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Duncan Smiths Presentation
1. Islamic Banking – Products & Operations A practical introduction Duncan R. Smith Arab Banking Corporation March 2008
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6. ORIGINS OF ISLAMIC BANKING Quran Hadith & Sunna Interpretation by Shariaa Scholars Sayings of the Prophet Teachings & Life style of the Prophet i) Sahih Al-Bokhari ii) Sahih Muslim 1) Hanbaly 2) Shafei 3) Hanafi 4) Maliki Two Sects of Islam Sunnah Shia’h 5) Ithna-Ashriah Qiyas - Ijtehad – Ijma’a Surah Verse(s) Al-BAQARRAH (#2) 275-279 AN-NESSA (#4) AL-EMRAN (#3) AR-RUM (#30) 130 161 39
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13. (2) LIBYAN CONSTRUCTION EQUIPMENT FINANCE TRANSACTION ABCIB Suppliers Client Contractor Equipment Contract payments Opens Letters of Credit $ payments Makes payments against documents Supply goods / equipment
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18. (4) SUKUK SUMMARY ABC Islamic Bank (E.C.); Arab National Bank; Deutsche Bank AG; Dubai Islamic Bank PJSC; Gulf International Bank B.S.C.; Kuwait Finance House (Malaysia) Berhad; Unicorn Investment Bank, B.S.C. (c) Joint Lead Managers and Joint Bookruners Saudi law for property-related documents English law for Trust Deed and Certificates Governing Law Sukuk Al-Ijara Issue Type Application made to Dubai International Financial Exchange (DIFX) and Labuan International Financial Exchange (LFX) Public Listing US$ LIBOR plus 225bps Coupon 3-month US$ LIBOR Floating Rate 5 years, bullet Maturity Dar Al-Arkan International Sukuk Company (a limited liability company incorporated in the Cayman Islands) Issuer 5 Year US$[*] Trust Certificates due 2012 Issue Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan) Guarantor
19. Sale Proceeds (US$) Sale of Real Estate Assets (Transfer of Title Deeds) Issue Proceeds (US$) Guarantee 5 Year Lease (Use of Real Estate Assets) Lease Payments On-shore Offshore Certificates Payment for Real Estate R ights (US$) Transfer of Real Estate Rights SAUDI SPV Dar Al-Arkan ISSUER (Dar Al-Arkan International Sukuk Co.) SUKUK HOLDERS (4) TRANSACTION STRUCTURE (SUKUK AL IJARA)
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23. Property / Asset Customer (20% share) (“Customer Share”) Bank (80% share) (“Bank’s Share”) (6) DIMINISHING MUSHARAKAH / IJARAH STRUCTURE Customer Bank Customer (as tenant) Bank’s Share Increasing ownership Acquisition cost instalments to purchase 80% share Joint Purchase Based on Shirkat-al-milk. Bank takes title Customer agrees to repay principal by the buying over time, the Bank’s share. Consequently the customer’s ownership interest in the property increases and the Bank’s decreases The Customer leases the Bank’s share, with periodic adjustments made to rental to reflect the fact that a reducing bank share is being leased Rental Lease of reducing Bank’s share
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