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JEFF LEONG, POON & WONG ADVOCATES & SOLICITORS A-11-3A, LEVEL 11 MEGAN AVENUE II JALAN YAP KWAN SENG 50450 KUALA LUMPUR MALAYSIA PHONE : +603 2166 3225 FAX : +603 2166 3227 www : www.deaconslaw.com Languages: English, Bahasa Malaysia, Mandarin Other Associated Deacons Offi ces: Asia: Bangkok, Beijing, Guangzhou, Hanoi, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Shanghai, Singapore, Taipei Australia: Brisbane, Canberra, Melbourne, Perth, Sydney Number of Professional Staff at this offi ce: Over 35 Contacts: Jeff Leong, Senior Partner (jeff.leong@jlpw.com.my) Gilbert Gan, Partner (gilbert.gan@jlpw.com.my) CATEGORIES OF WORK ► Admiralty & Shipping ► Banking & Finance ► Islamic Banking & Capital Markets ► Construction ► Corporate & Commercial ► Corporate Finance ► General Counsel Service ► Foreign Investment ► Information Technology & Telecommunications ► Insolvency & Restructuring ► Insurance & Reinsurance ► Intellectual Property ► Litigation & Commercial Arbitration ► Mergers & Acquisitions ► Project Finance & Infrastructure ► Regulatory Compliance ► Securities & Investment Law
Article Islamic Project Financing: The Shuaibah and Marafiq Models By John Dewar and Alison Smith If the market required any convincing as to the growing strength and prominence of Islamic fi nancing in the Middle East fi nancing market, then the closing of the Shuaibah power project in 2005 (then the largest single fi nancing for an individual power sector project) — followed by the Marafi q project fi nancing in June 2007, the largest individual power and water project in the world — should serve as compelling evidence. These deals in aggregate encompassed US$5.5 billion in senior fi nancing facilities, including Islamic facilities totaling US$210 million and US$600 million respectively. In addition, the Shuaibah Expansion Project, which closed in October 2007, included an Islamic facility of US$85 million (comprising 50% of the project’s senior fi nancing facilities). Assisted undoubtedly by the high hydrocarbon prices of recent years, Islamic financing is experiencing a boom, growing at an estimated rate of 15% in each of the last three years. Both the Shuaibah and Marafiq fi nancings combined funding from Islamic finance institutions, international and local commercial banks and export credit agencies. These deals represent recent examples of how Islamic fi nance techniques have been successfully utilised in the context of multi-sourced fi nancings, while remaining consistent with the principles of the Islamic Shariah. continued.... Wakalah-Ijarah Mawsufah Fi Al Dhimmah structure Islamic finance institutions Asset Agency Agreement (1) Funding for Phase Payments (b) Asset Participation Agreement (2) Request for funding (a) Phase Payments (c) EPC milestones (d) Wakalah Agreement (3) Islamic Facility Agent Service Agency Agreem ent (4) Project Company EPC Contract (6) Supervision of Project (f) S pecified Lease Agreement (5) Advance Lease Renta Delivery of Assets (g) Transfer of title of Islamic Assets (h) EPC Contractor 3
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