1. finance

Copyright © 2011 Hayes Davidson / Nick Wood
DDCAP
Group
International Islamic
Financial Services Market
Intermediary
DDCAP
Group
What we do...
DDCAP positions itself as
intermediary in the Islamic financial
services industry......
.....providing structuring support and value added
services to its international institutional clients
across a diverse range of asset classes and products.
Asset classes include non-ferrous metals, steel,
platinum group metals and Sharia’a compliant soft
commodities. We are also exploring various energy
classes with our Sharia’a Scholars.
D&Co facilitates wholesale, structured
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transactional opportunities for institutional clients
from both the Islamic and conventional markets.
orking with conventional and Islamic institutions,
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we have participated in significant wholesale
Sharia’a compliant financial structures.
ur primary and secondary Islamic market
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brokerage service was launched jointly with
ICAP plc in September 2007.
DDCAP
Group
DDCAP - Why Us?
As a firm we have an extensive
track record within our
industry segment.
We have a dedicated team of 36
professionals, with broad and
complimentary skill sets drawn from
diverse financial industry based
backgrounds, focused principally on
providing service to Islamic financial
markets participants around the world.
Our asset focus for Islamic clients
includes commodity for liquidity
management and intermediary
services plus facilitation for
structured trade, Sukuk issuance
and direct investment.
We provide physical asset facilitation
services to over 300 third party
institutions, funds and private offices.
Our asset focus for Islamic
clients includes commodity,
structured trade, fixed income
(Sukuk) and direct investment.
Across our business
initiative we have worked for:
entral banks and
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regulatory authorities
Government institutions
Islamic banks and
financial institutions
Conventional banks
and financial institutions
Fund managers
We provide a joint venture primary
and secondary capital market
brokerage service.
Working with conventional and
Islamic banks, we have participated
in a considerable number of Sharia’a
compliant structured finance facilities.
DDCAP
Group
DDCAP Group
Founded in 1998 and headquartered in Central
London, with presence in the Middle East, DDCAP
is majority owned and controlled by IPGL which is a
private holding company focused on partnering with
experienced management teams to build fast growing
business in financial services and other sectors.
DDCAP’s wholly owned subsidiaries include:
DD&Co Limited:
Commodity facilitator
Counterparty for Islamic transactional requirement
Member of the London Metal Exchange and
the London Platinum and Palladium Market
Observer Member of the International Islamic Financial Market (IIFM)
DDGI Limited:
Direct investment in Islamic financial sector opportunities
Joint Venture Islamic capital markets Sukuk initiative with ICAP plc
DDCAP
Group
DDCAP’s Principal Shareholder
IPGL, DDCAP’s principal shareholder,
is also a significant shareholder in ICAP plc.
ICAP plc is:
The world’s largest voice and electronic broker
A FTSE 250 Company listed on the London Stock Exchange
Has staff in excess of 5100 in 32 offices throughout the world
DDCAP holds a unique market position as
facilitator across a diverse range of Sharia’s
compliant products, asset classes and instruments
in both the primary and secondary markets
DDCAP
Group
DDCAP’s Sharia’a Supervisory Board
In 2013, DDCAP was delighted to announce that in recognition of its long standing
commitment to the Islamic financial services industry, it had convened its own Sharia’a
Supervisory Board (“SSB”) comprising the following esteemed Sharia’a Scholars:
Sheikh Abdullah Bin Suleiman Almaneea (Chairman)
Sheikh Dr. Abdullah Almutlag
Sheikh Dr. Mohamed Ali Elgari
Dr. Fareed Hamed (Sharia’a Liaison Director)
DDCAP embarked upon this exercise to further demonstrate its on-going desire to
subject the substance and integrity of its business and service provision to regular
Sharia’a review and validation at the highest level.
Upon completion of their review, the SSB issued a Fatwa to DDCAP supporting the
substance of and the processes and procedures conducted through its services
related to commodity based Tawarruq and Morabaha transactions.
Subsequently the SSB convened to reconfirm the above processes and the issuance of the
Fatwa during an open forum hosted by DDCAP in Riyadh, Kingdom of Saudi Arabia. At this
time, the SSB also issued a Fatwa in support of DDCAP’s Asset Facilitation Platform.
