18th & 19th November 2013
Four Seasons Hotel Riyadh, Kingdom Center

About The IFN Saudi Arabia Forum

Considered to be one of the key markets to watch, the Kingdom of Saudi Arabia has proved its potential in the capital markets issuance space in 2012, with a slew of high-profile Sukuk issuances backed by the Saudi Arabian government. The single largest Sukuk issue ever originated from Saudi Arabia in January 2012, worth US$4 billion, by the General Authority of Civil Aviation. The Kingdom’s Sukuk market is now considered the third largest in the world, after Malaysia and the UAE, and is expected to continue to climb up the issuance ladder moving forward. Saudi Arabia’s population growth has also far outstripped the development of infrastructure in the Kingdom in multiple sectors; power, transport, ports, soft and social infrastructure such as healthcare and education. This is an exciting prospect for industry practitioners, for the development of the Kingdom’s Islamic project finance and infrastructure sector, as well as capital market growth.

An Introduction

The Kingdom of Saudi Arabia has proved its potential in the capital markets issuance space in 2012, with a slew of high-profile Sukuk issuances backed by the Saudi Arabian government. The single largest Sukuk issue ever originated from Saudi Arabia in January 2012, worth US$4 billion, by the General Authority of Civil Aviation. The Kingdom’s Sukuk market is now considered the third largest in the world, after Malaysia and the UAE, and is expected to continue to climb up the issuance ladder moving forward.

Also home to one of the most prominent Islamic finance institutions, the Islamic Development Bank, and the largest Islamic bank by assets in the world, Al Rajhi Bank, Saudi Arabia’s Islamic banking assets is currently worth an estimated US$94 billion, making up 26% of the total Islamic banking market. This has made the Kingdom an important focal point in the development of the Islamic banking and finance industry as a whole.

Saudi Arabia’s population growth has also far outstripped the development of infrastructure in the Kingdom in multiple sectors; power, transport, ports, soft and social infrastructure such as healthcare and education. This is an exciting prospect for industry practitioners, for the development of the Kingdom’s Islamic project finance and infrastructure sector, as well as capital market growth. From a legal standpoint, compared to the other five GCC members Saudi Arabia is also perhaps the most open to foreign investments, despite a perceived insularity by other markets. The difficulty in Saudi Arabia is not its openness to foreign direct investments but rather its underdeveloped laws, legal and court.

What is perhaps most needed in the kingdom now to create impetus to its Islamic finance cause is the further development of its capital markets, and increased enthusiasm in the secondary market trading space, to fully realize the potential of the Kingdom’s incredibly liquid position.

The 2013 IFN Saudi Arabia Issuers & Investors Forum will examine the immense potential of the Saudi Arabian Islamic issuance space, explore the growth opportunities linked to the Kingdom’s unrivalled liquidity and increasing interest from issuers and investors alike. Regulatory and tax developments are also high on the agenda of the 2013 IFN Saudi Arabia forum, for the benefit of Islamic finance practitioners looking to tap into this highly liquid market.

Through a series of exclusive regulatory country presentations, practitioner-led round-table discussions, non-debatable power presentations, original case studies and sector focused side sessions, the IFN Saudi Arabia forum in 2013 will again be the key, must-attend industry event for issuers, investors, regulators and all financial intermediaries involved in the Islamic financial markets with interest in the Saudi Arabian market.

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Forum Agenda

Day 1: Issuers Day

Monday, 18th November 2013

08:00 – 09:00

Registration

09:00 – 09:30

Chairperson's Introduction

09:30 – 10:30

Session One: Outlook for Saudi Arabia’s Islamic Capital Market: Competing on a Global Scale

  • Identifying the key drivers for sustainable growth of Saudi Arabia’s Islamic financial services industry: strong investor demand, increased financing opportunities
  • Capitalising on the rising demand for investable assets of a growing domestic Islamic finance market
  • Examining notable deals issues and why they succeeded: Saudi Electricity 30-year International Sukuk, Sadara Sukuk, Al Bayan, Saudi Binladin, SABIC
  • Factors hindering the growth of Sukuk issuance – restricted foreign participation, lack of secondary market activity – and steps to overcome them
  • FDI focus: What more needs to be done to pursue investment flows from foreign investors and further enhance secondary market trading of Sukuk
  • Assessing the need for and impact of further market liberalization – market readiness, political hurdles, impact on domestic players

