The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Gulf fixed income market, has named Giambattista Atzeni as its chairman of the association’s Steering Committee 2013.

The GBSA also announced the creation of a sub-committee to further promote asset management within the region as well as the launch of a new Islamic Finance Practice Group.

Atzeni, senior RM Corporate Trust Mena and Turkey for BNY Mellon, is succeeding Andrew Dell, head of Central and Eastern Europe Middle East Africa Debt Capital Markets and CEO Africa for HSBC.

Dell said: “It has been a great honour to serve as the founding chairman of a growing regional body that will lead the industry for many years to come.”

Atzeni remarked: “The GBSA actively works with governments, regulators, market participants and issuers to identify and promote best practices and together we aim to bring the Gulf markets up to the highest global standards. We continue to work on addressing and resolving the critical issues that are impacting our markets at both national and regional levels.”

Outlining the GBSA’s accomplishments during 2012, the president of the GBSA, Michael Grifferty, said: “The association will continue to grow its membership in the Gulf while broadening its geographical reach into other Middle East markets.”

Jeffrey Singer, CEO of the Dubai International Financial Centre Authority delivered a keynote address at the dinner in which he underlined the important role of industry associations, such as the GBSA, in further developing and strengthening the region’s financial services industry and best practices.

The GBSA’s sub-committees bring together the leaders of the regional credit markets to create a more collective voice on key issues affecting the industry.

The new chair of the GBSA Asset Management sub-committee, Abdul Kadir Hussain, underlined the importance of the asset management industry for the growth of the regional bond market: “A strong regional buy side for bonds and sukuk is indispensable for the market to grow and reach its full potential.”

The Islamic Finance Practice Group will be a permanent affiliation of professionals in the Islamic finance space to meet as needed to generate market building ideas and initiatives. – TradeArabia News Service