HM Treasury and IFSB Secretary General Prof Rifaat Abdel Karim Honouredat 2010 London Sukuk Summkit Islamic Finance Awards

Her Majesty’s Treasury received a timely recognition for ‘Outstanding Contribution to the Development of Islamic Finance in the UK’ at the 2010 London Sukuk Summit Islamic Finance Awards which were presented at a Gala Dinner at the Hyatt Churchill.

The Awards, organised by London-based ICG-Events, honoured institutions and individuals involved in the Islamic finance industry for their contributions and achievements during the past year. The Guest of Honour at the Awards was Dr. Catherine Cowley, Senior Lecturer in Ethics and Finance at Heythrop College, London University.
In its Award commendation, ICG-Events stressed that HM Treasury has been at the forefront of the UK Government’s policy over the last few years to introduce enabling legislation including tax neutrality measures to facilitate the introduction of Islamic financial products in the UK as part of the government’s stated policy of developing London into an international hub for Islamic finance, trade and investment, and ensuring that UK citizens who wish to have access to such products can now do so under Whitehall’s financial inclusion policy.
At the same time, Prof. Rifaat Abdel Karim, the outgoing Secretary General of the Islamic Financial Services Board (IFSB) was also honoured for his ‘Outstanding Leadership in Islamic Finance’.
This is the third award which Prof. Rifaat has received in a month. In May 2010, he was awarded the ‘2010 IDB Prize in Islamic Banking and Finance’ which will formally be presented to him at the 35th Annual Meeting of the Board of Governors of the Islamic Development Bank (IDB), which is due to be held in Baku, Azerbaijan, on 23-24 June 2010.
Prof Rifaat was also conferred the Panglima Jasa Negara (P.J.N.) Award which carries the title of ‘Datuk in conjunction with the birthday of Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin, the Malaysian monarch, on 6th June 2010.
ICG-Events commended Prof. Rifaat for his “substantial contribution to the area of Islamic banking and finance”, especially his valuable services in the standard-setting organizations such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI) and the IFSB. The Committee also

lauded Prof. Rifaat’s significant academic and research contribution to the industry, and his leadership of the IFSB to international recognition since its inception in 2002.
In the context of the summit theme of Sukuk, Liquidity Management House of Kuwait won two Awards – the first one for ‘Best Sukuk Arranger’ and the second one for ‘Most Innovative Sukuk Stucture/Deal’ for its role in arranging the US$500 million GE Capital Sukuk Al-Ijarah.
Emad Yousuf Al Monayea, Chairman and Managing Director of Liquidity Management House (LMH), which is a subsidiary of Kuwait Finance House, one of the largest Islamic banks in the world, accepted the Awards on behalf of LMH. With the necessary enabling legislation and tax neutrality measures in place in the UK under the Finance Bill 2010, it is only a matter of time before the first corporate Sukuk origination in the UK takes place. In fact, LMH is working with one or two potential British corporate Sukuk issuers who are keen to raise funds from the market with debut issuances.
At the same time, the Jeddah-based Islamic Development Bank was honoured for the ‘Best Sukuk Structure by a Sovereign/Quasi Sovereign’ for its US$850 million Fixed Rate Sukuk. The Award was accepted on behalf of the IDB by Abdul Aziz Al Hinai, Vice-President of the IDB.
Another popular Award of the evening went to Khazanah Nasional Berhad, the investment arm of the Malaysian Ministry of Finance, for the ‘Outstanding Contribution by a Sovereign Wealth Fund to the Development of the Islamic Finance Industry’. Khazanah’s strategy sees Islamic finance as its main investment activity and conventional investment as the alternative.
The world’s largest Islamic bank in terms of capital and assets, Al Rajhi Bank of Saudi Arabia was honoured for ‘Outstanding Contribution to the Development of Global Islamic Finance’ Award. The growing and successful operations of its two Malaysian Islamic banking entities was particularly singled out for commendation, especially in taking Islamic finance to non-Muslim areas where even local Malaysian banks dared not venture into.
The role of a major global player such as Standard Chartered Bank was also recognised, with Afaq Khan, CEO of Standard Chartered Saadiq receiving the ‘2010 Islamic Banker of the Year Award’. Mr Khan has led the Saadiq team in Sukuk originations for sovereign Pakistan, Indonesia, Brunei and Singapore, and in expanding the dedicated Islamic finance entity’s activities especially in the Middle East, South Asia and East Asia.
To underline the changing times in Islamic finance, the Banque centrale du Luxembourg, was commended for its proactive work in facilitating Islamic finance in the Duchy with the ‘Outstanding Contribution by a Regulator to the Development of Islamic Financial Services’ Award, which was accepted on behalf of the central bank by Marc Theisen, Partner Theisen Law and who is a member of the central bank’s Task Force on Islamic Finance.