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial

Panelists:

Abdulmohsen Al Fares – Managing Director & Chief Executive Officer, Alinma Bank
Muhammad Farhan – Director & Head of Islamic Banking, HSBC Saudi Arabia
Zaki Salameh – Head of Corporate Finance and Investment Banking, Alkhair Capital Saudi Arabia

10:30 – 11:00

Networking Break

11:00 – 12:00

Session Two: Sustaining Saudi Arabia’s Exceptional Growth in the Islamic Capital Market: Regulations, Product Innovation and Structuring

  • Steps needed to reduce the cost of Sukuk financing: The vital need for further foreign participation
  • Emerging tax, legal and regulatory considerations for Saudi issuers: What further legislative amendments can be expected to further develop the Kingdom’s Islamic capital market
  • Innovation and diversification in Sukuk structuring: Comparing global structuring trends with current structures used in Saudi Sukuk issuances
  • Balancing the need for a prudent economic policy and developing a functional and accessible capital market
  • Addressing Shariah issues specific to the Kingdom and how this will affect product innovation
  • Recognising the growing need for structured programs to raise awareness amongst issuers and develop sustainable, qualified talent in the Islamic financial services industry

Moderator:

Jawad I. Ali – Managing Partner, Middle East Offices, King & Spalding

Panelists:

Bashar Al-Natoor – Director, Corporates, Fitch Ratings
Massoud Janekeh – Director, Head of Islamic Capital Markets, Bank of London and The Middle East

12:00 – 12:30

Case Study: Madinah Airport Expansion PPP

Mohammed Paracha – Partner, Head of Islamic Finance, Norton Rose Fulbright (Middle East & Africa)

12:30 – 13:30

Lunch

13:30 – 14:15

Session Three: Islamic Project and Infrastructure Financing - Potential, Opportunities and Challenges

  • Opportunities for Shariah compliant financing of the Kingdom’s rapidly increasing infrastructure projects
  • Islamic real estate finance: Capitalizing on rising demand in residential property financing and impact of the recently amended mortgage law
  • Assessing the potential of emerging alternative assets and its suitability to Shariah compliant financing: key considerations for issuers
  • The need for greater participation of Saudi Arabia’s family-owned businesses to galvanize project based Sukuk offerings
  • Discussing the increasingly popular trends of Shariah compliant syndicated financing and mezzanine structures
  • Addressing the disconnect between project financing requirements and the availability of Shariah compliant funding instruments

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial

Panelists:

Mansoor Durrani – Senior Vice President & Head of Project Finance, National Commercial Bank
Neil Miller – Global Head of Islamic Finance, Linklaters

14:15 – 15:15

Deal Roundtable: Discussing Key Trends, Features and Success Factors of the Year's Most Prominent Deals

  • Addressing key deal structure, pricing, distribution, ratings, credit enhancement and Shariah issues
  • Sadara Chemical Company SAR7.5 billion Sukuk Musharakah
  • Saudi Electricity Company US$1 billion 30-year International Sukuk Ijarah
  • Al Bayan MYR200 million Sukuk Wakalah
  • Saudi Binladin SAR1.3 billion Sukuk Ijarah
  • GACA SAR15 billion Sukuk Murabahah

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial

Panelists:

Emad Al Monayea – Chairman, Liquidity Management Centre, Board Member & CEO, Kuwait Finance House Investment
Fahad H. Al-Sudairi – Executive Director –Treasury, Saudi Electricity Co.
Rizwan Kanji – Partner, King & Spalding

15:15 – 15:25

Chairperson's Closing

Day 2: Investors Day

Tuesday, 19th November 2013

08:00 – 09:00

Registration

09:00

Chairperson's Introduction

09:30 – 10:30

Session One: The Islamic Investment Environment in Saudi Arabia: Driving Sustainable Growth

