Legal Documentation For Sukuk and Islamic Funds

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2-Day Workshop : Highlighting Tips and Procedures on Legal Documentation for Islamic Securities Products

 
Techniques and Strategies for Comprehensive Understanding on Legal Documentation for Islamic Securities Instruments
 

Topics to be discussed

 

Fundamentals In Structuring Islamic Financial

  1. Shariah Principles & Regulatory Framework For Sukuk & Islamic Funds
  2. Legal Documentation For BBA, Murabahah & Istisna’ Sukuk Issuance
  3. Legal Documentation For Sukuk Al Ijarah Issuance
  4. Legal Documentation For Mudarabah Sukuk Issuance
  5. Legal Documentation For Musharakah Sukuk Issuance
  6. Legal Documentation For Sukuk Al Wakalah Issuance
  7. Legal Documentation For Islamic Private Equity (IPE) & Islamic Venture Capital (IVC)
  8. Legal Documentation For Islamic Reits & Unit Trusts

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PROF. DR. ENGKU RABIAH ADAWIAHProf. Dr. Engku Rabiah Adawiah is currently a Professor at the IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM). Currently, she is a member of the Syariah Advisory Council (SAC) of Bank Negara Malaysia and Securities Commission Malaysia, and an independent Shariah advisor for Islamic securities issuance, approved by and registered with the Malaysian Securities Commission. She is also a member of Shariah Supervisory Board of Labuan FSA. In addition, she is also a member of the investigation tribunal for the Malaysian Bar Council. She obtained her LLB (First Class Honours) and LLB (Shari’ah) (First Class Honours) from the IIUM. Shortly thereafter, she successfully completed her Masters of Comparative Laws (MCL) with distinction from the same university. She was conferred with PhD in Law (Securities Regulation) from the University of Aberdeen, United Kingdom.
  
Megat Hizaini HassanMegat Hizaini Hassan is partner and head of Islamic Banking and Finance Practice Lee Hishammuddin Allen & Gledhill. Megat Hizaini Hassan advises on matters relating to Islamic banking and finance, as well as corporate legal and regulatory developments. He has also advised domestic and international clients on issues relating to the legal and regulatory framework of Islamic banking and finance, as well as matters relating to applicable Shariah standards for Islamic financial/investment transactions in Malaysia and abroad. Prior to joining the firm, he was practising at Zaid Ibrahim & Co. and was involved as a director of ZI Shariah Advisory Services Sdn Bhd, a Shariah compliance advisory firm registered with the SecuritiesCommission of Malaysia. He was also previously a lecturer at the Kulliyyah of Laws, International Islamic University, Malaysia.
  
Ahmad Lutfi Abd MutalibAhmad Lutfi is graduated from the International Islamic University Malaysia with an LL.B (Hons.) in 1995. He spent the term of his pupilage with Messrs Allen & Gledhill and was admitted to the Malaysian Bar in 1996. Lutfi has also obtained his professional qualification from the Institute of Chartered Secretaries and Administrators (ICSA) and graduated from the Institute in February 1996. He joined Messrs Hisham, Sobri & Kadir in Aprill 1996. He became a partner of Hisham Sobri & Kadir Advocates & Solicitors in January 2000. He is a founding partner of Azmi & Associates. Lutfi is a partner of Azmi & Associates and is responsible for the development of the Financial Services Practice Group and the Mergers, Acquisitions and New Ventures Practice Group.
  
Madzlan HussainMadzlan Mohamad Hussain is a Partner and Head of the Islamic Financial Services Practice Group for Zaid Ibrahim & Co. (ZICOlaw), a regional law firm with presence in Australia, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam. Madzlan holds an LL.B (Hons) from International Islamic University Malaysia and an MSc. in Islamic economics, banking and finance from Loughborough University, United Kingdom. He started his career with the firm in 1998 as a trainee associate. Between 2004 and 2010 Madzlan served the Islamic Financial Services Board (IFSB), an international standard-setting organisation for the prudential regulations of the Islamic financial services industry, based in Kuala Lumpur. He returned to ZICOlaw as a partner in February 2010.
  
Dr. Akhtar ZaiteDr. Akhtar zaite Abdul Aziz is currently an Assistant Professor in the Dept. of Fiqh and Usul al Fiqh, Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia. She graduated from IIUM in LLB in 1995 and completed LLB (Shariah) in 1996. She is also holder of Master Degree (2000) and PhD (2005) in Fiqh and Usul al Fiqh from the same university. Her PhD thesis entitled The Theory of Dhara’i and its Application in Modern Financial Transactions (in Arabic) had been published by Dar al Fikr, Beyrut in 2008. Her research interest is modern issues in Islamic jurisprudence particularly in Banking and Finance. She is currently a member of Shariah Advisory Committee for Great Eastern Takaful, and Treasurer for ASAS (Association of Shariah Advisors in Islamic Finance).

