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Andrew Morgan
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LEGAL & DOCUMENTATION ISSUES FOR SUKUK

+603 2162 7801 +601 2207 9201 +603 2162 7800 +603 2162 7820 Andrew.Morgan@REDmoneygroup.com

Key Legal and Shariah Requirements for Sukuk Issuances Crucial Regulatory and Compliance Issues Governing the Issuance and Trading of Sukuk Facility and Security Documentation Guide for Sukuk Sample Documents and Case Studies of Successful Sukuk Issuances Documentation and Legal Issues for Cross Border Sukuk

Expert Course Director Mohd Zahid Abdul Aziz

14th - 16th February 2012 Kuala Lumpur

Visit www.MIFtraining.com today or call +603 2162 7800 for more information

Legal & Documentation Issues for Sukuk

14th - 16th February, Kuala Lumpur Who Should Attend
This course is designed for bankers, lawyers and academics requiring an in depth understanding of the legal and documentation issues pertaining to Sukuk issuances. The course will begin with a refresher on the main Islamic financing concepts and a detailed explanation of legal and Shariah issues as well as contracts affecting debt financing but will quickly gather pace to address the intricacies and complexities involved in legal and documentation issues for Sukuk issuances. The course director will provide comprehensive guidance on the issues through a series of lectures, discussions and highly relevant case studies.

Expert Course Director

Muhammad Zahid Abdul Aziz holds a Bachelors Degree in Economics from University of Exeter, United Kingdom. After graduation he joined an international accounting firm in London. He returned to Malaysia in 1982 and joined Arab Malaysian Merchant Bank Kuala Lumpur. He then joined Bank Islam Malaysia in 1990 where he pioneered and helped develop Islamic Corporate Banking specializing in Islamic Syndications and Sukuk Issuance. Whilst at Bank Islam Zahid worked as part of the team that transacted the KLIA RM4.4 billion Malaysian Sukuk in 1996, a benchmark issue. Zahid left Bank Islam in September 2000 to form a financial and Shariah consultancy, based in Kuala Lumpur. Between July 2006 and March 2009 Zahid was based in Riyadh as head of investment banking & Sukuk origination for Al Bilad Investment Company Ltd, a CMA licensed wholly owned subsidiary of Saudi Arabias Bank Al Bilad. In April 2009 he returned to Malaysia to resume his position as a financial consultant.

Course Agenda Day 1

Fundamental Muamalat (Islamic Commercial Principles and Law) Ownership (Milkiyah) Definition Cause for ownerships Islamic Law & Islamic Jurisprudence (Fiqh & Usul Fiqh) Complete and incomplete ownership Quran, Sunnah, Ijma, Qiyas, Istihsan, Sadd Restriction of ownership Dharai, Maslahah Mursalah, Urf, Istishab, Hukum Properties that cannot be owned SharI, Hukum Wadhi Objectives of Shariah (Maqasid Shariah) Theory of Contracts in Shariah Education of mankind, establishment of justice, Definition realisation of Maslahah, Dharurriyat, Hajjiyat, Tahsiniyyat Pillars of contract Purpose and effect Legal Maxims (Majelle) Conditions of contracts Classifications of contracts Private Property (Maal) Options; and Definition, Hanafi & other schools, classifications of Terminations of contract property Prohibited Elements Right & Obligation (Haq & Dayn) Definitions & classifications, illustrations Haqqullah and Haqqunnas, pillars of rights, classifications Riba, Gharar, Maysir, Haram of rights

Day 2
Overview of Islamic Financing Concepts Equity Financing Detailed explanation on the concepts of equity Debt Financing financing: Detailed explanation on the concepts of Debt Mudarabah and Musharakah Financing: Musharakah Muttanaqissah o BBA, Murabahah, Istisna, Ijarah Muntahiah BitTamlik (IMBT), Salam, Inah, Qardhul Hasan, Other Islamic Financing Concepts commodity Murabahah/Tawarruq Detailed explanation of other concepts: o Wakalah, Kafalah, Sarf, Wadiah, Rahn, Bai, Dayn, Muzayadah, Hibah, Ibra/ Muqassah, Ittifaq Dhimni, Sukuk, Sanadat, Ujr

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Islamic Legal Documents Overview of Islamic Financing Legislations Being Islamic in a civil law environment Contradicting Shariah contradicts Islamic Banking Act and BAFIA as amended for Islamic banking When complying with Shariah is required by law Review of new Central Bank Act 2009

Special Shariah Requirements in Islamic Financing Documents Why and what are financing payable accounts? Notional marginal deposit accounts? Tawidh Examination and Summary of Precedent Security Which are the akad clauses protecting the akad Documentation clauses? Shariah compliant specific charges Avoiding drafting a conditional sale Debentures Where to place conditions precedents clause Memorandum of deposits Where to place redemption and Ibra clauses Joint and several guarantees of directors Affirmative akad clauses Corporate guarantees trust deeds Special requirements of Murabahah akad Agency agreements Security sharing agreement Examination and Summary of Precedent Facility Application of proceeds clauses Documentation Avoidance of interest clauses For Islamic project financing Asset acquisition

Working capital facilities Bridging and end finance and syndications under concepts of BBA Istisna Murabahah Ijarah Inah Ijarah Muntahiah Bit-tamlik Wakalah Musharakah and Mudarabah Commodity Murabahah Musharakah Mutanaqissah

