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Follow on Google News | Global Petrochemical Giant SABIC Sponsors London Sukuk Summit 2008The 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.
By: icg events The theme of this year’s Summit, which is endorsed by the UK Treasury; UK Trade & Investment (UKTI), City of London Corporation; 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; 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/ 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 # # # ICG-Eventsis dedicated to organising focused events, investor forums and conferences in creating a better awareness & understanding of the Islamic finance industry. Our aim is to always procure the highest calibre speakers who have the most current knowledge of the issues in their specialised areas of practice and to provide a significant value added return to delegates. End
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