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Z Z} ZZZ} "   , @*,Sukuks  Legal Meaningl All this changed with the development of the Sukuks. Definitions: a)  Participation Securities, coupons, investment certificates b)  Certificates of equal value, representing after closing subscription, receipt of the value of the certificates and the putting to use as planned, common titles to shares and rights in tangible assets, usufructs and services, or equity of a given project or equity of a special investment activity Z7Z ZZ@ Z Z. ZZ7   A "+ /Types of Sukuks  SMUDARABA SUKUK SALAM SUKUK IJARA SUKUK DEVELOPMENT SUKUK (ISTISNA) MUSHRAKA SUKUK XR R"""+Types of Sukuks   Other Derivations/hybrids Pure Ijara Pooled/hybrid SUKUK (underlying assets use a variety of structures) Variable rate SUKUK Zero-coupon SUKUK fv"u"  mIjara (Leasing) Sukuk $ can be used for long term infrastructure projects by the mobilisation of short term deposits i.e. securitisation of Government tangible assets possible use in project financings.   B.#Typical Project Financing Structure  C/Ijara (Leasing) Sukuk$ Works as follows:- sale of tangible assets to a special purpose restricted Mudaraba (SPV) assets are then leased to the interested parties through a Ijara lease the MUDARABA participation SUKUK will be issued and sold to public/investors with a guarantee of payments (usually from Government or international bank) required security will be given to SUKUK holders MUDARABA managed (on behalf of SUKUK holders) by MUDARIB MUDARIB signs and executes all relevant contracts ensures Shariah compliance transparency and efficient operation t ZZA ZZ  A   >J AD 2Leasing Sukuk   9% Experience Developing Capital Markets Government/Public Sector Issues Financial Institution Issues Corporate Issues Transaction Based Issues Property development (equity input) Project &  Co financings T > >  ;)Conventional Monoline Wraps - Coventional Monoline Insurers Credit Enhancement MBIA, FSA and FGIC Guaranteed timely payments of Interest and Principle Similar problems faced by conventional insurance under Shariah. Security A Matter for Discussion: Pushing the Takaful industry into new areas including trading surpluses. 6d.,r<*Takaful Wraps  The Need to Challenge the Market Go beyond the traditional usage of Takaful Structures that could work are as follows: Wakala (Agency) Mudaraba (more effective).z*nz*,z =+Mudaraba8 Options available Mudaraba with Sukuk Holders on the basis of a portion of the subscription monies designated as donations. Mudaraba with Issuer of Sukuks on the basis of a donation paid by the Issuer from the subscription proceeds of the Sukuks (more effective). Grant of security from Issuer more appropriate.>n0n&b VUB>,   A-Takaful and Sukuks   One helps the other. Concept of a surplus float. Sukuks have created increased liquidity in the traditional Islamic capital markets. That means that Takaful companies can invest the surplus float in Sukuks, giving them more Shariah compliant avenues for investment of the float.>4/?( RABEL AKHUND Taylor Wessing Carmelite 50 Victoria Embankment Blackfriars London EC4Y 0DX Tel: 0207 300 7000 Fax: 0207 300 7100 Direct Dial: 0207 300 7096 E-mail: r.akhund@taylorwessing.com Web: www.taylorwessing.com 8ZZ M: @'   ` ` ̙33` 333MMM` ff3333f` f` f` 3` wwwmVάjZB?" dZ@w~?nPd@  XY n?" dd@   @@``PP    Y`p>> ^(    T @~ "  T Click to edit Master title style! !<  H@~    "  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S   S JFeA,TWMASTE2-powerpoint-2"z   C DA,Tw_4 Colour Small NLD"/V  0@ `   Z*H  0޽h ? wwwmVάjZ 6Taylor Wessing Presentation     4I(  4 4 c \. A8TWMASTE2-Background-powerpo" 4 T@~ "-  T Click to edit Master title style! ! 4 N@~ж_ж "P  W#Click to edit Master subtitle style$ $ 4 6@~ "  `* z 4 C DA,Tw_4 Colour Small NLD"/VH 4 0޽h ? wwwmVάjZ @$*(  $ $ 0r P    X*  $ 0     Z* d $ c $ ?   $ 0k  @  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S $ 6k `P   X*  $ 60k `   Z* H $ 0޽h ? ̙3380___PPT10.6 Zjv P(    0k P    X*   00k     Z*   6k `P   X*   60k `   Z* H  0޽h ? ̙3380___PPT10.6 lv 0 c(  ~  s *@s4  ~  s *s4p     <sf @   0`s|   =5905558(2   0sP  f2Rabel Akhund Islamic Finance Group 2 November 20073 23H  0޽h ? ̙33y___PPT10Y+D=' = @B +  `(  x  c $Pk   r  S k  v  0k   Conventional insurance problematic under Shariah. Problems with Gharar, riba and gambling. 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