www.almaaligroup.com/www.beejust.

com
Marrakech , 13 December 2013
Anouar Adham, CFA
Chairman
BeeJust
Agenda
A. Market trend
B. Leading countries
C. Leading issuer
D. Rating?
E. Listing?
F. Structures
G. What Maturity?
Good 2013 vintage but lower than 2012
South East Asia and GCC are leading the
way
KSA and UAE are the GCC market engines
The important role of sovereign issuances
Is rating required?
Is listing important?
Is listing important?
What are the most used structured?
What are the most used structured?
What size?
Who buys Sukuk?
Case Study: Emirates Airline
Case Study: Al Marai Hybrid Sukuk
Source: ldeal8aung
Case Study: Oreedo Sukuk
Source: Sukuk prospecLus
Case Study: Turkey sovereign Sukuk
Source: Sukuk prospecLus
Case Study: Turkey sovereign Sukuk
Source: Sukuk prospecLus
Lease AsseLs" has Lhe meanlng glven Lo lL ln Condluon 6(a) (1he AsseL Leaslng Company -
Summary)
ursuanL Lo Lhe Lease AgreemenL, Lhe lssuer ln lLs capaclLy as lessor of Lhe
Lease AsseLs (ln such capaclLy, Lhe Lessor") wlll lease cerLaln real esLaLe
asseLs Lo Lhe 8epubllc ln lLs capaclLy as lessee of Lhe Lease AsseLs (ln such
capaclLy, Lhe Lessee"). Such real esLaLe asseLs shall be comprlsed of Lhe
AsseLs, as such asseLs may be repalred, refurblshed, upgraded or replaced
from ume Lo ume as a resulL of any Ma[or MalnLenance and SLrucLural
8epalr and/or any Crdlnary MalnLenance and 8epalr or any subsuLuuon ln
accordance wlLh Lhe SubsuLuuon underLaklng, ln whlch case Lhe parues Lo
Lhe Lease AgreemenL shall amend Schedule 1 (AsseLs) Lo Lhe Lease
AgreemenL Lo reecL any such subsuLuuon (Lhe Lease AsseLs")
1he lssuer wlll execuLe Lhe SubsuLuuon underLaklng ln favour of Lhe 8epubllc and Lhe
8epresenLauve pursuanL Lo whlch Lhe 8epubllc has Lhe rlghL Lo requlre Lhe lssuer Lo sell, Lransfer
and convey on any SubsuLuuon uaLe Lhe lssuer's lnLeresL, rlghLs, beneLs and enuLlemenLs ln and
Lo Lhe SubsuLuLed Lease AsseLs or any parL Lhereof Lo Lhe 8epubllc ln conslderauon for Lhe
Lransfer and conveyance by Lhe 8epubllc Lo Lhe lssuer of Lhe new Lease AsseLs (pursuanL Lo a
Lransfer agreemenL). 1he 8epubllc wlll be obllged Lo cerufy LhaL Lhe new Lease AsseLs are of a
value whlch ls equal Lo or greaLer Lhan Lhe value of Lhe SubsuLuLed Lease AsseLs on Lhe relevanL
SubsuLuuon uaLe.
Contact:
s.assoulaimani@almaaligroup.com
aadham@beejust.com