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80-484: Khazanah Nasional Berhad  ( lit.   ' National Treasure Limited ' ; doing business as Khazanah Nasional or simply Khazanah ) is the  sovereign wealth fund  of the Government of Malaysia . One of the largest sovereign wealth funds in the world, it was established to invest surplus revenues for Malaysia. Through its investments and activities, the fund seeks to deliver sustainable economic and societal benefit for

160-591: A contract or conveyance of rights, obligations or monies done in conformity with the Shariah . The term was used to refer to forms of papers representing financial obligations originating from trade and other commercial activities in the Islamic pre-modern period. According to Camille Paldi, the first sukuk transaction took place in Damascus in its Great Mosque in the 7th century AD. Muslim traders are known to have used

240-460: A tangible asset in the investment. For example, Sukuk securities may have partial ownership of a property built by the investment company (and held in a Special Purpose Vehicle ), so that sukuk holders can collect the property's profit as rent , (which is allowed under Islamic law). Because they represent ownership of real assets and (at least in theory) do not guarantee repayment of initial investment, sukuk resemble equity instruments, but like

320-420: A DBA must be registered with a local or state government, or both, depending on the jurisdiction. For example, California, Texas and Virginia require a DBA to be registered with each county (or independent city in the case of Virginia) where the owner does business. Maryland and Colorado have DBAs registered with a state agency. Virginia also requires corporations and LLCs to file a copy of their registration with

400-467: A DBA statement, though names including the first and last name of the owner may be accepted. This also reduces the possibility of two local businesses operating under the same name, although some jurisdictions do not provide exclusivity for a name, or may allow more than one party to register the same name. Note, though, that this is not a substitute for filing a trademark application. A DBA filing carries no legal weight in establishing trademark rights. In

480-444: A bond (and unlike equity) regular payments cease upon their expiration. However, most sukuk are "asset-based" rather than "asset-backed"—their assets are not truly owned by their Special Purpose Vehicle , and their holders have recourse to the originator if there is a shortfall in payments. Different types of sukuk are based on different structures of Islamic contracts (Murabaha, Ijara, Istisna, Musharaka, Istithmar, etc.) depending on

560-630: A broad spectrum of sectors. Its key focus investment areas include Leisure & Tourism, Banking, Sustainable Development, Healthcare and Consumerism. While it does not receive regular capital infusions, Khazanah relies on its ability to generate returns and tapping capital markets to fund its investments. Khazanah is a member of the International Forum of Sovereign Wealth Funds (IFSWF), which maintains and promotes the Santiago Principles  on best practices in managing sovereign wealth funds. It

640-516: A businessperson writes a trade name on a contract, invoice, or cheque, they must also add the legal name of the business. Numbered companies will very often operate as something other than their legal name, which is unrecognizable to the public. In Chile , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Ireland , businesses are legally required to register business names where these differ from

720-585: A combined RM47 million in entrepreneur Vivy Yusof 's fashion e-commerce platform, FashionValet in March 2018. Khazanah contributed about RM27 million while PNB gave RM20 million to acquire minority stakes of the company. In July 2019, they targeted to expanding its investment exposure in the United States and looking to invest primarily in technology firms utilising data analytics. In 2021, Khazanah allocates RM6 billion investments through its Dana Impak. The allocation

800-538: A committee to restructure $ 650 million Golden Belt 1 sukuk . Standard & Poor's cut the rating of that sukuk "owing to the non-availability of vital information". Another source (Mushtak Parker) claims there "have been a mere three or four" sukuk defaults—East Cameron sukuk in Louisiana (a dispute relating to the profit-sharing arrangement of the instrument); the Investment Dar sukuk (to do with "cash flow problems of

880-617: A conventional bond is a promise to repay a loan, sukuk constitute partial ownership in a debt, asset, project, business or investment. The most commonly used sukuk structures replicate the cash flows of conventional bonds. Such structures are listed on exchanges, commonly the Luxembourg Stock Exchange and London Stock Exchange in Europe, and made tradable through conventional organisations like Euroclear or Clearstream . A key technique to achieve capital protection without amounting to

