Defense, interior, and national guard ministers extend Eid greetings, praise efforts of military and security personnel    Worshippers in Makkah and Madinah perform Eid Al-Fitr prayer    Saudi authorities shut down food factories and branches over suspected poisoning cases    Saudi Arabia welcomes formation of new Syrian government, expresses hope for stronger ties    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Syria forms new government with 22 ministers including one woman President Sharaa vows reform and transparency    Israeli army fires warning shots at UN peacekeepers in southern Lebanon    Denmark rebukes US Vice President Vance over Greenland remarks    Hamas accepts new Gaza ceasefire proposal brokered by Egypt and Qatar    Mexico bans junk food in schools to fight childhood obesity epidemic    Makkah and Madinah mobile data usage exceeds global average during Ramadan: CST    Elon Musk's xAI acquires X in all-stock deal    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    NewJeans announces hiatus after setback in court battle    George Foreman, heavyweight champion and cultural icon, dies at 76    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CMA, in partnership with World Bank, to hold forum on Sukuk
Published in The Saudi Gazette on 02 - 11 - 2016

In collaboration with the World Bank, the Saudi Capital Market Authority (CMA) will organize a conference dedicated to Sukuk markets (Islamic bonds) within the Gulf Cooperation Council (GCC) states in Riyadh on Dec. 6, 2016. This conference will be attended by a number of ministers and officials in the Kingdom and a number of the World Bank officials as well as a number of economists, financial specialists, academics and executives in the private sector along with participants in the capital market.
With the participation of officials and specialists, the conference titled "Sukuk Markets – Challenges and Opportunities" – will discuss the challenges faced by Sukuk markets in Kingdom of Saudi Arabia in particular, and the GCC states in general. The conference will also discuss the mechanism for developing the capital markets in the region which would be reflected in the development of debt markets hence providing the necessary funding for the private and public sectors. The incentives of demand for Islamic debt instruments will also be discussed. The conference will examine some of the prominent experiences in the world, and the possibility of making use of them to develop the local debt market.
Mohammed bin Abdullah Elkuwaiz, Vice Chairman of the Capital Market Authority, said the conference is part of CMA›s efforts to deepen the capital market and encourage the issuance of debt instruments, in addition to promoting economic development of the Kingdom within the 2030 Vision.
He added that the Kingdom›s 2030 Vision is based on three aspects, one of which is to make the Kingdom a leading investment power.
Furthermore, the debt market in the Kingdom of Saudi Arabia is relatively small. The development of this market requires collaborated efforts and cooperation between multiple agencies that would affect its inception and continuity to the market growth as well as the extent of its attractiveness from investors and issuers. The significance of the debt instruments market lays in completing the investment product system for various segments of investors, and enabling them to diversify their investments, as well as to find alternatives of funding for projects in the public and private sectors. Therefore, the CMA has given high importance to the development of this market through the implementation of a number of initiatives, among which comes first building a strategic national direction for this market and enhancing the efficiency of issuing debt instruments.
In order to develop the primary offering of debt instruments, the CMA is working on a proposal to facilitate the listing procedures, and to overcome organizational and structural difficulties that come across its issuance, in order for the Saudi capital market to be an attractive market for issuers.
In this regard, the CMA will revise the procedures and requirements of offering debt instruments in order to adopt a different systematic review and varying offering requirements based on several considerations. Some of those considerations, for example, is the former offeror experiences in offering Sukuk and debt instruments, as well as the credit rating of the offeror, categories of targeted investors, and the level of complexity in the structuring of the offered debt instrument.
In regard to trading Sukuk and debt instruments in the secondary market, the CMA intends to organize the private placement of Sukuk and debt instruments in the capital market, in the hope that this will contribute to raising the number of listed financial instruments and increase the market depth. — SG


Clic here to read the story from its source.