Beruflich Dokumente
Kultur Dokumente
Crdit Agricole Group has been present in the Middle East and South East Asia for more than 50 years. Crdit Agricoles in-depth knowledge of these markets is enhanced through its solid partnerships with local investors and corporate clients. Through its local and regional branches, Crdit Agricole offers comprehensive Corporate and Investment Banking services that best meet its clients requirements.
Oslo
Helsinki
Moscow
Stockholm Brussels LONDON Chicago PARIS Montreal Frankfurt Geneva Milan Madrid NEW YORK Alger Tripoli Dubai / Abu Dhabi Mexico Mumbai
Ahmadabad Bangalore Chennai New Delhi Pune Beijing Guangzhou Tianjin Xiamen
Singapore
Sao Paulo
Crdit Agricole is a major player in the global financial markets, with its high ratings and solid financial position. It is one of Europes leading financing and investment houses.
1975 1996 May 2003 May 2004 February 2010
Acquisition of Banque Indosuez by Crdit Agricole to create its wholesale international banking arm.
Successful combined friendly takeover bid for Crdit Lyonnais by Crdit Agricole.
Creation of Calyon, the new brand and corporate name of the Crdit Agricole groups corporate and investment banking business, through the partial transfer of assets from Crdit Lyonnais to Crdit Agricole Indosuez.
Crdit Agricole SA, one of the worlds largest banks, has leading positions in the following business lines: Retail Banking; Specialised Financial Services; Asset Management; Corporate and Investment Banking; International Retail Banking.
10 Agricultural Bank of China 11 BNP Paribas 12 Royal Bank of Scotland (RBS) 13 Crdit Agricole 14 Banco Santander 15 Barclays 16 Mizuho Financial Group 17 Sumitomo Mitsui Financial Group 18 Lloyds Banking Group 19 Deutsche Bank 20 Goldman Sachs 21 UniCredit 22 Norinchukin Bank 23 Groupe BPCE 24 Morgan Stanley 25 ING Bank
10 Bank of America 11 Mizuho Financial Group 12 China Construction Bank Corp 13 Bank of China 14 Citigroup 15 Agricultural Bank of China 16 Sumitomo Mitsui Financial Group 17 Banco Santander 18 Socit Gnrale 19 UBS 20 Lloyds Banking Group 21 Groupe BPCE 22 Wells Fargo & Co 23 ING Bank 24 Unicredit 25 Crdit Suisse Group
Worldwide Reach
Dubai Singapore
Based in the Dubai International Financial Center, the Global Islamic Banking team extends its reach globally via the Banks presence at different geographic locations. We are therefore able to provide Shariahcompliant solutions to our customers in all the countries that Crdit Agricole CIB covers. Although the Bank has been active in Islamic Finance for over 15 years, it was in 2004 that
Crdit Agricole CIB set a dedicated Islamic window (Global Islamic Banking). Capitalizing on the Groups strength and unique market position, the Global Islamic Banking team has been very active in Islamic Finance, as evidenced by the numerous awards won over the years. The Global Islamic banking team continues to positively contribute to this evolving and growing market, with leading roles in many landmark transactions.
Islamic Banking has a similar purpose to ethical banking but operates in accordance with the rules of Islamic law (Shariah). The basic principle of Shariah is the sharing of profit and loss and the prohibition of riba (interest) and Gharar (uncertainty). Although Islamic Banking evolved to provide a viable and Shariah-compliant alternative to conventional finance, it has now become the fastest growing segment in financial markets across Asia, Africa and Europe. Crdit Agricole has been offering a broad range of Islamic financial services and banking activities for many years, and in 2004 set up a dedicated Islamic Banking team to cater to this important segment. Crdit Agricole Global Islamic Banking provides the advantages of an innovative and effective range of Islamic investment and risk management products supported by an A rated international bank with a
historic presence in the Middle East and Asia. Our Islamic financial instruments are developed in close cooperation with our board of Shariah scholars, who are widely considered to be amongst the leading and most respected scholars in the industry. This insures that our products satisfy Shariah whilst at the same time meeting our clients objectives. Headquartered in Dubai at the Dubai International Financial Center, with global coverage including Europe, Asia and North America, our team works across all business lines in the bank to create financial instruments that allow our clients to invest and manage risk using Shariah-compliant structures. In addition, by providing Islamic structures to conventional clients, we facilitate the flow of capital between these two distinct financial sectors.
