Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 23-Sep-2014

Hamad Abdul-Muhsen Al-Marzouq, Chairman of the Board of Directors at Kuwait Finance House (KFH), said, "As KFH leads debut $500m sovereign sukuk issuance for the Republic of South Africa through its investment arm KFH-Investment, it confirms leadership and robustness, not to mention capability to open new markets and Attract clients to sukuk market, whether governments or companies."

Al- Marzouq added : "The republic of South Africa is seen as one of the most significant countries that are transforming issuing conventional bonds into sukuk as sharia-compliant alternative that contributes to diversifying financing resources at the level of the African continent, given the position occupied by the South African economy and the good relationships with adjacent countries."
He continued to say : "In addition to leading and promoting sukuk issuance, KFH contributed to offering technical support and extensive experience that enabled the government of South Africa to amend some laws and regulations to be allowed to issue sukuk and take all approvals."

Al-Marzouq voiced confidence in the good impact it had through the building of the legislative structure, which enables issuing more sovereign sukuk in South Africa or other countries of the region, or through the great success by 4-time oversubscription, where order book stood at around $2bn from 130 regional and global accounts.

He noted : "KFH succeeded in posting 4-time oversubscription as part of sukuk issuance marketing. He indicated that meetings were held with investors in Europe, Asia and the Middle East in collaboration with the “BNP Paribas”, and “Standard Bank”. Also, representatives of the republic of South Africa focused in their sukuk promotional campaign in the GCC countries, on UAE, KSA, and Qatar that acquired more than 50% of the total sukuk value.”

He concluded : "Ss high qualified human resources and solvency that can achieve goals are available, KFH is looking forward to making Kuwait a global hub for issuing and marketing sukuk, not to mention a global financial center to provide the infrastructure for such outstanding product that enjoys global praise and significant expansion. The sukuk issuance for South Africa is a debut sovereign sukuk at the level of the continent, and the third of its kind for non-Muslim countries after the sukuk issued by the United Kingdom and lately Hong Kong. It’s worth noting that the sukuk issuance was granted credit investment rating by the global rating agencies Moody's, Fitch and Standard Poor’s, where they will be enlisted in the market of the Luxembourg Stock Exchange with a period of 5 years and 9 months and expected return of about 3.9%."

Go to previous page