SHARIAH PRONOUNCEMENT
|
|
- Michael Rodney Gaines
- 6 years ago
- Views:
Transcription
1 SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family and all his companions CAHAYA CAPITAL LTD EXCHANGEABLE TRUST CERTIFICATES OF UP TO USD750.0 MILLION IN NOMINAL VALUE BASED ON THE SHARIAH PRINCIPLES OF MUDHARABAH AND MURABAHAH ( CERTIFICATES OR SUKUK ) CIMB Islamic Bank as the Shariah Adviser ( the Shariah Adviser ) has reviewed the structure and mechanism to be entered into in respect of the Sukuk by Cahaya Capital Ltd. (the SPV Issuer or the Issuer ) to ensure compliance with Shariah. Except where defined herein, defined terms used in this Shariah Pronouncement have the meanings given to them in the Conditions of Certificates in connection with the Sukuk. 1. STRUCTURE AND MECHANISM The detailed descriptions of the sukuk structure and its mechanics are as outlined below: The SPV Issuer shall issue Sukuk to the Sukukholders in return for subscription of the Sukuk by payment of subscription proceeds ( Proceeds ). The Sukuk shall represent the Sukukholders proportionate beneficial ownership and interest in the Shariah compliant investments of the SPV Issuer. On the Issue Date, the SPV Issuer (in its capacity as Rab Al Mal) shall enter into a Mudharabah Agreement with Khazanah (as the Mudharib), and pursuant thereto, the latter shall utilize at least 51% of the Proceeds (the Mudarabah Capital ) to purchase assets by way of transfer beneficial ownership in a portfolio of Shariah compliant tangible assets (the Assets ) from Khazanah and/or any of its wholly owned subsidiaries. The Assets can be in the form of Shariah compliant shares or any other Shariah compliant tangible asset. The Mudharib shall be entitled to a share of profit based on a pre-agreed profit sharing ratio. Loss, if any shall be borne by the Rab Al Mal. The remaining Proceeds (up to 49%) shall be utilized by the SPV Issuer to enter into a commodity murabahah investment ( Commodity Murabahah Investment ) whereby the SPV Issuer shall purchase Shariah compliant commodities from the relevant commodity broker (Broker 1) through an authorized agent at cost price ( Purchase Price ) and subsequently sell to Khazanah (as Buyer) at cost price plus profit (the Deferred Sale Price ) payable upon Maturity or a Dissolution Event. Khazanah shall subsequently sell the commodities to a commodity broker (Broker 2) through an authorized agent on spot basis for an amount equal to the Purchase Price of the commodities. The Mudharib shall ensure the Shariah compliance of the Mudharabah Capital with the asset tangibility requirement and may from time to time include/substitute the existing Assets with any other form of future Shariah-compliant assets. The tangibility ratio can reach a minimum of 33 percent of the aggregate outstanding nominal value
2 of the Sukuk before any substitution/ injection of tangible assets would be required. The Mudharib shall appoint a Shariah Adviser to ensure Shariah compliance of the Assets on the Issue Date and from time to time during the Sukuk tenor. The Mudharib shall follow the screening criteria similar to Dow Jones Islamic Market Indexes ( DJIM Financial Ratios ) or the financial ratios of the FTSE Shariah Global Equity Index Series (the FTSE Financial Ratios ). 1.1 Maturity and other Dissolution Events At Maturity or in case of a Dissolution Event, the Exercise Price (as defined below) plus the outstanding Deferred Sale Price received from Khazanah in respect of the Commodity Murabaha Investment, shall be paid by the SPV Issuer to the Sukukholders up to the outstanding amounts due under the Sukuk (the Redemption Amount ). At the earlier of, Maturity or in case of a Dissolution Event, given the Assets are sold by Khazanah and/or wholly owned subsidiaries to the SPV Issuer on the Issuance Date and the Purchase Undertaking is provided by Khazanah, the exercise price under the Purchase Undertaking granted by Khazanah to the SPV Issuer shall be the fair market value of the Assets at Maturity or on such Dissolution Date, as the case maybe ( Exercise Price ). At the Maturity or in a case of a Dissolution Event, Khazanah shall acquire the Assets from the SPV Issuer pursuant to the Purchase Undertaking. Any amount in excess of the Redemption Amount (generated by the Assets) shall be retained by the Mudarib as incentive fee. 1.2 Exchange Mechanism The terms of the Sukuk shall include an Exchange Right i.e. the right of the Sukukholders to exchange the Sukuk for an agreed number of Shares (physical settlement) or the average VWAP of such Shares (cash settlement). On exercise of the Exchange Right by a Sukukholder, there shall be a pro rata dissolution of the Assets and the SPV Issuer shall distribute either the agreed number of Shares (physical settlement) or the average VWAP of such Shares (cash settlement) received from Khazanah to the Sukukholders. Under the Purchase Undertaking and upon receipt of an Exchange Notice, Khazanah shall acquire the proportionate number of Assets and redeem a proportionate amount of the Commodity Murabahah Investment in exchange either for Shares or the relevant cash payment (if Khazanah exercises its right under the Cash Settlement Purchase Right Deed) in order to enable the SPV Issuer to satisfy its obligations to the Sukukholders under the Exchange Right. The Exchange Right shall be for an agreed period (the Exchange Period ) before the maturity of the Sukuk, and upon the discharge of the SPV Issuer s obligations under the Exchange Right, the exchanged Sukuk shall be cancelled. 2
