DIFX and Islamic Finance
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1 IFSB December 2007 Frankfurt DIFX and Islamic Finance Faisel Hoodbhoy Managing Director Corporate Finance
2 Outline A Framework for the Future The DIFX Islamic Structured Products on TraX Sukuk on the DIFX Latest Initiative
3 Strategic Axes A Framework for the Future Innovation Tactical Axes Accessibility Standardisation Form Substance Customisation Exclusivity Camouflage Shariah Compliance
4 The DIFX Perspective Shariah Compliance Innovation Accessibility Standardisation Form Substance Customisation Camouflage Exclusivity
5 Outline A Framework for the Future The DIFX Islamic Structured Products on TraX Sukuk on the DIFX Latest Initiative
6 DIFX Region s First International Market 26 September 2005 Borse Dubai 7 August 2007 (DFM and DIFX)
7 The DIFX - serving a New International Time Zone International Issuers seeking Regional Investors Regional Issuers seeking International Investors Regional Investors seeking International Investments International Investors Seeking Regional Investments London Singapore
8 DIFX trading and member network Trading on DIFX Members and brokers The DIFX has 19 trading members that trade directly on the exchange DIFX members The DIFX also has a rapidly growing network of brokers that connect to the DIFX through trading members Local brokers Regional brokers International brokers This connection is known as Direct Market Access (DMA) Investors With all the big local brokers connected, DIFX has connectivity to a domestic market with high net worth individuals and $3 trillion 1 of excess liquidity
9 Trade on the DIFX through the following members or Trading Members
10 DMA DMA.for retail access contact the following regional brokers. DMA DMA DMA DMA DMA DMA DMA DMA TM TM DMA DMA DMA DMA Online Trading DMA DMA DMA DMA DMA DMA TM TM DMA DMA
11 Trading & Settlement State-of-the-art trading system Operational infrastructure Trading Globally recognized electronic trading system NSC (provided by Atos Euronext) Proven front end system provided by GL The platform supports trading in equities, debt securities, sukuk and structured products Trading capability of 80,000 orders & 55,000 trades per day Liquidity is provided through appointed market makers Trading and settlement in USD from Monday through Friday 11:45-17:00 (Dubai time). Settlement DIFX operates a central counterparty clearing system using software supplied by Tata Consultancy Services (TCS). T+3. Standard Chartered Bank is the DIFX clearing bank DIFX is linked to Euroclear and Clearstream providing international investors with simple clearing and settlement
12 Strong market data availability Through trading platform GL front end system System environment well known by investor community All relevant market data available: Tickers Price Trades Volume Order book Etc. Through external market data DIFX feeds market data directly to Bloomberg, Reuters as well as local and regional market data vendors Market data also available on DIFX website and DFM trading floor Many local brokers provide market data through on line services All relevant market data readily available
13 Market of Markets DIFX a true market of markets Structured Equities Fixed Income Islamic Derivatives Funds Products Fully operational with proven international market models Scheduled launch 2008/ TBD Highest international regulatory standards available for all investors global/regional/local - institutional and retail DIFX offers one liquid comprehensive platform to trade multiple asset classes A strong and active home retail market together with international investors underpins liquidity on DIFX DIFX is a liquid and unique platform for international investors
14 Outline A Framework for the Future The DIFX Islamic Structured Products on TraX Sukuk on the DIFX Latest Initiative
15 Structured Products Market 1st Structured Product Platform in the Region Listing and Trading Islamic and Conventional SPs
16 DIFX TraX Launch - 28 th of August 2007
17 Listed Structured Products Category Issuer Trade Symbol Short Name 10 Year Certificates linked to Dubai Investable Index IC ML MLITD TRACKR-10YIC-DUBAI DB Cert. I Europe IC DB DBEUC DB CROCI (I) EU DB Cert. I Global IC DB DBGLC DB CROCI (I) GL DB Cert. I Japan IC DB DBJPC DB CROCI (I) JP DB Cert. I US IC DB DBUSC DB CROCI (I) US DB Dax 30 IC DB DBDAX DB Dax 30 DB EuroStoxx 50 IC DB DBEUR DB EuroStoxx 50 DB Nikkei 225 IC DB DBNIK DB Nikkei 225 DB S&P 500 Index IC DB DBSP5 DB S&P 500 DB Stoxx 50 IC DB DBSTX DB Stoxx 50 X-pert Certificates on the db Abu Dhabi Index IC DB DBXAD XPERT-IC-ABUDHABI X-pert Certificates on the db Dubai Index IC DB DBXAI XPERT-IC-DUBAI X-pert Certificates on the db Pan-GCC Index IC DB DBXCC XPERT-IC-GCC X-pert Certificates on the db Qatar Index IC DB DBXQA XPERT-IC-QATAR 100% Capital Protected Notes Linked to a Basket of Commodities & UAE Indices CP DB DBPIX PROTECT-3YCP-MIXED 100% Capital Protected Notes Linked to CROCI Basket CP DB DBPOC PROTECT-2YCP-CROCI Equity & Commodity Index (3Y) CP MS MSECI EQTYCOM-3YCP-BASKT Outperformance Note on the Smart Money Equity Index and S&P 500 Index (5Y) Outperformance Note on the World Target Equity Index and the MSCI World Index (4Y) CP MS MSPOS PERFORM-5YCP-SMART CP MS MSPOT PERFORM-4YCP-TARGT Trend Optimiser (3Y) CP MS MSOOT OPTIMUM-3YCP-TREND Discount Certificates on the db Abu Dhabi Index DC DB DBDAD DISC-1YDC-ABUDHABI Discount Certificates on the db Dubai Index DC DB DBDAI DISC-1YDC-DUBAI 1Y Reverse Convertible Certificate Linked to the Dubai Investable Index RC ML MLRAI REVRSET-1YRC-DUBAI
18 Islamic Structured Products on DIFX TraX 4 international banks are planning to list Islamic structured products in the near future: Citigroup, Deutsche Bank, Merrill Lynch and Morgan Stanley.