Crdit Agricole, a recognized global leader, has a strong track record in working with its clients to meet their financing and capital markets needs within the GCC*, Asia Pacific and Europe. Crdit Agricoles Global Islamic Banking team has been involved in some of the most prominent projects in the Middle East that have earned it an outstanding reputation in the market. Our ability to serve our global client base is unparalleled. Our Islamic team combines specific financial product expertise across the range of strategic advice, risk
management and capital raising with a specialised knowledge of Shariah. Crdit Agricoles Global Islamic Banking team is a very active contributor to the Islamic banking industry, through governing bodies such as the International Islamic Financial Market (IIFM). The IIFMs primary focus lies on the standardization of Islamic financial products, documentation and related processes at the global level. The Global Islamic Banking team has been an active participant in the IIFM through our board membership in the organization since 2006.
*GCC: Gulf Cooperation Council, members are United Arab Emirates, Bahrain, Saudi Arabia, Kuwait, Qatar and Oman.
Treasury (Murabaha)
Aviation & Rail Finance Global Ship Finance Global Energy Group Natural Resources, Infrastructure & Power Transactional Commodity Finance
Commercial Banking & Trade Commercial Banking Trade Finance Private Banking Crdit Agricole Suisse S.A. Export Finance
2011
2011
2011
2008
2008
2008
10
Profile
The Crdit Agricole Group is market leader in Universal Customer-Focused Banking in France and one of the largest banks in Europe. The Crdit Agricole Group seeks to serve the real economy by supporting its clients projects in all areas of retail baning and associated specialised business lines. Emphasising its values and commitment, the Crdit Agricole Group is the bank of common sense. It puts the satisfaction and the interests of its 54 million customers, 160,000 employees, 1.2 million shareholders and 6.5 million cooperative shareholders at the heart of its activities. Crdit Agricole remains true to its co-operative and mutual origins by pursuing a proactive policy in terms of social and environmental responsibility. As part of this policy, the Group is making continual progress on behalf of its customers, staff and the environment, as proven by quantitative indicators. www.credit-agricole.com
54 million
clients worlwide
35.1 billion
revenues
160,000
employees
Pictures: shutterstock.com, istock.com
370.7 billion
shareholders equity Group share
Crdit Agricole Global Islamic Banking Al Fattan Currency House Tower 2 Level 21, DIFC PO Box 506611, Dubai, UAE Tel: +971 (04) 376 1101 islamic@ca-cib.com
the purchase and sale of Sharia compliant commodities, between Crdit Agricole CIB and the counterparty. The resulting outcome is either a financing or deposit. Under a financing structure, Crdit Agricole CIB purchases commodities at spot rate and sells them at an agreed markup to the counterparty with spot delivery and deferred payment. Commodity Murabaha is the main tool for Islamic banks to manage their liquidity.
the goods (as requested by, and on behalf of the Client) and sells the goods at a mark-up on deferred credit terms to the Client. This is the most widely used Islamic structure, and transactions worth billions of USD are conducted daily in the market. A Murabaha can take one of two forms: Synthetic Commodity Murabaha (for cash based transactions that are non-asset-based) Traditional/Genuine Murabaha (for Trade Finance, asset-based purchases, etc.)
Murabaha Murabaha is a Sharia compliant structure where Crdit Agricole CIB purchases
Features Many uses, including inventory financing, asset-based financing Bridge financing for purchase of equipment, shares, and down payments on
aircraft and ship finance, etc.
Financing of commodity purchases (Oil, Metal, etc.) Tenor based on commercial needs Credit Enhancement Can be provided through Corporate Guarantees Can be enhanced through ECA support The structures have been approved by Crdit Agricole CIBs Sharia Board
members composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah.
VENDOR
Payment of Purchase Price ($X)
CLIENT
Payment on a deferred basis of Purchase Price plus Profit ($X + $Y)
Commodity Murabha Mechanism Purchase: Crdit Agricole CIB will purchase the asset from the Vendor (the Purchase Price). The title
is transferred to Crdit Agricole CIB.
