2-Day Workshop on Sukuk and Securitization

Impiana KLCC Hotel, Kuala Lumpur

11 12 July 2011

SUKUK AND SECURITIZATION

Practical Approach for Optimum Understanding to Enhance Your Skill on Sukuk and Securitization
Distinguished Course Leader
Assoc. Prof. Dr. Engku Rabiah Adawiah Engku Ali
Ahmad Ibrahim Kulliyyah of Laws International Islamic University Malaysia

By attending this workshop you will learn:

Shariah and Legal Framework for Sukuk and Securitization Securitization: Scope, Process and Prosedures Structuring Islamic Based Sukuk BBA, Murabahah, Istisna and Salam Structuring Ijarah Sukuk Structuring Mudarabah and Musharakah Sukuk Islamic Asset Backed, Securities and Others Hybrid Sukuk Sukuk: Trading, Pricing and Evaluating

Shamsun Anwar
Director, Products Management CIMB Islamic

Meor Amri Meor Ayub

CEO Bond Pricing Agency Malaysia Sdn. Bhd

Not only Islamic nanciers will benet from this short and comprehensive workshop. Conventional nanciers would also benet extensively if they want to expand their client base to Islamic clients as well

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Your Partner in Islamic Finance Training and Development

DO NOT MISS THE OPPORTUNITY TO ENHANCE YOUR KNOWLE

THE PROGRAMME
Day One 11 July 2011 (Mon)
0830 : Morning Coffee and Registration 0850 : Welcome Remarks from the Chair 0900 : SHARIAH AND LEGAL FRAMEWORK MUNIF and BBA: Framework and structure Additional features in MUNIF and BAIDS The mechanism of MUNIF Some models and structures of MUNIF Shariah issues and observations on BAIDS / MUNIF Asset and Ownership Two Partite vs Tripartite Types of asset intangibles and government award Financial assets assets of sale? Other issues on asset Benecial title vis--vis legal title Benecial interest in future tangible asset? Benecial interest in future intangible asset? Legal documentation Trading of Islamic debt securities Permissibility of secondary of debt securities Case study 1545 : Tea Break 1600 : STRUCTURING IJARAH SUKUK Sukuk al Ijarah: Denition Structuring Sukuk al Ijarah Nature of Sukuk al Ijarah debt or equity? Securitization of leased asset or securitization of rental receivables? Sukuk al Ijarah: Observations and Issues Tradibility Ownership issue Purchase undertaking in Sukuk al Ijarah Rental rate Redemption of Sukuk al Ijarah at par value? Buy-back arrangement Risk prole of Sukuk al Ijarah Lease and lease back? Head lease & Sub lease? 1730 : END OF DAY ONE

FOR SUKUK AND SECURITIZATION

Sukuk the ever growing market The global sukuk market Sukuk & Securitization The benets of securitization Securitization Taskik, Tawriq, and Tasnid Sukuk: A denition (AAOIFI & Others) Sukuk vis-a-viz Bonds Sukuk & Conventional Bonds: A Comparison What Amounts to Shariah Compliant Sukuk? What to be avoided? Some regulatory aspects of Sukuk AAOIFI Shariah Standard Various types of investment Sukuk under AAOIFI standard Guidelines on offering of Islamic Securities Issues & Challenges 1000 : Tea Break 1030 : SECURITIZATION: SCOPE, PROCESS

AND PROSEDURES
Denition and concept of securitization Why securitization is importand? Securitization processes Framework of Islamic securities in Malaysia & Global Market Rating and underwriting requirement Issuing process Modes of issuances Utilization of proceeds Shelf registration scheme 1230 : Lunch 1400 : STRUCTURING ISLAMIC BASED SUKUK

BBA, MURABAHAH, ISTISNA; AND SALAM

Debt creation: Sale Products Features Basic structure for Murabahah / BBA bonds Different products names for Murabahah / BBA bonds Islamic commercial papers (ICP) Islamic medium term notes (IMTN)

Day Two 12 July 2011 (Tue)

0830 : Morning Coffee and Registration 0900 : STRUCTURING MUDARABAH AND

MUSHARAKAH SUKUK
Denition of Mudarabah and Musharakah Sukuk

Pra c tic al Ap pro ac h for O pti m u m U n ders tan di ng o f Su ku

EDGE IN THIS VALUABLE PROGRAMME IN ISLAMIC SECURITIES

About the Workshop
Structure of Mudarabah and Musharakah Sukuk Risk & Return features Risk Prole of Sukuk al Musharakah / Mudarabah Managing the risks in Sukuk al Musharakah / Mudarabah Guarantee on Capital / Prot? Issuance at a discount? Taking Collateral / Security? Default situation & Obligation of Issuer How to word the redemption clause? 1030 : Tea Break 1100 : ISLAMIC ASSET BACKED, SECURITIES AND

