Rasmala Global Sukuk Fund Presentation - Rasmala Investment Bank

November 2013 

Rasmala Investment Bank Ltd 

Rasmala Global Sukuk Fund 

www.rasmala.com

Contents 

Executive Summary 03 

Features of the Rasmala Global Sukuk Fund 04 

Global Economic Outlook 05 

Rasmala - The Investment Manager 07 

European Islamic Investment Bank - The Seed Investor 09 

The Fund Investment Process 10 

The Fund Investment Guidelines 11 

Investment Allocations 12 

Sharia’a Compliance 15 

The Fund Management Team 16 

Contact Details 17 

Rasmala Global Sukuk Fund 02

Executive Summary 

The Opportunity 

The Fund 

Rasmala Value Added 

The Seed Investor 

• The Fund is an attractive 

alternative to low yielding cash 

deposits with a targeted annual 

distribution set at 3.5%. 

• Growth in the number of 

investors, issuers and size 

of issuance has resulted in a 

significant increase in global 

sukuk secondary market trading. 

• The improvement in secondary 

market liquidity has augmented 

the construction and efficient 

management of diversified 

sukuk portfolios. 

• The Fund provides weekly 

liquidity to investors. 

• The Fund enables investors 

to generate a return on their 

portfolio in accordance with the 

investment principles of Sharia’a. 

• The Fund’s investment objective 

is to provide investors with regular 

profit distributions and capital 

appreciation through investing 

in Sharia’a compliant, primarily 

investment-grade government, 

government-related and 

corporate sukuk and other similar 

Sharia’a compliant financial 

instruments diversified by country, 

issuer, profit rate and maturity. 

• The Fund will be dynamically 

managed and expects to make 

semi-annual distributions of 

accumulated profit as calculated 

at the end of June and December 

of each year. 

• The Rasmala Global Sukuk 

Fund has performed strongly 

since its inception in April 2012 

generating 3.31% through 

September 2013 for its investors 

• Rasmala Asset Management 

has one of the largest and most 

experienced teams in the region 

with 15 investment professionals. 

• The Rasmala Global Sukuk Fund 

will be managed by Doug Bitcon 

who has more than 14 years’ 

experience in fixed income 

trading and investment portfolios, 

the last 6 of which were spent 

focused on Islamic finance. 

• European Islamic Investment 

Bank plc “EIIB” is a UK-domiciled, 

FSA regulated Investment 

Bank, was seeking to invest in a 

conservatively managed Fund 

which offers a regular income 

stream which is earned strictly in 

accordance with the principles 

of Sharia’a. 

• Initial cash commitment by EIIB 

of USD 25,000,000. 


03

Features of the Rasmala Global Sukuk Fund 

Investment Approach 

Liquidity 

Structure 

The Fund will be dynamically managed and focus on income generation and capital preservation through in-depth and 

robust analysis of the underlying financial strength of individual issuers. 

Twice Weekly 

Open-Ended 

Currency 

USD 

Fund Size USD 28.47 million (end of October 2013) 

Domicile 

Fund Manager 

Seed Investor 

Sharia’a Scholar 

Custodian 

Administrator 

Cayman Islands 

Rasmala Investment Bank Ltd 

European Islamic Investment Bank plc 

Dr. Mohamed Ali Elgari 

HSBC 

Apex 

Minimum Subscription $270,000 

Additional Subscription $10,000 

Management Fees 

Profit Distribution 

0.85% of NAV 

Semi-Annual 


04

Global Economic Outlook 2013 

• Monetary policy will remain accommodative to offset the 

economic headwinds resulting from a more restrictive 

fiscal policy in the US and Europe. 

• Economic growth will remain pedestrian in many of the 

world’s major economies despite the efforts of their 

central banks. Growth in emerging markets is expected 

to outpace developed economies although the growth 

differential is expected to contract. 

• Petrodollar economies are well placed with oil prices 

forecast to hold above budget breakeven levels for the 

majority of these countries. Oil receipts should support 

the aggressive expenditure plans of many of these 

governments thereby ensuring social harmony. 

• The US predictably deferred addressing its expanding 

debt burden in October 2013. It will ultimately need to 

take the politically difficult steps to increase taxes and/or 

reduce government expenditure/obligations. 

• The Debt levels in many developed markets remain well 

above sustainable long-term levels. The affected 

countries remain acutely exposed to fluctuations in 

investor confidence levels. 

