Step by Step Guide to create an Islamic Finance Contract including Transaction steps and diagrams, issues and risks along with the certificates for Shariah and Legal Reviews.
The guidance notes are available on http://www.zawya.com/shariah-legal/listing/legaldocuments/
The document discusses a Mudaraba-based working capital facility structure commonly used by commercial banks. In a Mudaraba, a Rab al-Mal provides capital to a Mudarib manager who invests it. Profits are shared according to a pre-agreed ratio while capital losses are borne solely by the Rab al-Mal. The facility allows banks to fix financing costs and rates of return in advance through incentive mechanisms while still complying with Mudaraba rules by assessing profit ex post. The accompanying agreement incorporates provisions to prevent moral hazards like underreporting profits.
Guidance notes: FX-Spot and Forward Contract: Wa'd Based Islamic_Finance
Step by Step Guide to create an Islamic Finance Contract including Transaction steps and diagrams, issues and risks along with the certificates for Shariah and Legal Reviews.
Follow the update on #TRGuidanceNotes
The guidance notes are available on http://www.zawya.com/shariah-legal/listing/legaldocuments/
Step by Step Guide to create an Islamic Finance Contract including Transaction steps and diagrams, issues and risks along with the certificates for Shariah and Legal Reviews.
Follow the update on #TRGuidanceNotes
The guidance notes are available on http://www.zawya.com/shariah-legal/listing/legaldocuments/
IAG (London) Private Equity Fund Administration 2016Alan Ross
Jenny Smith
jsmith@iagfundservices.com
+44 (0)20 7499 1112
For general enquiries:
info@iagfundservices.com
IAG (UK) Limited
47 Park Lane
London W1K 1PR
United Kingdom
www.iagfundservices.com
Hexagon Advisory is an independent advisory firm that has over 30 years of experience providing strategic advice and high-quality services to clients. These services include business and financial advisory, transaction structuring, international tax planning, private wealth management, and corporate services. Hexagon has an extensive global network that allows it to offer comprehensive solutions to meet client needs across various industries and geographies.
Hyperion is seeking $5 million in funding to launch a global cryptocurrency and securities exchange called HyperionEx. It will break down legal and geographical barriers by giving investors worldwide access through one platform. In May 2018, Hyperion will launch its cryptocurrency exchange, and in September 2018 will rollout full trading of securities and private entities. This will provide unprecedented opportunities for startups and unconventional businesses to raise capital and liquidity.
The token-curated registry is a new application for incentivizing the creation and maintenance of high quality decentralized lists. Messari is exploring this concept as a method for improving transparency in the cryptoasset economy.
The document discusses a Mudaraba-based working capital facility structure commonly used by commercial banks. In a Mudaraba, a Rab al-Mal provides capital to a Mudarib manager who invests it. Profits are shared according to a pre-agreed ratio while capital losses are borne solely by the Rab al-Mal. The facility allows banks to fix financing costs and rates of return in advance through incentive mechanisms while still complying with Mudaraba rules by assessing profit ex post. The accompanying agreement incorporates provisions to prevent moral hazards like underreporting profits.
Guidance notes: FX-Spot and Forward Contract: Wa'd Based Islamic_Finance
Step by Step Guide to create an Islamic Finance Contract including Transaction steps and diagrams, issues and risks along with the certificates for Shariah and Legal Reviews.
Follow the update on #TRGuidanceNotes
The guidance notes are available on http://www.zawya.com/shariah-legal/listing/legaldocuments/
Step by Step Guide to create an Islamic Finance Contract including Transaction steps and diagrams, issues and risks along with the certificates for Shariah and Legal Reviews.
Follow the update on #TRGuidanceNotes
The guidance notes are available on http://www.zawya.com/shariah-legal/listing/legaldocuments/
IAG (London) Private Equity Fund Administration 2016Alan Ross
Jenny Smith
jsmith@iagfundservices.com
+44 (0)20 7499 1112
For general enquiries:
info@iagfundservices.com
IAG (UK) Limited
47 Park Lane
London W1K 1PR
United Kingdom
www.iagfundservices.com
Hexagon Advisory is an independent advisory firm that has over 30 years of experience providing strategic advice and high-quality services to clients. These services include business and financial advisory, transaction structuring, international tax planning, private wealth management, and corporate services. Hexagon has an extensive global network that allows it to offer comprehensive solutions to meet client needs across various industries and geographies.
