Sukuk Al Manafaa: Shariah Requirements, Case Study: Ooredoo

Transcription

1. SUKUK AL-MANAFA ’A In the use of intangibles. The grant of these rights can take a number of forms depending on the nature of the asset available intangible assets. Mobile ‘airtime’ vouchers are one of a number of intangible asset classes used as receivables due on petrochemical marketing contracts. issued in the Middle East. and collect fees from airlines. The use of the Shari’ah advisers in recognising the legitimate use of those assets. Latham & Watkins | The Sukuk Handbook: A Guide To Structuring Sukuk 25
2. CASE STUDY : OOREDOO OOREDOO TAMWEEL LIMITED ( US$2 BILLION TRUST CERTIFICATE ISSUANCE PROGRAMME Shari’ah accommodating Shari’ah Shari’ah Customers Distribution of Airtime Vouchers Certificateholders Revenue from Distribution of Airtime Vouchers Sukuk Proceeds Certificates Sale of Airtime Vouchers Purchase Price Ooredoo Appointment of Distributor Purchase/Sale/Airtime Undertakings 26 Latham & Watkins | The Sukuk Handbook: A Guide To Structuring Sukuk Trustee
3. The Issuance of Sukuk : established for the purposes of the sukuk. The trustee then issued the sukuk to the investors. Declaration of Trust: The trustee declared a trust in favour of the investors over the proceeds of the issuance of the sukuk and certain other rights. The trustee then applied the proceeds of the issuance of the sukuk for Appointment of Distributor: the minutes of airtime to its customers. The airtime vouchers cannot be redeemed for airtime minutes unless Distribution and Sale of Vouchers: distribution amount due under the sukuk on each periodic distribution date. Purchase of Surplus Vouchers and Indemnity: distribution amounts due under the sukuk. Airtime Voucher Sale Undertaking: periodic distribution date. Purchase Undertaking: the right to require Ooredoo to purchase and accept the transfer of all of the trustee’s interest in the airtime Latham & Watkins | The Sukuk Handbook: A Guide To Structuring Sukuk 27