG, First Floor Albion House,
470 Church Lane, Kingsbury,
London NW9 8UA, UK
Tel: +44 (0)20 8200 9002
Email: info@icg-events.com