Speaker Guidelines

International Islamic Banking Summit Africa 2015

Technical Program 2

High-quality presentations are essential for the success of the International Islamic Banking Summit Africa. To help you plan

your presentation for International Islamic Banking Summit Africa
2015, please find in this document important information

Islamic Syndicated Finance:

Principles & Case Studies

about the audiovisual equipment available in the meeting rooms, along with guidelines to help you prepare and deliver your
presentation.

THE SETTING

The International Islamic Banking Summit Africa 2015 will take place in the main ballroom, which is called the Nakheel
Ballroom and has a capacity of up to 300 people. The ballroom will be equipped with the following presentation equipment:
one screen
one electronic data projector
one Podium microphone
one portable presentation pointer & clicker

YOUR PRESENTATION
Here are some helpful hints for both the preparation and delivery of your high-quality talk:
The International Islamic Banking Summit Africa audience draws participants from a wide variety of regions, both from

AIMS

Table of Content

1. Introduc,on to Syndicated Finance
2. Islamic Syndicated Finance
3. Islamic Finance Structures used in Syndica,ons
4. Case studies

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1- Introduc,on to Syndicated Finance

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Origins of Syndica@on
Involves a group of investors or nancial ins@tu@ons puAng together their
resources to provide nance to the customer (the end user of funds)

Etymology (Wikipedia): The word syndicate comes from the French word
syndicat which means trade union (syndic meaning administrator), from the La@n
word syndicus which in turn comes from the Greek word (syndikos),
which means caretaker of an issue
The prac@ce started in various areas of our society prior to spreading to the
nance sector (radio, criminals, businesses, workers, loSery, etc.)
Massive expansion of Islamic nance market (need numbers)
Contradic@ons remain regarding the growth in each country: Malaysia (97%
penetra@on) vs. Turkey (6%)
Large corporate borrowers only?

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Mo@va@ons for the par@es

Banks mo,va,ons
Por]olio diversica@on
Avoids excessive single name exposure while preserving commercial
rela@onship with the customer
Can generate addi@onal fee income
Gives access to new markets & clients
It is easier to liquidate (sell) as opposed to a bilateral (Sharia debate about
selling at discount)
Clients mo,va,on
Could obtain larger facili@es
Could obtain longer maturi@es
Could benet from lower cost
Single set of documenta@on
Deals with one bank (agent)

5

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Evolu@on of Syndicated Finance

Global syndicated lending reached US$2.1 trillion during the rst half of 2015, an 8%
decrease compared to the rst half of 2014 and the slowest six-month period for
lending since the rst half of 2013.
Lending ac@vity during the second quarter of 2015 saw a 24% increase from the rst
quarter this year.
Nearly 4,700 transac@ons closed during the rst half, a decrease of 12% compared to
the rst half of 2014.
Has expanded to all types of nance (corporate, retail, projects, governments, etc.)
Crea@on of Loan Markets Associa@on (LMA)

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Market Trends

Mul@-tranche facili@es are s@ll the market norm for larger facili@es: Conven@onal
tranche & Islamic tranche
Central Banks con@nue to regulate the banks when it comes to expanding their
ac@vity into Islamic banking
Conven@onal banks have con@nuously expanded their business into Islamic
Finance, hence increasing the overall pool of liquidity
Malaysia, Saudi Arabia, United Arab Emirates and Kuwait are the main 4 markets
for Islamic Syndica@ons (more than 70% of the overall market)
Project and Infrastructure funding is an increasingly popular sector in Islamic
syndicated nancing.
Syndicated loans are of par@cular importance in emerging markets because they
increase access to nancing from an external source for large companies and thus
favor investment in these countries.