Sukuk, the Islamic version of securitization, has already been termed by practitioners as the nancial product for deeper and broader Islamic capital markets. After only a few years since the rst Sukuk deal was launched, the global market for Sukuk is already running into hundreds of billions of dollars. No one in the world of modern nance be it conventional or Islamic can afford to ignore this dramatically growing sector of the market and its increasingly diverse instruments and products. This workshop aims at highlighting the salient features and challenges in structuring and issuing Sukuk. Not only Islamic nanciers will benet from this short and comprehensive workshop. Conventional nanciers would also benet extensively if they want to expand their client base to Islamic clients as well. This workshop has been exclusively designed to provide comprehensive and practical knowledge on structuring Islamic bonds and sukuk. The workshop will enable the interested parties i.e. corporate bankers, treasury, investment bankers, fund managers, trustee etc., to understand more about Islamic securitization, Islamic bonds issuance as well as Sukuk. Presented by learned and experienced course leaders, this workshop will denitely give benet and more condence to the delegates of the workshop and their would-be or existing customers on the distinct features of Islamic securities products and instruments.

OTHERS HYBRID SUKUK

Denition of Asset-backed Securities Islamic Asset-backed Securities: Basic Structure The criteria for the assets that can be securitised as IABS What are needed for IABS structure? True sale criteria The special purpose vehicle Benet of asset backed securitization Challenges in issuing IABS Case study on hybrid and mixed sukuk 1230 : Lunch 1400 : SUKUK: TRADING, PRICING AND

In short the delegates will:

Acquire the knowledge on Shariah principles in Islamic securities and securitization Understand the framework and structure of Islamic securities in Malaysia and worldwide Identify products and instruments in Islamic debt securities Identify the criteria and principles in developing Islamic bonds and Sukuk Examine and Explore and update current issues on regulatory and legal aspects in Islamic securities Review and update the challenges and opportunities in the implementation and development of Islamic bonds and Sukuk in Malaysia and around the globe.

EVALUATING
Public and private sector issues Proposed new issues Objectives of launching Islamic series Needs for globalization Credibility and integrity Trading issues Risk considerations How to price Sukuk? Factors affecting Sukuk pricing Benchmarking Secondary market pricing Competitive pricing 1530 : Tea Break 1600 : GROUP EXERCISE 1730 : END OF WORKSHOP

Course Timing
The workshop will commence at 0900 everyday and nish at 1730. Registration will take place at 0830 on Day One. There will be 3 breaks at appropriate intervals for refreshments and lunch. Morning coffee will also be provided at 0830.

HURRY! CALL US @ +603 41081439 for enquiry and registration

www.cert.com.my

uk a n d S ecuritiza tion

ABOUT THE KEY TRAINERS

DR. ENGKU RABIAH ADAWIAH is currently an Associate Professor at Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia (IIUM). She obtained her LLB (First Class Honours) and LLB (Shariah) (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. She teaches both Shariah and civil law; particularly on the subjects of Islamic transactions, company law, law of contracts and Islamic banking and securities at both undergraduate and postgraduate levels. Her research interest is in securities regulation, company law, Islamic law of transaction, and Islamic banking and nance. Her publications include articles in some journals and periodicals in Malaysia and international. She also serves as a member of Shariah advisor and consultant to several nancial institutions and legal rms. Currently, she is a member of the Syariah Advisory Council (SAC) of Bank Negara Malaysia, and an independent Shariah advisor for Islamic securities issuance, approved by and registered with the Malaysian Securities Commission. In addition, she is also a member of the investigation tribunal for the Malaysian Bar Council. MEOR AMRI MEOR AYOB is the Chief Executive Ofcer of Bond Pricing Agency Malaysia Sdn Bhd, the countrys rst bond pricing agency. He has a Masters of Business Administration with specialisation in Finance from the International Islamic University, Malaysia. He also has a Bachelor of Science degree in Actuarial Science from the University of Kent in Canterbury, United Kingdom. Prior to this position, he has been with RAM since 1994 and his last posting was Head of Financial Institutions Ratings division. SHAMSUN ANWAR HUSSAIN is currently a Director, Global Markets, CIMB Islamic. He holds a Bachelor of Science in Business Administration Degree (Finance) from Boston University in the United States of America. He has garnered over 19 years of banking experience throughout 3 jurisdictions, being the United States of America, Malaysia and Offshore. Notably, the extent of his application of Islamic Finance has spanned over the course of 13 years. He has successfully structured and closed the rst Sukuk Al Ijarah in the international xed income market for Kumpulan Guthrie Berhad, which effectuated the initiation of the global Islamic capital market. Additionally, he has handled various Islamic nancing deals (onshore, offshore and cross border) which holds a total worth of more than RM20 billion. This would include the landmark RM4.4 billion Serial Bai Bithaman Ajil Islamic Debt Securities (BaIDS) for Kuala Lumpur International Airport Berhad in 1996-97, the transaction that is recognized as single-handedly realizing the exponential growth of the Malaysian Islamic capital market.