Hyperion is seeking $5 million in funding to launch a global cryptocurrency and securities exchange called HyperionEx. It will break down legal and geographical barriers by giving investors worldwide access through one platform. In May 2018, Hyperion will launch its cryptocurrency exchange, and in September 2018 will rollout full trading of securities and private entities. This will provide unprecedented opportunities for startups and unconventional businesses to raise capital and liquidity.
The token-curated registry is a new application for incentivizing the creation and maintenance of high quality decentralized lists. Messari is exploring this concept as a method for improving transparency in the cryptoasset economy.
The document discusses the Ethical Finance Innovation Challenge and Awards (EFICA) which aims to address issues facing Islamic finance such as a loss of confidence and failure to capture imagination. It outlines three main awards: 1) The Islamic Finance Industry Development Challenge which aims to develop a more robust ethical structure; 2) The Ethical Finance Initiative Award which encourages true financial innovation based on ethics; 3) The Lifetime Achievement Award which recognizes those who have lived ethics in finance. A process is outlined where applications are accepted until September, shortlisted candidates are mentored and present solutions in November for voting.
The document contains quotes from various individuals throughout history about the power and importance of music. Music is said to speak where words fail, give soul to the universe, make one feel no pain, be the food of love, and allow people to create something new. It expresses what cannot be said and gives wings to the mind, flight to the imagination, and life to everything.
Agile Velocity Story Mapping Session from Product Camp Austin 11 #PCATXDavid Hawks
User Story Mapping is a technique for organizing and prioritizing user stories. It addresses challenges with traditional backlogs by providing context and showing relationships between stories. The process shifts from requirements delivery to requirements discovery, recognizing that customers discover wants and developers discover solutions as things change. User story mapping decomposes user tasks into smaller tasks and organizes them into activities to form user stories. It is collaborative and fosters co-ownership by helping understand the user perspective and test for gaps by walking through the map.
Monetary Authority of Singapore - Approach Towards Islamic BankingIslamic_Finance
The module aims to reflect upon MAS’ regulatory approach towards Islamic banking that mainly focuses on addressing the risks to the soundness of a financial institution and elaborates on how Islamic banks are generally exposed to the same types of risks as conventional banks. The module also provides details on MAS set of admission criteria when considering an application by banks to operate in Singapore, as well as MAS regulatory framework with regards to Shariah compliance risk and the capital framework to be implemented by banks.
Zawya Islamic Hosts a collection of Regulations gathered from Global providers amongst Securities & Exchange Commission Nigeria, Central Bank of Bahrain, Commission de Surveillance du Secteur Financier and others.
The collection is available on http://www.zawya.com/shariah-legal/listing/regulation/
For result oriented website design services in Dallas, TX, look no further than Centex Technologies. The company design user- friendly and quick loading websites that can help to attract more users. They also offer re-designing services for your existing website. To know more, visit - www.centextech.com
The Global Islamic Economy Summit 2013 is organized by Dubai Chamber of Commerce & Industry and Thomson Reuters, held on 25th-26th November, 2013 at Madinat Jumeirah, Dubai, UAE under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai.
TerraCycle recycled various items from 2011 to 2014 with the amount recycled increasing each year. In 2011-2012 they recycled 1001 units weighing 9.912 lbs, in 2012-2013 they recycled 14,787 units weighing 196.2 lbs, and in 2013-2014 they recycled 25,771.8 units weighing 232.5 lbs. They also recycled specific items such as 111.7 lbs of bags in 2011-2012, 21.3 lbs of wrappers and 222 phones in 2012-2013, and 18.1 lbs of miscellaneous items and 703 other items in 2013-2014.
The 2013 Region 4 Bilingual/ESL Conference was held on September 7, 2013 in McKinney, Texas. The keynote speaker was Dr. Robert J. Marzano who spoke about teaching basic and advanced vocabulary. Over 50 breakout sessions were offered on topics impacting English Language Learners, including dual language programs, vocabulary, reading strategies, social studies instruction, and technology integration. The conference was well attended and provided educators with research-based practices to support academic achievement for ELLs.
A Critical Appraisal Of International Islamic Finance Cases Islamic_Finance
The document provides a critical analysis of international Islamic finance cases that were decided in English courts, as well as comparative cases from other jurisdictions. It analyzes several notable cases in detail, including the first Islamic finance case decided in an English court between Islamic Investment Company of the Gulf (Bahamas) Ltd. and Symphony Gems N.V. The analysis focuses on the legal frameworks and arguments used in the cases. It concludes with recommendations for resolving international Islamic finance disputes through international legal frameworks and proposes directions for future research.