Following the inaugural review and verification completed last year, the SSB convened
in March 2014 to conduct its annual report and reconfirm the verified processes. On
completion of this review the SSB issued a new Fatwa approving DDCAP’s transactional
services and arrangements, and this process will be conducted on an annual basis.
Photo of SSB taken during a commodity verification visit to an LME approved bonded warehouse;
from left to right: Sheikh Dr. Abdullah Almutlag, Dr. Fareed Hamed (Sharia’a Liaison Director),
Sheikh Dr. Mohamed Ali Elgari and Sheikh Abdullah Bin Suleiman Almaneea.
DDCAP
Group
Asset Facilitation Platform
DDCAP’s multi award winning Asset Facilitation Platform allows
its customers to purchase commodities via a secure electronic
portal as an alternative to the other transactional methods that
remain available.
Before launching the platform, DDCAP conducted a research programme with a
diverse group of Islamic banks and tailored the platform to encompass both Sharia’a
and operational requirements. Second counterparties have their own independent
platforms and an operational overlay ensures optimum efficiency without compromising
Sharia’a integrity.
The platform is functional 24 hours a day to resolve the time zone issues faced by
customers across numerous jurisdictions.
In addition to being approved by DDCAP’s own Sharia’a Supervisory Board it has also
been endorsed by other internationally recognised Sharia’a Scholars.
Further details on the Asset Facilitation Platform and access to the same are available
upon request.
DDCAP awards
DDCAP entities have won a number of
Islamic financial sector awards including:
“Best Interbroker for
Islamic Transactions”
Islamic Finance News Awards 2013
“Best Interbroker for
Islamic Transactions”
Islamic Finance News Awards 2011
“Award of Excellence for Best Market
Intermediary in Real Estate” –
International Real Estate Summit 2013
“Best Supporting Institution
in Islamic Finance for 2011”
Global Islamic Finance Awards
“Award of Excellence for Best Online
Technology – In recognition of the
Asset Facilitation Platform” –
International Real Estate Summit 2013
“Best Wholesale
Liquidity Intermediary”
IREF ME Awards 2011
“Winner of Best Structuring
Intermediary in Debt Capital
Markets” – ICG London 2013 Sukuk
Summit Participated in transaction
that won “Islamic Project Finance
Deal of the Year”Euromoney Islamic Finance
Awards 2013
“Best Interbroker for Islamic
Transactions”
Islamic Finance News Awards 2012
“Best Supporting Institution in
Islamic Finance”
Global Islamic Finance Awards 2012
“Best Facilitator of Secondary Market
Sukuk Trades”
ICG Islamic Finance Awards 2012
“Best Technology InnovationThe Asset Facilitation Platform”
IREF ME Awards 2011
“Best Intermediary in Islamic
Liquidity Management”
ICG Islamic Finance Awards 2011
“Best Structuring Intermediary
in Real Estate”
IREF ME Awards 2010
“Best Interbroker for
Islamic Transactions”
Islamic Finance News Awards 2010
“Best Islamic Finance
Market Intermediary”
ICG Islamic Finance Awards 2010
DDCAP
Group
Previous Assignments
Intermediary Services
for Liquidity Management
I n Asia, we have developed commodity based Sharia’a compliant liquidity
management products with banks in Malaysia, Labuan, Brunei, Singapore
and Hong Kong. The structures supported further market innovation in
SE Asia where, until 2006, international commodity based arrangements
were not utilised in Islamic financial engineering.
I n the Middle East, we were commodity facilitator for a US$1.5bn
syndicated Morabaha facility lead managed by a major Gulf-based
Islamic financial institution.
e supported a Saudi Arabian bank in establishing a new, diversified
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liquidity management product to enable the bank efficient allocation
of its liquidity. This was the first Saudi Arabian bank to have allocated
wholesale liquidity to Sharia’a compliant, short term trade investment
opportunities utilising such a structure.
I n the UK, we were counterparty to a transactional arrangement in
support of the requirements of the UK’s first Islamic bank authorised
to offer consumer banking services.
