Sukuk Issuance - Sharia prespectives by Muhammad Talha
From HodHood
Contents
Top 20 FREQUENT WORDS
sukuk 37 assets 27 spv 18 trust 12 sukuks 11 wapda 9 client 8 issues 8 holders 7 secondary 7 investment 6 islamic 6 limited 6 ownership 6 pool 6 subscribers 6 credit 5 financial 5 lease 5 primary 5 rentals 5 sale 5
DOCUMENT KEY POINTS
- com dcma director wapda first sukuk company limited director wapda second sukuk company limited director first credit investment bank fcib director finance wapda the views expressed in this presentation are those of the author and do not necessarily represent wapda
- hamad rasool fcma fcis fpa m
- certificates of equal value representing proportionate ownership of tangible assets or usufructs or services or of the assets of a project or in an investment activity
- 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 from legal or beneficial ownership of assets
- i these current income streams are established and translated into tradable securities i trust notes or certificates similar to equipment trust certificates etcs and unit trusts i issuer creates a trust over the leased assets i trustee issues sukuk to the primary subscribers the beneficiaries under the trust in the primary market
- an undivided proportionate ownership interest in an asset i the corresponding right to the islamically acceptable income streams generated by the asset
- i islamic financial institutions are seeking to diversify their portfolio and increase their portfolio size of tradable instruments with fixed income profile i the industry requires sukuk funds for retail distribution
- i the underlying assets are purely used as a means of transacting and do not constitute a transaction specific pool of security
- i sukuks are usually issued through special purpose vehicle a spv i in pakistan a limited liability company has acted as the issuer and is registered with and regulated by secp i short and long term a years tenor i there were record number of sukuk issues in worldwide with a total volume of us
- billion i new issues of sukuk in sovergine and corporate with an average deal size of us
- i diversification of funding sources i creating and enhancing profile in international markets i secondary liquidity i sizeable financing
- i ease of clearing and settlement
- i diversification in investment i provides leveraging capabilities i secondary market liquidity i ease of clearing and settlement i investment available to institutional and retail investors i allows for many computation of risk a credit mkt
- duration etc
- i collection and paying agent banks i credit enhancement provider hedges guarantees takaful etc need to be explored
- i originator initial owner i spv set up for the issue i investors subscribers
- spv creates a trust in respect of the assets and issues sukuk aiijara to raise m primary assets spv sukuk subscribers
- type of assets real trading property moveable property equipment and other tangible assets
- spv distributes the amortising of non amortising if nonlease rentals to sukuk amortising the last lease rental will holders as coupon include a bullet repayment of m payments
- subscribers pay m to the spv for the sukuk primary spv sukuk subscribers
- spv will put the assets to client client assets sukuk spv sukuk holders
- result ownership of assets revert back to client
- typical intrnational sukuk mechanism a step by step step step step step step identification of leaseback of sukuk sale of the sukuk issuance of the redemption of assets forming the pool to an entity pool to an spv sukuk securities sukuk securities sukuk pool owned by qatar i assets free from i establish a i lease back of i spv declares i the lessee will encumberances
- bankruptcy remote assets by spv to trust in the favor undertake to special purpose the seller or of sukuk holders purchase the i directly owned another related by the seller or vehicle spv trust deed assets of the entity one of its i sale of assets to i sukuks issued as sukuk pool i lessee pays upon maturity entities
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\sukuk islamic
KeyWords
sukuk islam asset finance issu certifi financi contract bankable bond ijarah leas structur profit holder rate developed purchase risk investor
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DOCUMENT REFERENCES
Number of Pages
30
Published Date
2016-09-17 00:55:33
