T HE G ULF B OND AND S UKUK A SSOCIATION Helping Build the GCC Region Michael Grifferty October 1, 2009 DIFC and the World Banks MIGA.

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T HE G ULF B OND AND S UKUK A SSOCIATION Helping Build the GCC Region Michael Grifferty October 1, 2009 DIFC and the World Banks MIGA

What are Associations? The association community comprises trade and professional associations, chambers of commerce, economic development corporations, and other business membership organizations Associations are emerging in the Gulf despite a challenging legal environment

Role of Associations Advocates for industries and professions Create codes of ethics for entire professions Set product safety and other standards Source of professional development Cultivate leaders Major employers Address economic/societal challenges

Increasing Recognition of Bond and Sukuk Market Diversified funding sources Financial sector stability Basis for financial products Corporate governance Finance infrastructure Option for retail investors With or without Monetary Union!

GBSAs Raison dêtre It is widely recognized that the existence of a deep and liquid bond market - both conventional and Shariah compliant - is essential to the financial stability, development and economic diversification of the UAE and the regional economy.

Future Requires Consensus & Commitment Establish government yield curve Regulation balancing transparency and efficiency Encourage Issuers Appropriate market structure Market-making and Repo Promote credit culture Explore credit enhancement Unlock natural sources of demand Trade Association

What is GBSA? The Gulf Bond and Sukuk Association is being established in the GCC zone as a regional trade association dedicated to pursuing best practices in the development and expansion of bond and sukuk markets in the region.

GBSAs Mission Statement GBSA will be the premier trade association representing the Gulf bond and sukuk market, one of the worlds mostly rapidly expanding markets for these financial instruments. GBSA seeks to harness the commitment of its members to promote a wide and deep market on the basis of international best practices as adapted to the region, governed by the highest ethical and professional standards and a shared sense of purpose.

GBSA Activities Act as focal point for the bond community in the Gulf Region. Contribute to developing market legislation and regulation. Provide input to regions regulators on market trends and developments. Advise government agencies in their roles as issuers. Develop market practice, trading conventions and standard documentation. Conduct activities leading to employment of GCC citizens in the industry. Raise awareness of public about responsible investing. Work with international bond market efforts and establish global links. Promote high professional standards through continuing education.