Sale with Deferred Payment: Crdit Agricole CIB will immediately thereafter sell the same Asset to
the Client at a Deferred Price (Purchase Price plus the Murabaha Profit Amount ) on deferred credit terms. The title is transferred to the Client after the settlement of all obligations towards Crdit Agricole CIB by the Client. The Murabaha structure has been used in the following landmark transactions:
October 2008
August 2009
US$ 2,500,000,000
Mandated Lead Arranger Bookrunner
US$ 2,250,000,000
Mandated Lead Arranger
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
March 2008
December 2009
US$ 854,000,000
EUR 27,000,000
Sole Arranger
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
Sukuk can be issued under various structures. The most widely used struture by Sovereigns is Sukuk
Al-Ijara, which is a lease-based instrument
The Primary Subscriber can resell Sukuk certificates in the secondary market. The secondary market buyer
therefore becomes the new bona fide owner of the Sukuk, and entitled to the income generated from the underlying assets. Sukuk can be structured as a Regulation S and Rule 144A transaction and rated by an international rating agency. Sukuk will enable the issuer to access a new class of investors around the globe. Although Sukuk are comparable to conventional bonds, there are several key differences, some of which are highlighted below:
Overview Nature of underlying asset Conventional Bond Not necessary Sukuk al Ijara Must be unencumbered; balance between number of assets and value of assets to ease legal process* Subject to normal wear and tear 100% Debt, represents asset sale to Issuer, linked to rent & provisions of usufruct Sharia compliant investors and conventional Limited to country of assets Value of underlying assets Same Same Same
Useful life of asset Payment of Principal and Coupon Investor Acceptability Geographical issues Size of issue Rating Listing Clearing and Format
N/A Coupon Conventional No issues (bar regulatory) Investor demand Applicable or non applicable As required Euroclear and Clearstream, Standalone, EMTN, PP, Hybrid, Convertible, Exchangeable Not necessary
Sharia endorsement
Necessary
*Example of applicable assets: roads, plants, infrastructure, land, vessels, planes, residential and commercial real estate
The structure has been approved by Crdit Agricole CIBs Sharia Board members composed of Sheikh
Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar AbuGhuddah.
Sukuk Al-Ijara
Description
Islamic Lease-based Securities. Trust Notes or Certificates similar to Equipment Trust Certificates (ETCs)
and Unit Trusts
Features
Issuer creates a trust over the leased Assets Trustee issues Sukuk to the Primary Subscribers in the Primary Market Sukuk Holders have pro-rata undivided beneficial ownership of the leased assets held in trust The Primary Subscriber can resell the Sukuk in the secondary market
SAR 3,750,000,000
Joint Lead Arranger
US$ 750,000,000
SAR 5,000,000,000
Mandated Lead Arranger Bookrunner
Joint Bookrunner
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
used to manage currency risk associated with investments. FX Waad allows investors who hold Currency 1 and need to invest in Currency 2. Company A has $100 cash and will need the equivalent in EUR in one year without being penalized by the EUR/ USD Spot Rate volatility.
Case 1 No protection
FX Waad
(FX Option)
Waad A Waad is a unilateral undertaking from the Promisor to the Promisee. The Waad is a unilateral promise. It is only binding on the Promisor and not on the Promisee. The Promisor can receive a fee for its undertaking. A Waad can be used to replicate the economics of a conventional FX option. Structure Mechanics On the start date of the transaction, Crdit Agricole CIB will undertake to the
on the start date with a current spot rate of 1.45 (=70). After one year, spot rate has moved to 1.60, and Company A exchanges its $100 resulting in 62.5. 7.5 loss
Investor to exchange Currency 1 against Currency 2 at a pre-agreed rate on a future date. On the same date, Crdit Agricole CIB will receive a fee from the Investor for its undertaking. On the future date, the Investor might ask Crdit Agricole CIB to fulfill its promise or might release Crdit Agricole CIB from its undertaking. In case the Investor asks Crdit Agricole CIB to execute its Waad, the Investor and Crdit Agricole CIB will exchange the two currencies at the pre-agreed rate
Features This product can be used only for hedging or cost reduction purposes and
cannot be traded for speculative purposes.
The structure has been approved by Crdit Agricole CIBs Sharia Board
on the start date with a current spot rate of 1.45 (=70). Company A enters into a FX Waad to buy EUR against USD at 1.45 in one year for a $2 fee. After one year, spot rate has moved to 1.60 ($100 = 62.5), and Company A exchanges its $100 resulting in 70. 6 saving (7.5-$2)
composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah. The Investor will pay a fee on the start date against Crdit Agricole CIB undertaking. On the Maturity date, if the Investor wants to execute the Waad, Crdit Agricole CIB and the Investor will exchange the currencies.
is mostly used to manage currency risk associated with investments. Islamic FX Outright allows investors who hold Currency 1 to exchange it into Currency 2 at a future date at a pre-agreed rate. Company A has $100 cash and will need the equivalent in EUR in one year without being penalized by the EUR/ USD Spot Rate volatility.