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Global Volumes

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Types of Syndica@on
UnderwriSen deal

Best eort

Club deals

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Roles & Responsibili@es

Arranger / Lead Bank
Agent Bank
Security agent / Trustee
Par@cipa@ng banks

10

Factors inuencing the structure

Purpose of the nancing
The assets used to repay the loan
The nature of the borrowers business
The amount of exibility that the par@es require
The lenders view of the sharia compliant nature of the transac@on

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AIMS

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Process of Syndica@on
Understanding the clients needs
Agreeing on mutually acceptable terms and condi@ons / structure
Gathering the informa@on / drauing the Informa@on Memorandum
Forming the Syndicate leads
Launch of the Syndica@on
Legal documenta@on
Financial Closure

12

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2- Islamic Syndicated Finance

13

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Market percep@ons
Easier to access the Islamic loans vs. conven@onal?
Does it require more advanced knowledge?
Lower credit quality?
Only for religious en@@es?
More advanced countries?
Lower cost of nancing?

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Islamic vs. Conven@onal Syndicated Finance

AIMS

Islamic syndicated loans have many similari@es with conven@onal syndicated loans.
Commercial considera@ons are usually similar
Underwri@ng element remains the same, if required
Have access to a wider pool of liquidity
Need for a separate book keeping for conven@onal banks
Main dierences
Compliance with Sharia principles (prohibi@ons: riba & gharar among others)
Types of banks involved: conven@onal banks and Islamic banks
Types of businesses nanced may dier as there are certain exclusions (haram)
Require approval of Sharia scholars
Sell down (par vs. discount)

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Mechanism in Islamic Syndicated Finance

AIMS

Par@cipa@on agreement or investment agency agreement: Agreement among

Islamic nanciers describing rights and obliga@ons
One party to interface with the customer and the par@es respec@ve rights and
obliga@ons
Role of the lead bank
Documenta@on

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Islamic Financing Methods

In a broad sense, all methods can be grouped in 3 specic categories:
Prot & Loss sharing principle
Markup principle
Sukuk

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Prot & Loss sharing principle

Similarity with equity investments as the nanciers are en@tled to share prots and
losses of the borrowers business.
Rate of prot is determined as a percentage and not as a lump-sum payment
Generally, there is no collateral or other guarantees
Direct or indirect control over the borrower exists
Mudarabah
Banks are sole capital providers to the project (Raab al Maal)
The borrower provides labor and exper@se (Mudarib)

Musharaka
Partnership with right of control
Resembles venture capital
Banks are not providing the en@re capital

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Markup principle
Return can be calculated as a xed percentage of the total investment
Provide the possibility of reques@ng for a collateral from the borrower
More similar to conven@onal modes of nancing

Murabaha
Cost-plus nancing
A markup is nego@ated between a buyer (borrower) and a seller (the nancier)

Ijara

Similar to leasing
Product leased for a specied @me and specied sum
No further collateral is required
Can be used for long-term nancing

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Sukuk
Is it really a syndica@on?
An Islamic bond that is asset based
The investor owns an interest on a real tangible asset
Can be designed as prot sharing as well as markup
Sharia controversy regarding certain structures

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Syndicated Financing vs. Sukuks

In its broad deni@on, Sukuks (and bonds) are also a type of syndica@on
Dieren@a@on factors:

Ra@ng requirement
Tenor & size
Investor base
Pricing mechanism
Process & cost
Timing
Liquidity

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Considera@on for a Successful Syndica@on Strategy

AIMS

Islamic syndicated nancing is derived from the same fundamental no@ons and share
some of the same commercial considera@ons as conven@onal syndicated nancing in
addi@on to few unique issues:
The absence of standard documenta@on similar to LMA
The Sharia approval process from bank to bank may vary
The method of syndica@on on:
Assignment or Nova@on of the Loans
Modica@on of the Loan terms
Par@cipa@on of the Loan
Timing of Syndica@on
Presence of a Conven@onal Tranche

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3- Islamic Finance Structures used in Syndica,on

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Murabaha Syndica@on
Syndicate of Banks
and Financial
Ins@tu@ons

Funding Pool
Goods (immediate
Delivery)

Investment
Agent / Seller

Supplier
Immediate Payment

Deferred Payment
(mark-up)

Goods
(immediate Delivery)

Borrower /
Purchaser

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Murabaha Syndica@on Considera@ons

