Opportunities for Australia to Access the Global Islamic Finance Market

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1 Opportunities for Australia to Access the Global Islamic Finance Market Dr Mohd Daud Bakar Amanie Advisors Kuala Lumpur, Dubai, Luxembourg, Cairo, Melbourne, Almaty, Musqat & Seoul

2 Current State of Islamic Finance

3 Emerging Global Interest in Islamic Finance North Africa Jordan Central Asia Tax neutrality for Yen-based sukuk New Islamic finance market

4 Global Islamic Banking Industry Islamic bank ranking by Market Capitalisation source: Bloomberg Number of Islamic banks YEAR NUMBER Source: The Banker Number of conventional banks with Shariah banking window YEAR NUMBER Country Market Cap (USD billion) AL RAJHI BANK SAUDI ARABIA MEEZAN BANK LTD PAKISTAN 21.3 ALINMA BANK SAUDI ARABIA 20.1 MASRAF AL RAYAN QATAR 19.8 QATAR ISLAMIC BANK QATAR 18.1 ABU DHABI COMMERCIAL BANK UAE 17.5 DUBAI ISLAMIC BANK UAE 8.3 BANK ALBILAD SAUDI ARABIA 8.0 BANK AL-JAZIRA SAUDI ARABIA 7.8 Source: The Banker QATAR INTERNATIONAL ISLAMIC QATAR 7.6 ABU DHABI ISLAMIC BANK UAE 8.2

5 Global Islamic Asset Management Industry Number of Islamic Asset Management Companies by AUM (2010) Source: Ernst & Young Total AUM (USD million) No. of Fund Mgrs < > Total FM 201 Large Islamic Asset Management Companies (2011) Source: IFIS, KFHR Fund size (USD mln) Public Mutual Bhd 4,958 CIMB-Principal Asset Managem 2,352 HSBC Saudi Arabia Limited 1,839 NCB Capital 1,666 Riyad Capital 1,409 Sambacapital 1,060 ANB Invest 680 Al Rajhi Capital 492 Al Meezan Investment Managem 477 Saudi Hollandi 244

6 Australia s Competitive Advantage

7 Australian Banks Rank High on the Top 50 Safest Bank List In the 2011 Top 50 Safest Banks List published by the Global Finance Magazines, the 4 major Australian banks were ranked high. Position Bank Name Country #Tie*12 #Tie*12 National Australia Bank Limited Commonwealth Bank of Australia #14 Westpac Banking Corporation #Tie*18 Australia and New Zealand Banking Group (Australia) (Australia) (Australia) (Australia)

8 Ratings of Major Australian Banks Bank Name Ratings as at 24 th Feb 2012 (Fitch) Commonwealth Bank Of Australia National Australia Bank AA- AA- Westpac Banking Corporation AA- Australia and New Zealand Banking Group AA-

9 How To Position Australia in the Global Islamic Finance Market?

10 3 Key Areas For Australia s Participation in the Global Islamic Finance Market Mining Agriculture Infrastructure

11 Mining The Australian mining industry is a capital intensive sector that requires massive amounts of funds to sustain its operations Islamic investors have always been keen participants in resource extraction industries such as Oil and Gas etc. There is a good opportunity for Australian mining companies to participate in the Global Islamic Market

12 Mining: Proposed Mode of Entry Issuance of Sukuk (Islamic Bonds) by Australian Mining companies (i) Ijarah Sukuk Lease based Sukuk where current land or machineries can be used in a sale and lease back Shariah transaction to issue a Sukuk (ii) Murabahah Sukuk Commodity based Sukuk where the resources that will be extracted can be used as the collateral to back the issuance

13 Agriculture The Australian agricultural sector represents a good opportunity to attract many GCC and Asian based Islamic investors There is a growing concern about food security in the GCC and Asia Many sovereign related funds of the GCC and Asia have started to make investments in countries that are known to produce the essential agricultural products (grains and cattle) for the global market

