Deloitte and IRTI-IDB Groupexecutive workshop 7 Corporate Sukuk market in Europe:Mapping the pathway for analternative financing

30th November 2015SWIFT UK Office, 6th floor, The Corn Exchange55 Mark Lane, London EC3R 7NE

Supported by Media support

Increased insights and development of ‘alternative financing’ assetclasses are of timely importance for both governments and theprivate sector. Interestingly, the rise of global Sukuk issuance recentyears – has heightened the debate about innovation in capitalmarket instruments. Sukuk are used to finance specificallydesignated “socially responsible investment” and holdings of Sukuksecurities are regarded as ethical investments. They are backed byreal assets which gives assurance to investors, while their compliancewith Sharia’ attracts investment from the pious.

The nascent industry has great potential - given the scarce classicbanking lending, and this executive workshop aims to address theopportunities and challenges for Sukuk. The program includes adiscussion on Deloitte’s flagship thought leadership report whichexamined the different aspects of its growth in the Europeancorporate context. The industry study is based on an innovativeapproach to Islamic financial research which involved extensiveoutreach and dialogue with the industry leaders’ community,academia and prominent Islamic finance thought leaders.

Sukuk issuance and listing in EuropeAfter the pioneered German Saxony Anhalt five-year sovereignSukuk in 2004, and precisely more recently, several other Europeanstates and corporates seriously considered Sukuk issuance. Laws andregulations were introduced to facilitate this market to grow. Themost prominent and anchor issue went to Britain’s £200 millionSukuk. The Sukuk was significantly oversubscribed and investorsincluded institutions from the UK, Middle East and Asia, attractingorders of £2.3 Billion – 10 times higher than the amount raised.Leading exchanges for Sukuk listings include the NASDAQ Dubai,London Stock Exchange, Malaysia, Luxembourg and the Irish StockExchange.

Some of the findings from the Deloitte Sukuk study include:• Expansion followed by liquidity appeared to be the top corporateobjective for fundraising for corporate professionals participatingin the survey.

• 46% of respondents view ethical investments as extremelyimportant to the company, whereas 20% view it as veryimportant.

• 76% of respondents acknowledge that there is adequateprofessional service providers – in their respective jurisdictions - to facilitate Islamic finance transactions.

• 57% of respondents are more likely to consider Islamic financetransactions such as Sukuk, if its financial reporting is aligned withthe treatment of other conventional counterparts.

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Background and context

The rise of global Sukuk issuance – recent years –has heightened the debate about innovation incapital market instruments

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Consistent with Deloitte’s Islamic thought leadership programstrategy of engaging industry stakeholders in issues of marketdevelopment and practices, this ‘executive program’ offers aplatform for discussion between regulators, policy makers andpractitioners on the value proposition of corporate Sukuk and itsgrowth prospects in Europe.

The ‘executive program’ is jointly organized with IRTI-IDB Group and supported by leading industry institutions. The program willaddress the key factors underpinning the prospective growth of this market in European markets and how it will contribute to the respective sectors of economies of these countries.

Program themeWe set ourselves to address five key practice areas:• The regulatory and policy environment for the Sukuk market in Europe.

• Making the markets for Sukuk issuance in Europe. • Sharia’, legal and rating considerations.• Driving value through practice harmonization.• Addressing skills gap and grooming talented leaders.

Who should attend?The program is designed for a spectrum of senior executives in the financial service industry:• Regulatory & supervisory officers• Sukuk issuers and investors

• DCM professionals and analysts • Pension funds & fund managers • SWFs’ executives & family offices professionals • Venture capitalists• Risk managers, investment and sukuk analysts • Professionals: auditors, lawyers• Sharia’ scholars, financial researchers and academics• Professional development & education institutions

Program detailsDate: November 30, 2015Venue: SWIFT UK Office, 6th floor, The Corn Exchange55 Mark Lane, London EC3R 7NE.Program materials: All program materials will be distributed inhardcopiesSpeakers/supporting institutions: The program will be delivered byprofessionals from Deloitte, INCEIF, Henley Business School, IRTI-IDBGroup, DDCAP Group, CISI, The CityUK and industry experts.