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960-656: A document or certificate, which represents the value of an asset. Sharia forbids both the trading of short-term debt instruments except at face value, and the drawing upon the established interbank money markets (both being seen as transactions involve interest and excessive uncertainty ( Gharar )). As a consequence, prior to the development of the sukuk market, the balance sheets of Islamic financial institutions tended to be highly illiquid and lacking in short and medium term investment opportunities for their current assets. Sukuk are structured in several different ways. (The AAOIFI has laid down 14 different types of sukuk.) While

1040-484: A fixed percentage of the principal, based on interest rates, while guaranteeing the return of investors' principal at maturity. Usmani's estimate that 85% of all Sukuk in issuance were not Shariah-compliant was based on the existence of guaranteed returns and/or repurchase obligations from the issuer—a violation of shariah. Following Usmani's criticisms the global sukuk market shrunk from US$ 50 billion in 2007 to approximately $ 14.9 billion in 2008, although how much of this

1120-465: A loan is a binding promise to repurchase certain assets; e.g. in the case of Sukuk Al Ijara , by the issuer. In the meantime a rent is being paid, which is often benchmarked to an interest rate ( LIBOR is the most common though its use is criticized by some Sharia Scholars). The most accepted structure, which is tradable, is thereafter the Sukuk Al Ijara . Debt certificates can only be bought before

1200-450: A measuring tool for value and not an asset in itself, it requires that one should not receive income from money (or anything that has the genus of money) alone, as this (simplistically, interest ) is " riba ", and forbidden. From a Sharia perspective, certificates of debt are not tradable except at their par value (although a different view is held by many in Malaysia). While a bond

1280-568: A need to provide short and medium term instruments so that balance sheets of Islamic financial institutions could be more liquid, the Fiqh academy of the OIC (Organization of Islamic Countries) legitimized the use of sukuk in February 1988. In 1990 one of the first contemporary sukuk—worth RM125 million—were issued by Malaysia Shell MDS Sdn Bhd, on the basis of bai' bithaman ajil . The next major Sukuk Issuances

1360-626: A new initiative called the Future Malaysia Program, under its Dana Impak mandate. The initiative was introduced to support the local ecosystem of entrepreneurs, start-ups, venture funds, and corporate venture programmes through its local and international partners. The fund assigned its inaugural issuer credit rating of A3 and A− from Moody's Investors Service and S&P Global Ratings , in April 2023, respectively. Khazanah completed its acquisition of two state-owned venture capital funds, namely

1440-542: A new mandate from the government to be an active shareholder while driving transformation of the Malaysian government-linked companies (GLCs). In 2005, the fund launches a transformation program and a guideline for the government-owned companies. In 2018, the Government of Malaysia initiated a corporate restructuring and reorganisation of Khazanah, which involved leadership changes, a refresh of its mandate and objectives, and

1520-433: A niche segment with virtually all of the trading done at the institution level. The size of the secondary market remains unknown, though LMC Bahrain states they traded $ 55.5 million of Sukuk in 2007. As of July 2014 sukuk.com listed fifteen sukuk on the secondary market for Gulf Sukuk. Ali Arsalan Tariq states that Islamic finance—including sukuk—is based on a set of several prohibitions: As Shari’ah considers money to be

1600-473: A number of countries, the phrase " trading as " (abbreviated to t/a ) is used to designate a trade name. In the United States , the phrase " doing business as " (abbreviated to DBA , dba , d.b.a. , or d/b/a ) is used, among others, such as assumed business name or fictitious business name . In Canada , " operating as " (abbreviated to o/a ) and " trading as " are used, although " doing business as "

1680-551: A portfolio of eligible existing or future assets ." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988. Sukuk were developed as an alternative to conventional bonds which are not considered permissible by many Muslims as they pay interest (prohibited or discouraged as Riba , or usury ), and also may finance businesses involved in activities not permitted under Sharia (gambling, alcohol, pork, etc.). Sukuk securities are structured to comply with Sharia by paying profit, not interest—generally by involving

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1760-458: A registered legal name and a fictitious business name, or trade name, is important because fictitious business names do not always identify the entity that is legally responsible . Legal agreements (such as contracts ) are normally made using the registered legal name of the business. If a corporation fails to consistently adhere to such important legal formalities like using its registered legal name in contracts, it may be subject to piercing of

