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Pre-conference workshop: Sunday 8 February 2009
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| The A-Z of Islamic Securitisation Certified by the AAFM |
09:00 - 17:30
This workshop has been designed for new issuers and investors and will provide them with the necessary information they need in order to understand and participate in Islamic securitisation transactions. Our key experts will outline the foundations of how to approach the structure of a securitisation, who the key players are and how to ensure compliance with the Shari’ah law. It is a “must attend” for both those that are familiar and unfamiliar with Islamic finance applications.
- Introduction to securitisation
- What is Islamic securitisation? A historical perspective
- Islamic debt securitisation (debt creation)
- Islamic debt securitisation - Bay Al Dayn and other possible solutions
- Some views on credit enhancement
- Shariah views on securitisation
- Analysis of the legal and regulatory framework relating to specific juridictions
- Cost-effective credit enhancement options that comply with the Shari’ah law
- Structuring Islamic products in non-Islamic jurisdictions
- The way forward
David Vicary, Managing Director, DVA Consulting Sdn. Bhd, Malaysia
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Day One: Monday 9th February 2009
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8.30am | Registration and coffee
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9am | Chairman’s opening remarks
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| EXPLORING THE GLOBAL AND REGIONAL ECONOMIC
LANDSCAPE |
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9.10am | Opening keynote address: discussing the
macroeconomic trends in the regional markets and the
opportunities these present for Islamic securitisation
• The Wall Street meltdown-what have the effects been on the regional markets?
• Which markets are more prone to an asset “bubble”?
• Views on currencies, interest rates and growth forecast – where do we go from here?
• Could Islamic securitisation be the most… “secure” way forward?
• What prospects lie ahead? |
| | Dr Nasser Saidi, Chief Economist, Dubai International Financial Centre Authority - DIFCA
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10am | Lifting the veil for securitisation in the Gulf one year later: did it live up to expectations?
• The 2008 financial crisis-opportunities and challenges for the global securitisation market
• Examining the landmark deals for 2008
• What were the key risks for investors and how were they overcome?
• Lessons learned: tips and strategies for facilitating future deals |
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10.30am | Speed Networking
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11am | Morning refreshments and networking opportunity
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11.30am | Case study: Sorouh PJSC: Abu Dhabi's first Islamic
Securitisation
This Sukuk is the first to securitise future contracted receivables from sub-developers, for its flag ship projects SHAMS Abu Dhabi and Saraya. The transaction includes 3 Classes of Sukuk Certificates
This case study will prove insights on the entire process with a particular focus on the rating system. |
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| IN-DEPTH PROPERTY OUTLOOK: THE PROPERTY MARKET
AND SECURITISATION |
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12pm | Panel Session: Examining the impact of the global economy
on the housing market – the implications for debt markets
• Sub prime lending will return – but how different will it look?
• Multi jurisdiction RMBS – How can these work in tax/ tax-free markets?
• REITS: examining REIT debt, REIT equity and commercial property markets in 2009
• Structural developments driving investment opportunities
• Issuance issues:
- Update on the European prime RMBS market; US/
European sub-prime market update – what is happening in Asia and the GCC?
- What is the impact of Basel II – particularly in the GCC? |
| | Mr Khalid Yousaf, Vice President Investments and Capital Markets, SIRAJ CAPITAL (DUBAI) LTD.
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12.45pm | Lunch and networking opportunity
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2pm | Efficiently completing property finance through securitisation – why it works!
• What are the top challenges effecting property finance?
• Analysing the advantages of securitising your property assets?
• How do you ensure investor buy-in?
• Making sure it works! |
| | Mr Max Hamidi, Chief Financial Officer and Executive Vice President, Amlak Finance
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| IN-DEPTH ISSUER OUTLOOK |
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2.30pm | Open discussion: What asset classes will be in demand for the year ahead?
• What did investors like in 2008 and what do we offer them for 2009?
• An overview of the SIV Market
• The latest developments in MBS, CMBS, credit derivatives, and synthetic securitisations
• Can securitisation be seen as a funding option for private equity?
• Structuring non-Shari’ah compliant products through Islamic securitisation – is it a possibility? |
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3pm | Close of day one followed by afternoon refreshments
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Day Two: Tuesday 10th February 2009
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8.15am | Registration and coffee
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8.45am | Chairman’s opening remarks
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| EXAMINING THE REGIONAL REGULATORY FRAMEWORK |
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9am | Shari’ah scholars interview – when is securitisation truly Islamic?