19 Why Islamic Structured Products? Attractive Alternative Exactly like Equity! Trusted Issuers Easy to trade on the DIFX Ideal tool for short/medium/long term liquidity management
20 Outline A Framework for the Future The DIFX Islamic Structured Products on TraX Sukuk on the DIFX Latest Initiative
21 Sukuk Listed PCFC Development FZCO Aabar Sukuk Limited TID Global Sukuk Limited Nakheel Development Limited US $ 3,500,000,000 Trust certificates Due 2008 US $ 460,000,000 Trust certificates Due 2010 US $ 150,000,000 Trust certificates Due 2011 US $ 3,520,000,000 Trust certificates Due 2009 January 26, 2006 June 30, 2006 October 16, 2006 December 14, 2006 DIB Sukuk Company Limited US $ 750,000,000 Trust certificates Due 2012 March 26, 2007 DAAR International Sukuk Limited US $ 600,000,000 Trust certificates Due 2010 May 28, 2007 IIG Funding Limited US $ 200,000,000 Trust certificates Due 2012 June 14, 2007
22 Sukuk Listed Dubai Sukuk Centre Limited DP World Sukuk Limited Cherating Capital Limited Dar Al Arkan International Sukuk Limited US $ 1,250,000,000 Trust certificates Due 2012 US $ 1,500,000,000 Trust certificates Due 2012 US $ 850,000,000 Trust certificates Due 2012 US $ 1,000,000,000 Trust certificates Due 2010 June 18, 2007 July 3, 2007 July 6, 2007 July 23, 2007 Total Sukuk Value of USD billion
23 Value of Listed Sukuk by Exchange (World/ / 2007/ USD Millions) Bahrain Stock Exchange DFM Luxembourg DIFX Labuan HongKong Stock Exchange Dublin SGX London Stock Exchange 4233 Saudi Stock Exchange Surabaya Vienna
24 Outline A Framework for the Future The DIFX Islamic Structured Products on TraX Sukuk on the DIFX Latest Initiative
25 LATEST INITIATIVE
26 HSBC/ DIFX FAMILY OF INDICES 28 New Indices Sukuk (10) Bonds (11) Aggregate (7)
27 List of Indices
28
29 Bloomberg Sukuk Index
30 Why the DIFX? Islamic Financial Hub A High Quality Electronic Platform High Standards of Regulation Trust Global, Regional and Local Access Diversity of Products Attractive Portfolio Management Tools Because it is Open to all, and to new Ideas. Because it is committed to the Future of Islamic Finance. Retail and Institutional Market of the Region
31 Top Management Senior Management Per Larsson CEO Per Larsson EO Hamed Ali Corporate Finance Legal Market Operations Innovation & Development MD Faisel Hoodbhoy MD Muna Farid MD Peter FitzGerald MD Armen V. Papazian
32 WORLDS LARGEST SUKUK EXCHANGE : REGIONS FIRST STRUCTURED PRODUCTS MARKET PLATFORM : 2 YEARS O WORLDS LARGEST SUKUK EXCHANGE : REGIONS FIRST INTERNATIONAL MARKET : REG Thank You! WORLDS LARGEST SUKUK EXCHANGE : REGIONS FIRST INTERNATIONAL MARKET : REGIONS FIRST STRUCTURED P WORLDS LARGEST SUKUK EXCHANGE : REGIONS FIRST INTERNATIONAL MARKET : REG
33 Be Part of the Future! Let us make DIFX your Market!
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