Re-engineering of Structural & issuance procedures of Sukuk

Top 20 FREQUENT WORDS

sukuk 66 islamic 37 assets 36 corporate 33 musharakah 30 usd 28 spc 27 profit 22 listed 21 shares 17 years 17 investors 16 issuer 16 mudaraba 16 price 16 reg 16 agent 15 bonds 15 ijara 15 issue 14 lease 14 periodic 14

DOCUMENT KEY POINTS

present trends future prospects of sukuk presented at iifm s international workshop on sukuk by rafe haneef head of islamic banking citigroup asia september the development of the islamic bond markets � historical records show that in the th century ad public servants were issued with sukuk albadai commodity coupons similar to warehouse receipts by the umayyad government

pds in the myr market is rm billion growing islamic pds exponentially conventional pds source

reg s reg s form at listed listed listed listed listed listed rated listed listed listed rated rated

the arranger will sell the bba bonds to the investors at a discount of myr m bay al inah bay al dayn myr bba million bonds arranger corporate investors myr million
the arranger will sell the asset back to the corporate for say myr million myr m payable in equal instalments and myr m at the end of years

lease certificates to purchase the kingdom of bahrain sukuk issues the federation of investors � price sukuk malaysia the state of qatar and the republic of pakistan sukuk issues were structured based on this concept

islamic development bank idb a bundles certain ijarah assets min istisna assets and murabaha receivables that it owns assets and sells the assets as a pool for million i sukuk al istismar structure
idb provide istismar sukuk to raise certain usd million guarantees a bankruptcy remote trust vehicle established in jersey ijarah idb trusts services sukuk investors murabaha ltd istisna shirkat al milk

land or to buy the � spc as musharik contributes cash ie the issue proceeds to physical incentive musharakah the musharakah asset fee as shares of the agent contribution � the musharakah appoints the corporate as an agent to develop spc on a the land or other physical assets with the cash injected into the periodic basis musharakah and sell lease the developed assets on behalf of the musharakah musharakah shirkat al milk � in return the agent ie the corporate will get a fixed agency fee plus a variable incentive fee payable say semi annually
iv sukuk al musharakah an alternative structure �corporate and the special purpose company spc enter into a musharakah arrangement for a period of say years a corporate profit sharing ratio between the spc and the corporate is

corporate sells on a spot basis based on the above structure for usd the commodity to broker b for million in a million in and usd million
a leading islamic investment bank first lme broker islamic investment bank known as b corporate arcapita bank now in bahrain has offered two issues termed as firsan

concept mudaraba as mudarabah interpreted in indonesia bonds arranger mudarabah investors bonds � this structure was used by pt indosat and pt berlian laju tanker and is only suitable for corporates with identifiable cash flows which can be dedicated for profit and loss sharing with the mudaraba bondholders iii sukuk al musharakah islamic convertible sukuk
arranger invests idr bn profit of company will be shared between in corporate and corporate corporate and arranger on a ratio of say per issues investment certificates annum

if profit payable to issuer is greater than the distribution amount the surplus is distributed to the managing agent pcfc as incentive fees convertibility if a qpo occurs of the sukuk repayment amount will be paid in qpo shares based on the qpo share price cash convertible sukuk structure thunder fze
transaction summary issuer pcfc development fzco pcfc development owned by pcfc and by dubai islamic bank as agent for the sukuk holders size usd musharaka partners the issuer and ports customs free zone corp

mln units mandatory conversion if qpo occurs convertible sukuk structure at maturity of
pa which is

iv sukuk al mudaraba islamic convertible sukuk transaction summary issuer rab al maal aabar sukuk limited a charitable trust owned company incorporated in cayman islands size usd mudarib obligor aabar petroleum investments company pjsc aabar mudaraba issuer contributes usd as capital for the mudaraba and the mudarib invests the capital in aabar s business activities in accordance with an investment plan prepared by mudarib redemption at the end of years mudarib obligor undertakes to purchase the issuer rab al maal s mudaraba trust assets for a sum equal to usd tenor years jlms deutsche bank and abu dhabi commercial bank periodic distribution
pa on a quarterly basis profit ratio mudarib issuer if profit payable is greater than periodic distribution amount the mudarib is entitled to keep the excess as incentive fees

undertakes to buy the mudaraba returns proceeds in the musharakah assets for business of aaabar usd m plus unpaid periodic distribution amount aabar mudarabah or shirkat al milk mudarib obligor periodic distribution after deducting incentive fee and mudarib s profit share issue proceeds investors aabar sukuk ltd issuer rab al maal b

the financier then immediately resells the assets goods to the client at a higher price on deferred payment ter miss a cmurabaha cost plus financing the financier purchases assets goods from a third party at the request of the client who acts as the financier s undisclosed agent
profits arising from the partnership are shared between the partners on a pre agreed ratio while any losses are born entirely by the capital provider unless such loss arises out of the negligence or misconduct of the managing partner or other violation by him of the partnership agreement

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\sukuk islamic

KeyWords

sukuk islam asset finance issu certifi financi contract bankable bond ijarah leas structur profit holder rate developed purchase risk investor

DOCUMENT REFERENCES

Number of Pages

15

Published Date

2006-09-26 16:00:16

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Re-engineering of Structural & issuance procedures of Sukuk

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