3 2. IMPORTANT HIGHLIGHTS 2.1. Shariah Compliance Covenant: No breach of the Shariah compliance criteria of the Assets as set out in paragraphs 2.2 (A) and 2.2 (B) below. The value of the Assets shall not fall below 33 percent of the aggregate outstanding nominal value of the Sukuk at all times throughout the tenure of the Sukuk Shariah Compliant Criteria of the Assets: With respect to a company which shares are comprised in the Assets, such company which satisfy the following tests: A. Business Activtity Test, ie. not involved in the following non-shariah Compliant businesses: Alcohol Tobacco Pork-related products Conventional financial services (banking, insurance, etc.) Weapons and defence; and Entertainment (hotels, casinos/gambling, cinema, pornography, music, etc.) B. Financial Ratio Test DJIM Financial Ratios FTSE Financial Ratios All of the following must less than 33%: Total debt divided by the trailing 24-month capitalization The sum of a company s cash and interest-bearing securities divided by trailing 24-month average market capitalization Accounts receivables divided by the trailing 24-month average market capitalization or Debt is less than 33% of total asset Cash and interest bearing items are less than 33% of total assets Account receivable and cash are less than 50% of total assets. Total interest and non compliant activities income should not exceed 5% of total revenue. 2.3 Exchangeable Sukuk features: It refers to sukuk which give the investors the right (but not the obligation) to exchange the Sukuk with an agreed number of shares in a company at a pre-determined exchange price, but the exchange of Sukuk into shares can also involve other third party shares held by the Issuer. 3
4 2.4 Utilization of Proceeds: For Khazanah additional working capital and for other general corporate purposes relating to its principal business activities which are Shariah-compliant. 2.5 Underlying Asset: Shariah-compliant shares in one or more companies, whether listed or not listed on any stock exchange, identified by the Mudharib in its discretion and approved by the Shariah Board as Shariah-compliant from time to time throughout the term of the Sukuk, and as approved by the Shariah Board as Shariah-compliant on the Closing Date, and in all cases satisfy the Business Activity Test and the Financial Ratio Test. 2.6 Isqat Haq: On the Issue date, the Issuer shall use at least 51% of the Sukuk proceeds to acquire Shariah-compliant Shares. The value of the Shariah-compliant Shares will be at the market value based on agreed valuation calculated based on the Valuation Principles. 3. APPROVAL 3.1. The Shariah Adviser is of the view that, given the prevailing circumstances and the jurisdiction under which the Issuer of the Sukuk Programmes is established, the structure and mechanism as set out above are acceptable within the principles of Shariah, subject to satisfactory documentation and proper execution of the same In arriving at the decision, the Shariah Adviser also took into consideration of the following issues: (i) The legal constraints under which the Sukuk Programmes is being developed; (ii) The need to develop the Islamic finance industry, particularly in respect of the issuance of Islamic securities; (iii) The need to facilitate the increasing need of corporates and financiers to mobilise funds according to Shariah principles; and The prevailing conditions and affairs of the Ummah and the need to remove them from the shackles of riba. And He knows best. 4
5 Endorsement by the Chairman of the Shariah Committee of CIMB Islamic Bank Berhad I, Dr. Shafaai Musa, hereby confirm that all members of the Shariah committee have been consulted and made aware of all Shariah issues in relation to this proposal DR SHAFAAI MUSA Acting Chairman Shariah Committee CIMB Islamic Bank Berhad Date: 30 May
SHARIAH PRONOUNCEMENT
SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family
More informationSHARIAH PRONOUNCEMENT
SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family
More informationSHARIAH PRONOUNCEMENT
SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family
More informationSHARIAH PRONOUNCEMENT
SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family
More informationSHARIAH PRONOUNCEMENT
SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family
More informationPROPOSED ESTABLISHMENT OF A PERPETUAL SUKUK PROGRAMME OF UP TO RM5.0 BILLION IN NOMINAL VALUE ( SUKUK PROGRAMME ) SUKUK DIAGRAM
Sukuk Wakalah transaction structure SUKUK DIAGRAM 7. Purchase Undertaking Sukuk Trustee (acting on behalf of Sukukholders) 1. Appoint as Wakeel 2 (a). Issue Sukuk Wakalah 2 (b). Proceeds 8. Sale Undertaking
More informationبسم هللا الرحمن الرحيم
SHARIAH PRONOUNCEMENT بسم هللا الرحمن الرحيم All praise is due to Allah, the Cherisher of the world, and peace and blessing be upon the Prophet of Allah, on his family and all his companions AFFIN HWANG