DDCAP
Group
Current Assignments
Intermediary Services
for Liquidity Management
e provide intermediary services to a diverse group of Islamic banks and
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financial services companies introducing innovative liquidity management
solutions in UK, Europe, Middle East, SE Asia and North America.
e originate asset based structures for the short-term liquidity
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investment requirement of Islamic and conventional financial institutions.
e facilitate revolving, multi-allocation Morabaha programmes for
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Islamic financial institutions in the Middle East, Asia and Europe.
e offer third party diversification for wholesale short-term Sharia’a
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compliant liquidity programmes to enable Islamic financial institutions,
operating globally, diversified recourse to regional and international
counterparty risk.
e have provided our services to support the structuring of numerous
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sizeable bi-lateral and syndicated murabaha financing facilities
arranged by our client banks for their own customers. Such facilities
have supported investment in real estate and corporate acquisition, as
well as being utilised for general business purposes.
DDCAP
Group
Asset Facilitation in Structured
and Syndicated Financing
Real Estate
e assisted a UK-based Sharia’a compliant investment bank with its
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first significant UK real estate transaction. This was for the acquisition
of Procter & Gamble’s UK headquarters and we have continued to
work with the bank through the significant expansion of its UK real
estate portfolio. Subsequent deals include the acquisition of several
student accommodation properties, a major UK corporation’s regional
headquarters in Leeds and a core manufacturing and logistics facility.
e assisted the investment consortium of Islamic and conventional
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financial institutions with the unique Sharia’a compliant financing of the
72- storey Shard of Glass project in the City of London.
e have originated supply of physical assets in support of numerous
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structured and syndicated financing transactions in recent years.
We are very active in assisting Sharia’a compliant UK based institutions
and funds through provision of trade execution services and structuring
support in arrangements related to their direct investment in real estate.
This has also been extended to GCC based institutions in arranging
financing for acquisitions of property in the UK, Europe and the US.
In August 2012 we provided commodity facilitation services to a
syndicated Murabaha facility secured by a Real Estate Investment Trust
based in Turkey.
The facility was lead arranged by a GCC based Islamic Bank and
involved participation from other GCC based banks, both Islamic and
conventional.
We were delighted to be named as “Best Structuring Intermediary in
Islamic Real Estate” at the IREF ME Awards 2010 and also received an
“Award of Excellence for Best Market Intermediary in Real Estate” at the
International Real Estate Summit 2013.
Copyright © 2011 Hayes Davidson / Nick Wood
DDCAP
Group
Asset Facilitation in Structured
and Syndicated Financing
Syndicated and Structured Financings
e have been mandated as commodity facilitator for a number of syndicated
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financings including those arranged on behalf of Islamic banks. In one instance
we assisted the conclusion of a client bank’s successful syndicated murabaha
facility which was made available in dual currency tranches with 32 participants
from 16 countries.
e worked with and provided commodity facilitation services to an Islamic
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bank in Asia, which acted in the capacity of Investment Agent for a commodity
Murabaha facility exceeding USD$500mn extended to a major Asian corporate.
e assisted International Finance Corporation, as commodity facilitator, in
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providing Sharia’a compliant financing to corporates based in Saudi Arabia.
International Finance Corporation is a member of the World Bank Group focused
on the private sector in developing countries.
e assist major global and Islamic Banks and their legal counsel with the structuring
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and facilitation of a significant number of syndicated financings each year.
DDCAP
Group
Current Assignments
Asset Facilitation for Structured
Product and Treasury Solutions
e continue to utilise our origination capability to provide assets for
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Sharia’a compliant transactions supporting capital protected notes,
structured by our clients around different asset classes.
e provide commodity facilitation to support global financial institutions’
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development of a range of innovative Sharia’a compliant currency and
profit rate hedging products for Islamic institutional clients.
e continue to demonstrate our commitment to innovation and progress
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within the industry and look to enhance transactional efficiencies
and mitigate operational risks. Part of this ongoing initiative was the
development of our Asset Facilitation Platform which we continue to
enhance and develop to ensure the highest level of service.
DDCAP
Group
Previous & Current Assignments
Asset Facilitation for
Fund Manager’s Product
Previous
e were mandated Facilitator for the Almaz Fund OEIC, a DIFC
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governed fund sponsored by the private office of a UAE bank, to invest in
commodities and other Sharia’a compliant liquid investments.
e provided facilitation services for the Paris based manager of a fund
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sponsored by a Saudi Arabian family office.
Current
e provide asset facilitation services to a UK based Sharia’a compliant
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Fund Manager enabling the fund to invest in short date securities and
other short term liquid investments generating enhanced yields.
e provide structural support and asset facilitation services to a UK
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domiciled property fund involved in acquiring UK based real estate,
notably student accommodation.
e provide asset facilitation services to a structured trade financing
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portfolio sponsored by a North American fund manager.
e provide asset facilitation services to enable a large privately owned
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GCC financial services group to manage the liquidity within its diverse
portfolio of funds.