Looking Back and Moving Forward by Thomas S. MonsonThomas S. Monson
The document summarizes Thomas S. Monson's address to the Latter-day Saints during the Church's General Conference in May 2008. In 3 sentences:
President Monson looks back on his ancestry and service in the Church. He expresses gratitude for those who have gone before and calls members to continue moving forward in unity doing the Lord's work. He testifies of God's love and of Jesus Christ, and promises to lead the Church through revelation as the new President.
Turkey Islamic Finance Report 2014: Fundamentals and the Promise of GrowthIslamic_Finance
Thomson Reuters, Islamic Research and Training Institute (IRTI), General Council for Islamic Banks and Financial Institutions (CIBAFI), bring you the Turkey Islamic Finance Report, which provides substantive due diligence on the opportunities for Islamic financial services in the republic.
The report is available for free download on https://www.zawya.com/middle-east/landinglead/turkey/
The document summarizes the teams that support the financial advisor's business, including their broker/dealer, First Allied Securities, and custodian, Pershing LLC. It explains that First Allied provides execution services, regulatory oversight, and resources to help serve clients. Pershing acts as custodian, safeguarding client assets. While these firms play important roles, the advisor's most important relationship is with clients, and the firms are selected based on prioritizing client needs and interests.
Allied Asset Funds Reviews-Here’s What The Clients Say.pdfAllied Asset Funds
Only a small sample of what our clients have to say about our services have been included here. That is why, we would like to hear from more of you. Feedback and reviews are the best way we can improve our offerings, identify and rectify problems, create new services based on demand, and make you trust us more. So if you’ve got a minute, please head on over to our Facebook or Trustpilot page, and leave us a review. Tell us what we’re doing right, and where we’re going wrong. Make us better so that we serve you better.
Waqas & Waqas Law Associates is a corporate law firm established in 2002 that provides legal and corporate consulting services. The firm has a team of highly qualified legal experts that offer services across many areas of law including corporate law, tax law, banking law, intellectual property law, and more. Waqas & Waqas represents both private and public sector organizations and aims to establish long-term relationships with its clients through dedicated and competent legal support.
Citrin Cooperman Partner and Financial Services Practice Leader Alexander Reyes joined the Hedge Fund Association to moderate a webinar, “LIBOR Transition.” As LIBOR, the globally accepted key benchmark interest rate is set to be phased out by the end of 2021, it is critical to stay up-to-date with the latest.
DealWatch provides comprehensive content on mergers and acquisitions (M&A) in emerging markets compiled by specialist journalists and analysts located in 30 offices globally. It offers both qualitative news and forward-looking information on deals, as well as a powerful database tracking over 40,000 deals. Customers can use DealWatch to identify new opportunities, benchmark valuations, and monitor competitors.
IS&C provides professional services in Russia and other countries to help businesses achieve their commercial objectives. They assemble multi-disciplinary teams to deliver superior services in areas like business establishment, management, growth, talent recruitment, research, and legal services in corporate law, taxation, litigation, and more. Their focus is on practical and efficient solutions to help businesses succeed and drive economic prosperity.
LPL Financial is the largest independent broker/dealer in the US, providing services and resources like research, compliance oversight, technology, and training to over 14,000 financial advisors. By affiliating with LPL, advisors gain access to innovative tools and solutions while maintaining autonomy to recommend the best investments for their clients. LPL ensures client assets and funds are protected with SIPC and FDIC coverage and has a robust oversight structure to serve clients ethically in the evolving financial industry.
Thomson Reuters is a leading provider of intelligent information to businesses and professionals. It provides industry expertise and innovative technology to deliver critical information to markets including financial, legal, tax, intellectual property, and media. Accelus Org ID is Thomson Reuters' KYC managed service that transforms KYC due diligence by independently collecting, verifying, and monitoring client identity and screening information in a secure environment. It helps financial institutions reduce costs and risks associated with client onboarding and monitoring processes.
This document provides an overview of the Practical Law legal know-how service. It describes Practical Law as an online service that provides legal practice notes, standard documents, current awareness updates and other resources across many practice areas to help lawyers work more efficiently. It lists the practice areas covered, describes the international services offered, and highlights some of the key features and functionality of the Practical Law platform. The document is aimed at providing lawyers with information on subscribing to and using the Practical Law service.
The document discusses the Ethical Finance Innovation Challenge and Awards (EFICA) which aims to address issues facing Islamic finance such as a loss of confidence and failure to capture imagination. It outlines three main awards: 1) The Islamic Finance Industry Development Challenge which aims to develop a more robust ethical structure; 2) The Ethical Finance Initiative Award which encourages true financial innovation based on ethics; 3) The Lifetime Achievement Award which recognizes those who have lived ethics in finance. A process is outlined where applications are accepted until September, shortlisted candidates are mentored and present solutions in November for voting.
