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IFN Egypt OnAir Roadshow 2022

Release Date: Friday 5th August 2022

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IFN OnAir Roadshows 2022 Review

Following the hugely successful IFN OnAir Roadshow 2021 we are delighted to announce an extended series for 2022. The past two years have been difficult for many. For the first time in almost a century, the world ground to a halt, meaning minimal physical interaction, and a shuddering halt to B2B events as we knew them. At REDmoney, we went online, building a new platform allowing us to deliver virtual events to our readers and followers around the world. And, although OnAir events don’t allow for face-to-face meetings and that... ...Read More

About the IFN Egypt OnAir Roadshow

This was the 4th IFN Egypt event.

After years of struggling to launch, Egypt’s Sukuk market had finally taken off with the issuance of the country’s first corporate Sukuk in 2020. The Egyptian House of Representatives had also given its final approval for the draft Sovereign Sukuk Law, which outlined the terms for issuing sovereign Sukuk. Under the new law, sovereign Sukuk could be issued to finance investment, economic and development projects within the state’s general budget.

There were three fully-fledged Islamic banks in Egypt and 14 others offering Shariah compliant products on a window basis, including Ahli United Bank, which had been said to have had plans to become a fully-fledged Islamic bank.

As at the end of September 2020, Islamic banking assets in Egypt stood at EGP355 billion (US$22.63 billion) or 5.5% of the total banking sector, representing a growth rate of 13.6% compared with the same period in 2019. Islamic deposits also grew 10%, accounting for 7.5% of the total market.

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Roadshow Agenda

Steady Expansion: Islamic Financial Services in Egypt

What is the timetable for Egypt’s debut sovereign Sukuk, and what will this important benchmark mean for the Islamic capital market? How does the current regulatory environment promote the issue of public and private sector Sukuk, and from which industries will we see issuance? Beyond the Islamic capital market, how are Egyptian Islamic financial institutions financing domestic economic activity and what structures are being employed? What role are important multi-laterals such as the IsDB playing in the expansion of Islamic financial services in Egypt? How should Egypt further employ Shariah-based green and responsible financing solutions in response to important challenges, such as limiting climate change, alleviating poverty, and driving financial inclusion? Finally, how are Islamic financial institutions in Egypt employing technology to help the unbanked, while how will digitalization across the sector improve end-user experience across a range of financing activities?

Moderator:

Ashraf Gomma Ali, Managing director, Ihsan Advisory and Islamic finance expert (IFC – world bank group)

Panelists:

Alaa Mustafa, Marketing Specialist, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Constantinos Kypreos, Senior Vice President Moody’s Investors Service Limassol, Cyprus
David Testa, Executive Director, DDCAP
Ghada Essam, Head of Strategy, Ideal Ratings
Samar Abuwarda, Islamic Finance Practitioner
Dr Scott Levy, Founder, Al Waseelah

Roadshow Speakers

Alaa Mustafa

Alaa Mustafa

Marketing Specialist, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Alaa Mustafa
Alaa Mustafa
Marketing Specialist, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

Alaa Mustafa is currently the MENA Division country manager at the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IsDB Group. He has over 15 years of experience in the general insurance, trade credit and investment insurance industry, out of which 12 years were spent at ICIEC at different divisions. He is handling country portfolios in MENA, with a wide focus on the Republic of Egypt. Alaa holds degrees in business management and marketing and a diploma in Islamic banking and finance.

Ashraf Gomma Ali

Ashraf Gomma Ali

Managing director, Ihsan Advisory and Islamic finance expert (IFC - world bank group)
Ashraf Gomma Ali
Ashraf Gomma Ali
Managing director, Ihsan Advisory and Islamic finance expert (IFC - world bank group)

Ashraf Gomma Ali is the managing director of Ihsan Advisory which works at the intersection of Islamic finance/Shariah/SDGs and positive impact. He believes that these areas share a natural connection and that the future of Islamic banking depends on truly embracing these concepts and integrating them in the spirit of Ihsan (spiritual beauty and perfection).

Ashraf is a leading international Shariah advisor who has worked in Shariah supervisory positions for over 15 years in nine different countries around the world in North America, the Middle East and Southeast Asia. He holds a Bachelor of Science degree in finance from the University of Maryland (US), a Bachelor of Law degree in Shariah from Umm Al-Qura University (Mecca, Saudi Arabia) and a Master’s degree in Islamic finance practice from INCEIF (Malaysia). He is also an internationally certified Shariah auditor and advisor with AAOIFI and a registered Shariah advisor with the Malaysian Securities Commission.