• Understanding the governing principles of Shar’iah compliance
• Assessing how Islamic products are secured across the region
• What can be securitised next under the Shar’iah?
• Can Islamic securitisation be applied to traditional non-Islamic assets?
- Leisure facilities
- Hotels
- Shopping Malls
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9.45am | Panel Session: Regulatory developments and innovations to
promote Islamic securitisation
• Setting cross-border industry accounting standards for Islamic products
• How have product structures evolved following AAOIFI’s ruling on purchase undertaking?
• What is the outlook for off-balance sheet funding?
• Managing legal jurisdiction and regulatory risk in the GCC and beyond
• Working through insolvency laws, legal processes and transparency |
| | Mr Etsuaki (Eddie) Yoshida, Deputy Division Chief - Policy and Strategy coordination division, Japan Bank for International Cooperation
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10.30am | Morning Refreshments and networking opportunity
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| IN DEPTH INVESTOR OUTLOOK |
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11am | Panel Session: Sukuk and it’s importance as a securitisation tool
• What are the key considerations when investing in Sukuk and Islamic securities?
• Going through the Shari’ah approval process
• What is the natural progression for innovative Sukuk structures?
Moderator: Dr Andreas Jobst, Economist,
International Monetary Fund - IMF |
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12.15pm | Lunch and networking opportunity
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1.45pm | One size…(doesn’t) fit all!
• Assessing different investor needs (local versus international)
• Do western securitisation models work for the Middle East? If so, when?
• Choosing the right currency for each market
• Local assets vs foreign investors – what are the legal challenges involved?
• Offshore vs onshore issuance - making the right choice
• Profiting from investment opportunities |
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2.15pm | Panel Session: Effectively mitigating risk in a volatile global marketplace
• Deriving and measuring the credit risk of an investment of a securitisation structure
• Key risk management issues for investing in Islamic securities
• Developing Islamic credit protection and bond insurance
• Can Shari’ah compliance be used as a risk management tool?
• Managing legal, jurisdictional and regulatory risk in the GCC and beyond |
| | Mr Khalid Yousaf, Vice President Investments and Capital Markets, SIRAJ CAPITAL (DUBAI) LTD.
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3pm | Kuwait – The Rasameel case study
This case study will showcase the step-by-step process of an Islamic securitisation in Kuwait and the legal and regulatory framework involved in order to obtain the best possible results for the issuer. |
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3.30pm | Chairman's closing remarks - end of conference
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3.45pm | Afternoon refreshments and networking opportunity
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4.15pm | Interactive roundtable discussions:
Informal, interactive discussions,between 15 to
25 participants, moderated by an industry
expert. High level brainstorming and networking.
Round Table 1: Shari’ah Compliance
Round Table 2: Islamic Securitisation in KSA
Round Table 3: Regulatory Framework
Round Table 4: Cross – border transactions (Islamic /non-Islamic jurisdictions)
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5.30pm | Expected close of Islamic Securitisation World Middle East 2009
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Post-conference Workshop: Wednesday 11th February 2009
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| Real Estate & Mortgage Backed Securitisation |
09:00 - 17:30
With Dubai, Qatar and Bahrain experiencing an era of unprecedented real estate growth in commercial properties, residential housing and luxury resorts, this will inevitably put pressure on the loan, markets, developers and financial institutions which would traditionally look towards international capital markets to finance this growth.
But what happens now that the international capital markets are no longer liquid? What are the alternatives?
This workshop will look at the structuring of mortgage backed securitisation with an emphasis on Islamic transactions of this sort. During the second half of the day, the workshop will focus on structuring asset-backed Sukuk. It is designed for both Islamic and conventional finance practitioners.
• Overview of the key products available
• Identifying the key elements of mortgage backed securitisation
• Achieving a high credit rating
• Complying with regulations and the Shari’ah law
Special Focus: Structuring Asset Backed Sukuk
The use of asset backed Sukuk as a securitisation option is expanding broadly and the global market for Sukuk is valued at hundreds of billions of dollars.
This workshop will highlight the various elements involved in structuring asset-backed sukuk as well as the challenges faced.
• The Sukuk Market overview
• What is the difference between asset – backed and asset-based Sukuk?
• Identifying products and instruments in Islamic debt securities
• The Ijara asset-backed Sukuk
• Sukuk structuring and application
• Review and update on the challenges and opportunities in the implementation and development of Islamic bonds and Sukuk globally – emphasis on non-Islamic jurisdictions
• Taxation and regulatory issues for Islamic capital markets
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