The document contains quotes from various individuals throughout history about the power and importance of music. Music is said to speak where words fail, give soul to the universe, make one feel no pain, be the food of love, and allow people to create something new. It expresses what cannot be said and gives wings to the mind, flight to the imagination, and life to everything.
Agile Velocity Story Mapping Session from Product Camp Austin 11 #PCATXDavid Hawks
User Story Mapping is a technique for organizing and prioritizing user stories. It addresses challenges with traditional backlogs by providing context and showing relationships between stories. The process shifts from requirements delivery to requirements discovery, recognizing that customers discover wants and developers discover solutions as things change. User story mapping decomposes user tasks into smaller tasks and organizes them into activities to form user stories. It is collaborative and fosters co-ownership by helping understand the user perspective and test for gaps by walking through the map.
Monetary Authority of Singapore - Approach Towards Islamic BankingIslamic_Finance
The module aims to reflect upon MAS’ regulatory approach towards Islamic banking that mainly focuses on addressing the risks to the soundness of a financial institution and elaborates on how Islamic banks are generally exposed to the same types of risks as conventional banks. The module also provides details on MAS set of admission criteria when considering an application by banks to operate in Singapore, as well as MAS regulatory framework with regards to Shariah compliance risk and the capital framework to be implemented by banks.
Zawya Islamic Hosts a collection of Regulations gathered from Global providers amongst Securities & Exchange Commission Nigeria, Central Bank of Bahrain, Commission de Surveillance du Secteur Financier and others.
The collection is available on http://www.zawya.com/shariah-legal/listing/regulation/
For result oriented website design services in Dallas, TX, look no further than Centex Technologies. The company design user- friendly and quick loading websites that can help to attract more users. They also offer re-designing services for your existing website. To know more, visit - www.centextech.com
The Global Islamic Economy Summit 2013 is organized by Dubai Chamber of Commerce & Industry and Thomson Reuters, held on 25th-26th November, 2013 at Madinat Jumeirah, Dubai, UAE under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai.
TerraCycle recycled various items from 2011 to 2014 with the amount recycled increasing each year. In 2011-2012 they recycled 1001 units weighing 9.912 lbs, in 2012-2013 they recycled 14,787 units weighing 196.2 lbs, and in 2013-2014 they recycled 25,771.8 units weighing 232.5 lbs. They also recycled specific items such as 111.7 lbs of bags in 2011-2012, 21.3 lbs of wrappers and 222 phones in 2012-2013, and 18.1 lbs of miscellaneous items and 703 other items in 2013-2014.
The 2013 Region 4 Bilingual/ESL Conference was held on September 7, 2013 in McKinney, Texas. The keynote speaker was Dr. Robert J. Marzano who spoke about teaching basic and advanced vocabulary. Over 50 breakout sessions were offered on topics impacting English Language Learners, including dual language programs, vocabulary, reading strategies, social studies instruction, and technology integration. The conference was well attended and provided educators with research-based practices to support academic achievement for ELLs.
A Critical Appraisal Of International Islamic Finance Cases Islamic_Finance
The document provides a critical analysis of international Islamic finance cases that were decided in English courts, as well as comparative cases from other jurisdictions. It analyzes several notable cases in detail, including the first Islamic finance case decided in an English court between Islamic Investment Company of the Gulf (Bahamas) Ltd. and Symphony Gems N.V. The analysis focuses on the legal frameworks and arguments used in the cases. It concludes with recommendations for resolving international Islamic finance disputes through international legal frameworks and proposes directions for future research.
Looking Back and Moving Forward by Thomas S. MonsonThomas S. Monson
The document summarizes Thomas S. Monson's address to the Latter-day Saints during the Church's General Conference in May 2008. In 3 sentences:
President Monson looks back on his ancestry and service in the Church. He expresses gratitude for those who have gone before and calls members to continue moving forward in unity doing the Lord's work. He testifies of God's love and of Jesus Christ, and promises to lead the Church through revelation as the new President.
Turkey Islamic Finance Report 2014: Fundamentals and the Promise of GrowthIslamic_Finance
Thomson Reuters, Islamic Research and Training Institute (IRTI), General Council for Islamic Banks and Financial Institutions (CIBAFI), bring you the Turkey Islamic Finance Report, which provides substantive due diligence on the opportunities for Islamic financial services in the republic.