Day 3
Local Sukuk and Legal Documents BBA Notes and Legal Documents Asset purchase agreement Asset sale agreement Notes issuance facility agreement Agency agreement Islamic Medium Term Notes (IMTN) and Legal Documents/Islamic Commercial Papers (ICP) and Legal Documents ICP/IMTN Facility Agreement Schedule to Agreement: o Issue request o Invitation and tender o Tender o Acceptance of tender o Resale o Tender panel agreement o Trust deed Classical Musharakah Sukuk and Legal Documents Classical Mudarabah Sukuk and Legal Documents Complying with Securities Commission Malaysias Guidelines on Offerings of Islamic Securities Concepts Structure Term sheet Legal documentation Administrative and operational procedure and documents Eligibility of transacted asset/project International Sukuk and Legal Documents Case Studies: Investment Dar Sukuk Musharakah Structure Term sheet and legal documents Sovereign Sukuk Ijarah Structure Term sheet and legal documents Paka Capital Exchangeable Sukuk Structure Term sheet & outline legal documents SABIC / SEC Saudi Sukuk Istithmar Structure Term sheet & outline legal documents Dar-Al Arkan Sukuk Structure Term sheet & outline legal documents Sukuk Issues General Legal And Documentation Issues o Legal risks o Legal uncertainties o Is Trust concept recognised in local laws? o SPVs can it be incorporated? o SPV Characteristics- independence, bankruptcy remote, which jurisdiction o Common law vs Civil law o Sukuk assets- can it be transferred? o Sukuk assets - tax issues, prohibition on assignments, ownership risks, insolvency clawbacks and true sales, recharacterisation of structure. o Listing rules, regulations and tax laws o Which jurisdiction? Overview of an International placement memo AAOFFI Sukuk rulings/OIC Fiqh Academy rulings Overview international Sukuk defaults Tamweel Sukuk & East Cameron Sukuk Nakheel and Dubai World

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Legal & Documentation Issues for Sukuk

14th 16th February 2012

1. PRICING & DISCOUNT

The pricing for this course is as follows:
I am booking: Register on or before 21 December 2011
st

Pricing RM3,950 RM4,180 RM4,400

Register on or before 18th January 2012 Register After 18th January 2012

Please note: A late booking fee of RM150 will be imposed on registration received within 14 days of the course start date. Fees include training materials, refreshments and lunch. Accommodation is not included.

2. Delegate details
Name Job Title Email address Telephone 1 _________________________________________ / _____________________________________ / ___________________________ / ______________________ 2 _________________________________________ / _____________________________________ / ___________________________ / ______________________ 3 _________________________________________ / _____________________________________ / ___________________________ / ______________________ 4 _________________________________________ / _____________________________________ / ___________________________ / ______________________ 5 _________________________________________ / _____________________________________ / ___________________________ / ______________________

3. Who to invoice and contact?

Please tell us who we should invoice. It is also helpful for us to have the name of an administrator with whom we can liaise directly. Contact person for invoicing: .......... Job Title: ............................................. Email: ..................................... Tel: ....................... Fax: .................................. Contact person to send administration details: ................................................................................................................................................................... Job Title: ............................ Email: ................................................................................................ Tel: ................. Payment can be made by cheque or bank transfer. A notification will be sent to you once payment has been received. I wish to pay by: Cheque/bankers draft Telegraphic transfer Please note all telegraphic transfer fees are to be borne by the sponsoring organization.

4. Approving Manager

To process your registration we require the name and signature of a manager who is authorized by your organization to approve training expenditure. Name: ...................................................................................................................................................... Job Title: ................................................................ Organization name: ................................................................................................................................................................................................................ Email: ........................................................................................................................................................ Tel: ......................................................................... Authorizing signature ........................................................................... (mandatory) Yes, I have read and understood the booking and cancellation policy below.

By email: info@miftraining.com By fax: +603 2162 7810 You may also book online at http://www.miftraining.com Please call us on: +603 2162 7800 or +603 2162 7802 if you require assistance. Our address is: REDmoney, 21/F, Menara Park, 12 Jalan Yap Kwan Seng, Kuala Lumpur, 50450, Malaysia Booking and Cancellation Policy important, please read carefully By completing and sending us this registration form you are confirming delegate places on the course. If delegates cannot attend the course replacement participants are always welcome. Otherwise delegates must request in writing (letter, fax or email) to cancel registration/s or transfer to a different course at least 21 days before the course start date to be eligible for a refund, less a 5% administration fee. Delegates who cancel within 21 days of the course start date, or who do not attend, are liable to pay the full course fee and no refunds will be given. Instead fees will be converted to an REDmoney course voucher equivalent to the original fee, less a 15% administration charge. This voucher is transferable within your organization and must be redeemed within one year of issue or become void. If a course is postponed for whatever reason delegate bookings will be automatically transferred to the new course date. Delegates who wish to transfer to a different course will be subject to the same terms as above and charged the difference in course fees. No refunds or course vouchers will be issued for a no-show. REDmoney reserves the right to amend the published program, dates or speaker. In the event of course cancellation due to unforeseen circumstances, REDmoney is liable only to refund the cost of the course. Course Venue: Details & the venue will be sent to you upon registration. MIFT 1290_P

5. Send us your registration!