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Aston Martin Chairman to Address London Sukuk Summit Gala Dinner

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Aston Martin Chairman to Address London Sukuk Summit Gala Dinner

Written by Mahdia
Friday, 30 May 2008
David Richards, CBE, the Chairman of Aston Martin, will be the Guest of Honour at the Gala Dinner at this year’s *2008 London Sukuk Summit, which is scheduled to be held at the Royal Horseguards in Whitehall, London on the 25^th to 26^th June 2008. The theme of this year’s Summit, which is endorsed by the UK Treasury; UK Trade & Investment (UKTI), City of London Corporation; and the London Stock Exchange, is ‘Gearing up for UK Sukuk Originations’. Mr Richards, who is a former professional rally driver and also the Chairman of Prodrive, a world-leading independent motor sport and automotive technology business, will address the Gala Dinner on the pioneering GBP522 million acquisition of Aston Martin from Ford Motor Company by a consortium led by Kuwait’s The Investment Dar Company (TID) and ADEEM Investments & Wealth Management. The acquisition of an iconic world-class UK brand highlights the cutting edge innovation of Islamic transactions, combining an internationally-known UK asset with Islamic investment. The Aston Martin was ideal for acquisition because it is a debt-free company and therefore ideal for leveraging. Not surprisingly, the acquisition was financed partly through equity and partly through a Murabaha facility in a Shariah-compliant leveraged buy-out (LBO). The Aston Martin LBO Story gives a fascinating insight into the possibilities for Islamic private equity and structured finance opportunities in the UK and the European Union. This is a must-listen to story for corporates and entities, especially if they are interested in sourcing Islamic finance for UK assets or vice versa. The Gala Dinner is sponsored by Saudi Arabian Basic Industries Corporation (SABIC), one of the world’s largest petrochemical exporters, on the evening of the 25th June 2008. The Gala Dinner will also host the Annual Sukuk Summit Awards of Excellence. SABIC similarly is emerging as a major Sukuk originator out of Saudi Arabia. To date it has issued the SR3 billion SABIC Sukuk-I and the SR8 billion SABIC Sukuk-II issuances in 2007, and according to Mr. Al-Morished, Islamic finance will continue to be an important financing option for SABIC in the future alongside other financing options, as and when the situation demands. The underlying assets involved in the SABIC Sukuk-II issuance are specific petrochemical marketing agreements into which SABIC has entered. Once again this underlines the creativity of Islamic financial innovation, which augurs well for the future of the industry. The 2008 Sukuk Summit follows the highly successful Inaugural London Sukuk Summit along the theme ‘Strategies for Today; Demystifying Islamic Capital Market Products’ held in June 2007 and organized by ICG Events, with the support and encouragement of leading market players in the UK and abroad. Senior speakers from the Financial Services Authority; the Japan Bank for International Cooperation; Dubai International Financial Centre; The Islamic Financial Services Board; the Islamic Corporation for the Insurance of Export Credits and Investment; and prominent organizations and market players have already committed to participate at this year’s Summit. The London Sukuk Summit is specifically aimed at keeping you informed about the Sukuk market developments and innovation; to provide a platform for dialogue with your peers; and to give you a voice in contributing to the future direction of the Islamic debt and capital markets! If you have any interest in Islamic capital markets or in Sukuk and other Islamic commercial papers, this is a Summit which you simply cannot afford to miss. We look forward to seeing you at this unique and ground-breaking event!* For further information, please contact:Nazia Khanam: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Bookmark with: Delicious Digg reddit Facebook StumbleUpon What are these?

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