The report is available for free download on https://www.zawya.com/middle-east/landinglead/turkey/
The document summarizes the teams that support the financial advisor's business, including their broker/dealer, First Allied Securities, and custodian, Pershing LLC. It explains that First Allied provides execution services, regulatory oversight, and resources to help serve clients. Pershing acts as custodian, safeguarding client assets. While these firms play important roles, the advisor's most important relationship is with clients, and the firms are selected based on prioritizing client needs and interests.
Allied Asset Funds Reviews-Here’s What The Clients Say.pdfAllied Asset Funds
Only a small sample of what our clients have to say about our services have been included here. That is why, we would like to hear from more of you. Feedback and reviews are the best way we can improve our offerings, identify and rectify problems, create new services based on demand, and make you trust us more. So if you’ve got a minute, please head on over to our Facebook or Trustpilot page, and leave us a review. Tell us what we’re doing right, and where we’re going wrong. Make us better so that we serve you better.
Waqas & Waqas Law Associates is a corporate law firm established in 2002 that provides legal and corporate consulting services. The firm has a team of highly qualified legal experts that offer services across many areas of law including corporate law, tax law, banking law, intellectual property law, and more. Waqas & Waqas represents both private and public sector organizations and aims to establish long-term relationships with its clients through dedicated and competent legal support.
Citrin Cooperman Partner and Financial Services Practice Leader Alexander Reyes joined the Hedge Fund Association to moderate a webinar, “LIBOR Transition.” As LIBOR, the globally accepted key benchmark interest rate is set to be phased out by the end of 2021, it is critical to stay up-to-date with the latest.
DealWatch provides comprehensive content on mergers and acquisitions (M&A) in emerging markets compiled by specialist journalists and analysts located in 30 offices globally. It offers both qualitative news and forward-looking information on deals, as well as a powerful database tracking over 40,000 deals. Customers can use DealWatch to identify new opportunities, benchmark valuations, and monitor competitors.
IS&C provides professional services in Russia and other countries to help businesses achieve their commercial objectives. They assemble multi-disciplinary teams to deliver superior services in areas like business establishment, management, growth, talent recruitment, research, and legal services in corporate law, taxation, litigation, and more. Their focus is on practical and efficient solutions to help businesses succeed and drive economic prosperity.
LPL Financial is the largest independent broker/dealer in the US, providing services and resources like research, compliance oversight, technology, and training to over 14,000 financial advisors. By affiliating with LPL, advisors gain access to innovative tools and solutions while maintaining autonomy to recommend the best investments for their clients. LPL ensures client assets and funds are protected with SIPC and FDIC coverage and has a robust oversight structure to serve clients ethically in the evolving financial industry.
Thomson Reuters is a leading provider of intelligent information to businesses and professionals. It provides industry expertise and innovative technology to deliver critical information to markets including financial, legal, tax, intellectual property, and media. Accelus Org ID is Thomson Reuters' KYC managed service that transforms KYC due diligence by independently collecting, verifying, and monitoring client identity and screening information in a secure environment. It helps financial institutions reduce costs and risks associated with client onboarding and monitoring processes.
This document provides an overview of the Practical Law legal know-how service. It describes Practical Law as an online service that provides legal practice notes, standard documents, current awareness updates and other resources across many practice areas to help lawyers work more efficiently. It lists the practice areas covered, describes the international services offered, and highlights some of the key features and functionality of the Practical Law platform. The document is aimed at providing lawyers with information on subscribing to and using the Practical Law service.
This paper analyses the complete lifecycle of an extended day US based mutual fund trade processing and the different financial intermediarie s involved . It focuses briefly on the information technology stack commonly used by the intermediaries for end-to-end processing of the trades.
The document summarizes an Indian law firm called Impact professionals. It discusses the firm's areas of practice which include banking and finance, litigation and arbitration, intellectual property, and information technology law. It provides details on the firm's values which center around excellence, commitment to clients, teamwork, diversity, and quality. It also includes brief profiles of the practice areas and services offered to clients.
Dubai Offshore Company Setup - Hexagon Advisory Limited is one among the top branded business consultants providing services for business setup in Dubai. For more details visit our website http://www.hexagonadvisory.com/uae-companies/uae-offshore/ or Call us on +971(4) 342 6192
The document describes the financial regulatory practice group at Webber Wentzel, a South African law firm. The practice group consists of leading experts in financial services law who provide legal services and solutions relating to the financial services industry. They offer practical and innovative advice to help clients achieve their commercial objectives while navigating regulatory changes. The group has intimate knowledge of the industry and regulatory environment, making them the top choice for clients seeking assistance with transactions, regulatory advice, product development, and interactions with regulatory bodies.