Ashraf has advised on billions of dollars of projects worldwide including extensively advising on project financing, Islamic debt securities (Sukuk), corporate finance and treasury products. He has served as a Shariah board member to both traditional and digital Islamic banks. He also has a keen interest in the intersection of ESG and sustainability with Islamic finance and was part of the UN project to draft the section on Islamic banking in the UNEP FI Principles of Sustainable Banking. He currently serves as an Islamic banking, ESG and sustainability consultant based in Istanbul. Ashraf has recently joined Phi Wallet as a co-founder and CFO. Phi Wallet is an Islamic fintech which seeks to empower Shariah sensitive investors to protect and preserve their wealth through physical gold ownership and other real assets.

Constantinos Kypreos

Constantinos Kypreos

Senior Vice President Moody’s Investors Service Limassol, Cyprus
Constantinos Kypreos
Constantinos Kypreos
Senior Vice President Moody’s Investors Service Limassol, Cyprus

Constantinos Kypreos is a senior vice-president and covers a portfolio of banks in Africa, the Middle East and the Balkans. He also has oversight responsibilities for Moody’s Investors Service’s bank ratings in Romania, and for the ratings of non-bank financial institutions in the Middle East and Africa region. Since joining Moody’s Limassol-based banking team in 2005, Constantinos has followed banks as a lead analyst in South Africa, Egypt, Ghana, Nigeria, Israel, Greece, Bulgaria, Romania, Montenegro, Saudi Arabia, Qatar and Pakistan. He has authored numerous articles covering the African and Balkan banking systems and is a regular speaker at regional conferences. Prior to joining Moody’s, Constantinos worked for PwC in London, both in audit and advisory. He holds a Bachelor of Science degree in economics from Queen Mary University of London and is a member of the Institute of Chartered Accountants in England and Wales.

David Testa

David Testa

Executive Director, DDCAP
David Testa
David Testa
Executive Director, DDCAP

David Testa is an executive director at DDCAP and is on the board of DD&Co and DDGI.

David has worked in the financial services sector for almost 20 years, and for most of that time in Islamic finance. He was previously CEO of Gatehouse Bank, leading the team that obtained its banking license, and he has continued to specialize in Islamic capital markets and investment products.

Immediately prior to joining DDCAP in August 2017, David worked for the Kuwaiti European Holdings Group, owned by significant investors in the GCC, where he was CEO of its two UK operating companies, including an FCA-authorized advisory firm focusing on Shariah compliant investment opportunities in the UK.

Before joining Gatehouse, David worked for WestLB for 10 years and led the Islamic finance team there, closing over US$5 billion-worth of Islamic financing transactions. Perhaps most notably, David was the lead banker on the GBP225 million (US$290.33 million) Shariah compliant UK-leveraged buyout of Aston Martin from Ford.

David started his career as a solicitor, working in London and Tokyo with international law firm Slaughter and May and, subsequently, Ashurst, specializing in corporate finance and banking, and in particular capital markets and derivatives.
David is a frequent speaker and panelist at Islamic finance conferences in the GCC, the UK and the rest of Europe.

David holds a Master of Arts degree in modern history from Oxford University.

Ghada Essam

Ghada Essam

Head of Strategy, Ideal Ratings
Ghada Essam
Ghada Essam
Head of Strategy, Ideal Ratings

Ghada Essam is the head of strategy at IdealRatings, a global provider of ethical investment solutions. Ghada joined IdealRatings in 2011 as a Sukuk product manager, where she developed the first-ever Sukuk screening solution. Consequently, she assisted in constructing the IdealRatings suite of Sukuk indices and the Boursa retail investor solution. Prior to IdealRatings, she was the business director of Islamic Finance Information Service, a Euromoney institutional investor company, where she took part in establishing the first-ever solutions for Sukuk, Islamic mutual funds, Islamic project finance and Shariah scholars. Ghada holds a Bachelor of Science degree in economics from Cairo University, along with a Master’s degree in strategic planning and management from Edinburgh Business School.

Samar Abuwarda

Samar Abuwarda

Islamic Finance Practitioner
Samar Abuwarda
Samar Abuwarda
Islamic Finance Practitioner

Samar Abuwarda accumulated her professional experience in Egypt and international markets since 2003. She successfully conducted transactions locally and internationally. This included corporate finance, project finance and syndicated loans, Islamic finance, structured finance, risk management, private equity and mergers and acquitions, international programs planning and financial advisory. She has also contributed several articles to Islamic Finance news. Samar holds a Master of Science degree in finance and investment from Nottingham University Business School of the University of Nottingham in the UK.