Case 1 No protection
Islamic FX Outright
(Based on Unilateral Waads)
Waad A Waad is a unilateral undertaking from the Promisor to the Promisee. The Waad is a unilateral promise. It is only binding on the Promisor and not on the Promisee. The Promisor can receive a fee for its undertaking. A Waad can be used to replicate the economics of a conventional FX option. Structure Mechanics On the start date of the transaction: Crdit Agricole CIB will undertake to the Investor to exchange Currency 1
against Currency 2 at a pre-agreed rate at a future date. Agricole CIB to exchange Currency 2 against Currency 1 at a pre-agreed rate at a future date (similar to Crdit Agricole CIBs undertaking). On the future date, the Investor and Crdit Agricole CIB agree to execute one Waad and to give up the other one. Using this structure, we enable the Investor to receive Currency 2 against Currency 1 on a future date.
Through a second and independent Waad, the Investor will undertake to Crdit
on the start date with a current spot rate of 1.45 (=70). After one year, spot rate has moved to 1.60, and Company A exchanges its $100 resulting in 62.5. 7.5 loss
Features This product can be used only for hedging or cost reduction purposes and
cannot be traded for speculative purposes.
The structure has been approved by Crdit Agricole CIBs Sharia Board composed
of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah. to exchange two currencies.
The Investor and Crdit Agricole CIB are undertaking unilaterally and independently On the Maturity date, one promise will be given up (since it will be out of the
money) and the other one will be executed in order to exchange the two currencies.
on the start date with a current spot rate of 1.45 (=70). Company A enters into an Islamic FX Outright to buy EUR against USD at 1.45. After one year, spot rate has moved to 1.60 ($100 = 62.5), and Company A exchanges its $100 resulting in 70. 7.5 saving
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
mostly used to manage currency risk associated with investments. It will allow Investor who holds Currency 1 to invest in Currency 2 for a defined period of time to mitigate currency risk Company A has $100 cash and wishes to invest in EUR for one year.
Case 1 No protection
Islamic FX Swap
(Murabaha/Reverse Murabaha)
Murabaha A Murabaha is the purchase and sale of Sharia compliant commodities, between
Crdit Agricole CIB and the Investor, to result in either a deposit or a financing.
Agent for the Investor at spot and sells those commodities to Crdit Agricole CIB on deferred payment terms, such deferred profit reflecting the return on the deposit. Crdit Agricole CIB sells the commodities at spot in order to obtain the cash reflecting the Investors deposit.
Investor
(1) $100 (7) ($100+Profit) paid deferred (4) Metals
$100 on the start date @ 1.50 and will receive 66.66. After one year, Company A exchanges back the 66.66 to US Dollars. Spot rate has moved to 1.20, and Company A receives $80 resulting in $20 loss
Metals Supplier
Metals Purchaser
The deferred sale price is always higher than the purchase price, reflecting the
return on the deposit, and must be known at the time of the Murabaha transaction.
Structure Mechanics The Islamic FX Swap is a Murabaha in Currency 1 against another Murabaha in
Currency 2 where both Murabahas are paying fixed rate profits.
an Islamic FX swap with Crdit Agricole CIB. Through the Murabaha and Reverse Murabaha, Company A will receive 66.66 against $100. After one year, Company A receives back $100 (+ $ profit rate) against the payment of 66.66 (+ profit rate). $0 loss
an FX swap. On the start date: The Investor will enter into a Murabaha in Currency 1 with Crdit Agricole CIB where the Investor will pay a fixed profit to Crdit Agricole CIB. Concurrently, Crdit Agricole CIB will enter into a Murabaha in Currency 2 with the Investor where Crdit Agricole CIB will pay a fixed profit to the Investor. The tenor of each Murabahas is the same. On the deferred payment date, Crdit Agricole CIB will receive a fixed profit in Currency 1 and the Investor will receive a fixed profit in Currency 2.
Features The transaction is funded and the notional amounts are exchanged on the start
date. At maturity, the notional amounts are returned. by Crdit Agricole CIB.
Commodity trading costs are significant (up to 5 bps per annum) and are borne This product is only for hedging or cost reduction purposes and cannot be
traded for speculative purposes.
The structure has been approved by Crdit Agricole CIBs Sharia Board
composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah.