The document introduces Hani Qurashi Law Firm which has partnered with the international law firm Eversheds. It provides details on the practice areas and experience of lawyers at both firms. The firms have experience in corporate law, commercial transactions, litigation and arbitration. It also mentions some of the large corporate clients and recent high-value deals the firms have worked on in the Middle East region.
This document provides rankings and recognition for Baker & McKenzie's global legal practices. It summarizes Baker & McKenzie's consistent recognition as a top international law firm, with leading practices in various areas such as mergers and acquisitions, private equity, banking and finance, tax, dispute resolution, and intellectual property. It also highlights the firm's extensive global network and local expertise across many jurisdictions that clients value.
Notwithstanding engaging arbitration end-clients to assume a more dynamic part concerning their cases, it is trusted that these tools will add to the demystification of arbitration.
Ray Securities and Financial Services is a stock broking firm providing investment solutions to retail and high net worth investors. It offers a suite of online brokerage and investment tools, including stock, commodity, currency and mutual fund trading as well as IPO investments. The company aims to empower investors through independent research, affordable pricing, and personalized support. Funding options include electronic transfers, cheques, and transferring stocks from other demat accounts.
Infospectrum provides business intelligence and counterparty risk analysis for the commodity and shipping industries. They offer commissioned reports, an online database of over 25,000 company profiles, and consultancy services. Their team of analysts research over 400 companies per month to build their extensive database and provide clients with up-to-date due diligence and risk assessments. Infospectrum prides itself on its independence, integrity, and ability to build long-term trust with clients.
Aquis Search is an executive search and selection firm focused on recruiting professionals in legal, risk, compliance, finance, and human resources. They operate within a consultative framework and have a long-standing reputation for industry knowledge and personalized service. They help people and organizations realize their potential by connecting talent with opportunities in complex global markets. Aquis Search provides career opportunities, market insights, and career guidance to applicants, and bespoke recruitment services to clients.
Similar to Guidance note: Treasury placement - Wakala Based (20)
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2. 2
WAKALA BASED
Contents
About this Product Guidance Note and Documentation ............................................................................................................3
About Thomson Reuters...............................................................................................................................................................4
About Zawya Islamic....................................................................................................................................................................5
About Freshfields Bruckhaus Deringer........................................................................................................................................6
About Shariyah Review Bureau....................................................................................................................................................7
Freshfields Bruckhaus Deringer certificate..................................................................................................................................8
Shariyah Review Bureau certificate..............................................................................................................................................9
Introduction................................................................................................................................................................................ 10
Transaction steps and diagrams................................................................................................................................................. 11
Key difference between the equivalent Islamic and non-Islamic products............................................................................... 12
Key Islamic provisions in the principal documents.....................................................................................................................13
Regional practices in the Middle East and South East Asia regions......................................................................................... 15
Shariah issues and risks............................................................................................................................................................. 15
Basic commercial issues typically negotiated between parties..................................................................................................17
Appendices................................................................................................................................................................................. 18
Master Agreement for Treasury Placement: Wakala Based.................................................................................................. 21
3. 3
WAKALA BASED
About this Product Guidance Note and Documentation
Islamic banks, like their conventional counterparts, require financial vehicles for short-term liquidity
management. The two principal Islamic financial products used for placing or obtaining short-term
funds are commodity Murabaha and Wakala.
In a typical Wakala treasury deposit, the muwakkil, or principal, appoints the bank as its wakeel to invest the deposit amount in a sharia-
compliant manner. This guidance note and accompanying Master Wakala Agreement explains the steps, illustrated with diagrams, for
wakala treasury transactions.
This document also distinguishes between the comparable Islamic and non-Islamic products along with the key requirements in the
principal document. It also covers differences in practice between the Middle East and Southeast Asia in regards to the Wakala contract.
The guidance note goes on to discuss the sharia issues and risks associated with the Wakala structure and the basic commercial issues
typically negotiated between parties in a Wakala agreement, such as profit rate and withdrawals.
An example/template of the legal document is attached.