Dr Scott Levy

Dr Scott Levy

Founder, Al Waseelah
Dr Scott Levy
Dr Scott Levy
Founder, Al Waseelah

Dr Scott Levy is the founder of Al Waseelah, an award-winning Shariah compliant Sukuk issuance platform which includes structuring, arranging, originating and listing Sukuk. Dr Scott founded Al Waseelah in 2017 as a tech-savvy, cost-efficient way to creating Shariah compliant instruments; democratization for both issuers and investors.

Al Waseelah is dedicated to the global growth of Islamic capital markets through its comprehensive runway for international capital-raising, and its active participation in global dialogue through Islamic Finance news and the International Islamic Financial Market. Al Waseelah is at the forefront of ESG/SDG integration to Sukuk, being one of the Islamic finance institutions to commit to the Principles for Responsible Investment, and technological innovation, using the power of blockchain to bring transparency and accountability to each transaction. Al Waseelah has executed transactions across asset classes and currencies including green Sukuk Wakalah, corporate Sukuk, Mudarabah private equity liquidity structures and multicurrency liquidity management products.

With boots on the ground in London, Tallinn, Miami, Monaco, Dubai and Singapore, Dr Scott leads Al Waseelah’s global offering underpinned by a talented, dynamic, global, multicultural and multilingual team. Dr Scott is a liveryman of the Worshipful Company of International Bankers and the Worshipful Company of Musicians, a member of Lincoln’s Inn and a senior member of Wolfson College, Cambridge.

Roadshow Partners

LEAD PARTNER

MULTILATERAL STRATEGIC PARTNERS

The Islamic Corporation for the Development of the Private Sector (ICD)

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The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.

The ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investments.

The ICD has an authorized capital of US$4 billion. Currently, the shareholders of the ICD are the IDB (50%), 53 Islamic countries (30%) and five public financial institutions (20%).

ICD mandate and objectives

The ICD fosters sustainable economic growth in its 53 member countries by:

  • Financing private sector investment
  • Mobilizing capital in the international financial markets, and
  • Providing advisory services to business and governments.

The ICD selects the financing projects based on their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports, etc. The ICD also provides advisory services to governments and private sector groups on policies designed to encourage the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices and to enhance the role of the market economy. The ICD operates to complement the activities of the IDB in member countries.

The ICD is rated ‘AA/FQ’ by Fitch Ratings, ‘Aa3/P-1’ by Moody’s Investors Service and ‘A+’ by Standard & Poor’s.

FOR MORE INFORMATION

Tel: (966-12) 6361400; (966-12) 6441644

Fax: (966-12) 644 4427

Email: [email protected]

Website: www.icd-ps.org

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The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)

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Established 26 years ago in 1994 as a multilateral institution and a member of the Islamic Development Bank Group, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was tasked to promote cross-border trade and foreign direct investments in its member countries.

The ICIEC’s mission is to make trade and investment between member countries and the world more secure through the Shariah compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in member countries.

The ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions.

Today, the ICIEC supports trade and investment flows in 47 member countries spanning across Europe, Asia, the Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as export credit agencies and insurers.

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International Islamic Trade Finance Corporation

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The International Islamic Trade Finance Corporation (ITFC) is a member of the IDB Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. The ITFC commenced operations in January 2008 and has since consolidated all trade finance businesses that used to be handled by various windows within the IDB Group. Earning an ‘A1’ rating from Moody’s Investors Service reflects the ITFC’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

Since 2008, the ITFC has provided more than US$40.2 billion of trade financing to OIC member countries, making it the leading provider of trade solutions for the needs of OIC member countries. With a mission of being a catalyst for trade development among OIC member countries and beyond, the ITFC helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

 

Contact us at:

Twitter: @ITFCCORP
Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)

Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: [email protected]
Website: http://www.itfc-idb.org/en

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IsDB Group Business Forum (THIQAH)

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The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitates contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging the IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.idbgbf.org)

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PARTNERS

DDCAP Group

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Founded in 1998 and headquartered in London, with an office in Dubai and a presence in both Saudi Arabia and Malaysia, DDCAP is a leading provider of asset facilitation services and financial technology and system solutions across a diverse range of Shariah compliant products, asset classes and instruments in both the primary and secondary markets. DDCAP’s wholly-owned subsidiaries include DD&Co and DDGI. DDCAP has an extensive track record within the Islamic finance industry, employing over 35 professionals with broad and complementary skill sets drawn from diverse financial industry backgrounds, focused principally on providing service to Islamic financial market participants around the world. DDCAP has its own Shariah supervisory board comprising esteemed Shariah scholars from Saudi Arabia, Malaysia and Kuwait. DDCAP’s multi-award-winning Shariah compliant ETHOS Asset Facilitation Platform is a bespoke, real-time trade and post-trade services platform providing 24-hour coverage, enabling clients worldwide to purchase from a diverse asset inventory, including commodities, via a secure, web-based portal.