14 Agriculture: Proposed Mode of Entry Land Fund Creation of a land fund where multiple farmers can pool their ownership of the farm lands in exchange for working capital. In this way, there will not be any foreign acquisition of farm land but instead a working together of Islamic investors and Australian farmers Commodities/Food Fund There have been a few Islamic commodities/food fund created in the market. The main aim is to secure massive stockpile of essential food items through bulk purchase and achieve economies of scale in the pricing. These food funds usually would have signed an exclusive off take agreement with government and major commodity players in the market

15 Infrastructure Infrastructure projects such as hydro dam, highways, airports, power plants will present a very viable opportunities for Islamic investors to participate in the Australian economy

16 Infrastructure: Mode of Entry Issuance of Sukuk There have been many issuances of Sukuk in the global market that are related to big ticket infrastructure products. Most issues have used either the Sukuk Ijarah or the Sukuk Istisna structure to tap the Islamic capital market Islamic Infrastructure Fund Many Islamic institutional investors that have equity mandates rather than debt have made investments into Islamic Infrastructure Funds that have been set up globally. These funds have a very long tenure (up to 15 years) to coincide with the operational period of the infrastructure project. Typical investors into such a fund would include SWFs and Supra national development institutions.

17 How To Facilitate Islamic Finance to Australia?

18 Transaction Case Study 1: Real Estate The Scenario Client has a pool of 5 Grade A+ UK based properties and is looking to refinance the pool of property to raise funding for further acquisitions. The size of the portfolio is GBP 400 million The Problem Since the client is based in Europe, the client s ability to secure long term funding was impaired because of the Eurozone debt crisis that caused the credit market to tighten up considerably. The Proposed Solution Amanie is structuring a private Shariah real estate fund vehicle out of the Netherlands using a tax efficient SPV structure. The equity holdings of this Real Estate holding SPV will then be placed out to Amanie s institutional investor network. Transaction Highlights The securitization of the properties brought the funds that are needed by the client at a more favorable rate compared to an outright financing. Investors were able to access a high grade pool of properties that would otherwise be off limits to them The transaction structure can be viewed on the next slide

19 Transaction Case Study 1: Real Estate Investor pay UK Property Co fee for managing the properties UK Property Co Investor appoint UK Property Co to manage the properties on their behalf Returns from the rental income of the properties Returns from the rental income of the properties Designated Property Portfolio SPV- Property Holding Co Investors

20 Transaction Case Study 2: Power Plant Sukuk The Scenario Client owns two 100 MW HFO based power plants. The client wishes to expand its power generating capacity by adding more power plants on to the existing complex. The final amount that they decided to raise was USD 120 million dollars The Problem Since the client is based in South Asia, the client s ability to secure long term local funding was limited as the local capital market investors and the banks were not willing to extend the size of funding that they were looking for. The Proposed Solution Amanie structured a Sukuk Ijarah (Lease Sukuk) that was then placed out to carefully selected institutional investors. Amanie worked with various Islamic banks and placement partners for the completion of this deal. The Outcome The client was able to secure the funds through the structured transaction Transaction Highlights Use of beneficial ownership transfer to avoid any taxes or registration due to the transfer of ownership A diversified range of investors were secured for this transaction. Amongst the investors were corporate entities, high net worth individuals and also a Supra National Development bank The transaction structure can be viewed on the next slide

21 Transaction Case Study 2: Power Plant Sukuk Power Plants 8 Exclusive 5 year arrangement for the Off take of power supply Payment for power off take 7 Government Power Development Board Periodic Rental payments 9 Client Consortium Purchase of Power Plants Lease of Power Plants 5 4 Client As Wakeel 3 Periodic Sukuk Profit Appointment of SPV as Wakeel 10 Sukuk Ijarah Constitution of trust 2 Subscription of Sukuk 1 Sukuk Profit 11 Investor

22 THANK YOU Amanie Advisors (DIFC) Dubai Amanie Advisors Sdn Bhd (Kuala Lumpur) Amanie Advisors Sarl (Luxembourg) Al Amanie Advisors (Musqat) Al Amanie Advisors North Africa (Cairo) Amanie Advisors Pty Ltd (Melbourne) Amanie Advisors CIS (Almaty) Amanie Shariah Finance Co Ltd. (Seoul)

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