AIMS

This type of transac@on is based on a asset required by the borrower for its use.
Also known as goods Murabaha
Investment Agent will hold @tle to the asset un@l it is sold to the Borrower.
Sharia principles require that the seller owns the asset at the @me it is oering to
sell it.
As a result, the Investment Agent (and, by extension, the lenders) bear the risk of

loss, however so briey it may be.
Based on the risk of loss being taken by the lender, the mark-up it charges is
treated as prot.
Amount paid by the borrower towards the purchase price of the assets are used
to pay:
The investment Agents fee.
The syndicated banks for their pro rata share of the amounts they have
advanced.
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Goods Murabaha Structure & Applica@ons

AIMS

Promise to purchase by the customer

Procurement of goods by the bank by payment of price
Sale of goods by the bank to the customer on a Murabaha basis
Deferred payment of Murabaha sale price by the customer
The return is xed
The underlying goods cannot be delivered before execu@on of the Murabaha
agreement
Suitable to nance good and commodi@es, hence ideal for trade nance as well as
short-term and medium-term working capital facility
Can also be used for shorter dura@on project nance transac@ons

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Commodity Murabaha Syndica@on

Syndicate of Banks
and Financial
Ins@tu@ons

Funding Pool

Immediate Payment

Investment
Agent / Seller

Broker A
Immediate Delivery

Deferred
Payment

Immediate Delivery

Immediate Payment

Borrower /
Purchaser

Broker B
Immediate Delivery
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Commodity Murabaha Syndica@on Considera@ons

AIMS

Commodity Murabaha or Tawarruq involves many of the same steps as Murabaha.

Investment Agent purchases a freely tradable asset in the spot market using funds
received by the lenders.
Investment Agent then immediately sells the asset at the agreed marked-up price
to the borrower for immediately delivery.
Borrowers obliga@on to pay the price is deferred (payable in installment or as
bullet repayment at maturity as agreed with lenders).
Borrower then immediately sells the asset in the spot market to a third party for
immediate payment against delivery.
Commodity Murabaha is most commonly used for term loan or a revolver facility in
Islamic syndica@on structure.
This structure is the closest to a conven@onal loan structure whereby the lenders
take no real risk on the uctua@on of the underlying asset price.
Although it is quite widely spread, some banks refrain from using it because they
deem it as not fully Sharia compliant.
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Ijara Syndica@on
Syndicate of Banks
and Financial
Ins@tu@ons

Funding Pool

Investment
Agent /
Lessor

Sale of
Asset

Lease and Service

Agreement

Purchase
Price

Obligor /
Lessee /
Service Agent
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Rental
Payment

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Ijara Syndica@on Considera@ons

Ijara is commonly referred to as a hybrid between an opera@ng lease and a

nancial lease.
It is a contract under which an iden@ed property or asset is leased in
considera@on of an agreed rental.
Investment Agent uses the funds advanced by the lenders to purchase a Sharia
compliant asset from the borrower.
Borrower pays rental payments (principle + prot based on xed or oa@ng rate)
In case of fully amor@zing facility, the borrower buys back the asset for a token
sum.
For Ijara, the borrower must have assets of sucient value.
Sharia is exible to allow borrower to use pool of assets which it can replace with
equal value assets any@me.
Asset must be free of any encumbrances.

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Ijara Structure & Applica@ons

Promise to lease by the customer
Procurement (acquiring @tle and possession) of the asset by the bank

Lease agreement between the bank and the customer for an agreed term in
considera@on of rentals
Payment of rentals by the customer to the bank during the lease term
At maturity, sale or giu of the asset to the customer
Ownership of the asset stays with the bank during the lease term
Lease is in eect the sale of the usufruct of the asset
Suitable for home nancing, real estate, aircrau & project nance

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Mudaraba Syndica@on
Syndicate of Banks
and Financial
Ins@tu@ons
Funding Pool

Investment
Agent
(Rab Al Maal)

Invest Funds

Share in prot
and all losses

Fee (base on
shares of
prot)

