TWO DAY BACK TO BACK COURSES BY MUAMALAH DAY ONE 28 SEPT 2011 SUKUK, ISLAMIC BONDS & SECURITISATION

ON COURSE (10 SIDC CPE points) One Day Basics of Sukuk Course for all Professionals. Principles, structures, legal documents and termsheets, local and international. Including Sukuk from the Issuers point of view

DAY TWO 29 SEPT 2011 ISLAMIC FINANCING RESTRUCTURE WORKSHOP (10 SIDC-CPE points) Practical and hands on workshop on how to handle Islamic Financing & Sukuk Restructure based on real case studies.

Led by Muhammad Zahid Abdul Aziz, all round Islamic Financier and Internationally Renowned Trainer

COURSE FEES DAY ONE ONLY SUKUK, ISLAMIC BONDS & SECURITISATION COURSE RM 750/- PER PARTICIPANT DAY TWO ONLY ISLAMIC FINANCING RESTRUCTURE WORKSHOP RM1050 PER PARTICIPANT COMBINATION FEES COMBINATION DAY ONE DAY TWO BOTH DAYS FEES PER PARTICIPANT RM 750 RM 1050 RM1500 SAVINGS R300

VENUE ORGANISED BY

PJ Hilton, Selangor
Muamalah Financial Consulting Sdn. Bhd 17-01, First Floor, DBayu, 21, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor, Malaysia. Tel: 037842 5187, 012 212 5405 Fax: 037842 5201, 7847 3214 Email: muamalah_consulting@hotmail.co m Website http://muamalahconsulting.tripod.c om

ISLAMIC BONDS, SUKUK & SECURITISATION COURSE (Conducted by Muhammad Zahid Abdul Aziz, Renowned Pioneer in Islamic Capital market)
What is an Islamic Bond or Sukuk? Explaining BBA Notes, Islamic Commercial Papers, Islamic Medium Term Notes, Principal features of Mudarabah and Musyarakah Sukuk. Are current issuances of Musyarakah Sukuk based on Musyarakah? Unraveling the differences between South East Asian and Middle Eastern interpretations. Is BBA not acceptable or the bipartite nature of BBA which is at issue? Is it true that Middle Eastern Islamic Finance is based on equity instead of debt? Why do Sukuk structurers in all jurisdictions issue Musyarakah Sukuk with debt features? Sovereign Sukuk- structures and termsheets. Sukuk from the point of view of the Issuer. What kind of projects are eligible? Basic criteria for potential issuers. Rating process. Issuance procedures. Costs of Issuances. How long does it take to see the money? Accounting entries. SC Guidelines on Sukuk. Computation and Case Study based on actual issuance. Principle features of Middle Eastern Sukuk. Sukuk Ijara, Sukuk Musharaka and Exchangeable Sukuk. Term sheet Structures and outline legal documents
DATE VENUE ORGANISED BY 28th Sept 2011

PJ Hilton Selangor
Muamalah Financial Consulting Sdn. Bhd 17-1, First Floor, DBayu,Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor Tel: 03-7842 5187, 012 212 5405 Fax: 03 7847 3214, 7842 5201, Email: muamalah_consulting@hotmail.com Website http://muamalahconsulting.tripod.com

THE PROGRAMME

The Course will provide a solid grounding in concepts and principles leading to enhanced appreciation of the latest developments in the Islamic Capital Market. Practical examples and interactive sessions will reinforce the Participants understanding of Sukuk. Learning outcomes The participants will be able to: 1) Explain the basic features of Malaysian Sukuk 2) Outline the steps to issue sukuk from the point of view of the Sukuk Issuer 3) Compute Face values of Primary and Secondary Sukuk Notes Described the basic features of Middle Eastern Sukuk
THE PARTICIPANTS
Debt Capital Market Personnel of Banks and Universal Brokers Corporate Banking Personnels Corporate Finance Personnels Investment Bankers / Merchant Bankers; Islamic Banking Officers / Managers Legal Practitioners Fund Managers, Dealers, Remisiers, Asset Managers, Venture Capitalists, Investment Advisers, Analysts, Researchers General Managers/Managers/ Officers of Corporate Organizations, SEDCs, State Agencies, Departments and Corporations; Directors of Listed/ Unlisted Companies Academics and Consultants Accountants / Auditors; and Individuals / Entrepreneurs. THE ORGANIZER Muamalah Financial Consulting Sdn Bhd (Muamalah) comprises a team of former Islamic Bankers with a combined experience of over 30 years in Islamic Banking. To date Muamalah have conducted the following training Courses/ Seminars/ Workshop to the Financial Industry: In-house Courses for Alliance Merchant Bank Bhd, Public Bank Bhd, Bank Islam (M) Bhd, Hong Leong Bank Bhd, Malaysian International Merchant Bankers Berhad. Permodalan Nasional Berhad, Bursa