• Banks continue to reshape their balance sheets to 

better reflect the aspirations of regulators. This process 

will continue until regulators are satisfied that the 

electorate will no longer be held accountable for losses 

incurred by mismanaged banks. 

A conservative investment product for an uncertain economic environment. 


05

Global Sukuk Outlook 2013 

• The global sukuk market will continue to expand with a steady stream of new names potentially laying the foundations 

to access the market. New regional sukuk issuers may include asset rich entities such as QTEL, IPIC, TAQA and 

sovereign issuers such as Egypt, Jordan, Libya, Oman, South Africa and Tunisia. 

• High grade credit markets are unlikely to repeat the performance of 2012 with the majority of returns expected to be 

derived from carry and active portfolio management. 

• Strong technical factors continue to underpin the market with the current supply / demand imbalance expected to 

prevail supported by regional investor liquidity and robust fundamentals. 

• The correlation between regional sukuk prices and US Treasuries will remain modest although longer dated high 

grade sukuk will ultimately succumb to selling pressure should Treasury yields rise for an extended period. 

• Sukuk investors will continue to diversify their portfolios geographically, extend duration and migrate down the credit 

curve in search of yield. 

• Regional financial institutions, many of which have issued sukuk, continue to consolidate their solvency position, term 

out their liabilities and reduce their direct exposure to real estate following the decline in their respective real estate 

markets. 


06

Rasmala - The Investment Manager 

Overview 

Regional presence 

Leading regional investment banking group headquartered in Dubai 

• Established in 1999, with offices in the UAE, Saudi Arabia, Oman and Egypt 

• With 75 employees across the region 

Shareholders include: 

• European Islamic Investment Bank 

• Deutsche Bank 

• Management 

• Prominent regional investors 

Egypt 

Saudi Arabia 

Business lines 

Operating Platform 

Rasmala Holdings Ltd. (Dubai International Financial Centre) 

Asset 

Management 

Rasmala 

Rasmala Rasmala Rasmala Egypt Rasmala 

Investment Bank Investments Saudi Investments 

Ltd. (DIFC) CJSC Oman LLC 

Asset ManagementInvestment BankingAsset ManagementInvestment Banking 

Investment 

Banking 

Brokerage 

Investment - Advisory Brokerage - Advisory 

Banking - Arranging - Marketing 

Brokerage 

(non-Omani 

securities) 


07

Rasmala Asset Management 

Overview 

• Rasmala specialises in fund 

management across the Arab 

markets in both conventional and 

Sharia’a compliant strategies in fixed 

income, money markets and equities 

• Manages a selection of fixed income 

and equity funds including: a GCC 

Fixed Income Fund, a MENA Equity 

Fund and country specific funds 

Key Funds 

• Rasmala Global Sukuk Fund 

• Rasmala GCC Fixed Income Fund 

• Arabian Markets Growth Equity Fund 

• Rasmala Palestine Equity Fund 

• Rasmala GCC Islamic Equity Income 

Fund 

• Rasmala Leasing Fund 

• Rasmala Trade Finance Fund* 

*to be launched in October 2013 


• Manages discretionary portfolios for 

government entities, sovereign wealth 

funds, pension plans, corporate entities 

and ultra high net worth individuals 

• Acts as investment advisor to additional 

funds with a focus on the MENA region 

• Team composed of 14 professionals: 

one of the largest and most 

experienced asset management 

teams in the MENA region 

Discretionary 

Portfolio Mandates 

• Sukuk Portfolios 

• Sharia’a Compliant Portfolios 

• GCC Fixed Income Portfolios 

• Equity Portfolios in MENA, GCC and 

Single Countries 

• Money Market Portfolios 

• Murabaha Portfolios 

• Balanced Portfolios 

Industry Recognition 

• Award: 

EGX Best Asset 

Management Firm 

in Egypt” award 

• Awarded to: 

Rasmala Egypt 

Asset Management 

• Period / Date: 

March 2010 

• Award: “Fixed “GTM/ 

Income Fund of 

the Year” - MENA 

Fund Manager 

Performance Awards 

• Award: “Best New 

Fund” Award during 

the Hedge Funds 

World conference 


MENA Equity 

Opportunity Fund 


Rasmala GCC Fixed 

Income Fund 

• Period / Date: 

• Period / Date: 2009 March 2008 

Assets Under Management (AUMs) 

Equity DPMs , 41% 

Equity Funds , 8% 

Fixed Income DPMs , 19% 

, Fixed Income Funds,21% 

Money Market Funds ,10% 

Alternatives, 2% 

■ Funds,41% 

■ DPMs,59% 

08

European Islamic Investment Bank 

- The Seed Investor 

• Founded in 2005 and headquartered in London, European Islamic Investment Bank plc (“EIIB” or the “Bank”) is an 

independent Alternative Investment Market quoted wholly Sharia’a compliant Bank, authorised and supervised by the 

United Kingdom Financial Services Authority. 