  • Assessing Saudi Arabia’s recent market reforms and its significance to potential Gulf and Asian investors
  • Open market: What further regulatory developments are needed to encourage inward investments
  • Prospects for the establishment of an Islamic money market to manage liquidity within Islamic financial institutions
  • Assessing Saudi Arabia’s readiness to challenge mature Islamic investment destinations such as Malaysia and the Middle East
  • Leveraging the high levels of liquidity held by sovereign funds and local financial institutions: Meeting the demand for Shariah compliant investment instruments

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial

Panelists:

Hani Ibrahim – Director & Head of Debt Capital Markets, QInvest
Henri Chaoul – Chief Investment Strategist, Alkhabeer Capital
Khalid Gama – Managing Director, Head of Business Development, SEDCO Capital

10:30 – 11:00

Networking Break

11:00 – 11:45

Session Two: Advancing Saudi Arabia’s Growth as an Islamic Investment Destination - Key Sectors and Asset Classes

  • Exploring key sectors for Islamic investments: Natural resources, utilities, transportation and construction – and how these industries can be tapped
  • Addressing the need for more institutional investors to balance the Kingdom’s huge retail investor base
  • Developing suitable Shariah compliant instruments for Saudi investors: Innovation and current trends in investment products
  • The role and growth of private banking and wealth management sector in Saudi Arabia
  • Growth of sovereign wealth funds and private equity funds: current prospects and future opportunities
  • Real estate finance as an asset class: what is available for the Shariah-compliant investor?

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial Corp

Panelists:

Nabil Issa – Partner, King & Spalding
Omar Bassal , CFA – Head of Asset Management, MASIC, Saudi Arabia
Ritjana Ceveli – Managing Director, Ridge Capital
Salah Saleh Sultan – Head, Wealth Management, Muscat Capital

11:45 – 12.00

Presentation : The Value Proposition of Takaful

Ajmal Bhatty – Chief Executive Officer, Alinma Tokio Marine

12.00 – 12:45

Session Three: Investing in Sukuk and Islamic Capital Markets in Saudi Arabia and the Gulf

  • What investors want: Structuring Sukuk issuances with the Gulf investment community in mind
  • Opportunities from overseas: what Malaysia and other key Sukuk centres offer funds and institutional investors
  • The role of regulators and market players in increasing the supply of suitable Shariah compliant securities and Sukuk for investment in the Gulf region
  • Sukuk and the investment opportunities it presents for Takaful operators and institutional investors
  • Ratings and risk management issues for Islamic investors in Saudi Arabia and the Gulf

Moderator:

Rizwan Kanji – Partner, King & Spalding

Panelists:

Khalid Howladar – Vice President – Senior Credit Officer, Moody’s Investor Service
Mona Altawil – Director and Head of Syndication Finance, Investment Banking Finance, HSBC Saudi Arabia Limited
Usman Sikander – Co-Head, Investment Banking, Saudi Fransi Capital

12:45 – 14.00

Lunch

14.00 – 14:45

Session Four: Developing Effective Islamic Treasury, Money Markets and Liquidity Management Tools in the Gulf Region

  • Scope for development of new and innovative Islamic treasury products: Permissibility, Shariah compliance and commercial viability
  • The outlook for liquidity management products and instruments to enable financial institutions to manage short term funds
  • The development of global Islamic commodity platforms: London Metals Exchange, Suq Al-Sila and the Dubai Multi Commodities Center
  • Market outlook for hedging instruments and risk products: Impact on market efficiency and liquidity in the Saudi Arabian market

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial

Panelists:

Lawrence Oliver – Director & Deputy Chief Executive Officer, DDCAP group
Lilian Le Falher – Executive Manager, Treasury Capital Markets, Kuwait Finance House (Bahrain)
Qudeer Latif – Partner (Head of Islamic Finance), Clifford Chance
Tom Guest – Associate Director, Eiger Trading Advisors

