Presentation - Mohammed Amin's website

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Commodity murabaha • Malaysia and UK both: • Treat it as a financing transaction = loan • Markup taxed in the same way as interest • Markup subject to standard withholding tax rules when paid cross border • No taxable presence for foreign bank created • Different approaches to legal drafting. • Same tax treatment, equivalent to conventional finance, achieved. Slide 38
Sukuk with onshore SPV • Malaysia and UK both: • Disregard transfer of assets to/from SPV for tax purposes. • Tax sukuk investors as if they were receiving interest. Slide 39
Page 1 and 2: Institute of Islamic Banking and In
Page 3 and 4: Disclaimer • Taxation is a comple
Page 5 and 6: Mohammed Amin Mohammed Amin is an I
Page 7 and 8: Purpose • Ascertain the tax treat
Page 9 and 10: Sponsor: Qatar Financial Centre Aut
Page 11 and 12: Taxes covered • Taxes on income p
Page 13 and 14: Structures analysed • Four struct
Page 15 and 16: Ijarah sukuk with onshore SPV Chari
Page 17 and 18: Ijarah sukuk with offshore SPV Char
Page 19 and 20: Istisna Bank Overseas Building or s
Page 21 and 22: Slide 21
Page 23 and 24: Ijarah sukuk • Taxation of transf
Page 25 and 26: Istisna • Does transaction create
Page 27 and 28: Current status of study • Questio
Page 29 and 30: Legislation for Islamic finance •
Page 31 and 32: Sukuk • Only Turkey and QFC have
Page 33 and 34: Overall Malaysian approach • Fina
Page 35 and 36: Overall UK approach • UK examined
Page 37: UK legislation example (2) (2) The
Page 41 and 42: Slide 41

Presentation - Mohammed Amin's website

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