INVESTMENT

RM750 per participant. Fee is inclusive of lunch, refreshments and course materials. Organizations, which send four or more participants to the Course, shall be eligible for a 10% discount across the board. Special price of RM500 only for all Academicians and Students with Matric cards.
PAYMENT

Payment should be made by crossed cheque/ bank drafts payable to Muamalah Financial Consulting Sdn Bhd. Receipt will be issued upon receipt of payment. All payment to be paid at least a week before the course date.
CANCELLATION & TRANSFER

A replacement is allowed should a participant is unable to attend. For cancellation received in writing within one week prior to the course date, a 50% refund will be given to the participant. Fees will be refunded in full if written notice of withdrawal is received more than two weeks prior to the course date.

SPEAKERS PROFILE Muhammad Zahid Abdul Aziz Director, Muamalah Financial Consulting Sdn Bhd.
Muhammad Zahid Abdul Aziz holds a Bachelors Degree in Economics from University of Exeter, United Kingdom. After graduating in 1977, he joined an International Accounting Firm, Arthur Young & Co. London office. He returned to Malaysia in 1982 and joined Arab Malaysian Merchant Bank Kuala Lumpur. He joined Bank Islam Malaysia Berhad in 1990 where he pioneered and helped develop Islamic Corporate Banking specializing in Islamic Syndications and Islamic Bond Issuance. His last post at Bank Islam was Senior Manager, Corporate Financing Dept, He has arranged over RM6.0 billion in Islamic Bond Issues during his tenure at Bank Islam. He left Bank Islam in September 2000 to form Muamalah Financial Consulting Sdn Bhd, a firm specialised in training and arranging of Islamic financing. He has just returned from Riyadh where he was Islamic Capital Market Consultant to Bank AlBilad. He is presently a post graduate student in Islamic Finance at the International Islamic University Malaysia and at other times an internationally renowned lecturer in Islamic Finance and similar subjects having taught in Dubai, Saudi

Malaysia Bhd, Maybank Investment Bank Ambank Investment Bank, Federation of Investment Managers Malaysia, EPF and JB Corp Joint venture
Courses with Sabah Law Association, Penang Bar Committee, Universiti Sains Malaysia, and the Malaysian Institute of Accountants

The Programme 1st session 9.00 am 10.30 am

. Principal Features of local Sukuk and Its Latest Developments. Principal features of Sukuk BBA Principal features of Sukuk Murabahah Principal features of Sukuk IMTNs Principal features of Musyarakah/ Mudharabah Bonds - Project Gold Analysing the Structure and Features of Malaysias First Islamic Sovereign Issue.

10.30 -11 am Coffee Break 2nd session 11.00 am 1 pm

USD600 million Sukuk Ijarah/ Trust Certificate Issuance on behalf of Malaysia Global Sukuk Inc. Issuing a Sukuk 1. Sukuk Issuance from the Issuers Perspective. - Eligibility of projects for Sukuk Financing. - Basic criteria for companies to be eligible to issue Sukuk. - The Rating Process and Significance of Ratings. - The Issuance Procedure/ Requirements. - Advisors / Consultants. - Detailed Costs Breakdown. - Period taken and timetable to Financial Close. - Accounting entries for Islamic Bonds. Complying with Securities Commissions Guidelines on Sukuk Issuance. Concepts, structure, term sheet, legal documentation, Administrative and Operational procedure and Documents. Eligibility of transacted asset/project Islamic Capital Market Exercises

1pm -2pm Lunch

I) Computing the face value of Primary and Secondary notes. II) Designing an Sukuk Term sheet for a potential Issuer
Principal Features of Middle Eastern Sukuk and its Latest Developments 1) Sukuk Ijara Structure

3rd session 2.00 pm 3.30 pm

3.30 pm -4 pm Tea Break 4th session 3.30 pm 5.00 pm

2) Sovereign Sukuk Ijara Detailed analysis of Ijara based Structure, Termsheet & Outline Legal Documents Investment Dar Sukuk Musharaka Structure & Termsheet Paka Capital Exchangeable SukukAnalysis of Structure, Term Sheet & Outline THIS COURSE IS SIDCLegal Documents CPE