Mudaraba

Project

32

Borrower
(Mudarib)

Provides exper@se
and manages funds

Mudaraba Syndica@on Considera@ons

AIMS

In Mudaraba partnership, one party contributes money which is invested by the

other party.
In Syndica@on, borrower and lenders form the partnership through the
investment agent.
Generally, investment agent role is assumed by the borrower.
The investment agent (borrower) is not required to invest side-by-side the
lenders.
In Syndica@ons, one bank will s@ll bear the role of the lead bank and coordinator
between the syndicate banks and the borrower
Mudaraba can be either:
A restricted Mudaraba where the lenders specify a par@cular business in
which they want the borrower (investment agent) to invest the funds
Unrestricted Mudaraba where the discre@on of investment is given the
borrower (investment agent)
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Mudaraba Structure & Applica@ons

AIMS

The bank and the customer enter into a Mudaraba contract backed by a business
plan
Bank provides funds to the customer for the purpose of earning prots
The customer invests the funds as part of the business plan
Any prot earned from the underlying investment/ assets is distributed between
the customer and the bank(s) as per an agreed ra@o
Payment of prot cannot be guaranteed
Mudarib can only be held responsible if he has been negligent or misconduc@ve
Suitable for all types of nancing
Used for project nance, expansion projects, etc.
Also used for Tier 1 and Tier 2 capital raising issuances

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Musharaka Syndica@on

Syndicate of Banks
and Financial
Ins@tu@ons
Funding Pool

Investment
Agent
(Partner)

Share in prot
and losses

Share in prot
and losses

Borrower
(Partner)

Contribu@on
in kind (or cash)

Cash
Contribu@on

Musharaka

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Musharaka Syndica@on Considera@ons

AIMS

It is a contract between the client and the banks to combine their capital assets or
to merge their services or obliga@ons and liabili@es with the aim of genera@ng
prot
Musharaka can be of two type (1) contractual partnership and (2) Co-ownership
partnership.
In contractual partnership, the borrower contributes tangible assets and the
lender contributes cash through the investment agent for the nancing.
In co-ownership partnership, both lender and borrower act as co-owner and share
risks and rewards in pre-agreed ra@os.
In Diminishing Musharaka, the borrower gradually buys out the ownership rights
of the lender.
Due to complexi@es involved in Musharaka, it is not readily used for Islamic
Syndica@on
Commonly used for equity nancing transac@ons

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Is@sna Syndica@on

Syndicate of Banks
and Financial
Ins@tu@ons
Funding Pool

Purchase Price

Purchase Price plus

Premium (deferred)

Investment
Agent

Developer

Sale of developed
Asset

Borrower

Sale of developed
Asset

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Is@sna Syndica@on Considera@ons

AIMS

It is a contract of sale of a described asset to be manufactured or constructed with

an obliga@on on the part of the manufacturer to deliver the asset to the customer
upon comple@on on a future date/
Investment Agent request a manufacturer to manufacture a specic asset for the
borrower in exchange for a fee.
Fund provided by the lenders is used by the investment agent to pay the
manufacturer as per payment schedule agreed.
Investment agent charges the borrower the price it pays the manufacturer, plus
agreed prot rate.
Borrower is not obliged to purchase the asset un@l is is delivered
Sharia requires that Is@sna meet the following condi@ons:
Manufacturer must use its own material and knowledge to produce the
assets.
Price and specica@on of the asset to be manufactured must be known and
agreed by borrower at the outset.
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Is@sna Structure and Applica@ons

AIMS

Bank and the customer enter a contract specifying the details of the asset to be
built or procured as well as commercial terms
On delivery date, asset is handed over to the client
Payment of purchase price by the customer to the banks, as agreed
In case of failure to deliver, damages can be charged by the buyer
Suitable for real estate, machinery , ships, vehicles and aircraus nancing
Used also in project nance

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Wakala Syndica@on
Syndicate of Banks
and Financial
Ins@tu@ons

Funding Pool

Investment
Agent
(Muwakil)

