Libya foresees strong Sukuk
In its strive to expand Islamic Finance, Libya’s Stock Market and Amanie Advisors have inked a comprehensive Memorandum of Understanding destined to outline a “clear roadmap” for the promotion of Islamic Finance. The MoU is expected to boost Libya’s massive potential in domains that remains relatively unexploited.
Amanie Advisors, a global Shariah advisory firm, will be partnering with Libya to study areas of growth for Islamic Finance within Libya. It will be involved in studies to determine the necessary and best model for Islamic Finance in Libya. The CEO of the advisory firm’s North African branch, Ibrahim Zahaf, said Libya has “great financial potential and a strong desire to abide by the principles of Islamic finance.” Consultancy services in drafting relevant guidelines and regulations will be rendered to officials, when major Islamic capital markets initiatives are involved.
Sukuk has been an attractive market and it’s estimated that this year’s issuance will vary between $180 and $200 billion, after acquiring $140 billion in 2012. Amanie Advisors is dedicated to expand Libya’s Islamic finance, as it stated that the country could reach global best-practice standards and issue Sukuks to international investors, with reference to Shariah standards, and within a regulatory framework, if the annual growth trend of the world’s Sukuk market continues.
Dr. Mohd Daud Bakar, Amanie’s founder and group chairman said that there is “much to be done” but remains enthusiastic to begin activities in Libya geared towards “establishing a vibrant Islamic capital market.” He is convinced that their partnership will give positive results and its benefits will be ripped by the “country and larger region.” Amanie Advisors in collaboration with Chartered Institute of Management Accountants (CIMA) will be offering training programs to enhance the capabilities of the personnel in the domain.