ISLAMIC FINANCING RESTRUCTURE WORKSHOP (Conducted by Muhammad Zahid Abdul Aziz, Pioneer All round Islamic Financier and renowned International Lecturer)
Led by Muhammad Zahid Abdul Aziz, Director, Muamalah. Renowned Pioneer in Islamic Capital Market Instruments. Overview Islamic Financing Concepts. Overview Islamic Capital Market. Basics of Sukuk. Principles of Rescheduling, Restructuring and Refinancing of Islamic Facilities
Review of akad of Buying and Selling (Bai), Rescheduling, Restructuring and Refinancing of Islamic Facilities. Illustration of Rescheduling a BBA Facility. Refinancing and Restructuring of Syndicated .Facilities. Refinancing and Restructuring of Islamic Bonds. Restructure of Islamic Bonds into Equity Instruments

Hands On Case Studies Rescheduling a defaulted Islamic Debt Facility . Rescheduling Tranche One of a Three Tranche Sukuk BBA restructure. Original Akad

based on one indivisible Asset Preparing a Section 176 Syariah Compliant Proposal for consideration of 1) Islamic BBA Financiers 2) IMTN Investors within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Facilities. Recomputed Debt. Conditional Waiver and Haircut. Clawback to Scheme Debt. Extension of tenor. Syariah issues and solutions. Legal documents and role of trustee. Overview of Sukuk meltdown. Legal risks supersedes credit risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders owners of Sukuk Assets or mere Creditors? Legal framework and international legislative infrastructure long overdue.

DATE VENUE ORGANISED BY

29th September 2011

PJ Hilton, Selangor

Muamalah Financial Consulting Sdn. Bhd 17-1, First Floor, DBayu,Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor Tel: 03-7842 5187, 012 212 5405 Fax: 03 7847 3214, 7842 5201, Email: muamalah_consulting@hotmail.com Website http://muamalahconsulting.tripod.com

THE PROGRAMME This Course will provide a solid grounding in Islamic Financing and Sukuk Restructure. From basic principles of refinancing and restructuring, hands on case studies will bring participants to the more intricate and complex restructuirng, culminating in a detailed examination of a Section 176 restructuring for an Islamic debt facility, and for an Islamic Medium Term Notes Issuance THE PARTICIPANTS
Follow up and Supervision, Restructuring Depts of Banks and financial institutions. Debt Capital Market Personnel of Banks and Universal Brokers Corporate Banking Personnels Corporate Finance Personnels Investment Bankers / Merchant Bankers; Islamic Banking Officers / Managers Legal Practitioners Investment Advisers, Analysts, Researchers, Venture Capitalists, Fund Managers, Dealers, Remisiers, Asset Managers. General Managers/Managers/ Officers of Corporate Organizations, SEDCs, State Agencies, Departments and Corporations; Directors of Listed/ Unlisted Companies Academics and Consultants Accountants / Auditors; and Individuals / Entrepreneurs. THE ORGANIZER Muamalah Financial Consulting Sdn Bhd (Muamalah) comprises a team of former Islamic Bankers with a combined experience of over 30 years in Islamic Banking. To date Muamalah have conducted the following training Courses/ Seminars/ Workshop to the Financial Industry: In-house Course on Islamic Syndications, Securitisation and Legal Aspects for Alliance Merchant Bank Bhd In-house Islamic Trade Finance Course for Public Bank Bhd In-house Islamic Capital Market Workshop for Bank Islam (M) Bhd, Hong Leong Bank Bhd and Malaysian International Merchant Bankers Berhad Public Islamic Bonds & Islamic Capital Market Course, M Hotel, Singapore- In House Syariah Broking Course for Permodalan Nasional Berhad and Bursa Malaysia Bhd. In house Fundamental Muamalat Course for Maybank Investment Bank INVESTMENT
PAYMENT Payment should be made by crossed cheque/ bank drafts payable to Muamalah Financial Consulting Sdn Bhd. Receipt will be issued upon receipt of payment. All payment to be paid at least a week before the course date. CANCELLATION & TRANSFER A replacement is allowed should a participant is unable to attend. For cancellation received in writing within one week prior to the course date, a 50% refund will be given to the participant. Fees will be refunded in full if written notice of withdrawal is received more than two weeks prior to the course date.

SPEAKERS PROFILE

Muhammad Zahid Abdul Aziz Director, Muamalah Financial Consulting Sdn Bhd.
Muhammad Zahid Abdul Aziz holds a Bachelors Degree in Economics from University of Exeter, United Kingdom. After graduating in 1977, he joined an International Accounting Firm, Arthur Young & Co. London office. He returned to Malaysia in 1982 and joined Arab Malaysian Merchant Bank Kuala Lumpur. He joined Bank Islam Malaysia Berhad in 1990 where he pioneered and helped develop Islamic Corporate Banking specializing in Islamic Syndications and Islamic Bond Issuance. His last post at Bank Islam was Senior Manager, Corporate Financing Dept, He has arranged over RM6.0 billion in Islamic Bond Issues during his tenure at Bank Islam. He left Bank Islam in September 2000 to form Muamalah Financial Consulting Sdn Bhd, a firm specialised in training and arranging of Islamic financing. In 2006 he left for Riyadh to assume position as Sukuk and Islamic Investment Banking Consultant to Saudi Arabias Bank AlBilad. In April 2009 he returned to Malaysia to resume his consultancy work at Muamalah Financial Consultng.

