1 Sokouk Al-Intifa’a Islamic Money Market Instrument Sokouk Al Sokouk Al - - Intifa Intifa ’ ’ a a Islamic Money Market Islamic Money Market Instrument Instrument By: Fuad Hamed Al-Homoud Munshaat Real Estate Projects Company By: Fuad By: Fuad Hamed Hamed Al Al - - Homoud Homoud Munshaat Real Estate Projects Company Munshaat Real Estate Projects Company The International Islamic Financial Markets Conference The International Islamic Financial Markets Conference May 16 May 16 th th , 2005 , 2005 Kingdom of Bahrain Kingdom of Bahrain
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Sokouk Al-Intifa a Islamic Money Market Instrument on Islamic Banking and Finance/Suku…1. Presentation Approach 2. Introduction - What is Sokouk 3. Sokouk Vs. Bond 4. Types of Sokouk
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Munshaat Real Estate Projects CompanyMunshaat Real Estate Projects Company
The International Islamic Financial Markets ConferenceThe International Islamic Financial Markets ConferenceMay 16May 16thth, 2005, 2005
Kingdom of BahrainKingdom of Bahrain
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TableTable of Contentsof Contents
1.1. Presentation Approach Presentation Approach 2.2. Introduction Introduction -- What is Sokouk What is Sokouk 3.3. Sokouk Vs. Bond Sokouk Vs. Bond 4.4. Types of Sokouk Types of Sokouk
a.a. Non Tradable SokoukNon Tradable Sokoukb.b. Tradable SokoukTradable Sokouk
5.5. Sokouk AlSokouk Al--IjaraIjaraa.a. Definition Definition b.b. Characteristics Characteristics c.c. Types of Sokouk AlTypes of Sokouk Al--IjaraIjara
6.6. Sokouk AlSokouk Al--IntifaIntifa’’aaa.a. Definition Definition b.b. Features Features c.c. Economic ValueEconomic Valued.d. Sokouk AlSokouk Al--IntifaIntifa’’aa as a Tradable Instrument as a Tradable Instrument
Sokouk AlSokouk Al--IntifaIntifa’’aais a Tradableis a TradableInstrumentInstrument
Disintegration of Leased AssetsDisintegration of Leased AssetsDisintegration of Leased Assets
Sokouk As Pro-Rata Share of Usufruct Sokouk As ProSokouk As Pro--Rata Share of Usufruct Rata Share of Usufruct
Produces a set of Cash FlowProduces a set of Cash FlowProduces a set of Cash Flow
Transfer to new InvestorsTransfer to new InvestorsTransfer to new Investors
Sokouk AlSokouk Al--IntifaIntifa’’a a A Tradable Instrument A Tradable Instrument
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Zamzam Tower
Zamzam Tower
SPCSPCSPC
Market MakerMarket Market MakerMaker
Liquidity Liquidity ProviderProvider
Liquidity Liquidity ReceiverReceiver
SubleaseSublease
SubleaseSublease
SubleaseSublease
Advance
Advance R
entalR
ental
Advance
Advance RentalRental
Deferred
Deferred
RentalRental
SubleaseSublease
Cash flowCash flow
1
3
45
2
6
SokoukSokoukSokoukSokoukSokoukSokouk
SokoukSokoukSokouk
Purchase of Purchase of Lease RightsLease Rights
Issuance of SokoukIssuance of Sokouk
ApplicationApplication
1818
Issuance of SokoukIssuance of Sokouk
Zamzam Tower
Zamzam Tower
SPCSPCSPC
Market MakerMarket Market MakerMaker
Liquidity Liquidity ProviderProvider
Liquidity Liquidity ReceiverReceiver
SubleaseSublease
SubleaseSublease
SubleaseSublease
Advance
Advance R
entalR
ental
Advance
Advance RentalRental
Deferred
Deferred
RentalRental
SubleaseSublease
Cash flowCash flow
1
3
45
2
6
SokoukSokoukSokoukSokoukSokoukSokouk
SokoukSokoukSokouk
Purchase of Purchase of Lease RightsLease Rights
ApplicationApplication
Company Income Profile
1- Income from Sokouk Operation
2- Income from Treasury Transaction
Company Income ProfileCompany Income Profile
11-- Income from Sokouk OperationIncome from Sokouk Operation
22-- Income from Treasury TransactionIncome from Treasury Transaction
1919
React to market trend.Take initiative.Expand product range.Build regional infrastructure.Capitalize on available resources.Establish centralized satellite center.
React to market trend.Take initiative.Expand product range.Build regional infrastructure.Capitalize on available resources.Establish centralized satellite center.