Program overview

Program sessionsThe program will run from 8:30 am – 5:30 pm.

LocationThe program will be held at the SWIFT UK Office, 6th floor, The Corn Exchange, 55 Mark Lane, London EC3R 7NE

LanguageThe program will be conducted in English.

RegistrationFirst come –first served

Time Topic

08:30 – 09:00 Registration and coffee

09:00 – 09:10 Welcome noteJoe El Fadl, FSI Leader, Deloitte & Touche (M.E.)

09:10 – 09:20 Key note speechGary Campkin, Director, International Strategy, TheCityUK

09:20 – 09:45 Launching Deloitte Sukuk report Dr. Hatim El Tahir, Director, Islamic Finance Group, Deloitte & Touche (M.E)

09:45 – 11:00 Session 1 – The regulatory and policy environment for thecorporate Sukuk ModeratorDaud Vicary Abdullah, President & CEO, INCEIF

Panelists • Professor Mohammad Azmi Omar, Director General, IRTI-IDB Group• Dr. Zamir Iqbal, Head of World Bank Global Centre for IslamicFinance

• Neil Miller, Global Head of Islamic Finance, Linklaters LLP, Dubai• Marco Lichtfous, Partner, Advisory and Consulting, DeloitteLuxembourg

• Peter Casey, Advisor, IFSB and ESCA

11:00 – 11:15 Coffee break

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Time Topic

11:15 – 12:15 Session 2 – Making the markets for Sukuk issuance in Europe ModeratorSohail Jafar, Deputy CEO, FWU Group

Panelists• Stella Cox, Managing Director, DDCAP Group• Shabir Randeree CBE, Chairman, DCD Group• Hasan Demirhan, Director, Treasury Department, IDB Group• Brandon Davies, Independent Non-executive Director, Lintel Bank Ltd.

12:15 – 13:15 Lunch break

13:15 – 14:30 Session 3 – Sharia’, legal and rating considerations ModeratorProfessor Humayon Dar, Chairman & CEO, Edbiz Consulting

Panelists• Sheikh Esam Ishaq, Sharia’ Advisor and Scholar • Harris Irfan, Managing Director, EIIB, UK• Arif Bekiroglu, Assistant Vice President - Analyst, Moody’s InvestorsService

• Mattew Sapte, Partner, SNR Denton London UK

Agenda

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Agenda (cont’d)

Time Topic

14:30 – 15:30 Session 4 – Driving value through practice harmonization ModeratorDr. Hatim El Tahir, Director, Islamic Finance Group, Deloitte & Touche(M.E)

Panelists• Emeritus Professor Rodney Wilson• Ian Stewart, Chief Economist, Deloitte LLP• Sonja Gibbs, Director, (IIF)• Samina Akram, Managing Director, Samak Ethical Finance Ltd

Time Topic

15:30 – 17:00 Session 5 – Addressing the skills gap and grooming talentedleadersModeratorAbdelilah Belatik, Secretary General, (CIBAFI)

Panelists • Daud Vicary Abdullah, President & CEO, INCEIF• Professor Simon Archer, Visiting Professor, ICMA Centre, HBSUniversity of Reading

• George Littlejohn, Senior Adviser, CISI• Dr. Osman Ahmed, Lead Economist, IRTI-IDB Group• Camille Paldi, CEO, FAAIF Limited and Events

17:00 – 17:30 Concluding remarks

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When and where

30th November, 2015, 8:30 am to 5:30 pm –

SWIFT UK Office, 6th floor, The Corn Exchange55 Mark Lane, London EC3R 7NE

Your investmentFirst come, first served

To registerifkcevents@deloitte.com

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Deloitte is looking forward to welcomingyou at the SWIFT UK Office - London, UK on November 30, 2015