The events of the first conference on sukok issuance will commence on Tuesday 23 October after the long-awaited amendments of the financial market law adopted by Minister of Investment and International Cooperation Sahar Nasr.
Consortium Consulting is organising the conference under the title “The role of sukok in diversifying investments and providing funding for projects” with the participation of several financial regional institutions and leading international banks in the field of issuing and launching sukok in order to discuss the opportunities of utilising the activation of sukok in the Egyptian market.
The sukok are considered the most important outcome of the recent amendments of the financial market in Egypt. They are expected to have an effective role in creating new products and opportunities that may diversity investors’ financial tools and enhance the market’s activity.
Some of the major commercial and investment banks, as well as leading institutions in the field of offering Islamic funding products are participating in the conference. Moreover, legal consultation offices, accounting offices, and offices specialised in offering consultations to issue sukok are also participating in order to utilise issuing sukok. They are expected to be leaders in sukok issuance in the local market.
The conference discusses the fundamentals of activating a successful sukok market and the timeframe for creating an appropriate climate for issuing sukok and the sectors expected to benefit from sukok in terms of providing funding for their projects. The conference would also discuss the most important formats to issue sukok, such as Morabha, trading, participating, and other various formats.
The conference will review the leading experiences of the sukok registration and trade platform in NASDAQ Dubai and the possibility of utilising it in activating sukok in the Egyptian market, as well as the most prominent mechanisms to apply sukok in Egypt and the chances of their success and growth.
The conference will include two introductory sessions, which will discuss the current preparations of the organising and supervisory bodies that are based on activating sukok, as well as the readiness for launching this tool in the market.
The events of the conference include technical workshops on the full procedures to issue sukok, as well as on their registration and trade in financial markets, starting from the sukok company and IPO prospectus opening to the prospectus closing and the disclosures required from the issuing companies, in addition to the role of credit rating in the issuance of sukok, as well as the measures the companies must take into consideration to ensure obtaining a good credit rating.
The conference allocates a workshop on how to prepare a sukok prospectus, as well as the legal measures to issue sukok and how they appear in companies’ budgets, sukok taxes, and the cases of registrations and allocations.