TRADING PLACES: Saudi's stock exchange will see the trading of sukuk by the end of this year. (Getty Images)
The chairman of the Saudi Capital Market Authority said he expects companies and banks to begin trading bonds (sukuk) in the Saudi market as early as this year.
Dr Abdulrahman Al Tuwaijri said that the authority is technically preparing the capital market to accommodate the trading of sukuk and urged companies, and banks in specific, to launch bonds to Saudi nationals trading in the market.
Highlighting the importance of transparency, Al Tuwaijri confirmed that all companies were committed to releasing their financial results on time, in addition to the market enjoying very high levels of transparency.
In an interview with CNBC Arabiya, Al Tuwaijri also added that the Saudi Financial Market was the only market in the region for which its publicly listed companies release their financial results on time - not one company held up its results during the last two financial quarters.
He said the Authority had also implemented a fining system, to encourage companies to apply the highest levels of transparency in the market to avoid the leakage of potential information before any public announcement.
Al Tuwaijri concluded that the authority's role is to protect investors and the general public from unfair and unsound practices involving fraud, deceit, cheating, manipulation and insider trading, in addition to achieving fairness, efficiency and transparency in securities transactions.
0 Comments:
Post a Comment