1840-468: A regular issuer in the global capital markets and supporting Malaysia’s aspiration in being the leading hub for Islamic finance through landmark transactions. This include the world’s first exchangeable sukuk and the country's first sustainable and responsible investment sukuk. In May the same year, the Malaysian Government announces a strategic revamp for Khazanah. The revamp saws the fund received

1920-527: A review and revaluation of its investments. In April 2020, Khazanah announced it was contributing RM20 million in total to support the relief efforts in response to the ongoing worldwide COVID-19 pandemic . Prime Minister, Anwar Ibrahim announced in February 2023 that Khazanah will spearheaded the formation of the National Heritage Fund to attract all private participations in restoring historical heritage sites. On 16 March 2023, Khazanah launched

2000-407: A total worth of $ 700 million—no longer sharia compliant, and offered to exchange the sukuk with a new one which would pay "less than half of the current profit rates and without a conversion feature". The Sukuk were issued in 2013 and due to mature on 30 October 2017. Dana refused to make payments on them, alleging that "changes in Islamic finance over recent years have made the bonds unlawful in

2080-469: A year later to manage and maximise the return of government assets and equities, thus taking over the functions of the Minister of Finance Incorporated , which administered the fund. In July 2003, the fund had offer up to 186 million of covered warrants to retail, institutional and selected investors. Later on, Khazanah sets the indicative issue price of its covered warrants at RM6.50. In 2004, Khazanah became

2160-552: Is a contractual debt obligation of the issuer to pay to bondholders, on certain specified dates, interest and principal; a Sukuk is a certificate giving Sukuk holders an undivided beneficial ownership in the underlying assets. Consequently, Sukuk holders are entitled to share in the revenues generated by the Sukuk assets as well as being entitled to share in the proceeds of the realization of the Sukuk assets. The AAOIFI ( Accounting and Auditing Organization for Islamic Financial Institutions ,

2240-1004: Is also a signatory of the United Nations -supported  Principles for Responsible Investment  (UNPRI), signatory of the Malaysian Code for Institutional Investors and a member of the Institutional Investor Council  Malaysia (IIC), a member of the FCLT Global (Focusing Capital on the Long Term), and signatory of the Malaysian Anti-Corruption Commission 's (MACC) Corporate Integrity Pledge. It is owned by the Malaysian government and administered by the Minister of Finance Incorporated , except for one share held by

2320-454: Is also sometimes used. A company typically uses a trade name to conduct business using a simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or is too similar to a name that is already registered. Using one or more fictitious business names does not create additional separate legal entities. The distinction between

2400-624: Is called a razón social . Sukuk Sukuk ( Arabic : صكوك , romanized :  ṣukūk ; plural of Arabic: صك , romanized:  ṣakk , lit.   'legal instrument, deed, cheque') is the Arabic name for financial certificates , also commonly referred to as " sharia compliant" bonds . Sukuk are defined by the AAOIFI ( Accounting and Auditing Organization for Islamic Financial Institutions ) as " securities of equal denomination representing individual ownership interests in

2480-452: Is favoured", which inevitably raises moral hazard problems. There have been at least two cases of companies seeking to restructure their debt (i.e. pay creditors less), claiming that debt they had issued was not in compliance with sharia. In a 2009 court filing Investment Dar, a Kuwaiti company claimed a transaction "was taking deposits at interest". In June 2017, an independent gas company (Dana Gas PJSC) declared two of its sukuk—with

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2560-737: The State of the Global Islamic Economy Report , 2015/16 and the IMF ) are In three years during and following the Financial crisis of 2007–2008 —2008, 2009, 2010—there were at least 21 substantial sukuk defaults, and several large near defaults such as that of Dubai World saved by a $ 10 billion loan from Abu Dhabi As of 2009, there were a number of cases where the sukuk had defaulted or were in serious trouble. In May 2009, Investment Dar of Kuwait defaulted on $ 100 million sukuk . Saad Group set up

2640-635: The Citi Sukuk Index—had an average maturity of 4.54 years, and most were issued by governments. The top four issuers by market weight—making up over 40% of the market—were: ISLAMIC DEVELOPMENT BANK , PERUSAHAAN PENERBIT SBSN INDOIII, SAUDI ELECTRICITY CO , SOQ SUKUK A QSC. About 3/4 of the sukuk market is domestic, not international. Most sukuk are not investment grade however, and as of 2015, there were 2,354 sukuk issues in total, including local currency denominated, non-global market sukuk, according to Thomson Reuters & Dinar Standard. According to

