08:00 – 09:00
Registration and refreshments
09:00 – 09:15
Welcome remarks
09:15 – 09:30
Keynote Address
Dr Ibrahim Turhan, Chairman and Chief Executive Officer, IMKB Istanbul Borsasi
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09:30 – 10:30
Session One: Turkey and the Development of Local and Regional Participation Capital Markets
- Turkey’s place in the Asian and European participation finance and investment landscape
- What does Sovereign Sukuk mean for participation finance in Turkey?
- What are the opportunities local and regional investment managers can look forward to?
- What more do aspiring participation financial markets such as Turkey need to do to attract issuers? Considerations: rule of law, regulation, investor base, financial infrastructure
- Examining notable issues in 2012 and why they succeeded: Sovereign Sukuk, KT Sukuk Varlik Kiralama
- Using participation finance structures and products to match issuers’ needs and investors’ yield expectations
Mustafa Kemal Yılmaz, Executive Vice Chairman, IMKB Istanbul Borsasi
Panelists:Ahmet Albayrak, Executive Vice President, Corporate and International Banking, Kuveyt Turk
M Fatih Bulac, Head of Financial Institutions, Turkiye Finans
Mohammad Wajid Kamran, Chief Executive Officer, Emirates NBD Capital
10:30 – 11:00
Break and Networking
11:00 – 11:45
Session Two: Product Structure, Innovation and Development for Participation Finance in Turkey
- Potential sectors for Sukuk issuance in Turkey in the coming year: transport and telecoms
- Project and Infrastructure finance and the opportunities offered in Turkey
- Examining deal size versus product structure and innovation
- Regulatory, taxation and accounting standards updates in Turkey
- Differing and opposing views on Shariah compliance – what have we learned from recent high profile capital markets cases?
- What does the absence of a Trust Law mean in reality for issuers in the Turkish market?
Rizwan Kanji, Partner, King & Spalding
Panelists:Hersham Youssef, Head of Corporate Banking & Financial Institution Group, Libyan Qatari Bank
Jamie Durham, Partner, Allen & Overy
Tanweer Bukhari, Vice-President & Head of Investment Banking & Advisory, CIMB Middle East
11:45 – 12:00
Presentation: Sukuk Regulation in Turkey
Murat Haholu, Head of Surveillance Group, Department of Corporate Finance, Capital Markets Board of Turkey
12:00 – 12:30
Case Study: Republic of Turkey US$1.5 billion Lease Certificates
- Issue more than five times oversubscribed
- Yield of 2.8%, maturing in 2019
- Backed by state-owned properties and land
- Based on a Sukuk Ijarah structure
Qudeer Latif, Partner (Global Head of Islamic Finance), Clifford Chance
Sera Somay, Partner, Somay Hukuk Burosu
12:30 – 12:40
Luncheon Address
Avsar R Sungurlu, Assistant Managing Director, BMD Securities
Moderator:Jawad Ali – Managing Partner – Middle East Offices, King & Spalding
Panelists:Abdulkadir Kahraman – Partner, Head of Tax, KPMG Turkey
Ilhami Koc – Deputy Chief Executive Officer, Isbank & Chairman, IS Investment
Mohamad Safri Shahul Hamid – Deputy Chief Executive Officer, CIMB Islamic, Malaysia
Dr Nusret Cetin – Senior Legal Counsel, Capital Markets Board of Turkey
Stella Cox – Chief Executive Officer, DDCap
12:40 – 13:45
Lunch
13:45 – 14:30
Session Three: Facilitating Shariah Compliant Investment Flows Through Innovative Products, Structures and Channels in Turkey
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- Challenges facing the participation asset management industry: developing attractive product propositions and effective distribution strategies
- Developing suitable and attractive wealth management products for high net worth customers in Turkey
- Structuring effective Takaful products for the Turkey market
- The potential of participation private equity growth in Turkey and Europe: key sectors and opportunities
- Examining the crucial issue of Shariah compliance for today’s participation investment structures and products
- Investment and product trends in Turkey: hedging instruments, ETFs, iREITs
Qudeer Latif, Partner (Global Head of Islamic Finance), Clifford Chance
Panelists:Abdulkadir Kahraman, Partner, KPMG
Cassim Docrat, Director, DDCAP (DIFC) Ltd
Faisal Alshowaikh, Head of Islamic Financial Services, ABC International Bank
14:30 – 15:15
Deal Roundtable: KT Sukuk Varlik Kiralama US$350 million certificates
- Based on Wakalah/Ijarah Structure; on-shore SPV established
- 69% of the deal distributed to investors in the Gulf
- In the absence of a Trust Law in Turkey, transaction used a Declaration of Agency facility
- Backed by real estate Ijarah, Ijarah receivables and Murabahah receivables
Erkan Tercan, Senior Associate, Paksoy
Jamie Durham, Partner, Allen & Overy
Mustafa Begun, Head of Investment Banking, Kuveyt Turk
Rizwan Kanji, Partner, King & Spalding
15:15 – 16:00
Investors Roundtable: The Role of Institutional Investors and Takaful Funds in the Participation Investment landscape and Where Turkey can play a role
- Sovereign wealth funds and their reach and scope in Turkey, Asia and the Gulf
- Discussing the investment strategies of sovereign wealth funds in the coming year
- Assessing the role of the Takaful industry in the mobilization of funds
- Takaful companies and the long-term investment mandates and strategies available to them
- Investment mandates for pension funds and institutional funds in Turkey and beyond: what can participation finance offer?
Sohail Jaffer, Deputy CEO, FWU Global Takaful Solutions
Panelists:Hitesh Asarpota, Director, Capital Markets and Structured Finance, Emirates NBD Capital, UAE
Savas Saymaz, Financial Consultant, SHAPE ™ Financial
Tanweer Bukhari, Vice-President & Head of Investment Banking & Advisory, CIMB Middle East
16:00 – 16:30
Closing Remarks and Refreshments