• EIIB’s mission is to deliver exceptional value to its clients and shareholders through its innovative and focused 

approach whilst ensuring the highest standards of professionalism, integrity and corporate governance. The Bank 

offers a full spectrum of wholesale Islamic banking products and services, centered around the equity, financing and 

real estate asset classes, mainly in support of its key focus area which is the manufacture and distribution of 

differentiated and value added investment products. 

• Given its skilled and experienced management team, strong capitalisation and healthy liquidity ratios, EIIB is able to 

actively pursue an aggressive growth strategy which includes organic growth, partnerships, joint ventures and 

targeted acquisitions, principally but not exclusively in the Middle East, Levant and North Africa region. 


09

The Fund Investment Process 

Selection Criteria 

Credit Analysis / Rating Issue Size & Liquidity Interest Rate Profile Duration and Convexity 

Focus on Risk 

The Investment Manager utilises its expertise in fixed income investing to select the most appropriate securities. 

Analysing the underlying 

credit of the issuer 

Verifying the issue size 

and liquidity 

Selecting the appropriate 

profit rate profile 

Modified duration and 

convexity 

Focus on risk and 

adjusted return 

The investment process 

requires a detailed analysis of 

the underlying credit risk of an 

issuer. The credit process is 

multi faceted and employs a 

combination of proprietary credit 

analysis, third-party credit 

intelligence and external credit 

rating reports released by the 

major rating agencies. 

Secondary market liquidity 

impacts directly on the 

performance of an actively 

managed portfolio. The 

investment process therefore 

includes an evaluation of the 

expected secondary market 

liquidity of instruments to be 

held in the portfolio, with a 

liquidity rating applied. This 

liquidity rating is regularly 

reviewed and plays an 

important part in the asset 

allocation process. 

A fixed income portfolio is 

exposed to both changes in the 

absolute level of profit rates and 

the shape of the curve. These 

risks are continuously monitored 

and regularly reviewed to 

ensure that the portfolio is 

appropriately positioned for both 

the prevailing profit rate 

environment and any expected 

changes. 

Modified duration is a broad 

measure of the price sensitivity 

of bonds or portfolios to small 

parallel shifts in the profit rate 

curve. Convexity quantifies 

bond or portfolio price changes 

due to larger parallel shifts in 

the profit rate environment. Both 

measures are employed to 

assist in the management the 

profit rate sensitivity of the 

portfolio. 

A matrix of both quantitative and 

qualitative factors are 

considered when analysing 

potential investments 

opportunities. Existing 

investments are dynamically 

managed to profit from 

anticipated changes in the 

macro environment, envisaged 

shifts in profit rate curves and 

expected improvements or 

otherwise in the underlying 

credit quality of investments. 

Relative value strategies are 

also employed to maximise the 

risk adjusted return to investors. 


10

The Fund Investment Guidelines 

Investment Guidelines (contained in the Offering Memorandum): 

• Minimum of 75% of the Fund assets rated investment grade by at least one internationally recognized rating agency. 

• Maximum of 25% of the Fund assets may be invested in unrated assets. 

• Minimum net USD exposure of 50%. 

• Maximum portfolio modified duration of 8 years. 

Internal Investment Restrictions (subject to change at any time): 

• Credit Assessment Process: Satisfactory internal assessment and approval process to apply 

• Single Obligor: Maximum concentration of 15% of NAV to any single obligor 

• Industry Diversification: 

• Maximum concentration of 100% of NAV to sovereign and quasi-sovereign issuers 

• Maximum concentration of 50% of NAV to financial institutions 

• Maximum concentration of 20% of NAV to other industry groups 

• Geographic Diversification: 

• Maximum concentration of 20% of NAV to Dubai (both direct and indirect) 

• Maximum concentration of 10% of NAV to Bahrain (both direct and indirect) 