Wakala
Capital

Wakala
Agreement

Wakala
Fees

Return on
Wakala Capital
with Prot

Obligor
(Agent / Wakil)

Wakala Capital
Investment
Wakala Investment
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Wakala Syndica@on Considera@ons

AIMS

An agency contract where the Syndicate banks (as principals) provide funds in the
agent for inves@ng them, on their behalf, in order to generate prots.
The Banks are known as Muwakil while the client is the Wakil
The agency can be for a xed fee or for a xed fee plus incen@ve out of the earned
prot.
The Banks provide funds to be invested in iden@ed businesses
While banks are en@tled to keep all of the earned prot, a performance incen@ve
is paid to the Wakil
In case of loss, the principal bear the loss (except negligence, misconduct or
breach of contract)
The agent cannot guarantee a prot or the capital
Used mainly for trade nance, project nance and working capital
Used also for Tier 1 & Tier 2 capital

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AIMS

ECA Financing - Background

Export Credit Agencies (ECA) assist in nancing the export of domes@c goods and
services to interna@onal markets
In the last 70 years, the US Ex-Im Bank has supported more than US$400 billion of
US exports, primarily to developing markets worldwide
Among other things, ECAs provide export credit insurance for airlines and leasing
companies that purchase new manufactured aircrau with nancing
ECAs: An ASrac@ve Investment
Implied low credit risk as supported by government guarantee
Rela@ve value vs. other government guaranteed securi@es
Contractual liabili@es cons@tute general obliga@ons of the government
The US Ex-Im is the largest guaranteed bond market with over US$20bn of issuance
since 2009. Both ECGD and COFACE guarantees have also seen bond structure
products

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ECA Financing in Islamic Finance

Increasing interest in Islamic ECA Finance.

ECAs have tradi@onally issued policies to support conven@onal nancing

instruments but they are now looking at adap@ng their products to enable them to
also back Shariah-compliant nance transac@ons.
ECAs were originally exposed to Islamic nance through their par@cipa@on in mul@sourced project nancings.
Although the ECA tranche of these nancings is usually conven@onal, the ECAs
have had to understand some of the issues surrounding Islamic nance due to the
impact of these issues on inter-creditor arrangements. In recent years, some ECAs
(par@cularly Euler Hermes) have issued policies directly in support of Islamic
instruments.
The number of ECAs prepared to back Islamic products directly is increasing

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Islamic Project Finance

Islamic nance has great poten@al for use in developing infrastructure projects.
Given its preference for equity- based and asset-backed projects, Islamic nance can
play an important role in the vital project nance sector.
Furthermore, as many infrastructure projects benet the community at large, they
would sit well with the ideological underpinnings of Islamic nance
The sponsors undertake the construc@on and opera@on of the project by using a
Project Company. The Project Company will seek funds in the construc@on phase and
working capital in the opera@onal phase. While the equity component of the Project
Company will come in the form of share capital of the sponsors, there will be need to
raise addi@onal Shariah-compliant funds for comple@on of the project.
As in the conven@onal case, the services of an EPC Company would be needed during
the construc@on phase and that of an OM Company during the opera@ons phase.
Islamic nance for infrastructure projects would also require a security package.
In par@cular, the government plays an important role in credit enhancement of
infrastructure projects by providing various types of guarantees and/or price support.
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Islamic Project Finance (contd.)

The rela@onships and contracts used among the dierent stakeholders in an

infrastructure development nanced in a Sharia-compliant way will depend on the
specic project type and nancing modes used.
The nanciers can be banks providing nancing in the form of syndicated nance or
shareholders providing funds by purchasing the securi@es.
In case of Islamic nance, the modes used will depend on the features of the
project and preferences of the sponsors and nanciers. For example, Is@sna, Ijara,
Musharaka, etc., can be used to nance the project. The modes of nancing used
will determine the capital structure of the project.
The Islamic modes of nancing used between the Funding Company and the
Project Company are discussed next, followed by a discussion on ins@tu@onal
arrangements and the contracts used between investors/nanciers and the
Funding Company.