More informationFlow chart of the description of the transaction structure. Green SRI Sukuk Wakalah transaction structure
Flow chart of the description of the transaction structure Green SRI Sukuk Wakalah transaction structure 1(b). Issue Green SRI Sukuk Wakalah 4. Undertaking (Exercise Price) (Issuer/ Investment Wakeel/
More informationSupplement. for the. GLOBAL SUKUK FUND (the Fund) 7 September of CIMB-Principal Islamic Asset Management (Ireland) plc
Supplement for the GLOBAL SUKUK FUND (the Fund) 7 September 2016 of CIMB-Principal Islamic Asset Management (Ireland) plc This Supplement contains specific information in relation to the Global Sukuk Fund
More informationSharia-Compliant Structured Products
News Bulletin April 15, 2010 Volume 1, Issue 7 Structured Thoughts News for the financial services community. Sharia-Compliant Structured Products The same features that continue to attract investors to
More informationTHE SUBORDINATED SUKUK MURABAHAH PROGRAMME TRANSACTION DIAGRAM (1) The Trustee, acting on behalf of the holders of the Subordinated Sukuk, and RHB Islamic shall enter into a Service Agency Agreement, pursuant
More informationDanga Capital Berhad
OFFERING CIRCULAR Danga Capital Berhad Company No. 835648-X (incorporated in Malaysia with limited liability under the Companies Act, 1965) S$600,000,000 Trust Certificates due 2015 S$900,000,000 Trust
More informationSupplement. for the. GLOBAL SUKUK FUND (the Fund) 30 November of CIMB-Principal Islamic Asset Management (Ireland) plc
Supplement for the GLOBAL SUKUK FUND (the Fund) 30 November 2018 of CIMB-Principal Islamic Asset Management (Ireland) plc This Supplement contains specific information in relation to the Global Sukuk Fund
More informationJ. P. M O R G A N I S L A M I C F I N A N C E
Islamic Finance Overview May 2014 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L English_General 2013 JPMorgan Chase & Co. All rights reserved. These materials herein are provided for informational
More information1.03 DETAILS OF FACILITY/ PROGRAMME. (1) Other terms and conditions
1.03 DETAILS OF FACILITY/ PROGRAMME (1) Other terms and conditions (a) Identified assets/trust assets (b) Purchase and selling price/ rental (where applicable) (c) Profit / Coupon / Rental Rate (fixed
More information: As at 30 September 2017, the substantial shareholder of the Issuer is as follows: Direct % Indirect %
Hong Leong Islamic Bank Berhad Tier 2 subordinated sukuk murabahah ( T2 Sukuk Murabahah ) and Basel III-compliant Additional Tier 1 perpetual subordinated sukuk wakalah ( AT1 Sukuk Wakalah ) of up to RM2.0
More informationISRA KHAZANAH SRI SUKUK: A CASE STUDY
KHAZANAH SRI SUKUK: A CASE STUDY 2 nd Islamic Finance Intellectual Discourse Sustainable Development Goals: Way Forward in Islamic Finance 22 February 2018 RHR Hotel @ UNITEN, Putrajaya Noor Suhaida Kasri,
More informationShariah Guidelines for Sukuk. Mufti Ismail Ebrahim Shariah Advisor Malta, October 2014
Shariah Guidelines for Sukuk Mufti Ismail Ebrahim Shariah Advisor Malta, October 2014 0 Outline of Presentation Page Credentials Mufti Ismail Ebrahim [2] Islamic Financial Services Products Mufti Ismail
More informationIslamic Financial Markets: Stocks and Sukuk. Professor Habib Ahmed Durham University Business School
Islamic Financial Markets: Stocks and Sukuk Professor Habib Ahmed Durham University Business School Outline Stock Markets Islamic Perspectives Sukuk Structures and Evolution Sukuk Issues and Controversies
More informationIntroduction to Islamic Investing. For professional clients only
Introduction to Islamic Investing For professional clients only 2 Overview Assets of Islamic financial institutions have grown by an average of 15% per annum* over the past five years to reach over $1trillion
More informationDanga Capital Berhad Company No X (incorporated in Malaysia with limited liability under the Companies Act, 1965)
OFFERING CIRCULAR Danga Capital Berhad Company No. 835648-X (incorporated in Malaysia with limited liability under the Companies Act, 1965) CNY500,000,000 Trust Certificates due 2014 with recourse to Khazanah
More informationShari ah Standard No. (44) Obtaining and Deploying Liquidity
Shari ah Standard No. (44) Obtaining and Deploying Liquidity Contents Subject Page Preface... 1087 Statement of the Standard... 1088 1. Scope of the Standard... 1088... 1088 3. Need to Utilise Liquidity
More informationSUKUK. A Fixed Income Opportunity
SUKUK A Fixed Income Opportunity WHAT ARE SUKUK Tradable Shariah-compliant Fixed Income Securities Sukuk, a shariah compliant fixed income instrument, represents an undivided share in the ownership of
More informationIslamic Hedging Products IIFM Specialized Sessions on Islamic Finance ISEF, Surabaya
Islamic Hedging Products IIFM Specialized Sessions on Islamic Finance ISEF, Surabaya FX Forward i Cross Currency Swap i Profit Rate Swap i Ashraf Gomma Ali Director/Regional Head, Shariah & Governance
More informationIslamic Finance in Japan -New Legislative Framework
Islamic Finance in Japan -New Legislative Framework for Sukuk Issuances Inter Pacific Bar Association 22 nd Annual Meeting & conference Islamic Financial International Trade - Challenges & Issues 2 March
More informationSUKUK Islamic Bonds. by Mr. Hamad Rasool.