11

Investment Strategy – Allocations* 

Geography 

Current Investment Allocation by 

Industry 

Ras Al Khaimah 

4% 

Sharjah 

5% 

Germany 

2% 

Malaysia 

2% 

Saudi Arabia 

21% 

Insurance 

Power 

2% 

Generation 

8% 

Conglomerate 

2% 

Prop/Retail 

1% 

Bahrain 

6% 

Cash 

9% 

Bank 

37% 

Abu Dhabi 

9% 

Real Estate 

13% 

Cash 

10% 

Turkey 

21% 

Dubai 

20% 

Transport 

14% 

Sovereign 

14% 

Source: Rasmala 

* As of October , 2013 


12

Investment Strategy – Allocations* (Cont’d) 

Credit Rating 


Currency 

B+ 

13% 

B 

4% 

Not Rated 

1% 

AA 

10% 

A+ 

6% 

BB- 

5% 

A 

16% 

BBB- 

23% 

BBB 

13% 

BBB+ 

5% 

A- 

4% 

USD 

100% 


* As of October , 2013 


13

Investment Strategy – Allocations* (Cont’d) 

Ownership Type 


Bond Maturities 

Govt Related 

Entity 

8% 

Sovereign 

14% 

> 5 yrs 

15% 

0 - 2.5 yrs 

24% 

Corporate 

78% 

2.5 - 5 yrs 

61% 


* As of October, 2013 


14

Sharia’a Compliance 

Sukuk Structures 

Fund Sharia’a Oversight: 

Sukuk: Islamic financial certificates similar to bonds that comply with Islamic Sharia’a 

investment principles. Sukuk are generally asset based and allow the investor to have 

ownership in tangible assets which generate a profit. 

Accounting and Auditing Organization for Islamic Financial Institutions (“AAOIFI”): has 

issued standards for a number of different types of sukuk, where some of these sukuk 

are classified as tradable and others are non-tradable based on the characteristics of 

the issued sukuk. 

Prohibitions 

• Transactions in unethical goods and services 

• Earning returns from a loan contract (Riba/Interest) 

• Compensation based restructuring of debts 

• Excessive uncertainty in contracts (Gharar) 

• Gambling and chance based games (Qimar) 

• Trading in debt contracts at a premium or discount 

Dr. Elgari is Professor of Islamic Economic at King Abdulaziz University, Jeddah, Saudi 

Arabia and Former Director of the Center for Research in Islamic Economics, in the 

same university. He is an Expert at the Islamic Jurisprudence Academy of the OIC 

and the Islamic Jurisprudence Academy of the Islamic World League and is a member 

of the Sharia’a Council of AAOFI. He is a member of editorial board of several academic 

publications in the field of Islamic Finance and Jurisprudence among them, the Journal of 

the Jurisprudence Academy (of the IWL), Journal of Islamic Economic Studies (IDB), 

Journal of Islamic Economic (IAIE, London) and the advisory board of Harvard Series 

in Islamic Law, Harvard Law School. 

Dr. Elgari is member of numerous Sharia’a Boards of Islamic Banks and Takaful 

Companies worldwide. He has authored several books in Islamic finance and published 

tens of articles on the subject in both Arabic and English. Dr. Elgari is also a frequent 

speaker at conferences worldwide. 

Dr. Elgari is the recipient of the Islamic Development Bank prize in Islamic Banking 

and Finance for the year 1424H (2004). Dr. Elgari holds a PhD from the University of 

California and was born in Makkah, Saudi Arabia in 1949. 

Dar Al Sharia (“DAS”) – has been serving the Islamic Banking Industry since 2004 as a 

Sharia’a structuring, documentation and coordination department of Dubai Islamic Bank 

(“DIB”). 

In addition to serving DIB, DAS has been providing Sharia’a related advisory services to 

various financial institutions and Takaful companies through their team of highly qualified 

lawyers, bankers, Sharia’a researchers, asset managers and Takaful experts.. 


15

The Fund Management Team 

Eric Swats 

Head of Asset Management - Middle East North Africa 

Prior to joining the Rasmala Group in 2003 to head its Asset Management strategy, 

Mr. Swats spent 17 years with Citigroup Asset Management. At Citigroup London, 

Mr. Swats served as Head of European Private Bank Asset Management and was 

a member of the Global Asset Allocation Committee and Head of the European 

Regional Investment Committee. Prior to working in London, he was a fixed income 

Fund Manager based in Zurich and short-term fixed income Fund Manager based in 

New York. Mr. Swats holds Bachelor of Arts degree from Denison University, and an 

MBA in Finance from New York University. He is also a CFA Charterholder. 