45

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4- Case Studies

46

Emirates ECGD Guarantee Sukuk US$913 MM

47

AIMS

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Case Study - Sri Lankan Airlines

Sri Lankan Airlines raised USD 175 million through an Islamic Facility arranged by Mashreq
The Facility was for 4 years, fully guaranteed by the
Govt. of Sri Lanka.
The facility was structured as a Sharia compliant
Master Purchase Agreement and Distribu@on Agency
Agreement. On behalf of the nanciers, Mashreq
acted as an Investment Agent (IA) for the
transac@on. The IA acquired the rights (vouchers for
seats) from SAL for the iden@ed routes against the
proceeds of the facility. The Investment Agent would
then appoint SAL as Distribu@on Agent to sell ying
rights (@ckets) on behalf of the nanciers.
Collected money would ow to accounts pledged to
the IA and seSle scheduled installments (principal
and prot) of the facility according to a ring fenced
cash ow waterfall.
The funds were used for working capital as well as
capital expenditure to upgrade the airlines eet
48

KEY TERMS
Issuer

SriLankan Airlines

Obligor

SriLankan Airlines

Guarantor

Unconditional & Irrevocable

Guarantee by the Government of Sri
Lanka

Pricing Date

June 23, 2014

Currency

USD

Amount

175 million

Issuer Rating

B+(S&P), BB-(Fitch)

Status

Senior, Unsecured

Maturity

June 27, 2019

Spread Issue

MS+355 bps

Coupon

5.30%

Re-Offer Price

100%

Denominations

$200,000

Listing

SGX-ST

Mashreqs Role

Joint Lead Manager

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Deal structure (sale of vouchers & distribu@on agency)

Financiers

1. Investment Agency Agreement

2. Acquisi@on of Vouchers against
payment through the Master Airline
Voucher Purchase Agreement

Investment
Agent
(Mashreq)

3. Distribu@on Agency
Agreement
Purchase and
Sale Undertaking

Payment

End Users

4. Sale of Vouchers against payment

AIMS

Account mechanics

IATA
Accounts pledged in favor of the Financiers

O-shore
Revenues A/C

O-shore Debt
Service Reserve A/
C
O-shore
Receivables
Collec@on A/C

4

Opera,ng A/C

Accounts outside the control of the Investment Agent

Accounts operated by the Investment Agent

If no EoD or Poten@al EoD

AIMS

Case Study Midled Terminal Project

AED 4.0 bn (US$ 1.1bn) Syndicated Facility in the UAE related to the development of the
Mideld Terminal Complex (MTC) of the Abu Dhabi Airport
MTC is a centerpiece of Abu Dhabi Airport
Companys (ADAC) mul,billion-dollar investment
program and Abu Dhabi 2030 Vision. At 700,000
sq.m. it will be one of the largest terminals in the
region and shall be the primary gateway for airlines
opera@ng from Abu Dhabi and home to E@had
Airways, countrys na@onal carrier.
According to MEED, it was the largest GCC project
awarded during the course of 2012. The JV
comprised TAV (Turkey) CCC (Lebanon) Arabtec
(UAE).
Mashreq acted as the Sole Lead, Coordinator, MLA,
Facility & Security Agent, Fron@ng Bank and Project
Account Bank for the Syndicated Facility,.
The Syndicated Facility incorporated both
Conven@onal and Islamic tranches, comprising the
full spectrum of facili@es from LeSers of Credit to
project related loans.
51

Timeline

Aug 2011: Contracting & Corporate Finance pitch

book presented to the JV in the context of the
Midfield Terminal
Project Size: AED 10.55 Bn.
Total Facility Requirements: AED 4.0 Bn.

Nov 2011: Bid bond issued by Mashreq.

May 2012: JV officially mandated Mashreq.

Syndicated Facility documentation commenced,

June 2012: JV receives paymaster award on

June 28, with 2 weeks to issue the bonds.

July 2012: Closed the Syndicated Facility

documentation successfully on July 11 (common
syndicated documentation executed by all 8
parties).