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IdealRatings

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IdealRatings was incorporated in 2006 in San Francisco with a corporate objective to provide SRI/ESG and Shariah compliant solutions to ethical investors and enable them to identify such instruments across different asset classes in the global market. IdealRatings serves clients in over 30 countries with a range of capital market solutions including:

  • Equities – A web-based platform covering over 40,000 stocks, where fund managers can screen equities using different, custom-built ESG/SRI/Responsible Investments and Shariah rulebooks or guidelines. This solution caters to different purification calculation methodologies with a comprehensive set of reports for fund managers to manage their portfolio.
  • REITs – Global coverage of all listed REITs that could be screened in accordance with different standard Shariah rulebooks or guidelines.
  • Indexes – Co-branded and jointly marketed by FTSE-Russell Indexes and a separate series with Thomson Reuters for the global markets, designed for fund management and investment benchmarking. In addition, IdealRatings is able to provide custom-built indexes for the fund management industry.
  • Sukuk – A unique solution which includes the global Sukuk and a pioneering Sukuk-screening solution that enables fund managers to customize their Sukuk selection in accordance to their Shariah rulebook, guidelines or investment preference, and
  • Brokerage – The solution provides broking houses the ability to screen global equity markets, a technical analysis of the markets and equities, buy/sell/hold recommendations and purification amounts.
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Moody’s Investors Service

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Moody’s is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions and fair access to information open the door to shared progress.

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CONSULTANCY PARTNER

Redmoney Consulting

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Launched in April 2021, Redmoney Consulting is a new and highly focused advisory firm focusing on global Islamic, Ethical, Responsible and Sustainable Finance. Redmoney Consulting is a logical extension of REDmoney Group, the Islamic finance industry’s leading media house with a truly global audience. In addition to Islamic finance, the Group has steadily increased its coverage of the green and sustainable finance sector as the two markets continue to converge. Redmoney Consulting provides an expansive service allowing its consultants to provide advisory and consulting services at the highest level for the most discerning of clients.

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In The News

IFN Monthly Review: December — Wrapping up 2022

The global Islamic finance and banking industry closed 2022 on a high note, with notable Sukuk issuances from Nigeria, Tanzania...

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A long-expected party: Is Egypt finally on track?

Egypt has been toying with the idea of issuing Sukuk for years now, but despite numerous promises nothing ever seems to materialize. This could finally be about to change, with a government…

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The steady expansion of Egypt’s Islamic finance industry

Egypt continues to gradually realize its Islamic finance aspirations. Each year brings a significant new market or regulatory development. The value of the Islamic banking market rose 12.2%…

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Egypt: Islamic capital market makes great strides

After years of struggling to launch, Egypt’s Sukuk market has finally taken off with the issuance of the country’s first corporate Sukuk last year. NESSREEN TAMANO highlights other top…

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About REDmoney Events

REDmoney Events

REDmoney events designs, organizes and hosts industry-leading conferences, forums, roadshows, seminars and dialogues focusing on the Islamic financial markets across a global, regional and national level. Leveraging an exceptional network of the industry’s elite and supported by the expertise of the REDmoney publishing and seminars divisions, REDmoney Events are able to provide access to a unique array of influential speakers, panellists and participants from a cross-section of the global industry to debate the most significant issues affecting the Shariah compliant financial markets.

REDmoney events are differentiated by their complimentary yet qualified attendance structure, ensuring the highest quality of both delegates and contributors. Comprehensive and cutting-edge, attendance ensures exclusive access to the leaders in their field across all sectors and markets.

The annual IFN Asia Forum has been the biggest event in the industry since its inception in 2006, attracting over 1,000 delegates annually. An annual line-up of Forums are also conducted across emerging markets and key jurisdictions. Included under REDmoney Events are the IFN Awards Ceremonies, which take place annually in Dubai and Kuala Lumpur, and attract more than 800 industry leaders.

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REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

+603 2162 7800
[email protected]

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