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26 May 2014, Monday

 

Shariah Principles & Regulatory Framework For Sukuk & Islamic Funds

Overview of the Islamic financial system in Malaysia and worldwide
Shariah framework and compliance issues
Shariah and legal documentation – guide on documentation of contracts
The main statutes
Statutory framework – Capital Market and Services Act 2007;
— Securities Commission Act 1993 (“SCA”)
— Guidelines on the Offering of Islamic Securities
Jurisdiction over Islamic banking and finance cases
Overview of capital market instruments and activities in Malaysia
Key legislations and other rules & guidelines
Example of some of the guidelines
SAC’s approved Shariah principles
Disclosure of material information in the issuance of Islamic securities
 

Legal Documentation For BBA, Murabahah & Istisna’ Sukuk Issuance

Definition and concept of BBA, Murabahah and Istisna’ Sukuk
Salient features of BBA, Murabahah and Istisna’ Sukuk
Structure of BBA, Murabahah and Istisna’ Sukuk
Differences between conventional bonds and Islamic Sukuk
Legal documentation in BBA, Murabahah and Istisna’ Sukuk
The transaction document – Primary and Secondary documentations
Review sample of documentation
 
Case Study :

  1. RM760 Million World Bank Sukuk(Malaysia)
  2. Bahrain Salam Sukuk (Bahrain)
  3. RM5.6b SKS Power Istisna‘ MTN (Malaysia

 

Legal Documentation For Sukuk Al Ijarah Issuance

The transaction document – Primary and Secondary documentations
The land parcels
Details of the structure
The service agency agreement
Termination
Review sample clauses on Ijarah Sukuk
Issues
Insurances and other issues
 
Case Study :

  1. USD700 Million Qatar Global Sukuk (Qatar)
  2. SR98 Million Caravan One Sukuk (Saudi Arabia)
  3. €100 Million Saxony-Anhalt Sukuk (Germany)

 

Legal Documentation For Mudarabah Sukuk Issuance

Mudarabah: definition & guidelines
Profit/losses
Managing Mudarabah risks
Mudarabah Sukuk documentation
Guarantee of capital/profit
Issuance of Sukuk at a discount?
Security and collateral?
Compensation clause?
Default situation and obligation of issuer?
Managing Musharakah (performance) risks
 
Case Study :

  1. USD550 Million Wings FZCO Musharakah Sukuk (UAE)
  2. RM80 Million PGM Mudarabah Sukuk (Malaysia)
  3. RM2.5 Billion Musharakah One Asset-Backed Sukuk (Malaysia)
  4. USD400 Million IDB Sukuk al Istithmar (IDB)

 

27 May 2014, Tuesday

 

Legal Documentation For Musharakah Sukuk Issuance

Definition and concept of Musharakah Sukuk
Salient features of Musharakah Sukuk
Structure of Musharakah Sukuk
The transaction document – Primary and Secondary documentations
Review Sample Clauses on Musharakah Sukuk
Issues
Managing Musharakah (performance) risks
 

Legal Documentation For Sukuk Al Wakalah Issuance

Definition and concept of al Wakalah sukuk
Salient features of al Wakalah sukuk
Structure of al Wakalah sukuk
Legal and regulations of al wakalah sukuk
Sukuk al Wakalah main documentation
Issues and challenges
 
Case Study :

  1. Government of Malaysia’s USD 2 Billion Dual-tranche Wakala Sukuk 2011

 

Legal Documentation For Islamic Private Equity (IPE) & Islamic Venture Capital (IVC)

Definition and concept of IPE & IVC
Shariah based structures for IPE & IVC
Musharakah, Mudharabah and Wakalah
Comparison between IPE & IVC
Legal and regulatory framework for IPE & IVC
Legal documentation for IPE & IVC
Islamic shares
Islamic Stock Screening process
Challenges and prospects of IPE & IVC
 

Legal Documentation For Islamic REITs & Unit Trusts

What is a Islamic REIT?
Islamic REIT vis-à-vis Conventional REIT
Islamic REITs in Malaysia: Regulation & Experience
How would a Malaysian Islamic REIT be administered?
— Shariah Compliant documentation
— Property sale & purchase agreement
— Tenancy & lease agreement
— Financing & security documents
— Instruments of dealings with land
Land issues
Valuations
Trustee
Global Islamic REITs: Issues & Challenges?
Prospects & Opportunities for Islamic REITs
 
Case Study :

  1. Al-`Aqar KPJ REIT
  2. Structure of Al-Hadharah REIT

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EARLY BIRD FEE: Before 8 May 2014

RM2,000.00 / USD700.00 per person
 

REGULAR FEE: After 8 May 2014

RM2,500.00 / USD850.00 per person
 
*The fee includes lunch, refreshments, workshop documentation and certificate of attendance.
 

Special group discount

– Discount of 5% for 2 participants from the same organisation.
– Discount of 10% for 3 or more participants from the same organisation.
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How to pay

Workshop fees must be paid before commencement of the programme. All cheques should be crossed and made payable to “CERT Events Sdn. Bhd.” After receiving payment a receipt will be issued. If you do not receive a letter outlining details two weeks prior to the event please contact the event coordinator at CERT Event.
 

Accommodation

Hotel is not included in the workshop fee. To reserve accommodation at the event venue, please contact the hotel person in charge.
 

Cancellations

If you are unable to attend, a substitute is welcome at no extra cost. A complete set of workshop documentation and a 50% refund will be given for cancellation received in writing not later than 2 weeks prior to the workshop date. Unfortunately, only a 25% refund and documentation workshop will be given for cancellation received within 2 weeks before programme commencement.
 
CERT Events Sdn. Bhd. reserves the right to cancel/amend the programme in extreme circumstances. Should this occur, they will endeavour to advise delegates at the earliest opportunity but take no responsibility for any irrecoverable costs on the part of the delegates, eg. air fares, hotel costs. Obviously, attendance fees would, in such circumstances, be fully refundable at the delegate’s option.
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