PRODUCT GUIDANCE NOTES AND DOCUMENTS AVAILABLE
Sharia compliant asset & housing finance: Ijara and forward Ijarah based contract
Sharia compliant asset finance: Murabaha based
Sharia compliant deposit products: Saving and current accounts
Sharia compliant trade finance : L/C facilities
Sharia compliant credit cards: Fee or tawarruq based
Sharia compliant guarantee contract
Sharia complaint overdraft facility
Treasury Placement: Wakala based
FX-spot and forward contract: Wa’d based
Working capital finance: Mudaraba Based
Investment Sukuk – Sukuk al Wakala, Sukuk al Musharaka and Sukuk al Mudaraba structures
Islamic syndicated financing: Mudaraba based
Islamic Project finance: Istisna plus forward Ijara based
Islamic Project finance: Musharaka and diminishing Musharaka based
4. 4
WAKALA BASED
About Thomson Reuters
Thomson Reuters is an integrated knowledge services provider that assists the Islamic Finance industry
through providing solutions that enhance transparency, clarity and accessibility of Islamic Finance to
the global audience of businesses and professionals. We are proud to have been at the heart of Islamic
banking since the first commercial Islamic bank was launched in 1975.
Our knowledge solutions help you gain clarity and transparency in the rapidly emerging Islamic finance industry by providing you with data
services, research products and consulting services.
DATA SERVICES
Thomson Reuters Eikon and Zawya products provide access to a full spectrum of all relevant Islamic asset classes and content sets to give
us¬ers the best of class research capabilities.
RESEARCH
Built on the back of the world’s most extensive data capabilities, Thomson Reuters leverages its global network to provide primary source
in¬telligence on markets, industries and institutions relevant to Islamic finance.
CONSULTING
Thomson Reuters can provide bespoke service harnessing our global knowledge network com¬bined with our deep expertise
in Islamic finance.
ISLAMIC FINANCE GATEWAY COMMUNITY
Islamic Finance Gateway (IFG) Community is the one dedicated knowledge Gateway for profes¬sionals from across different countries to
converge and interact on industry issues that matter in order to generate actionable outcomes to shape and speed up the industry’s growth.
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WAKALA BASED
About Zawya Islamic
Our comprehensive platform provides the transparency and clarity of information you need to
conduct business more effectively. We also provide you with tools you can use to better shape
investment decisions.
Our intelligence includes all Islamic finance and Shariah-compliant asset classes, databases, research, news and market data, and is
supported by other data that serves as a benchmark against conventional fundamentals.
Zawya Islamic addresses the needs of any investment manager or consultant – Islamic or otherwise – by giving you access to the full
spectrum of legal, Shariah and market information.
We are powered by data from Thomson Reuters and also partner with other global Shariah and Islamic finance market players, standard
setters and authorities. We have developed for your use a well-connected and networked platform that makes Shariah-compliant
investment and decision making easier. Zawya Islamic is all of the following on one single platform:
• Fatawa, standards, regulations, legal documentation and product guidance notes, intelligently connected with scholars and instruments;
• Deep fundamental data on global sukuk, Islamic funds, Islamic banks and financial institutions, and Shariah -compliant equities;
• Islamic finance news, research, indices, money market and benchmark rates; and
• The ICD Thomson Reuters Islamic Finance Development Indicator and the Islamic Finance Gateway Community.
www.zawya.com/Islamic-finance
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WAKALA BASED
About Freshfields Bruckhaus Deringer
Freshfields was founded in 1743 in the City of London, making it the oldest existing law firm in the world.
Today, we are host to over 2,500 lawyers located across 28 offices in 16 countries throughout the Middle
East, Europe, the Americas and Asia.
While we have offices in all the main financial and regulatory centres globally, over 30 per cent of our
work is in countries where we do not have an office. Therefore our lawyers are deeply experienced in
working outside their home markets. Moreover, the proportion of our work outside our “home markets” is
growing, and is likely to continue to do so, as businesses invest in those places which are growing faster
than the developed world. We are focused on being able to provide our advice where our clients need it,
not just where we happen to have an office.
Our market leading practice areas
Our firm is organised into nine international practice groups in line with our clients’ business needs – they include Finance (both Islamic
and conventional); Corporate; Antitrust, Competition and Trade; Dispute Resolution; Employment, Pensions and Benefits; Environment,
Planning and Regulatory; Intellectual Property and Information Technology; International Tax; and Real Estate (including Construction).
We are proud of the fact that all our practice groups and many of our lawyers are consistently recognised by the most renowned legal
research directories and market commentators to be among the market leaders in their respective areas of law.
What sets us apart from our competitors is that on every instruction on a profoundly consistent basis, we bring to bear the unique
benefits and advantages of our global coverage, comprehensive platform, true integration and client-centric mindset. We are
committed to excellence in the legal advice and support we provide to our clients for their entrepreneurial decisions – no matter the
geography, scope or mandate.