SUKUK Islamic Bonds by Mr. Hamad Rasool 1 2 Sukuk is the Arabic name for a financial certificate, Islamic alternative to conventional bonds, Sukuk is a Trust certificate in which investor returns are derived
More informationOther terms and conditions
Other terms and conditions (a) Identified assets : Shariah-compliant commodities (excluding ribawi items in the category of medium of exchange such as currency, gold and silver) available at Bursa Suq
More informationAl Marai Hybrid Perpetual Sukuk. Al Marai Company. Mudarabah, Tawarruq. Type of Sukuk. Domicile. Saudi Arabia. Originator Business Activity
Compliance Report Based On IdealRatings_SRB Score 81.87 / 0.74 Al Marai Hybrid Perpetual Sukuk Al Marai Company Type of Sukuk Domicile Originator Business Activity Exchange Mudarabah, Tawarruq Saudi Arabia
More informationOther Terms and Conditions. (a) Deferred Sale Price : The Deferred Sale Price shall be an amount equal to: in the case of Sukuk Murabahah without
Other Terms and Conditions (a) Deferred Sale Price : The Deferred Sale Price shall be an amount equal to: (i) in the case of Sukuk Murabahah with Periodic Profit Payments and issued at par The Purchase
More informationIslamic Financing Products and Concepts, Current Market Trends and Opportunities. Nadim Khan, Partner, Herbert Smith LLP July 2010
Islamic Financing Products and Concepts, Current Market Trends and Opportunities Nadim Khan, Partner, Herbert Smith LLP July 2010 1 Overview Introduction to Islamic Finance The Key Products The Compliance
More informationDubai Islamic Bank P.J.S.C. Consolidated financial statements for the year ended 31 December 2015
Consolidated financial statements These audited financial statements are subject to the Central Bank of the UAE approval and adoption by shareholders at the annual general meeting. Report and consolidated
More informationGUIDELINES AND BEST PRACTICES ON ISLAMIC VENTURE CAPITAL. Issued By: Securities Commission
GUIDELINES AND BEST PRACTICES ON ISLAMIC VENTURE CAPITAL Issued By: Securities Commission May 2008 CONTENTS Page 1.0 INTRODUCTION 1 2.0 DEFINITIONS 1 PART 1 3.0 GUIDELINES 3 CORE REQUIREMENTS 3 PART 2
More informationIslamic Instruments for Asset Management
Islamic Instruments for Asset Management Professor Rodney Wilson IRTI 15th Distance Learning Programme Intermediate Level Course Tuesday, March 20, 2012 Contents Islamic asset management vehicles Advantages
More information8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)
c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE
More informationAPPENDIX I PRINCIPAL TERMS AND CONDITIONS OF THE JUNIOR SUKUK PROGRAMME
APPENDIX I PRINCIPAL TERMS AND CONDITIONS OF THE JUNIOR SUKUK PROGRAMME BACKGROUND INFORMATION 1. Issuer (i) Name : CIMB Islamic Bank Berhad ( CIMB Islamic or the Issuer ) (ii) Address : Correspondence
More informationIslamic Instruments for Asset Management IDB/IRTI DL Program April 12th, 2011 Tehran, Iran
بسم االله الر حمن الر حيم 13th Distance Learning Course: Spring 2011 An Intermediate Course in Islamic Finance Islamic Instruments for Asset Management IDB/IRTI DL Program April 12th, 2011 Tehran, Iran
More informationFixed Income Securities Shari a Perspective
SBP Research Bulletin Volume 3, Number 1, 2007 Fixed Income Securities Shari a Perspective Muhammad Imran Usmani 1. Introduction Fixed income securities have been popular around the world in raising finance
More informationREVISED SHARIAH SCREENING METHODOLOGY -Dialogue Session with Public Listed Companies. Securities Commission Malaysia
REVISED SHARIAH SCREENING METHODOLOGY -Dialogue Session with Public Listed Companies Securities Commission Malaysia 20-21 February 2013 Objectives Confidential To provide an overview of the revised Shariah
More informationThis Structure Memorandum has been approved by IIFM Shari'ah Board on 25 October 2018.