USD 14,500,000 1 year EUR/USD Spot 1.45 1.43 The Maturity Spot Rate will be determined according to EUR and USD Interest Rates 1bp p.a. 1.40874% p.a. At maturity
Sequences:
Investor Cash Flow Trade USD Murabaha EUR Murabaha 1.40874% Spot Rate 10,000,000 1.45 10,140,874 1.43 +10,000,000 -10,140,874 -10,000,000 +10,140,874 1bp 14,500,000 14,501,450 -14,500,000 +14,501,450 +14,500,000 -14,501,450 Annualized return Purchase Price Sale Price Start date End date Crdit Agricole CIB Cash Flow Start date End date
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
rate swap allows Crdit Agricole CIB to structure swaps with reference to a profit formula. Therefore, this structure can be expanded to cover a range of market risks beyond the classical vanilla swap (currencies, commodities, indexes etc). Consequently, Crdit Agricole CIB can tailor hedging solutions for the Investor in order to offer an extensive range of protections.
A Waad is a unilateral undertaking from the Promisor to the Promisee. The Waad is a unilateral promise. It is only binding on the Promisor and not on the Promisee. The Promisor can receive a fee for its undertaking. The Musawamah is an ordinary contract sale in which the price of a commodity to be
traded is negotiated between the seller and the buyer without any reference to the price paid or cost incurred by the former. A Musawamah trade between promisor and promisee under the Waad is the mechanism through which the profit on the promise is paid to the Investor. All other conditions relevant to Murabaha apply to Musawamah.
Structure Mechanics
The Profit Rate Swap (Waad based) involves two independent Waad promises Crdit Agricole CIB undertakes to the Investor to enter into a series of Musawamah The Investor undertakes to Crdit Agricole CIB to enter into a series of Musawamah Economically, through this structure, we aim to replicate the economic benefits of an On the start date, Crdit Agricole CIB and the Investor: enter into the unilateral Waad promises. define the number of Musawamahs to be entered into by each party. agree the mechanics for determining the fixed and floating rate profit payable in On each Musawamah trade date: Crdit Agricole CIB buys spot commodities from the Investor, and pays the full The Investor buys spot commodities from Crdit Agricole CIB , and pays the full As the Musawamah notional amounts are similar, the fixed and floating rate profit
payments are netted off, so that only one cash flow occurs. notional price plus the floating profit to Crdit Agricole CIB . notional price plus the fixed profit to the Investor. respect of each time period. Interest Rate Swap. paying a floating profit over the same time period. transactions paying a fixed profit over a defined time period. where, for example:
Features
There is no exchange of notional involved in these transactions. The only flows rising in
this transaction are the net amounts to be paid by one party to the other at the time of the profit payments (Musawamah trade dates). Crdit Agricole CIB acts as Agent for the Investor and conducts the purchase and sale of the commodities on behalf of the Investor in fulfilling both Waad undertakings. Commodities trade costs are limited as the Musawamah are intraday transactions, making the Waad based profit rate swap attractive in term of pricing. This product can be used only for hedging or cost reduction purposes and cannot be traded for speculative purposes. The structure has been approved by Crdit Agricole CIB s Sharia Board composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah.
5% 4.75%
5% 4.90%
5% 5.05%
5% 5.10%
5% 4.95%
5% 5.05%
5% 5%
5% 5.10%
5% 5.15%
5% 5.25%
Sequences:
Dates Y1 S1 Y1 S2 Y2 S1 Y2 S2 Y3 S1 Y3 S2 Y4 S1 Y4 S2 Y5 S1 Y5 S2 Musawamah 1 2 3 4 5 6 7 8 9 10 Floating Rate 4.75% 4.90% 5.05% 5.10% 4.95% 5.05% 5.00% 5.10% 5.15% 5.25% Fixed Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Floating Amount 2,375,000 2,450,000 2,525,000 2,550,000 2,475,000 2,525,000 2,500,000 2,550,000 2,575,000 2,625,000 Fixed Amount 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 Investors Net Amount (125,000) (50,000) 25,000 50,000 (25,000) 25,000 50,000 75,000 125,000
The Profit Rate Swap helped the Investor saving USD 120,000 by hedging the floating rate of its underlying transaction.
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
a key instrument in managing investment and funding risk. Any Investor with an outstanding loan or a deposit linked to a floating rate of return can eliminate the rate risk by entering into a profit rate swap and fixing the cost or return. Company A has $100Mln Islamic financing where it pays a profit rate equal to Libor to the Financier. Initial Libor level: 4.50%
Case 1 No protection
In order to achieve a deposit, Crdit Agricole CIB purchases commodities as Agent for
the Investor at spot and sells those commodities to Crdit Agricole CIB on deferred payment terms (cost price + profit), such deferred profit reflecting the return on the deposit. Crdit Agricole CIB sells the commodities at spot in order to obtain the cash reflecting the Investors deposit.
