This week, the Islamic finance industry saw a series of high-profile moves, beginning with Tariq Al Rifai’s departure from S&P Dow Jones as its director of Index Investment Strategy; Neil Miller, returning back to the law after his term at KPMG, and Oliver Agha, the founder of Agha & Co, joining Holland & Knight as partner and its head of Islamic finance.
It is not unusual to see major movement within the market in the first quarter of every year, however, being such a close-knit industry, most moves especially high-profile ones like the ones we have witnessed this week, are bound to create somewhat of a stir. In this week’s IFN report, inspired by Miller’s move from KPMG, we cover the role of the big four consultancy firms— Deloitte, Ernst & Young, KPMG and PwC in the Islamic finance industry; and whether it is still too early for them to play a part in this sector.
We also take a look at Sukuk and how the success of an issuance should really be determined — outside of overwhelming investor interest and massive book orders. We also cover the upcoming Sadara Sukuk issuance in our case study section; with a firsthand perspective from the deal’s lawyers at White & Case, and examine the role of project finance in Saudi Arabia’s growing Islamic finance industry.
Our news section takes you all across the globe, with major conglomerates such as PETRONAS, Almarai and Axiata planning to tap the Islamic capital market, and countries such as Egypt and Tunisia being more committed in their efforts to create the necessary momentum to spur the creation of a domestic Islamic banking and finance sector.
As always, we hope you enjoy reading this week’s issue of Islamic Finance
news. Till next week!