STRUCTURE MEMORANDUM IIFM-BAFT MASTER UNFUNDED & FUNDED PARTICIPATION AGREEMENTS FOR TRADE FINANCE TRANSACTIONS مذرة هيكل اتفاق'ة م شاركة ري #سة م م و و ير م م و لمعاملات اتمويل التاري This Structure Memorandum
More informationGOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 21 st August, 2017 NOTIFICATION CHAPTER I PRELIMINARY
GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 21 st August, 2017 NOTIFICATION S.R.O. 836(I)/2017.- In exercise of the powers conferred by section 512 of the
More informationIslamic Risk Management. Instruments. First International Islamic Finance Conference Labuan - Malaysia. (6-7 July 2004)
First International Islamic Finance Conference Labuan - Malaysia (6-7 July 2004) Islamic Risk Management Corporate and Investment Banking Instruments Table of contents SECTION 1 The FX & Debt/Deposit issues
More informationQ: What types of Financial Institutions and transactions are involved in Islamic finance?
Q: What is Islamic Finance Islamic finance is an interest free finance system. There is therefore, no charge for its use. Islamic finance is asset based as opposed to being currency based. A deal is structured
More informationBY: Hafizan Haron Vice President, Ratings Malaysian Rating Corporation Bhd (MARC) November 27, 2012
BY: Hafizan Haron Vice President, Ratings Malaysian Rating Corporation Bhd (MARC) November 27, 2012 Rating Approach To : A MARC Perspective By Ratings Research, Malaysian Rating Corporation Berhad OVERVIEW
More informationBusiness Office Penthouse Suite 1 Wisma Mah Sing No. 163, Jalan Sungai Besi Kuala Lumpur
UP TO RM600 MILLION UNRATED SUKUK MUSHARAKAH 1. BACKGROUND INFORMATION (a) Issuer (i) Name : Mah Sing Group Berhad ("Issuer"). (ii) Address : Registered Office Penthouse Suite 1 Wisma Mah Sing No. 163,
More information: M. (vi) Status on residence : Resident controlled company
PRINCIPAL TERMS AND CONDITIONS OF THE PROPOSAL 1. BACKGROUND INFORMATION (a) Issuer (i) Name : Maybank Islamic Berhad ( MIB or the Issuer ) (ii) Address : Level 10, Tower A Dataran Maybank No. 1 Jalan
More informationSCHEDULE 4 TERMS AND CONDITIONS OF BONDS
SCHEDULE 4 TERMS AND CONDITIONS OF BONDS 1. DEFINITIONS 1.1 The words and phrases not specifically defined in these shall bear the same meaning as ascribed thereto in the Master Mudarabah Facility Agreement
More informationDubai Islamic Bank P.J.S.C. Consolidated financial statements for the year ended 31 December 2016
Consolidated financial statements Report and consolidated financial statements Pages Independent auditors report 1-8 Consolidated statement of financial position 9 Consolidated statement of profit or loss
More informationSecuritization and Structuring Sukuk
Securitization and Structuring Sukuk Workshop on Developing Sukuk Markets Arab Monetary Fund World Bank Group Abu Dhabi, UAE April 19, 2015 Zamir Iqbal, PhD. The World Bank Global Islamic Finance Development
More informationIMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES
IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the offering
More informationGUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS UNDER THE LODGE AND LAUNCH FRAMEWORK SC-GL/ (R3-2018)
GUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS UNDER THE LODGE AND LAUNCH FRAMEWORK SC-GL/4-2015 (R3-2018) 1 st Issued: 9 March 2015 Revised: 11 October 2018 GUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS
More informationIDB TRUST SERVICES LIMITED (Incorporated as a limited par value company in Jersey)
(Incorporated as a limited par value company in Jersey) FINANCIAL STATEMENTS 29 Dhul Hijjah 1433H (14 November 2012G) and INDEPENDENT AUDITOR S REPORT 29 Dhul Hijjah 1433H (14 November 2012G) CONTENTS
More informationRHB ISLAMIC BANK BERHAD Principal Terms and Conditions of the Subordinated Sukuk Murabahah Programme
1. BACKGROUND INFORMATION ON THE ISSUER (i) Name: RHB Islamic Bank Berhad (the Issuer or RHB Islamic ). (ii) Address: Registered Address Level 10, Tower One, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur.
More informationBANK MUAMALAT MALAYSIA BERHAD PROPOSED ISSUANCE OF ISLAMIC SUBORDINATED SUKUK PROGRAMME OF UP TO RM400.0 MILLION IN NOMINAL VALUE : W
PRINCIPAL TERMS AND CONDITIONS BANK MUAMALAT MALAYSIA BERHAD PROPOSED ISSUANCE OF ISLAMIC SUBORDINATED SUKUK PROGRAMME OF UP TO RM400.0 MILLION IN NOMINAL VALUE 1. BACKGROUND INFORMATION OF THE ISSUER
More informationLODGEMENT FORM TO THE SECURITIES COMMISSION MALAYSIA FOR THE AFB STRUCTURED COVERED SUKUK MURABAHAH PURSUANT TO THE FACILITY
LODGEMENT FORM TO THE SECURITIES COMMISSION MALAYSIA FOR THE AFB STRUCTURED COVERED SUKUK MURABAHAH PURSUANT TO THE FACILITY Other terms and conditions (i) (ii) (iii) (iv) Expected facility/programme size
More informationEXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
EXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE 1.0 Introduction 1.1 As part of the efforts to facilitate and promote the development of the
More informationMalaysia s Islamic Capital Market (ICM) An Overview
Islamic Finance News Roadshow Sheraton Towers, Singapore 2 April 2008 Malaysia s Islamic Capital Market (ICM) An Overview Nik Ramlah Mahmood Securities Commission Malaysia 1 Malaysia s ICM offers a comprehensive
More informationThere are fundamental differences between these. The diagrams set out below explain the mechanics of how each sukuk operates.