2720-459: The United Kingdom , there is no filing requirement for a "business name", defined as "any name under which someone carries on business" that, for a company or limited liability partnership, "is not its registered name", but there are requirements for disclosure of the owner's true name and some restrictions on the use of certain names. A minority of U.S. states, including Washington , still use

2800-496: The special purpose vehicle (SPV) that issues the sukuk and sukuk holders do not have recourse to the originator". Asset prices may vary over time. In contrast "asset-based" sukuk ''do'' give their holders recourse to the originator, and so more closely resemble conventional bonds. Other critics include non-orthodox economist Mahmoud El-Gamal, who has complained that while providers of sukuk (and other Islamic finance instruments) will often describe their "distinguishing feature" as

2880-460: The Easter Cameron Gas company in the United States and Investment Dar of Kuwait. One of the unresolved questions is whether sukuk holders should stand in the line of creditors or in the line of the owners of underlying assets. In reviewing cases of sukuk defaults and bankruptcies, Muddassir Siddiqui complained that: Through reading many cases that have so far been litigated in courts around

2960-478: The Federal Land Commissioner. It is governed by a board of directors comprising representatives from the Government and the corporate sector with diverse professional backgrounds and expertise. In October 2023, the fund has US$ 35.8 billion in assets under management . Khazanah is one of the two Malaysia's government-linked investment companies (GLICs) that manages money from the government's excess funds,

3040-485: The KL20 Summit 2024 in April 2024 that the fund will launch a national "fund-of-funds" to support Malaysian companies with an initial allocation of RM1 billion. In its sustainability framework that launched in 10 June 2022, Khazanah have set a target of achieving carbon neutral operations by the end of 2023. Another environmental sustainability target is also to aim for net zero emissions by 2050. Trade name In

3120-737: The Malaysia Capital Venture Management (MAVCAP) and Penjana Kapital on 30 July 2024. The acquisition and integration of MAVCAP and Penjana Kapital in which Khazanah managing director, Amirul Feisal Wan Zahir said that it "would further strengthen Malaysia's VC ecosystem". Khazanah pursues its overall mandate through its 4 investment structures which consists of Investments portfolio, the Dana Impak portfolio, developmental assets and special situations. In 1995, Khazanah acquire 40% of majority stake in Putrajaya Holdings to undertake

3200-542: The Malaysian International Islamic Financial Centre, as of 2013 the biggest issuers of sukuk were governments (65.6%), and the second largest were power and utility companies (13.6%). Sukuk securities tend to be bought and held. As a result, few securities enter the secondary market to be traded. Furthermore, only public Sukuk are able to enter this market, as they are listed on stock exchanges. The secondary market—whilst developing—remains

3280-704: The Turkish healthcare insurance company, Acibadem Saglik ve Hayat Sigorta for US$ 252 million. In August 2014, Khazanah announced its intention to purchase the remaining ownership of Malaysia Airlines from minority shareholders and delist the airline from Malaysia's stock exchange, thereby renationalising the airline. The fund through its special purpose vehicle, Bukit Galla Investments, has invested in Chinese mobile lending and credit analytics platform, WeLab in January 2016. Khazanah and Permodalan Nasional Berhad (PNB) had invested

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3360-418: The U.S., trademark rights are acquired by use in commerce, but there can be substantial benefits to filing a trademark application. Sole proprietors are the most common users of DBAs. Sole proprietors are individual business owners who run their businesses themselves. Since most people in these circumstances use a business name other than their own name, it is often necessary for them to get DBAs. Generally,

3440-505: The UAE". A month earlier, Dana had announced plans to restructure the debt, stating it needed to "focus on short to medium-term cash preservation." Sukuk holders, represented by fund manager BlackRock and Deutsche Bank , have been arguing against Dana in a London High Court. In October 2017, a court in the emirate of Sharjah in the UAE—where Dana had filed for protection—postponed a ruling on

3520-467: The assets of particular projects or special investment activity'." The Islamic Financial Services Board defines sukuk as: certificates with each sakk representing a proportional undivided ownership right in tangible assets, or a pool of predominantly tangible assets, or a business venture. These assets may be in a specific project or investment activity in accordance with Sharia rules and principles. The Securities Commission of Malaysia defined sukuk as