WHO SHOULD ATTEND

Central Bankers and Regulators Chairman, Members of Board of Directors Chief Financial Ofcers Senior Managers of Islamic banking Senior Managers of Takaful and Insurance Senior Financial/Auditor Corporate Treasurers Financial Controllers Finance and Account Managers Fund Managers and Remisiers Accountants, Auditors and Compliance Ofcers Academicians, Researchers and Consultants Islamic Financial Consultant/ Shariah Advisor Corporate Lawyers Other interested parties

COURSE METHODOLOGY
The workshop is structured for maximum learning with combination of lectures, group discussion and exercises. A dedicated and knowledgeable course leader, will provide the delegates with optimum satisfaction and understanding on the subject matters in Sukuk and Securitization. The aims of this workshop is to combine the theory and practice. This will provide the delegates with knowledge, skills and techniques in real-life situation of structuring Islamic securities products.

CENTRE FOR RESEARCH AND TRAINING ( CERT )

CERT is a research, training and publishing provider that concentrates on various research and training services. CERT offers three main services of Islamic nancial and management training, corporate and business consulting. The programmes and services are offered by expert advisors and consultants skilled in both their chosen eld and in coaching and providing constructive feedback. The programmes and services are designed to empower both the employers and employees to perform to their best, exploring business best practice, innovative management thinking and product development.

IN HOUSE TRAINING
Similar programme can be customised to the needs of your organisation. To nding more on our unique range of successful in-house programme, please do not hesitate to call us at: (603) 41081439/9012 or email at info@cert.com.my (www.cert.com.my)

Hurry! Dont delay. The space is limited. Participation is based on First Come First Served

2-Day Intensive Workshop on

HOW TO REGISTER
Send all correspondence to:
Zarina (Senior Event Manager) CERT Events Sdn. Bhd. (665109-H) 277, Jalan Bandar 11, Metro Melawati 53100 Kuala Lumpur, Malaysia.

SUKUK AND SECURITIZATION

11 12 July 2011 Impiana KLCC Hotel Kuala Lumpur, Malaysia

Any queries please call:

Tel: +603 4108 1439

Fax the Form below to:

WORKSHOP INFORMATION
EARLY BIRD FEE: REGULAR FEE:
Payment before 24 June 2011

Fax: +603 4106 1549

Send your details by email:

zarina@cert.com.my
We will send you a conrmation note on receiving your registration form.

RM2,000.00 / USD700.00 per person

Payment before 24 June 2011

RM2,500.00 / USD850.00 per person

The fee includes lunch, refreshments, workshop documentation and certicate of attendance.

Name 1 Position Email

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.

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(Please photocopy for more participants)

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.

Organisation Name Address

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.
We reserve the right to reschedule the workshop due to circumtances beyond our control.

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INCORRECT MAILING ADDRESS

If you have received multiple mailings of this brochure or incorrect company details on the address, please accept our apologies. If this occurs, kindly notify us so that we can update our database.

Approving Ofcer Name Position Phone Email

The organiser 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 delegates option.

HOTEL ACCOMODATION
Hotel is not included in the workshop fee. To reserve accommodation at the event venue, please contact hotel address below:
IMPIANA KLCC HOTEL 13, Jalan Pinang, 50450 Kuala Lumpur, Malaysia. Tel: 60(3) 2147 1111 Fax: 60(3) 2147 1100 E-mail: info.klcc@impiana.com

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