DDCAP
Group
Current Assignments
Asset Facilitation for
Structured Trade Financing
Previous
e facilitated asset supply for a series of structured, Sharia’a compliant
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funding solutions for Islamic financial institutions underwritten by
the international banking sector. This included a trade finance facility
underwritten for a Kuwaiti corporate by a Kuwaiti financial institution
and funded by a major European financial institution.
e assisted an Islamic bank in the GCC to provide financing of platinum
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sponge, on behalf of a major manufacturer, for fabrication within the
automotive industry.
e assisted a club of Islamic institutions to acquire nickel cathode for
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onward sale to the world’s largest single site stainless steel producer.
Current
I ncreasingly, we identify appetite among our Islamic institutional client
base to return to classical trade financing activity to which certain
Sharia’a compliant contracts are eminently suited.
e are originating a diverse range of transactional opportunities for
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banks seeking to expand their trade financing portfolios. Please contact
us for further information.
e assisted with the structuring of a financing in support of a trade
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finance facility extended to a large oil company.
DDCAP
Group
Previous & Current Assignments
Capital Markets Facilitation
Primary
e were mandated asset facilitator by the lead arranger banks of the
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first US issued corporate Sukuk. The US dollar denominated issuance,
which had a total value of USD500 million and a 5 year tenor, was placed
with institutional investors across the Middle East, Asia and Europe.
I n Sept 2012, we assisted the advisors to a Sharia’a compliant industrial
real estate investment trust with arrangements to support issuance of
an inaugural convertible 5 year sukuk.
e facilitated the transactions for sukuk issuances by a number of
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banks in Turkey.
Secondary
DCAP have a joint-venture initiative with ICAP plc. offering brokerage
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services for Islamic securities, initially concentrating on the secondary
Sukuk area.
ollowing our involvement in enabling various third parties to acquire
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and dispose of Sukuk holdings through the secondary markets we were
winner of “Best Facilitator of Secondary Market Sukuk Trades”
– ICG Islamic Finance Awards 2012
DDCAP
Group
Executive Biodatas
Stella Cox - Managing Director
Stella Cox has been MD of DDCAP group, a leading provider of intermediary
services to the Islamic wholesale markets, since 1998.
Previously, Stella was a Director of Dresdner Kleinwort Benson Limited
with responsibility for Middle Eastern institutional relationships and Islamic
product development from the mid 1980s. She was involved in structuring
The Islamic Fund, the first Sharia’a compliant global equity product and the
Al Meezan Commodity Fund plc that invested in non-ferrous metals traded
on the London Metal Exchange.
Stella is a Fellow of the Institute of Islamic Banking and Insurance in the
United Kingdom and has served on its Board of Governors within the Islamic
Banking Group. Previously, Stella was a member of HM Treasury Islamic
Finance Experts Group, where she was part of the Market Standardisation
sub-group. Stella was also a member of the Working Group established
by the Central Bank of Bahrain (formerly the Bahrain Monetary Authority)
with the purpose of developing procedures and documentation for Islamic
commodity trading and she assisted the DIFC Islamic Advisory Committee
with its work on selected strategic development initiatives. Stella served as
a member of the Islamic Financial Services Board Money Market Task Force
on Markets and Instruments for Sharia’a Compliant Liquidity Management
and now represents DDCAP on the Market and Product Development
Committee (MPDC) of the International Islamic Financial Market.
In 2008, Stella was recognised with the award for ‘Outstanding Contribution
to Islamic Finance in the UK’ at the IREF Summit.
UK Islamic Finance Task Force
On 13th March 2013, the UK Government launched the first Islamic
Finance Task Force. The ministerial led Task Force was established to
refocus on Islamic Finance and the UK proposition. In addition to the
4 ministers, Stella was appointed as one of a of a small group of nonministerial industry experts within the Task Force and acted as practitioner
lead for the regulatory workstream. With support from the Task Force, the
UK Government announced plans at the World Islamic Economic Forum
in October 2013 in London to launch an inaugural sovereign Sukuk in the
near future.
