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Structural Diagram Step by step process

Initial Steps

Commodity Commodity 1. Issuer SPV will be appointed as trustee for the investors to buy Shariah-
Broker A Broker B compliant commodity (the Commodity) (in such capacity, the Purchase
Trustee).
2. Issuer SPV (acting as Purchaser) will issue a purchase order (the Purchase
Purchase Sale of Order) to the Purchase Trustee and Sukukholders (via Sukuk Trustee*). In
Purchase commodit Purchase
commodit the Purchase Order, the Purchaser will request and irrevocably undertake
price price
y on spot y on spot to purchase (Undertaking to Purchase) the Commodity from the
Sukukholders at the Sale Price.
3 3 6 6 3. Based on the Purchase Order, Issuer SPV (acting as Purchase Trustee)
Purchase LOU

Murabaha purchases on a spot basis commodity from Broker A at Purchase Price

Issuer SPV as

Sale LOU
which shall be an amount equivalent to the Sukuk proceeds.
1 trustee on Agreement
4. Issuer SPV (acting as issuer) issues Sukuk to evidence ownership of the
behalf of Sukuk (Issuer SPV) commodity and thereafter the deferred Sale Price. The proceeds received
Holders 2 as Purchaser^ from the investors are used to settle the purchase price of the commodity.
Purchase 5. Pursuant to the Undertaking to Purchase, the Sukuk Holders (via the Sukuk
Order Trustee*) sells the commodity to Issuer SPV (acting as Purchaser) at a Sale
4 4 5 Price (Purchase Price plus a profit margin payable on an installment basis
e.g. half yearly profit payments and bullet payment of Purchase Price upon
Sale of Dissolution Dates).
Sukuk Sukuk commodity, via
Issue 6. Issuer SPV sells the commodity to Broker B on a spot basis for an amount
proceeds Sukuk Trustee at equal to the Purchase Price.
Sale Price
On going cashflows and maturity
7
7. Issuer SPV (acting as Purchaser) makes periodic profit payments to the
Payment of
Sukuk Trustee as Sukuk Holders. At Dissolution Dates, the Issuer SPV will pay Sukuk Holders
Sukuk trustee on behalf all amounts then outstanding on the deferred Sale Price as final settlement
Holders Sale Price =
Purchase of Sukuk Holders of the same, upon which the Sukuk will be cancelled.
Price + profit

Note : all cashflows are denominated in Malaysian Ringgit * The Sukuk Trustee will be the appointed professional bond trustee for the deal
^ Direct obligation to TTM via credit enhancement


Broker Murabahah 1

1. Buy Now 2. Pay Now

(commodity
cost)

HBMS
(facilitator)
Traderight

1. Buy Now 2. Pay Now 4. Sell Now 5. Receive Now (commodity

(commodity cost)
cost)
3. CLIENT sell now
CLIENT HBMS
HBMS pay later, commodity cost + KLIBOR

8. HBMS sell now

CLIENT pay later, commodity cost + 3%

10. Receive Now 9. Sell Now 7. Pay Now

6. Buy Now
(commodity cost) (commodity cost)

Broker
HBMS
(facilitator)

10. Receive Now 9. Sell Now

(commodity cost)

Traderight
Murabahah 2

At inception On-going cashflows Redemption of Sukuk
1 Portfolio
units
Portfolio
UEM/PORTFOLIO
SPV 1
TRUSTEE Dividends /
income

Portfolio 2 UEM/Obligor UEM/Obligor

units UEM pays Exercise
4 Dividends from Price following
5 Portfolio Units 7 Issuers invocation of
Issuer and/or Top Up Purchase
Manager of Payment Undertaking Units
Portfolio Issuer Issuer
3
Issuance of Periodic Cash from Exercise Price
Sukuk 6 distribution 8 used to pay redemption
proceeds
Funds

Transaction
Investors Sukukholders Sukukholders


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