Doug Bitcon 

Head of Fixed Income Funds & Portfolio Management 

Mr. Bitcon joined Rasmala Investment Bank Ltd from European Islamic Investment 

Bank Plc in 2012 where he served as Director, Debt Capital Markets for 6 years, 

2 of which he was based in Bahrain. Prior to this, he worked at ABSA Bank Limited 

London Branch for 9 years, initially as a Corporate Credit Analyst before taking 

responsibility for the bank’s proprietary credit trading and investment portfolios which 

focused on higher yielding emerging market exposures. Mr. Bitcon’s career began as 

a Corporate Credit Analyst in South Africa after graduating from Natal University with 

a Bachelor of Commerce degree. 

Chandru Bhatia 

Portfolio Manager / Analyst 

Mr. Bhatia joined Rasmala Investment Bank Ltd in 2007 having served previously as 

a Business Analyst at Credit Suisse in New York. Mr. Bhatia initially provided 

guidance on fixed income funds and portfolios that were managed or advised by 

Rasmala. In March 2009 the Rasmala GCC Fixed Income Fund was launched with 

Mr. Bhatia appointed as the fund manager. Mr. Bhatia holds a Bachelor of Arts 

degree in MIS from Central Michigan University and a MSc in Finance from Heriot 

Watts University. 


16

Contact Details 

Rasmala Investment Bank Ltd. 

Dubai International Financial Centre 

The Gate Village, Building 10, Level 1 

P.O.Box 31145 

Dubai, United Arab Emirates 

Tel: +971 4 363 5600 

Fax: +971 4 363 5635 

Rasmala Client Service 

Email: clientservice@rasmala.com 

Mr. Eric Swats 

Head of Asset Management 

Tel: +971 (4) 424 2756 

Email: eric.swats@rasmala.com 

Yasmin Asalam Khalifa 

Head of Asset Management Distribution 

Tel: +971 (4) 424 2829 

Email: yasmin.khalifa@rasmala.com 


17

Disclaimer 

This presentation is prepared by Rasmala Investment Bank Limited (“RIB”). RIB is regulated by the Dubai Financial Services Authority (“DFSA”). Financial products or services 

related to this presentation will only be made available to customers who RIB is satisfied meet the regulatory criteria to be a “Professional Client”, as defined under the Rules and 

Regulations of the Dubai International Financial Centre (“DIFC”). 

This presentation does not, and is not intended to, constitute an invitation or an offer of securities in or from the DIFC and accordingly should not be construed as such. 

This presentation has not been reviewed by, approved by or filed with the DFSA. 

Nothing in this presentation is intended or purports, nor should be deemed or construed, to be an offer or solicitation with respect to securities or financial instruments. 

This presentation does not constitute a commitment to conclude a transaction, nor are any terms legally binding on any person. 

Matters of past performance in this presentation should not be taken as an indication or guarantee of future performance and RIB makes no representation or warranty, express, 

implied or otherwise, regarding future performance. The market value of any security and estimated income may be affected by changes in economic, financial, and political 

factors (including, but not limited to, spot and forward interest), time to maturity, market conditions, and volatility and the credit quality of any issuer or reference issuer. The value 

of investments may rise or fall against the interest of investors and certain investments may carry unusually high risks. 

Information and data in this presentation has been obtained or derived from sources believed by RIB to be reliable, however, RIB does not represent or endorse the accuracy, 

completeness, timeliness or reliability of any information or data provided in or by this presentation. Information and data provided in or by this presentation may be time sensitive 

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proceedings (including without limitation indirect, consequential, special, incidental, or punitive damages) arising out of or connection with the use of this presentation or any errors 

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18

Disclaimer 

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The information contained in this presentation neither constitutes a public offer of securities in the Sultanate of Oman as contemplated by the Commercial Companies Law of 

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19

Disclaimer 

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This presentation does not, and is not intended to, constitute an invitation or an offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) 

and accordingly should not be construed as such. This presentation is being issued to a limited number of institutional / sophisticated investors (a) upon their request and 

confirmation that they understand that the securities and the Interests have not been approved or licensed by or registered with the United Arab Emirates Central Bank or any 

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This document has not been filed with, reviewed or approved by the Qatar Central Bank, Qatar Financial Centre Regulatory Authority or any other relevant Qatari governmental 

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This presentation has been prepared for private information purposes and is intended to high net worth individuals and institutions. The central bank of Bahrain (“CBB”) has not 

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20

Disclaimer 

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to in this presentation have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United 

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any applicable U.S. state securities laws. 


21

Rasmala Global Sukuk Fund Presentation - Rasmala Investment Bank

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