In addition, Stella also continues to support education initiatives
in the market and is a member of the University of East London’s Islamic
Finance and Banking Advisory Board.
DDCAP
Group
Executive Biodatas
Lawrence Oliver – Executive Director –
Deputy Chief Executive Officer
Lawrence Oliver is a Director of DDCAP and its subsidiaries DD&Co
Limited and DDGI Limited. He is also a Director of DDCAP (DIFC) Limited.
Lawrence has worked in the Islamic Finance market for more than twenty
years. He joined DDCAP in April 1998. Previously he was an Assistant
Manager at Dresdner Kleinwort Benson and a member of the team
responsible for the Islamic Finance and Investment activity.
Lawrence has principal responsibility for the company’s Trading and Trade
Support desks and has extensive experience of arranging asset based
Transactions that conform to Sharia’a stipulation.
He focuses specifically on Sharia’a compliant structured finance and asset
origination and has broad knowledge of the physical commodity sector
which has enabled him to re-establish the traditional merchant trading
capabilities of DD&Co Limited for the benefit of institutional clients
operating within the Islamic Financial sector.
Lawrence is a regular speaker at many of the annual Islamic conferences
held in the GCC, South East Asia and Europe.
DDCAP
Group
Executive Biodatas
David Potter – Executive Director
David has been appointed Director of both DDGI Limited and DD&Co Limited.
David is an experienced banking professional, who has worked in the
financial services industry across Commercial, Islamic and Investment
banks for more than 25 years. He has operated both in the United Kingdom
and internationally in senior roles, at a number of organisations including
SE Banken, Arab Bank and more recently as founding Executive Director
of Qatar Islamic Bank (UK).
David has spent a good deal of his recent career in helping to build new
businesses from the ground up, along with the supporting business
models and infrastructure, and gaining the appropriate regulatory
approvals as required.
Paul Ratman – Chief Operating Officer
Paul Ratman joined DDCAP in August 2007 having completed over five
years as Head of Treasury at National Bank of Fujairah, Dubai. Prior to that
assignment, he had over twenty-years of Treasury experience among several
international institutions in the City of London.
At DDCAP, Paul brings his Treasury expertise to the fore as well as his
in-depth knowledge of the Middle Eastern financial arena.
Paul focuses on heading the DDCAP joint-venture initiative with ICAP plc
offering brokerage services for Islamic securities, initially concentrating on
the secondary Sukuk area. Additionally, he utilises his extensive experience
to complement the considerable skill-sets already operational within the
DDCAP group, particularly in facilitating arrangements to support our client
banks’ Islamically compliant structured, hedging and currency products.
Paul is a Director of DDCAP (DIFC) Limited.
DDCAP
Group
Executive Biodatas
Cassim Docrat - Regional Director DDCAP (DIFC) Limited
Cassim is the Director of DDCAP (DIFC) Limited and the Company’s head
of marketing and placement.
Cassim has over 28 years international banking experience in Canada, the
US, Europe, Asia, the Middle East and Africa. Cassim started his banking
career in 1981 with Citibank in London before moving to Canada where
he went on to hold senior positions at Citibank, Bank of Montreal and the
Bank of Nova Scotia. He has worked in the Middle East since 1991 holding
senior executive positions with banks including Kuwait Finance House,
Al Rajhi Bank in Saudi Arabia and most recently, the National Bank of
Abu Dhabi. Cassim has built strong relationships with major institutions
and government entities in the region and beyond. He has experience
across Commercial, Investment and Islamic bank offerings focused at
institutional investors.
Cassim holds a BA (Hons) from Warwick University, a MA from London
University and is a fellow of the Institute of Canadian Bankers (FICB). He was
Honorary Consul for South Africa to the Kingdom of Bahrain from 1999-2004.
DDCAP
Group
Contact us at:
DDCAP Limited
8-10 Grosvenor Gardens
London
SW1W 0DH
United Kingdom
Telephone: +44 207 863 1250
Trading Desk: +44 207 863 1266
Reuters: DDCAP
email: [email protected]
DDCAP (DIFC) Limited
Suite 39, Level 3,
Gate Village 4
P.O. Box 506683
Dubai, United Arab Emirates
Telephone: +9714 401 9844
email: [email protected]
DDCAP distributes a monthly
newsletter. Should you wish to
receive a copy, please contact us
at [email protected].
www.ddcap.co.uk