ISLAMIC FINANCE From 2013, Islamic finance becomes part of the Paper P4 syllabus, following its introduction to Paper F9 two years ago. This article looks at Islamic finance as a growing and important
More informationExamination of the AAOIFI pronouncement on Sukuk issuance and its implication on the future Sukuk structure in the Islamic Capital Market
Examination of the AAOIFI pronouncement on Sukuk issuance and its implication on the future Sukuk structure in the Islamic Capital Market Dr. Ahcene Lahsasna Shariah & Legal Studies Department INCEIF,
More informationPrimer on Shariah Finance
INTERNATIONAL INSOLVENCY INSTITUTE 7 th Annual Conference Primer on Shariah Finance New York, NY June 11-12, 2007 Jonathan D. Strum, Esq. Primer on Shariah Finance Shariah is the legal framework that regulates
More informationISLAMIC SECURITIES GUIDELINES (SUKUK GUIDELINES)
ISLAMIC SECURITIES GUIDELINES (SUKUK GUIDELINES) Revised: 12 July 2011 Effective: 12 August 2011 CONTENTS Page 1.0 INTRODUCTION 1 2.0 DEFINITIONS 4 3.0 ISSUERS 6 4.0 SUBMISSION OF PROPOSALS 6 5.0 APPROVAL
More informationSUNWAY TREASURY SUKUK SDN BHD (FORMERLY KNOWN AS FANTASTIC PROLINK SDN BHD) ( THE ISSUER ) PRINCIPAL TERMS AND CONDITIONS OF THE PROPOSED ISSUE
SUNWAY TREASURY SUKUK SDN BHD (FORMERLY KNOWN AS FANTASTIC PROLINK SDN BHD) ( THE ISSUER ) PRINCIPAL TERMS AND CONDITIONS OF THE PROPOSED ISSUE 1. BACKGROUND INFORMATION (a) Issuer (i) Name Sunway Treasury
More informationMAF Sukuk Ltd. Financial Statements for the year ended 31 December 2015
Financial Statements for the year ended 31 December 2015 Contents Page Independent auditors report 1 Statement of profit or loss and other comprehensive income 2 Statement of financial position 3 Statement
More information(2) An issuer may list its sukuk or debt securities either as Exchange Traded Bonds or under the Exempt Regime.
CHAPTER 4B LISTING OF SUKUK AND DEBT SECURITIES PART A GENERAL 4B.01 Introduction (1) This Chapter sets out the requirements that must be complied with by an issuer seeking a listing of its sukuk or debt
More informationRetail Sukuk and SRI Sukuk: The Malaysian Experience
Retail Sukuk and SRI Sukuk: The Malaysian Experience RAFE HANEEF CEO, CIMB Islamic 1 st Annual Islamic Finance Conference, Jakarta 17 May 2016 Contents Section 1 History & Development of Sukuk Market in
More informationIslamic Transactions September 2008
Islamic Transactions September 2008 TABLE OF CONTENTS TABLE OF CONTENTS 2 INTRODUCTION 3 BASIC PRINCIPLES 5 FINANCE STRUCTURES 7 Partnership Structures 7 Sale and Purchase Structures 8 Leasing Structures
More informationPRINCIPAL TERMS AND CONDITIONS OF THE SUBORDINATED SUKUK MUSHARAKAH PROGRAMME. (i) Name AmIslamic Bank Berhad ( AmIslamic )
PRINCIPAL TERMS AND CONDITIONS OF THE SUBORDINATED SUKUK BACKGROUND INFORMATION 1. Issuer (i) Name AmIslamic Bank Berhad ( AmIslamic ) (ii) Address 22 nd Floor, Bangunan AmBank Group No. 55, Jalan Raja
More information1. BACKGROUND INFORMATION. (i) Name : Kuala Lumpur Kepong Berhad ( KLK or the Issuer ).
A) PRINCIPAL TERMS AND CONDITIONS OF THE RINGGIT ISLAMIC MEDIUM TERM NOTES PURSUANT TO A MULTI-CURRENCY ISLAMIC MEDIUM TERM NOTES PROGRAMME OF UP TO RM1,600.0 MILLION IN NOMINAL VALUE (OR ITS EQUIVALENT
More informationGround Rules. FTSE Bursa Malaysia Index Series v4.3
Ground Rules FTSE Bursa Malaysia Index Series v4.3 ftserussell.com January 2018 Contents 1.0 Introduction... 3 2.0 Management Responsibilities... 6 3.0 FTSE Russell Index Policies... 8 4.0 Index Construction...
