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Cross-Border Islamic Financing: Axis Telecom. Qudeer Latif. 18 October 2011. Cross-Border Islamic Financing: Axis Telecom. Introduction. Background to Financing Key Features The Facilities Hedging Documentation. Background to Financing.

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cross border islamic financing axis telecom

Cross-Border Islamic Financing: Axis Telecom

Qudeer Latif

18 October 2011

Cross-Border Islamic Financing: Axis Telecom

introduction
Introduction
  • Background to Financing
  • Key Features
  • The Facilities
  • Hedging
  • Documentation

Cross-Border Islamic Financing: Axis Telecom

background to financing
Background to Financing
  • Relationship between Axis and Saudi Telecom Company (STC)
  • Purposes of the financing
  • Why Shari’a compliant financing?

Cross-Border Islamic Financing: Axis Telecom

key features
Key Features
  • Three distinct murabaha facilities
    • EKN Facility
    • Huawei Facility
    • Syndicate Facility
  • Export credit financing
  • Hedging

Cross-Border Islamic Financing: Axis Telecom

the facilities ekn facility
The Facilities – EKN Facility
  • USD350m murabaha facility (comprising 3 separate tranches)
  • Key players
    • Ericsson
    • EKN
    • HSBC
    • SEK
  • Interesting features
    • First Shari’a compliant financing involving SEK and EKN
    • Structuring of break costs and late payment charges in a Shari’a compliant manner

Cross-Border Islamic Financing: Axis Telecom

the facilities huawei facility
The Facilities – Huawei Facility
  • USD400m murabaha facility
  • Key players
    • Huawei
    • China Development Bank
    • Deutsche Bank, Luxembourg
  • Interesting features
    • First Shari’a compliant financing supported by China Development Bank
    • Chinese regulations regarding Shari’a compliant financings
    • Sub-participation arrangements

Cross-Border Islamic Financing: Axis Telecom

the facilities syndicate facility
The Facilities – Syndicate Facility
  • USD400m dual currency syndicated murabaha facility
  • Key players
    • Deutsche Bank, Riyadh
    • HSBC Saudi Arabia
    • MIGA
  • Interesting features
    • Dual currency facility
    • Political risk insurance

Cross-Border Islamic Financing: Axis Telecom

hedging
Hedging
  • Risks being hedged
    • Foreign exchange risk
    • Floating rate profit risk
  • Key players
    • Deutsche Bank, Malaysia
    • The Saudi British Bank
  • Interesting features
    • Sale and purchase agency agreements
    • Purchase undertakings
    • Murabaha arrangements

Cross-Border Islamic Financing: Axis Telecom

documentation
Documentation
  • Common Terms Agreement
  • Intercreditor Agreement
  • Master Murabaha Agreement and Investment Agency Agreement for each facility
  • Ancillary Documents
    • MMA Supplemental Letter
    • Security documents (onshore and offshore)

Cross-Border Islamic Financing: Axis Telecom

questions
Questions

Cross-Border Islamic Financing: Axis Telecom

slide11

Speaker’s contact details:Qudeer Latif Partner/Head of Islamic Finance+971 4 362 0675 qudeer.latif@cliffordchance.com

Cross-Border Islamic Financing: Axis Telecom