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deals of the year<br />
case study<br />
due under the portfolio rights and to transfer such collections<br />
to the trustee. Notwithstanding the above, because YAAS<br />
Instalments is a special purpose vehicle, Alghanim will act as<br />
its servicing agent by undertaking to perform the duties and<br />
obligations set forth in the investment agency agreement for<br />
the benefit of YAAS Instalments and the trustee.<br />
Lastly, one of the most unique aspects to the issuance,<br />
which further distinguishes the same as unprecedented<br />
and innovative, was the approach for the trust assets to be<br />
comprised of not only the portfolio rights but also a tangible<br />
product inventory supplied by Alghanim to YAAS Instalments,<br />
acting on behalf of the trustee.<br />
Commentary<br />
The Sukuk issuance marks a landmark deal for Al Tamimi &<br />
Company, Rasameel and Alghanim, this being the first time an<br />
<strong>Islamic</strong> securitization issuance in the form of Sukuk has been<br />
seen in the State of Kuwait. Partner and head of the Al Taimimi<br />
Kuwait office, Alex Saleh, commented that: “Working on this<br />
transaction led to some interesting challenges and allowed our<br />
respective teams to come up with innovative solutions to satisfy<br />
Shariah law, while at the same time meeting the goals of the<br />
client. We want to thank everyone involved with this unique<br />
transaction for their dedication and efforts, especially to the<br />
members of Rasameel and Alghanim who made us part of such<br />
a groundbreaking transaction in the field of <strong>Islamic</strong> finance. It is<br />
truly an honor.” Partner Philip Kotsis added: “We hope that this<br />
first Sukuk securitization issuance will serve as a cornerstone<br />
for other large retailers in Kuwait and around the globe who<br />
wish to offer Shariah compliant consumer finance solutions to<br />
consulting www.<strong>Islamic</strong><strong>Finance</strong>Consulting.com<br />
www.<strong>Islamic</strong><strong>Finance</strong>Events.com<br />
their customers.”<br />
www.<strong>Islamic</strong><strong>Finance</strong><strong>News</strong>.com<br />
www.<strong>Islamic</strong><strong>Finance</strong>Training.com<br />
www.MIFforum.com<br />
www.MIFmonthly.com<br />
www.MIFtraining.com<br />
www.REDmoneyBooks.com<br />
Alex Saleh<br />
Partner & Head of Kuwait Office.<br />
Tel: +965-2246-2253<br />
Email: alex.saleh@tamimi.com<br />
Heading into its 6 th year, the <strong>Islamic</strong> <strong>Finance</strong> news Roadshow continues<br />
to roam the globe educating and updating the developing <strong>Islamic</strong><br />
financial markets. In 2013, the IFN Roadshow will visit 12 key markets<br />
which we believe will witness exponential growth in the coming years.<br />
SINGAPORE<br />
3 rd April 2013<br />
MOROCCO<br />
28 th April 2013<br />
AUSTRALIA<br />
7 th May 2013<br />
J A P A N<br />
12 th June 2013<br />
HONG KONG<br />
25 th June 2013<br />
PAKISTAN<br />
27 th August 2013<br />
SRI LANKA<br />
29 th August 2013<br />
TURKEY<br />
3 rd September 2013<br />
EGYPT<br />
5 th September 2013<br />
THAILAND<br />
11 th September 2013<br />
BRUNEI<br />
28 th November 2013<br />
BANGLADESH<br />
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24 March 2013
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