More informationDeveloping Islamic Finance Secondary Markets
Developing Islamic Finance Secondary Markets By Ahmed Ali Siddiqui Vice President & Manager, Product Development & Shariah Compliance (PDSC) Meezan Bank Limited 2 nd IIFM Conference - June 18, 2007 Islamic
More informationUse of Sukuk/Islamic Securities as Collateral
Use of Sukuk/Islamic Securities as Collateral 11 th Meeting of the Organisation of Islamic Cooperation (OIC) Member Staters Stock Exchanges Forum Tuesday, 31 st October 2017, Le Meridien Etiler Hotel,
More informationGlossary Of Islamic Finance Terms
January 7, 2008 Glossary Of Islamic Finance Terms Primary Credit Analyst: Mohamed Damak, Paris (33) 1-4420-7322; mohamed_damak@standardandpoors.com Table Of Contents The Five Pillars Of Islamic Finance
More informationGROUP CONSOLIDATED FINANCIAL STATEMENTS
In the Name of Allah The most Gracious and Merciful Emirates Islamic Bank (Public Joint Stock Company) Head Office 3rd Floor, Building 16, Dubai Health Care City, Dubai Tel.: +97 1 4 3160336 Fax: +97 1
More informationSession 10. Long Term Debt Financing
Session 10 Long Term Debt Financing Programme : Executive Diploma in Accounting, Business & Strategy (EDABS 2017) Course : Corporate Financial Management (EDABS 202) Lecturer : Mr. Asanka Ranasinghe MBA
More informationAPPENDIX C EXAMPLE OF ESTATE FREEZE SHARE PROVISIONS INCLUDING PRICE ADJUSTMENT CLAUSE
APPENDIX C EXAMPLE OF ESTATE FREEZE SHARE PROVISIONS INCLUDING PRICE ADJUSTMENT CLAUSE Corporation having two classes of shares: 1. Common Shares, and 2. Special Shares (non-voting, redeemable, retractable
More informationTakaful. Mohammad Khan Head of Islamic Finance in PwC. Mohammad Khan
Takaful Mohammad Khan Mohammad Khan Head of Islamic Finance in PwC Partner in PwC Actuarial Services Head of general insurance personal and commercial lines at PwC Member of PwC s Global Islamic Finance
More informationSukuk Structure Diagram:
Analyst Commentary IFFIM is the First ever SRI Sukuk issued in the International and domestic Markets by the international Finance Facility for Immunization IFFIM. The IFFIM is one of the most important
More informationSukuk Financing for RM950 mil Mukah Coal- Fired Power Plant Using Mudharabah Principle. RHB ISLAMIC Bank. Presented by: 25 April 2007
Sukuk Financing for RM950 mil Mukah Coal- Fired Power Plant Using Mudharabah Principle Presented by: Berhad (680329-V) 25 April 2007 SARAWAK ENERGY BERHAD Presentation Outline Page 2 Project Summary Parties
More informationMANUAL MONETARY AND FINANCIAL STATISTICS MANUAL AND COMPILATION GUIDE
MANUAL MONETARY AND FINANCIAL STATISTICS MANUAL AND COMPILATION GUIDE 2015 2016 I N T E R N A T I O N A L M O N E T A R Y F U N D ANNEX 1 Islamic 4.3 Financial Institutions and Instruments 4.256 This annex
More informationIslamic Finance More Than Window Dressing?
Islamic Finance More Than Window Dressing? This article considers the most common structures employed in Islamic finance and deals with some of the criticisms surrounding its practice. Introduction Islamic
More informationInvesting in MyETF-DJIM25
BURSA MALAYSIA s MARKET CHAT Investing in MyETF-DJIM25 i-vcap Management Sdn. Bhd. 20 March 2010 Contents ETF Basics Key Features of MyETF-DJIM25 Information on MyETF-DJIM25 Specific Shariah Features of
More information: The Issuer is principally in the business of power generation.
(A) CORPORATE INFORMATION OF ISSUER (1) Name : Sinar Kamiri Sdn Bhd (2) Address : Registered Address: Level 12, Menara Mudajaya, No. 12A, Jalan PJU 7/3, Mutiara Damansara, 47810 Petaling Jaya, Selangor
More informationLBS BINA HOLDINGS SDN. BHD.
