ICD and the Libyan Stock Market Organize a Virtual Workshop: “Sukuk Denominated in Local Currency in Libya”
The Islamic Corporation for the Development of the Sector (ICD), a multilateral development financial institution, the private sector arm of the Islamic Development Bank Group (IDBG), in cooperation with the Libyan Stock Market, organized a virtual workshop entitled “Sukuk Denominated in Local Currency Workshop” on Tuesday, September 14, 2021 .
Mr. Basem Tantoush, Director of Relations and Partnerships Department emphasized during his opening speech that the ICD has a firm conviction that Sukuk are attractive to member states because they provide an alternative source of capital. Mr. Bashir Ashour, Chairman of the Board of Directors of the Libyan Stock Market, stressed the importance of creating alternative financing tools that serve the national economy and push the wheel of development through the issuance of financing instruments in accordance with international principles and standards for the implementation of projects, financing the general budget, providing investment opportunities and exploiting financial surpluses to serve the national economy.
It is worth noting that the objective of the workshop was to support and assist the Libyan Stock Market to find an Islamic alternative to treasury bills and an Islamic product for managing financial surpluses in liquidity, and this is in light of the current increase in the number of Islamic banks and Islamic windows emanating from traditional banks.
The workshop focused on explaining a comprehensive view of the Islamic financial industry, money and financial markets. It also dealt with the ICD methodology in developing Islamic products for the money and financial markets, Sukuk structures, asset selection criteria, Sukuk pricing mechanism, and bidding for local Sukuk. The workshop topics also included the steps, expected time and models for Sukuk issuance.
It is worth noting that many commercial and Islamic banks in Libya registered to attend this workshop.
In this context, ICD and the Libyan Stock Market expressed their thanks and appreciation to all the attendees and participants in the success of this work.