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Airline sukuk by robert fugard

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Islamic Aircraft Financing Structures Robert Fugard Linklaters Partner, Asset Finance Group
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],the current environment
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],the Islamic finance market
[object Object],[object Object],[object Object],[object Object],[object Object],what Islamic finance offers
‘ basic’ Islamic leasing structure Islamic investors Modareb Islamic Lessor (Cayman SPV) Airline Sale of aircraft Declaration of trust Islamic lease (Ijara) investment (85%) Equity contribution (initial rental) (15%) investment (85%) Investment (Modaraba) agreement Vendor Insurance & Maintenance Services
airline sukuk structure ,[object Object],[object Object],[object Object],[object Object],[object Object]
airline sukuk structure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
airline sukuk features ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
airline sukuk features ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
airline sukuk features ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
airline sukuk features ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
airline sukuk structure Sukuk Holders Issuer SPV Lessor Airline Head Lease (Ijara) investment (85%) Declaration of Trust Airline Sub Lease (Ijara) Up-front purchase price (85%) Deferred purchase price (15%) Liquidity Provider Liquidity Facility Mortgage Asset Value Guarantee Asset Value Support Provider Airline Airline Sub Lease (Ijara) Sub Lease (Ijara) Sale of aircraft (Morabaha)
market outlook ,[object Object],[object Object],[object Object],[object Object],[object Object]
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Airline sukuk by robert fugard

  • 1. Islamic Aircraft Financing Structures Robert Fugard Linklaters Partner, Asset Finance Group
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  • 5. ‘ basic’ Islamic leasing structure Islamic investors Modareb Islamic Lessor (Cayman SPV) Airline Sale of aircraft Declaration of trust Islamic lease (Ijara) investment (85%) Equity contribution (initial rental) (15%) investment (85%) Investment (Modaraba) agreement Vendor Insurance & Maintenance Services
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  • 12. airline sukuk structure Sukuk Holders Issuer SPV Lessor Airline Head Lease (Ijara) investment (85%) Declaration of Trust Airline Sub Lease (Ijara) Up-front purchase price (85%) Deferred purchase price (15%) Liquidity Provider Liquidity Facility Mortgage Asset Value Guarantee Asset Value Support Provider Airline Airline Sub Lease (Ijara) Sub Lease (Ijara) Sale of aircraft (Morabaha)
  • 13.