PRESS RELEASE

The Gulf Capital Market Association Talks Islamic Finance with the European Bank for Reconstruction and Development

DUBAI, November 17, 2013 – The Gulf Capital Market Association (GCMA), the trade association representing the Arabian Gulf fixed income market, held a seminar on Islamic finance in London last week for the European Bank for Reconstruction and Development (EBRD).

The seminar was organized by Jacek Kubas (Senior Associate at EBRD’s Local Currency and Capital Markets Development Team) and held at EBRD headquarters in the City of London. Around one hundred staff and members of the EBRD Board attended the event.

Presenting on behalf of GCMA’s Islamic Finance Practice Group were Debashis Dey, Head of Middle East Capital Markets at Clifford Chance, Hani Ibrahim, Head of Debt Capital Markets at Sharia-compliant investment banking firm QInvest, and Alex Armstrong, Head of Structured Finance at QInvest. A presentation was also given by Dr. Walid Abdelwahab, Director of the Infrastructure Department at the Islamic Development Bank.

The seminar covered key concepts in Islamic finance as well as current trends in the Sukuk market and the use of Sharia-compliant financing as a development tool.

GCMA President Michael Grifferty said: “We are delighted to cooperate with EBRD as we share the same commitment to unlocking the power of capital markets for the creation of economic growth and employment.”

André Küüsvek, Director of EBRD’s Local Currency and Capital Markets Development Team, commented: “This event has been timely as EBRD has extended its geographical remit to include several countries of the Southern and Eastern Mediterranean where Islamic finance is growing in importance.”

He went on to add: “We need to be aware of all financing options available to our potential clients. We are pleased to work with and learn from the leading Islamic capital market practitioners as we design and implement our assistance and financing in these countries.”

ENDS

NOTE TO EDITORS:

The Gulf Capital Market Association
The Gulf Capital Market Association (GCMA) is the regional trade association representing the Arabian Gulf bond and sukuk market. GCMA is involved in all major matters concerning development of bond markets in the region.

For further information please contact:
Michael P. Grifferty
President
The Gulf Capital Market Association
info@gulfcapitalmarket.org
www.gulfbondsukuk.org
Tel: +971.4.401.9944