Investor
(1) $100 (7) ($100+Profit) paid deferred (4) Metals
Metals Supplier
Metals Purchaser
The deferred sale price is always higher than the purchase price, reflecting the return on
the deposit, and must be known at the time of the Murabaha transaction.
After one year, Company A will have paid $5.5Mln as a profit rate instead of $4.5Mln. $1,000,000 additional cost
Structure Mechanics The Profit Rate Swap (Murabaha Based) is a series of Murabahas paying a fixed profit
a Profit Rate Swap with Crdit Agricole CIB. Crdit Agricole CIB pays a rate equal to Libor and Company A pays a rate of 4.75%. Libor rises to 5.50%. Company A pays $4.75Mln and receives $5.5Mln from Crdit Agricole CIB. $750,000 saving
against another series of Murabahas paying a floating profit (benchmarked to a variety of rates, including but not limited to, Libor, Sibor, etc.). Economically, through this structure, we aim to replicate the economic effects of an interest rate swap. On the start date: The Investor will enter in a series of Murabahas with Crdit Agricole CIB where the Investor will pay as a profit to Crdit Agricole CIB a fixed amount. Crdit Agricole CIB will enter in a series of Murabahas with the Investor where Crdit Agricole CIB will pay as a profit a floating amount (Libor for example) fixed before the beginning of each Murabaha. The tenors of the Murabahas and the Murabaha amounts are similar. On each deferred payment date, Crdit Agricole CIB will receive a fixed profit and theInvestor will receive a floating profit, with the two amounts netted off for paymentpurposes.
Features There is no exchange of notional involved in these transactions. The only flows arising
in this transaction are the net amounts to be paid by one of the parties at the time of the profit payments. Crdit Agricole CIB acts as Agent for the Investor and will conduct the purchase and sale of the commodities on behalf of the Investor. The commodity trade costs are significant (up to 5 bps per annum), and are borne by Crdit Agricole CIB but are taken into account in the pricing. This product can be used only for hedging or cost reduction purposes and cannot be traded for speculative purposes. The structure has been approved by Crdit Agricole CIBs Sharia Board composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah.
5% 4.75%
5% 4.90%
5% 5.05%
5% 5.10%
5% 4.95%
5% 5.05%
5% 5%
5% 5.10%
5% 5.15%
5% 5.25%
Sequences:
Dates Y1 S1 Y1 S2 Y2 S1 Y2 S2 Y3 S1 Y3 S2 Y4 S1 Y4 S2 Y5 S1 Y5 S2 Musawamah 1 2 3 4 5 6 7 8 9 10 Floating Rate 4.75% 4.90% 5.05% 5.10% 4.95% 5.05% 5.00% 5.10% 5.15% 5.25% Fixed Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Floating Amount 2,375,000 2,450,000 2,525,000 2,550,000 2,475,000 2,525,000 2,500,000 2,550,000 2,575,000 2,625,000 Fixed Amount 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 Investors Net Amount (125,000) (50,000) 25,000 50,000 (25,000) 25,000 50,000 75,000 125,000
The Profit Rate Swap helped the Investor saving USD 120,000 by hedging the floating rate of its underlying transaction.
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
Swap is mostly used to manage currency and rate risks associated with investments. Cross Currency Swaps allow investors who hold Currency 1 to invest in Currency 2 for a defined period of time to mitigate currency risk. Company A has $100 cash and wishes to invest in EUR for one year.
Case 1 No protection
Agent for the Investor at spot. Investor sells the commodities to Crdit Agricole CIB on deferred payment terms (cost price + profit), such profit reflecting the return on the deposit. Crdit Agricole CIB then sells the commodities at spot in order to obtain the cash reflecting the Investors deposit.
Investor
(1) $100 (7) ($100+Profit) paid deferred (4) Metals
Metals Supplier
Metals Purchaser
$100 on the start date @ 1.50 and will receive 66.66. After one year, Company A is changing back the 66.66. Spot rate has moved to 1.20, and Company A receives $80 resulting in $20 loss
Note: The deferred sale price is always higher than the purchase price, reflecting
the return on the deposit, and must be known at the time of the Murabaha transaction.
a cross currency swap with Crdit Agricole CIB and receives 66.66 against $100. After one year, Company A receives back $100 (+ $ profit rate) against the payment of 66.66 (+ profit rate). $0 loss
paying a floating profit against another series of Murabahas in Currency 2 also paying a floatingprofit. On the start date: The Investor enters into the first of a series of Murabahas in Currency 1 with Crdit Agricole CIB where the Investor will pay a floating profit to Crdit Agricole CIB. Crdit Agricole CIB enters into the first of a series of Murabahas in Currency 2 with the Investor where Crdit Agricole CIB will pay a floating profit to the Investor. The tenors of the Murabahas and the Murabaha amounts are identical. Consequently, on any deferred payment date, Crdit Agricole CIB will receive a floating profit in Currency 1 and the Investor will receive a floating profit in Currency 2.