Other terms and conditions a. Disclosure from Issuer (i) If the Issuer or its Board Members have been convicted or charged with any offence under the securities laws, corporation laws or other laws involving
More informationDubai Financial Market Standards on Shari a Compliance l Standard No. 1 l Issuing, Acquiring and Trading Shares
1 CONTENTS INTRODUCTION... 4 1. THE SCOPE OF THE STANDARD... 6 2. SHARI'A PARAMETERS FOR ACQUIRING SHARES OF COMPANIES... 6 3. ACQUIRING AND SUBSCRIBING TO SHARES OF COMPANIES OF MIXED ACTIVITIES:... 7
More information(November 2008) MALAYSIAN RATING CORPORATION BERHAD Company No.: V RATING APPROACH TO SUKUK: A MARC PERSPECTIVE
RATING APPROACH RATING APPROACH TO SUKUK: TO SUKUK: A MARC A MARC PERSPECTIVE PERSPECTIVE MALAYSIAN RATING CORPORATION BERHAD Company No.: 364803 V RATING APPROACH TO SUKUK: (November 2008) Contact: Milly
More informationOpportunities for SMEs in the New Era of Islamic Financing
Opportunities for SMEs in the New Era of Islamic Financing ABAC Malaysia - SME Finance Forum Workshop on Innovative Financing for SMMEs InterContinental Kuala Lumpur, Malaysia May 2015 Ahmed Rostom Financial
More information1 Bursa Malaysia 02 Feb 1996
(A) CORPORATE INFORMATION OF ISSUER (1) Name : Bina Darulaman Berhad ( BDB or the Issuer ) (2) Address : Registered Office: Level 9, Menara BDB, 88, Lebuhraya Darulaman, 05100, Alor Setar, Kedah Darul
More informationPrincipal Terms and Conditions of the Sukuk Murabahah Programme
Principal Terms and Conditions of the Sukuk Murabahah Programme 2.01 BACKGROUND INFORMATION (a) Issuer Name : Public Islamic Bank Berhad ( PIBB or the Issuer ). (ii) Address : 27 th Floor, Menara Public
More informationAbu Dhabi Islamic Bank PJSC INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010 (UNAUDITED)
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010 (UNAUDITED) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents Page Report on review of interim condensed consolidated financial
More informationFREQUENTLY ASKED QUESTIONS ON THE REQUIREMENTS OF THE GUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS UNDER THE LODGE AND LAUNCH FRAMEWORK
FREQUENTLY ASKED QUESTIONS ON THE REQUIREMENTS OF THE GUIDELINES ON UNLISTED CAPITAL MARKET PRODUCTS UNDER THE LODGE AND LAUNCH FRAMEWORK (Issued: 9 March 2015) (Revised: 16 January 2017) 1.0 GENERAL 1.01
More informationSukuk, an economic and Shari'ah examination
Sukuk, an economic and Shari'ah examination Mohamed A. Elgari Page 1 Contents: 1- Introductory remarks. 2- Sukuk: a) The legal setting of Sukuk. b) Challenges of issuing Sukuk under civil law. 3- Some
More informationShari ah compliant funds Written by: Shamier Khan, Portfolio Manager at Element Investment Managers
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h 24 A u g u s t 2 0 1 8 V o l u m e 9 72 Shari ah compliant funds Written by: Shamier Khan, Portfolio Manager at Element Investment Managers In this article
More informationUNDERWRITING AND MANAGING RISKS IN TAKAFUL
UNDERWRITING AND MANAGING RISKS IN TAKAFUL Azman Mohd Noor International Islamic University Malaysia, Seminar on Insurance and Risk in Asia Pacific Kyoto International Community House 24 September 2010
More informationEXTRAORDINARY GENERAL MEETING 2017 NOTICE
EXTRAORDINARY GENERAL MEETING 2017 NOTICE Dubai, 23 October 2017, NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the shareholders of Emirates REIT (CEIC) Limited (the REIT ) will be held
More informationDAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY SAUDI JOINT STOCK COMPANY
DAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS LIMITED REVIEW REPORT FOR THE THREE-MONTH PERIOD AND YEAR ENDED 31 DECEMBER INTERIM CONSOLIDATED FINANCIAL
More informationSukuk. Ahmed Khalid AL-Maghlouth Executive Summery
Sukuk An inside study of its background, structures, challenges & Cases. Ahmed Khalid AL-Maghlouth 51070111 Executive Summery Sukuk is very interesting and importing subject to write on. This importance
More informationPART 8A Specified Financial Transactions CHAPTER 1 Interpretation. 267N Interpretation. CHAPTER 2 Credit return
PART 8A Specified Financial Transactions CHAPTER 1 Interpretation 267N Interpretation CHAPTER 2 Credit return 267O Treatment of credit return 267P Treatment of credit transaction CHAPTER 3 Deposit return
More informationTotal Liabilities and Equity 46,447,972 44,810,147 46,918,810 47,417,719. Commitments and contingencies A21 7,039,582 6,894,090 6,404,752 6,894,090
INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2018 Note Assets Cash and short-term funds 7,353,881 7,787,132 6,611,272 7,768,634 Deposits and placements with financial
More informationIMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES
IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the offering
More informationMaking Finance Work for Africa Islamic Capital Markets
Making Finance Work for Africa Islamic Capital Markets 12 June 2014 HANI IBRAHIM Head of Debt Capital Markets - QInvest Islamic Finance Market 2 Global Islamic Finance Assets Defined as a financial service
More informationLevel 12, Bangunan Setia 1, 15 Lorong Dungun, Bukit Damansara, Kuala Lumpur. Resident controlled company. Federal Government controlled company
PRINCIPAL TERMS AND CONDITIONS OF THE PROPOSAL Background Information 1 Issuer (i) Name Pengurusan Air SPV Berhad (ii) Address (iii) Business Registration No. (iv) Date/Place Incorporation of Level 12,
More information