Several prominent Malaysian, GCC, South African and UK institutions and individuals involved in the Islamic finance industry were honoured for their contributions and achievements during the past year.
South Africa’s Oasis Group Holdings won two Awards – ‘Islamic Fund Manager of the Year’ and ‘Outstanding Achievements in Islamic Fund Management’. Oasis through its Crescent family of equity funds, led by seasoned CEO Adam Ebrahim, has consistently been one of the best global performers in the Islamic asset management space. To date, it has some 63 Shariah-compliant investment funds and retirement products.
The Securities Commission of Malaysia (SC) was recognised for its ‘Outstanding Contribution to the Development of Islamic Capital Markets’; The Malaysia International Islamic Financial Centre (MIFC) won the ‘Best International Islamic Financial Centre’ honour for the third successive year; Lembaga Tabung Haji (the Malaysian Pilgrims Management Fund) won the Award for ‘Outstanding Contribution in CSR by an Institution Offering Islamic Financial Services’; and RHB Islamic Bank won the Award for ‘Most Innovative Islamic Finance Transaction’ for its Tawarruq based on mobile phone airtime.
This year’s Zaki Badawi Award for Excellence in Shariah Advisory and Research’ was given to Associate Prof. Dr Mohamed Akram Laldin, Executive Director of the International Shariah Research Academy for Islamic Finance (ISRA), the Shariah research entity of Bank Negara Malaysia.
UK winners this year included Trowers & Hamlins LLP for ‘Outstanding Contribution by a Law firm to Islamic Financial Services’; DDCAP Limited for ‘Best Islamic Finance Market Intermediary’; and Volaw Trust & Corporate Services Limited of Jersey for ‘Best Islamic Administrator/Trustee.
Altogether some 23 institutions and individuals were honoured. For a full list of winners and the categories see below.
2010 London Sukuk Summit Award Winners
1. Most Innovative Sukuk Structure/Deal
Liquidity ManagemenHt ouseo f Kuwait for the USD500m million GE Capital Sukuk Al-Ij arah
2. Best Sukuk Arranser(s)
Liquidity Management House of Kuwait
3. Most Innovative Islamic Finance Transaction
RHB Islamic Bank of Malaysia for its Tawarruq Based on Mobile Phone Airtime
4. Best Islamic Administrator/Trustee
Volaw Trust & Corporate Services Limited, Jersey
5. Best Islamic Wealth Management Service Provider
Emirates NBD. United Arab Emirates

6. Best Islamic Finance Market Intermediary
DDCAP Limited, United Kingdom
7. Best International Islamic Financial Centre
Malaysia International Islamic Financial Centre (MIFC)
8. Best New Entrant in the Global Sukuk Market
International Finance Corporation (IFC) for the USD100 Hilal Sukuk
9. Best Sukuk Structure by a Sovereign/Ouas Sovereign Issuer
The Islamic Development Bank (IDB) for the USD850 million Fixed-Rate Sukuk
10. Zaki Badawi Award for Excellence In Shariah Advisory & Research
Associate Prof. Dr Mohamad Akram Laldin
11. Zaki Badawi Award for Excellencein Young Shariah Advisorv & Research
Faizal Manjoo
12. Islamic Banker of the Year
Afaq Khan CEO Standard Chartered SAADIQ
13. Islamic Fund Manger of the Year
Adam Ebrahim, CEO Oasis Group Holdings (PTY) Ltd
14. Outstanding Contribution by a Law Firm to Islamic Finance Services
Trowers & Hamlins LLP United Kingdom
15. Outstanding Contribution bv an Accounting Firm to Islamic Financial Services
Deloitte Touche Tohmatsu
16. Outstanding Contribution in CSR by Institution Offering Islamic Financial Services
Lembaga Tabung Haji of Malaysia
17. Outstanding Achievements in Islamic Fund Management
Oasis Group Holdings (PTY) Ltd
18. Outstanding Contribution by a Sovereign Wealth Fund to the Development of the Islamic Financial Industry
Khazanah Nasional Berhad of Malaysia
19. Outstanding Contribution by a Regulator o the Development of Islamic Financial Services
Banque centrale du Luxemboug
20. Outstanding Contribution to the Development of Global Islamic Finance
Al Rajhi Bank of Saudi Arabia
21. Outstanding Contribution to the Development of Islamic Capital Markets
Securities Commission Malaysia

22. Outstanding Leadership in Islamic Finance
Professor Rifaat Ahmed Abdel Karim Secretary General, Islamic Financial Services Board (IFSB)
23. Outstanding Contribution to the Development of Islamic Finance in the UK
Her Majesty’s Treasury, United Kingdom

s0urce: i-newswire

One thought on “HM Treasury and IFSB Secretary General Prof Rifaat Abdel Karim Honouredat 2010 London Sukuk Summkit Islamic Finance Awards

  1. Hello Sir
    I am Mr Radfarid from Iran . I had a diplomatic luggage from switzerland in 20-10-2010 (two trunk box ) please guide me for deliver it .
    thanks

    Like

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