3600-401: The body which issues standards on accounting, auditing, governance, ethical, and Shari'a standards) defines Sukuk as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets," or "'certificates of equal value representing undivided shares in the ownership of tangible assets, usufructs and services or (in the ownership of)

3680-525: The cheque or ṣakk system since the time of Harun al-Rashid (9th century) of the Abbasid Caliphate . The modern Western word "cheque" appears to have been derived from " sakk " (singular of sukuk ), which during the Middle Ages referred to a written agreement "to pay for goods when they were delivered" and was used to "avoid money having to be transported across dangerous terrain". Answering

3760-460: The company and its subsidiaries, albeit it had a side dispute with an investor, Blom Bank relating to the shariah aspects of the contracts"); and the "notorious" Saad/Al Gosaibi sukuk default ("more a market failure and an internecine dispute between the two Saudi partners"). At least one of the three major bond rating agencies for the US has indicated doubts about the "validity" of transfer of assets from

3840-484: The corporate veil . In English , trade names are generally treated as proper nouns . In Argentina , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Brazil , a trade name is known as a nome fantasia ('fantasy' or 'fiction' name), and the legal name of business is called razão social (social name). In some Canadian jurisdictions , such as Ontario , when

3920-522: The county or city to be registered with the State Corporation Commission. DBA statements are often used in conjunction with a franchise . The franchisee will have a legal name under which it may sue and be sued, but will conduct business under the franchiser's brand name (which the public would recognize). A typical real-world example can be found in a well-known pricing mistake case, Donovan v. RRL Corp. , 26 Cal. 4th 261 (2001), where

4000-500: The creation of SPVs, as well as payment of various jurist and legal fees for structuring the bond issuance. According to a 2015 IMF report, the supply of Sukuk, "falls short of demand" and, with some exceptions "issuance takes place without a comprehensive strategy to develop the domestic market". Sukuk are seen as well-suited for infrastructure financing because of their risk-sharing property could also help fill financing gaps. National authorities should, therefore, focus on developing

4080-480: The creditors' right to $ 167.67 million in sukuk assets. (The final decision of the case "did not clearly resolve this issue".) Another major rating agency, S&P, downgraded the sukuk of Dubai Islamic bank and Sharjah Islamic Bank. According to Ibrahim Warde as of 2010, What is till unclear is what happens to sukuk when they fail—an issue that has not been tested in court. In Malaysia, some sukuk issues have junk status, and two other sukuk are already in default:

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4160-589: The development of Northern Corridor Economic Region . Khazanah, together with the Dubai Banking Group and Asia Capital Reinsurance (ACR), has established a joint-venture company, ACR ReTakaful Holdings in May 2008 with a capital base of US$ 300 million. In 2008, Khazanah invested in Biotropics Malaysia Berhad to spearhead the development of Malaysian traditional herbs including Tongkat Ali. 2011 saw

4240-404: The development of Putrajaya . In 1996, the fund formed a joint venture with Bank Industri Berhad and Wafer Technology to develop local expertise in wafer fabrication, which is a core area in the Malaysian semiconductor industry. In September the same year, Khazanah, through its agreement deal with Usaha Tegas , announced it has acquired 15 per cent of Measat Broadcast Network Systems Sdn. Bhd. ,

4320-429: The equities of several banks, including RHB Bank and Maybank . In May 2000, Khazanah invested 30% of stake in telecommunications company, TIME dotCom Berhad for investors. In 2001, Khazanah through its wholly-owned subsidiary, Syarikat Danasaham acquire UEM Group for RM3.8 billion. The acquisition aims to recover UEM and heavily-indebted Renong. In 2007, Khazanah began its Northern Corridor initiative to spearhead

4400-836: The establishment of M+S Pte. Ltd., a joint-venture between Khazanah and Singaporean investment holding arm, Temasek Holdings . The joint investments saw both Khazanah and Temasek undertaking projects in Iskandar Malaysia and Singapore. Khazanah owns 60% of the joint-venture company while Temasek owns the remaining 40%. In October 2011, Khazanah issues the first Renminbi sukuk, which is the world's first Renminbi offshore sukuk. In August 2012, Khazanah's wholly-owned subsidiary, Themed Attractions and Resorts invests in Puteri Harbour Family Theme Park for RM115 million. In July 2013, Khazanah through its insurance arm, Avicennia Capital reached an agreement to acquire 90% stake in

