Analysts predict that now is a pivotal time for the global Islamic finance industry as Sukuks are expected to grow in importance on the radar of global investors. Industry players predict that the current year will remain static but recovery is expected in 2011-12. Qatari and Saudi Sukuks will lead the markets. “The market is changing wherein the cost of capital is becoming important. In the medium to long term, markets need a lot more funds, more listings and finally, more players to develop this market,” said Nida Raza, senior vice president - Capital Markets, Unicorn Investment Bank B.S.C. at a “peakfast piefing”. According to industry players, growth of Sukuk markets will arise from solid core issues that attract solid core investors. Subsequently, a common consensus is the fact that the Sukuk market has to become competitive. At a “peakfast piefing” on the current state of play in Sukuk, Khalid Howladar, senior credit officer Asset Backed and Sukuk Finance, Moody's; Nida Raza, senior vice president, Capital Markets, Unicorn Investment Bank; Gregory Man, senior associate, Clifford Chance gave a legal perspective on risk in Sukuk and explored loss given default in secured and unsecured Sukuk. The “peakfast piefing” was held as a prelude to the forthcoming International Islamic Finance Forum 2010 to be held on May 16-19, 2010 at The Monarch Hotel, Dubai. The four-day event will touch on the enormous potential in Shariah-compliant financing while addressing key challenges and the future of Sukuk. The presentations and panel discussions will provide insightful learning into the industry from eminent speakers examining topical issues and will provide extensive industry networking opportunities. Vanessa Heywood, Conference Director, IIR Middle East, said “the Islamic finance industry has faced a number of challenges in recent times. The International Islamic Finance Forum 2010 will provide a timely platform for industry leaders to actively debate critical issues and drive the Islamic finance industry forward.”