14:45 – 15:30

Session Five: Fulfilling Saudi Arabia’s Potential as an Islamic Investment Destination: Opportunities and Challenges

  • Key issues and concerns facing foreign investors
  • Role of regulators and market players to further develop Saudi Arabia‘s potential in Islamic finance
  • Investor protection, recourse to assets, default, insolvency and restructuring in Islamic finance: Key practical issues and avoiding costly mistakes
  • Investing in Saudi Arabia in comparison to other Islamic finance destinations: costs, legal considerations, opportunities and sectors
  • Addressing global regulatory change and what it means for Islamic asset and fund managers
  • What the future holds for the Kingdom‘s Islamic investment sector: growth prospects and new markets

Moderator:

Abdulkader Thomas – Chief Executive Officer, SHAPE Financial

Panelists:

Alain Verbeken – Director, Cross-Border Tax, Deloitte Tax & Consulting
Walid Hegazy – Partner, Crowell Moring

15:30 – 15:35

Chairperson's Closing

Forum Speakers

  • Abdulkader Thomas, Chief Executive Officer, SHAPE Financial
  • Abdulmohsen Al Fares, Managing Director & Chief Executive Officer, Alinma Bank
  • Ajmal Bhatty, Chief Executive Officer, Alinma Tokio Marine
  • Alain Verbeken, Director, Cross-Border Tax, Deloitte Tax & Consulting
  • Bashar Al-Natoor, Director, Corporates, Fitch Ratings
  • Emad Al Monayea, Chairman, Liquidity Management Centre, Board Member & CEO, Kuwait Finance House Investment
  • Fahad H. Al-Sudairi, Executive Director - Treasury, Saudi Electricity Co
  • Hani Ibrahim, Director & Head of Debt Capital Markets, QInvest
  • Henri Chaoul, Chief Investment Strategist, Alkhabeer Capital
  • Jawad I. Ali, Managing Partner, Middle East Offices, King & Spalding
  • Khalid Howladar, Vice President - Senior Credit Officer, Moody's Investor Service
  • Khalid Gama, Managing Director, Head of Business Development, SEDCO Capital
  • Lawrence Oliver, Director & Deputy Chief Executive Officer, DDCAP Group
  • Lilian Le Falher, Executive Manager, Treasury Capital Markets, Kuwait Finance House (Bahrain)
  • Massoud Janekeh, Director, Head of Islamic Capital Markets, Bank of London and The Middle East
  • Mansoor Durrani, Senior Vice President & Head of Project Finance, National Commercial Bank
  • Mohammed Paracha, Partner, Head of Islamic Finance, Norton Rose Fulbright (Middle East & Africa)
  • Mona Altawil, Director and Head of Syndication Finance, Investment Banking Finance, HSBC Saudi Arabia Limited
  • Muhammad Farhan, Director & Head of Islamic Banking, HSBC Saudi Arabia
  • Nabil Issa, Partner, King & Spalding
  • Neil Miller, Global Head of Islamic Finance, Linklaters
  • Omar Bassal, CFA, Head of Asset Management, MASIC, Saudi Arabia
  • Qudeer Latif, Partner (Head of Islamic Finance), Clifford Chance
  • Ritjana Ceveli, Managing Director, Ridge Capital
  • Rizwan Kanji, Partner, King & Spalding
  • Salah Saleh Sultan, Head, Wealth Management, Muscat Capital
  • Tom Guest, Associate Director, Eiger Trading Advisors
  • Usman Sikander, Co-Head, Investment Banking, Saudi Fransi Capital
  • Walid Hegazy, Partner, Crowell Moring
  • Zaki Salameh, Head of Corporate Finance and Investment Banking, Alkhair Capital Saudi Arabia

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About 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, panelists 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.

TThe annual IFN Asia and IFN UK Forums are categorically recognized as their continent’s leading industry events since their inception in 2006 and 2007 respectively. The Dialogues series has also become an integral element of the REDmoney events series and have cemented their position as leading, must-attend, events. In 2022, we introduced the Islamic Sustainable Finance & Investment Forum, which was an enormous success, and will become a mainstay.

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