RM1050 per participant. Fee is inclusive of lunch, refreshments and course materials. Organizations, which send four or more participants to the

THE PROGRAMME 8.30 am - Registration

9.00 am 10.30 am Overview Islamic Financing Concepts Debt Financing Detailed explanation about the concepts of Debt Financing Equity Financing Detailed explanation about the concepts of Equity Financing Other Islamic Financing Concepts Detailed explanation about other relevant concepts Overview Islamic Capital Market Definition of Islamic Capital Market Riba, Maisir and Gharar as prohibited elements Definition, Sources, Objectives and General Legal Maxim of Sharia Basics of Sukuk 1.00 pm 2.00 pm Lunch 2.00 pm - 3.15 pm Case Study Three Preparing a Syariah Compliant Proposal for consideration of Islamic BBA Financiers within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Facilities. The Scheme of Arrangement stipulates a principal amount at a certain date to which a formula will be applied to arrive at a Recomputed Debt. The formula include inter-alia a conditional waiver or haircut premised on compliance with new scheme failing which a full claw back to Scheme Debt is stipulated. Extension of tenor and rescheduled servicing dates. Syariah Issues and solutions. Legal documents and role of trustee.

.Definition of Sukuk, Differences with Conventional Bond, Uqud Ishtirak, Uqud Muawadhat, Sukuk Ijara, Sukuk Musharaka,Sovereign Sukuk and Asset Based Sukuk. Review of Sukuk BBA Structure. Review of Sukuk Murabahah/ IMTN Structure

10.30 am 10.45 am - Morning Break 10.45 am 1.00 pm Principles of Rescheduling, Restructuring and Refinancing of Islamic Facilities Review of akad of Buying and Selling (Bai),Rescheduling, Restructuring and Refinancingof Islamic Facilities. Illustration of Rescheduling a BBA Facility. Refinancing and Restructuring of Syndicated .Facilities. Refinancing and Restructuring of Islamic Bonds. Restructure of Islamic Bonds into Equity Instruments Case Study One Rescheduling a defaulted Islamic Debt Facility Case Study Two Rescheduling Tranche One of a Three Tranche Islamic Bond restructure. Original Akad based on one indivisible Asset

3.15 3.30 Afternoon Break 3.30 5.00 pm Case Study Four Preparing a Syariah Compliant Proposal for consideration of Islamic Medium Term Notes (IMTN) Investors within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Securities Issuances. The Scheme of Arrangement stipulates a principal amount at a certain date to which a formula will be applied to arrive at a Recomputed Debt. The formula include interalia a conditional waiver or haircut premised on compliance with new scheme failing which a full claw back to Scheme Debt is stipulated. Extension of tenor and rescheduled servicing dates. Syariah Issues and solutions. Legal documents and role of trustee Sukuk Meltdown Legal risks supersedes credit risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders owners of Sukuk Assets or mere Creditors? Legal framework and international legislative infrastructure long overdue 5.00 pm End

ORGANISATIONS WHICH HAVE SENT PARTICIPANTS TO OUR PREVIOUS COURSES/ SEMINARS/ WORKSHOPS:
REGISTRATION FORM COMBINATION DAY ONE & DAY TWO DAY ONE ONLY DAY TWO ONLY

FEES RM1500 RM 750 RM1050

Please Tick

Day One Sukuk, Islamic Bonds & Securitisation Course 28th Sept 2011 Day Two Islamic Financing Restructure Workshop 29th Sept 2011 Venue : PJ Hilton, Selangor
Register now Enrolment is based on First Come First Served Basis. Complete and Return the Registration Form to: Address Telephone E-mail Muamalah Financial Consulting 03-7842 5187, Sdn Bhd 012- 212 5405 muamalah_consulting@hot 17-01, First Floor, DBayu, 21, Fax mail.com Jalan Serambi U8/21, Bukit 03-7847 3214 Jelutong, 40150 Shah Alam, 03-7842 5201, http://muamalahconsulting Selangor. .tripod.com PERSONAL DETAILS N o 1. 2. 3. 4. Details of Participants Name : Designation : *License No: Name : Designation : *License No: Name : Designation : *License No: Name : Designation : *License No: (Photocopy the form for additional participants) Fee (RM)

NRIC: NRIC: NRIC: NRIC G ross Total Less (Discount) Net Total

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Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee. Authorised Signatory signature: Name : Designation : Date :