Structure Mechanics The Cross Currency Swap involves one series of Murabahas in Currency 1
Features The transaction is funded and the notional amounts are exchanged on the start
date. At maturity, the notional amounts are returned. by Crdit Agricole CIB.
Commodity trading costs are significant (up to 5 bps per annum) and are borne This product is only for hedging or cost reduction purposes and cannot be
traded for speculative purposes.
4.25% 4.75%
4.30% 4.90%
4.35% 5.05%
4.30% 5.10%
4.30% 4.95%
4.25% 5.05%
Cash Flows:
Profit Date EUR Rate USD Rate Crdit Agricole CIB ( 66,666,666) Cash Flows Start Date Y1 Q1 Murabahas 1 4.25% 4.75% 708,333 Y1 Q2 Murabahas 2 4.30% 4.90% 716,667 Y1 Q3 Y1 Q4 Y2 Q1 Y2 Q2 Murabahas 3 Murabahas 4 Murabahas 5 Murabahas 6 4.35% 5.05% 725,000 4.30% 5.10% 716,667 4.30% 4.95% 716,667 4.25% 5.05% 708,333 66,666,666 End Date
$1,187,500
$1,225,000
$1,262,500
$1,275,000
$1,237,500
$1,262,500 $100,000,000
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
Benchmarks Available
Underlying
Indices Equities Commodities Currencies Rates Indices (Libor, CMS) Hybrids (mixture of two underlying or more)
Calculation types:
Agent for the Investor at spot and sells those commodities to Crdit Agricole CIB on deferred payment terms, such deferred profit reflecting the return on the deposit. Crdit Agricole CIB sells the commodities at spot in order to obtain the cash reflecting the Investors deposit. The deferred sale price is always higher than the purchase price, reflecting the return on the deposit, and must be known at the time of the Murabaha transaction.
Structure Mechanics The Structured Murabaha Deposit is a series of commodity Murabahas and
offers a return linked to the performance of an underlying, according to a preagreed formula. It is intended to replicate the economics of a Structured Deposit. The 1st Murabaha will pay a fixed profit because the return on the underlying will not be known until the end of the period. Starting from the 2nd Murabaha until the nth Murabaha, each Murabaha will pay as a profit the n -1th underlying performance reflecting the return of the previous period. In respect of each Murabaha transaction, the Investor will receive: Part of the sale price (profit) on the trade date; and The balance of the sale price on a deferred basisplease refer to the illustration overleaf. The last Murabaha will be a short Murabaha (2 or 3 days) where, on the deferred payment date, the Investor will receive his initial investment plus the profit on the underlying for the final period
Features On the start date, the Investor funds the deposit by purchasing commodities and
selling them to Crdit Agricole CIB on deferred terms, reflecting a fixed return for the first reference period, and payable to the Investor at the end of the first reference period. For all subsequent Murabaha, the Investor receives as a profit the performance of the underlying from the previous period. The profit must be known at the time of the Murabaha transaction. The capital is guaranteed at maturity only. If the Investor decides to terminate the investment before maturity, a loss could be incurred. The structure has a cost of 2.5bps per annum (commodities brokerage cost) carried by Crdit Agricole CIB i.e. for a 4 year structure, Crdit Agricole CIB will pay 10bps. The structure and the pay-offs have been approved by Crdit Agricole CIBs Sharia Board composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah.
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 End Q8 Murabaha 1 Murabaha 2 Murabaha 3 Murabaha 4 Murabaha 5 Murabaha 6 Murabaha 7 Murabaha 8 Murabaha 9 90/90 90/90 84/90 64/90 0/90 39/90 90/90 90/90 N/A
3% 7% 7% 6.5% 5% 0% 3% 7% 5.15%
There will be no movement of principal between the Investor and Crdit Agricole CIB except on D0 and D723 deferred payment date of the nth Murabaha = n+1th Murabaha trade date
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com
Benchmarks Available
Underlying
Structured Waad
(Islamic Structured Option)
Waad & Musawamah A Waad is a unilateral undertaking from the Promisor to the Promisee. The Waad is a unilateral promise. It is only binding on the Promisor and not on the Promisee. The Promisor can receive a fee for its undertaking. The Musawamah is an ordinary contract sale in which the price of a commodity
Indices Equities Commodities Currencies Rates Indices (Libor, CMS) Hybrids (mixture of two underlying or more)
Calculation types:
to be traded is negotiated between the seller and the buyer without any reference to the price paid or cost incurred by the former. A Musawamah trade between promisor and promisee under the Waad is the mechanism through which the profit on the promise is paid to the Investor. All other conditions relevant to Murabaha apply to Musawamah.
