Gulf Investment Corporation (GIC) won the ‘Most Outstanding Sukuk Product’ award at the 8th Kuala Lumpur Islamic Finance Forum Islamic Finance Awards Ceremony 2011, held recently.

The awards recognise and honour the significant efforts and contributions by individuals and institutions in developing the Islamic Finance industry.

The award was presented to GIC by Tan Sri Nor Mohamed Yakcop, Minister in the Prime Minister's Department, Malaysia.

"This landmark transaction is the first of its kind, which meets the Shariah requirements of both Malaysia and investors in the GCC," stated Hisham Al Razuqqi GIC’s chief executive officer. He also added that GIC will continue to develop and introduce to the market innovative products and services.

GIC was established under the auspices of the Gulf Cooperation Council (GCC) with the mandate to promote private enterprise and support economic growth in the GCC region.

In 2010 GIC mandated the Royal Bank of Scotland Berhad to act as the arranger for GIC's MYR Sukuk Programme which would appeal to both Middle Eastern and Malaysian investors. The sukuk utilises the contracts of commodity Murabahah denoting the debt portion and Wakalah (agency) denoting the equity component. – TradeArabia News Service