Securities and Commodities Authority (SCA) Chief Executive Officer, Dr. Obaid Saif Al Zaabi, announced that the Authority is considering a plan to regulate unlisted capital market transactions and is considering establishing local rating agencies to stimulate the issuance of local currency retail sukuk by the corporate sector.
Al Zaabi stressed that the UAE has become one of the most preferred Islamic financial centers and destinations for listing Sukuk, as it offers a legal system and a judicial authority in line with Islamic principles. He said in a keynote address at the Forum on "Developing Sukuk Markets in the Middle East and Africa Region in terms of Growth Possible and Policy Considerations", which was held in Abu Dhabi, recently, that according to the Global Islamic Economy Index for 2017, the UAE ranked second after Malaysia, according to Total value of listed instruments.
In his speech, Zaabi pointed to a report by the agency `` Thomson Reuters '', which estimated that Islamic funds will grow at least $ 77 billion by the beginning of 2019.
The forum sessions were titled: “Islamic Finance and Sukuk: Key Concepts and Global Importance”; “Future Prospects and the Role of Sukuk in Achieving Development Goals: Prospects and Challenges”; “Technological Innovation and Growth Potential in Islamic Capital Markets”; Legal and regulatory framework to enhance investor protection and stability of the sukuk market: key policy areas and ways forward. ”