Structure Mechanics The Structured Waad is a promise from Crdit Agricole CIB to an Investor
where Crdit Agricole CIB undertakes to enter into a series of Musawamahs in order to pay abenchmark return to the Investor. This profit will always be equal to the performance of the underlying benchmark. On the start date, Crdit Agricole CIB undertakes to the Investor to enter into a defined number of Musawamah transactions based on an agreed profit formula. On every Musawamah trade date, the Investor and Crdit Agricole CIB enter into a Musawamah transaction where Crdit Agricole CIB purchases commodities from the Investor at a price equal to the cost price of the commodities plus a profit (equal to the underlying performance). All the Musawamah flows are intraday, with no deferred payment.
Features Crdit Agricole CIB is entitled, on the start date, to a non-refundable fee from the
Investor for giving its Waad.
The benchmark return, and hence the profit, will be known at the time of each
Musawamah transaction.
There is no capital guarantee given by Crdit Agricole CIB. Any profit on the
Musawamah depends on the underlying performance. Agricole CIB, as all transactions are intraday. Crdit Agricole CIB.
The structure has a limited cost of commodities brokerage, to be borne by Crdit The Investor does not have to fund the Musawamah. All funding is provided by The structure has been approved by Crdit Agricole CIBs Sharia Board
composed of Sheikh Nizam Yaquby, Dr. Mohammed Elgari and Dr. Abdulsattar Abu Ghuddah.
Illustration
Features: Notional amount: Tenor: Underlying: Profit rate: Profit payment: Undertaking fee: Promisor: Promisee:
Profit Date Profit Rate Y1 Musawamah 1 12%
Sequences:
Sale Price Dates Year 1 Year 2 Year 3 Year 4 Year 5 Musawamah # 1 2 3 4 5 Annualized return 12% -5% 7% 2% 5% Purchase Price - 10,000,000 Profit +1,200,000 Cost Price + 10,000,000
If there is no profit payable, the Investor and Crdit Agricole CIB will enter into a trade with no profit to be paid
The Structured Waad is a very convenient structure that provides the opportunity to white label capital guaranteed investment products to clients. The Investor receives the investment amount from his client and places with Crdit Agricole CIB: - the equivalent of a zero-coupon amount in a Murabaha Deposit in order to guarantee the investment at maturity - the balance amount in purchasing a Structured Waad from Crdit Agricole CIB
$100 Structured Waad X$ Zero-coupon Murabaha
On every profit payment date, the Investor receives the underlying performance from Crdit Agricole CIB and passes it to his client. At maturity, the Investor is receiving $100 back form the Murabaha Deposit that he can return to his client.
Disclaimer: This document has been prepared by Crdit Agricole Corporate and Investment Bank or one of its affiliates (CA-CIB) for information purposes only. Nothing in this document is to be construed as an offer for services or products or as an offer or solicitation for the purchase or sale of securities or any other financial product. This documents has no regard to the specific investment objectives, financial situations or individual needs of any recipient. It is not intended to provide legal, tax, accounting or other advice and recipients should obtain independent professional advice from legal, tax, accounting or other appropriate professional advisers before embarking on any course of action. While the information in this document is based on sources believed to be reliable, no guarantee, representation or warranty, express or implied, is made as to its accuracy, correctness or completeness. This document contains indicative summaries of the terms and conditions of products described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the products will be set out in full in the applicable legal documentation. This document may contain assumptions or include projections, forecasts, yields or returns, scenario analyses and proposed or expected portfolio compositions. Actual events or conditions may not be consistent with, and may differ materially from, those assumed. Past performance is not necessarily a guide to future performance. CA CIB shall not be responsible or liable, directly or indirectly, for any direct or consequential damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this presentation. Crdit Agricole Corporate and Investment Bank, DIFC Branch is authorized by the Dubai Financial Services Authority. Crdit Agricole Corporate and Investment Bank is incorporated in France and registered in England & Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA.
www.ca-cib.com