ISLAMIC CORPORATE FINANCING &

ISLAMIC LEGAL DOCUMENTS 16th August 2007

THE PROGRAMME

8.30 am - Registration

ISLAMIC CORPORATE FINANCING

9.00 am – 10.30 am

Overview of Islamic of Financing Concepts

Debt Financing

Detailed explanation about the concepts of Debt Financing – BBA, Murabahah, Istisna’, Ijarah Muntahiah Bit-Tamlik (“IMBT”), Salam, Inah, Qardhul Hasan.

Equity Financing

Detailed explanation about the concepts of Equity Financing – Mudharabah & Musyarakah.

10.30 am – 10.45 am - Morning Break

10.45 am – 1.00 pm

Other Islamic Financing Concepts

Detailed explanation about other concepts – Wakalah, Kafalah, Sarf, Wadiah, Rahn, Bai’, Dayn, Muzayadah, Hibah, Ibra’/ Muqasah, Ittifaq Dhimni, Sukuk, Sanadat, Ujr.

How These Concepts Are Used In Islamic Corporate Financing

Application to Corporate Requirements – Project Financing, Working capital financing, retail financing, syndication, consumer financing and personal financing.

Applications of Musyarakah & Mudharabah principles in share & project financing

q Case study in Share financing;

q Case study in Project financing;

q Other case study.

Note: Please bring along Calculator.

1.00 pm – 2.00 pm – Lunch

ISLAMIC LEGAL DOCUMENTS

2.00 pm - 3.15 pm

Overview of Islamic Financing Legislations

Being Islamic in a civil law environment

Contradicting Syariah contradicts Islamic Banking Act and BAFIA as amended for Islamic Banking. Complying with Syariah is required by law

Examination and summary of precedent facility documentation

For Islamic Project Financing, Asset Acquisition, Working Capital Facilities, Bridging & End Finance and Syndications under concepts of BBA, Istisna’, Murabahah, Ijarah. Inah, Ijarah Muntahiah Bit-tamlik, Wakalah, Musyarakah and Mudharabah

3.15 – 3.30 – Afternoon Break

3.30 – 5.00 pm

Examination and summary of precedent security documentation

Syariah compliant Specific Charges,Debentures, Memorandum of Deposits, Joint and Several Guarantees of Directors, Corporate Guarantees Trust Deeds, Agency Agreements, Security Sharing Agreement, Application of Proceeds clauses. Avoidance of interest clauses

Special Syariah Requirements in Islamic Financing Documents

Why and what are Financing Payable Accounts,and Notional Marginal Deposit Accounts?, Ta’widh, Which are the akad clauses Protecting the akad clauses, Avoiding drafting a conditional sale, Where to place conditions precedents clause, where to place Redemption and Ibra’ clauses. Affirmative akad clauses Special requirements of Murabahah akad.

.5.00 pm – End

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ISLAMIC BONDS AND THE ISLAMIC CAPITAL MARKET COURSE 17th August 2007

THE PROGRAMME

Registration 8.00 am

Course starts at 8.30am and ends at 5.30pm

What is an Islamic Bond?

1. Underlying Islamic Financing Facilities for Islamic Bond Issuance.

-    Islamic Syndications

-    Islamic Facilities and the Internal Rate of Return

-    Islamic Bond Issuance

-    Bai’ Bithaman Ajil (“BBA”)/ Istisna’ Bond Issuance

-    Sukuk Ijarah

-    Ijarah Musyarakah Structure

-    Ijarah Muntahiah Bit-Tamlik

Morning Break (10.30am t0 11am)

2. Principal Features of Islamic Bonds and

    its Latest Developments.

- Principal features of Baids

- Principal features of ICP’s

- Principal features of IMTN’s

- Principal features of Musyarakah/ Mudharabah Bonds

- Project Gold – Analysing the Structure and Features of Malaysia’s First Islamic Sovereign Issue.

USD600 million Sukuk Ijarah/ Trust Certificate Issuance on behalf of Malaysia Global Sukuk Inc.

Understanding Middle Eastern Preferred Structures – Sukuk Musharaka, Sukuk Istithmaar, SABIC Sukuk

Lunch (1pm to 2pm)

Issuing an Islamic Bond

1.Islamic Bond Issuance from the Issuer’s Perspective.

- Eligibility of projects for Islamic Bond

   Financing.

-    Basic criteria for companies to be eligible to issue Islamic Bonds.

-    The Rating Process and Significance of Ratings.

-    The Issuance Procedure/ Requirements.

-    Advisors / Consultants.

-    Detailed Costs Breakdown.

-    Pricing – Islamic Bonds vs. Conventional Bonds

-    Period taken and timetable to Financial Close.

-    Accounting entries for Islamic Bonds.

2. Understanding Bond Legal

     Documentation

q BAIDS – Salient Points

      Asset Purchase Agreement, Asset Sale Agreement, Notes Issuance Facility Agreement, Agency Agreement.

q MUNIF/IMTN – Salient Points

ICP/IMTN Facility Agreement Schedule to Agreement – Issue Request, Invitation and Tender, Tender, Acceptance of Tender, Resale, Tender Panel Agreement, Trust Deed.

q Highlights of special Syariah requirements in Bond Legal Documentation.

Afternoon Break (3.15pm to 3.45pm)

3. Complying with Securities

    Commission’s Guidelines on Offerings of Islamic Securities.

Concepts, structure, term sheet, legal documentation, Administrative and Operational procedure and Documents. Eligibility of transacted asset/project

4. Islamic Capital Market Exercises

     I) Computing the face value of Primary and

         Secondary notes.

     II) Designing an Islamic Bond Termsheet for a

       potential Issuer      End

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Muamalah Financial Consulting Sdn Bhd(494989-H)

17-1, First Floor, D'Bayu, Jalan Serambi U8/21,

Bukit Jelutong, 40150, Shah Alam, Selangor, Malaysia
Tel:+603 7842 5187, +6012 212 5405 Fax:+603 7842 5201, +603-7847 3214
email : muamalah_consulting@hotmail.com