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WAKALA BASED
About Shariyah Review Bureau
Shariyah Review Bureau (SRB) is the Corporate World’s leading Shari’a Advisor with scholarly presence
in more than 12 countries from US, Europe, Africa, GCC and Asia. The breadth of geographical reach
crossing national boundaries makes it a unique Shari’a consultancy body that can meet clients true
international business requirements.
Licensed by the Central Bank of Bahrain it is a natural proxy to institutes seeking Shari’a Compliant Funds and Islamic windows and
transactions. Apart from clients in UK, Canada, France, Australia, Hong Kong, Switzerland and the GCC, it is the Shari’a Advisor for 21%
of the Co-operative Insurance Firms Listed on the stock-exchange market in the Kingdom of Saudi Arabia. SRB also serves 12% of the
Saudi Investment Companies licensed and regulated by the CMA and has a diverse set of experience in Islamic banking and non-banking
institutions, including securities firms, Shari’a compliant national banks, energy firms and information providers. It also has an extensive
experience in helping clients cover a wide spectrum of transactions ranging from Sukuk’s, Private Equity Funds, Equity projects, Trade
Finance transactions, Margin Trading, Real Estate Developments, Land Funds, ICT Deals, Money Market, Textile, Sports and Pharma Funds.
With almost a decade experience of Shari’a Advisory and Shari’a Audit, srb has sustained a record in innovation and impact for transactions
in Shari’a compliant Corporate debt, Sukuks and Islamic equity markets, initial public offerings screening & Investment Banking Practice.
To learn more visit www.shariyah.com
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1 Introduction
Islamic banks usually have capital structures that are similar to non-Islamic banks and, like their non-
Islamic counterparts, require financial products for the purpose of short-term liquidity management.
This may especially be relevant for Islamic banks that invest into long-term instruments such as sukuk
or provide project finance and ijara-based real estate finance using funds obtained under short-term
customer deposits.
The two principal Islamic financial products used for placing or obtaining short-term funds are commodity murabaha and wakala. Islamic
banks may also use money market instruments and short-term sukuk for liquidity management and, where the procedure is commercially
feasible, a securitisation process may be used to provide liquidity to otherwise illiquid assets. This practice note and accompanying Master
Wakala Agreement describe how the wakala deposit product is structured.
In a typical wakala treasury deposit product, the customer as Muwakkil or principal appoints the bank as its Wakeel or agent to invest the
deposit amount in a Shariah compliant manner. The product is used in both retail and wholesale banking. A minimum deposit amount
usually applies, and deposit periods typically range from one to twelve months. An “unrestricted wakala” as opposed to a “restricted
wakala” is usually used, allowing the deposit to be utilised by the bank in its general treasury pool. The parties agree an Expected Muwakkil
Profit and an agency or Wakala Fee to be paid to the Bank.
On the Maturity Date, if a profit is made on the investment, the customer receives his principal Deposit Amount and the actual profit yielded by
the investment less any profit over and above the Expected Muwakkil Profit which the bank keeps as an “incentive fee” or “performance bonus”.
If however, there is a loss on the investment, the customer as principal bears the loss which could in theory be anything up to the whole
of the customer’s principal amount. Therefore, the wakala treasury deposit is a hybrid product, resembling an equity investment in a loss
scenario, a preferred equity product where profit is made up to the amount of the Expected Muwakkil Profit, and a debt product where profit
is made over and above the Expected Muwakkil Profit as the Customer’s return is effectively capped by the bank’s “performance bonus”.
In order to compete with non-Islamic banks, some Islamic banks promise customers that they will make up any shortfalls in the Expected
Muwakkil Profit, or any losses of wakala principal, from the Bank’s reserves. This wa’d or promise is documented as a separate document
provided in ancillary marketing materials or stated verbally at or prior to the point of contract. This practice renders the wakala deposit
product commercially akin to a protected deposit account yielding a fixed return, although there remain issues of legal enforceability.
The wakala treasury deposit has grown in popularity over the last few years owing to the commodity murabaha falling out of favour with
many Shariah scholars in the industry. Even with the practice of profit smoothing, the wakala is seen as a more genuine Islamic financial
product than the more synthetic commodity murabaha structure. In addition, wakala is simpler and cheaper to transact as it does not
require exchanges of physical commodities and the related transaction costs are therefore lower.
Wakala capital is typically entered on the Bank’s balance sheet as an unsecured subordinated debt obligation of the Bank and qualifies as
Tier 2 capital. This indicates that although the bank is acting as an agent of the investing client under Shariah, it transacts in its own name
with regard to the deposited funds themselves.