AIMS

Mudaraba Case Study: ITFC

Beneciary

(7) Repayment
of Sale Price at
Maturity

(4) Payment of
Purchase Price

Supplier

(3) Shipment
(2) Mudaraba Agreement

(5) Payment of Purchase Price

(6) Sale of
Shipment

(8-a)

(8-c)
(8-b)

(4-b)

(4-a)
Par@cipant

(8) Repayment
of Sale Price

(4-c)
Par@cipant
(1) Mudaraba Agreement
52

Par@cipant

Case Study: Construc@on of a Bulk Terminal in Djibou@

AIMS

ICD and AfDC have provided

nancing r US$10 MM for
construc@on of a bulk
terminal in Djibou@.
The marine terminal had a
capacity of 1 million tons of
year of farm inputs and
grain.
It covers an area of 42,000
m2 at Port Autonome
interna@onal and is
managed by the SDTV.

US$20MM
Sponsor
Equity
contribu@on

Djibouti

US$10 MM
Syndicated loan
(ICD US$4 MM
AfDB US$6 MM)

The terminal allows the

processing of inputs and
grains to Ethiopia and the
sub-region
Lower cost of farm inputs & grains in Djibou@ and Ethiopia by
reducing storage costs
53

AIMS

Ques,ons
and
Answers .

54

AIMS
D I S C L A I M E R

This presenta@on has been prepared by Alterna@ve Interna@onal Management Services (AIMS) for the exclusive use of the party (the
Recipient) based on the informa@on provided to the AIMS customer and/or publicly available informa@on. AIMS has not independently
veried the informa@on contained herein, nor does AIMS oer or make any representa@on or warranty, either express or implied, as to the
accuracy, completeness or reliability of the informa@on contained in this presenta@on for any forecasts, es@mates, opinions, analysis,
projec@ons of any nature or kind. The informa@on should not be regarded by the Recipient as a subs@tute for the exercise of their own
judgment. This presenta@on may contain forward-looking statements. AIMS undertakes no obliga@on to update these forward-looking
statements for events or circumstances that occur subsequent to this presenta@on. Any informa@on or opinion expressed herein is subject to
change without no@ce. There is no guarantee that any of these es@mates or projec@ons will be achieved. Actual results may vary from the
projec@ons and such varia@ons may be material. Nothing contained herein is, or shall be relied upon as, a promise or representa@on as to the
past or future. AIMS, its managing partners , partners, employees and/or agents expressly disclaim any and all liability rela@ng or resul@ng
from the use of all or any part of this presenta@on.

This presenta@on has been prepared solely for informa@onal purposes and is not to be construed as a solicita@on or an oer to buy or sell or
invest in any securi@es or related nancial instruments. The Recipient should not construe the contents of this presenta@on as legal, tax,
accoun@ng or investment advice or a recommenda@on. The Recipient should consult its own counsel, tax and nancial advisors as to legal and
related maSers concerning any transac@on described herein. This presenta@on does not purport to be all-inclusive or to contain all of the
informa@on that the Recipient may require. No investment, divestment, funding, hedging or other nancial decisions or ac@ons should be
based solely on the informa@on in this presenta@on.

This presenta@on has been prepared on a conden@al basis solely for the use and benet of the Recipient; provided that the Recipient and any
of its employees, representa@ves, or other agents may not disclose to any and all persons other than as required by law. Distribu@on of this
presenta@on to any person other than the Recipient and those persons retained to advise the Recipient, who agree to maintain the
conden@ality of this material and be bound by the limita@ons outlined herein, is unauthorized.

This material must not be copied, reproduced, distributed or passed to others at any @me, in whole or in part, without the prior wriSen
consent of AIMS. AIMS specically prohibits the redistribu@on of this material and accepts no liability whatsoever for the ac@ons of third
par@es in this respect.

MERCI !

AIMS

Alterna,ve Interna,onal Management Services

A global Islamic Financial Advisory Partnership
hSp://www.aims-gcc.com