4480-534: The finance occurs and then held to maturity, from an Islamic perspective. This is critical for debt trading at market value without incurring the prohibited riba (interest on money ). Step-by-step process of issuing a sukuk based on an asset: In this type of sukuk, fixed interest of a conventional bond is replaced by fixed lease income. Islamic economist Muhammad Akram Khan complains that sukuk are "different from conventional finance in form and formalities rather than substance", and "may even be more expensive" for

4560-575: The functions of managing billions of ringgit worths of assets owned by the Federal Government. Modelled after the Singaporean sovereign wealth fund, Temasek Holdings , Khazanah also has its own board of directors and a professional management team. The Prime Minister of Malaysia, who serves as a Khazanah chairman, have the rights to determine the Khazanah's direction, including to appoint and retaining

4640-471: The fund's 2021 report, said that Khazanah is in a perfect position to embarked on its Advancing Malaysia initiative. He noted that Khazanah's ability to overcome the specific challenges impacting certain sectors and create sustainable growth for the long term. Khazanah was incorporated under the Malaysian Companies Act 1965 on 3 September 1993 as a  public limited company  and commenced operations

4720-509: The growing market, the AAOIF issued "Shari’ah Standard No.17" on 'Investment Sukuk' in May 2003. It became effective starting 1 January 2004. As of early 2017, there were US$ 328 billion worth of sukuk outstanding worldwide. As of the end of 2016, there were about 146 US Dollar-denominated, Islamic fixed income securities issued in the global markets, that were investment-grade , and had a duration of at least one year. These securities—which make up

4800-548: The income provided than a conventional bond. An example of a sukuk was a $ 100 million security used to finance the construction and delivery of cooling plants in Abu Dhabi . This sukuk had an istisna'a and ijara structure and was issued by the Tabreed Financing Corporation (or National Central Cooling Company PJSC) in March 2004. If some "dissolution event" (e.g. destruction of the leased property) had interrupted

4880-402: The law is to protect the public from fraud, by compelling the business owner to first file or register his fictitious business name with the county clerk, and then making a further public record of it by publishing it in a newspaper. Several other states, such as Illinois , require print notices as well. In Uruguay , a trade name is known as a nombre fantasía , and the legal name of business

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4960-412: The members of Khazanah's board of directors and existing managements. In a 2016 forum, Azman Mokhtar, former Khazanah's Managing Director, said Khazanah had the continuation of a pro-growth and pro-society focus in the 2017 Malaysian Budget, with companies of various sectors under its portfolio remained to be the nation's growth engines. Former Prime Minister and Khazanah chairman, Ismail Sabri Yaakob in

5040-461: The named defendant, RRL Corporation, was a Lexus car dealership doing business as " Lexus of Westminster ", but remaining a separate legal entity from Lexus, a division of Toyota Motor Sales, USA, Inc. . In California , filing a DBA statement also requires that a notice of the fictitious name be published in local newspapers for some set period of time to inform the public of the owner's intent to operate under an assumed name . The intention of

5120-639: The nation's underserved market. The fund announced that it will be spearheading a green investment platform to attract domestic and overseas investments. In July 2023, Khazanah partnered with the Singaporean venture capital firm, Antler to help the firm expand its operations in Malaysia while to support the local startup ecosystem. As early as January 2024, Khazanah and CGC Digital have jointly invested in Southeast Asia's digital finance platform, Funding Societies . Prime Minister, Anwar Ibrahim announced during

5200-458: The nation. This includes achieving long-term risk-adjusted returns across the portfolio, as well as undertaking investments that catalyse new growth areas, strengthen Malaysia’s economic competitiveness, and contribute to priority socioeconomic outcomes. Headquartered in Kuala Lumpur, it has regional offices in the United States, Turkey, China, United Kingdom and India. Khazanah's portfolio covers

5280-407: The necessary infrastructure, including promoting true securitization and enhanced clarity over investors' rights, and on stepping up regular sovereign issuance to provide a benchmark for the private sector. Increased sovereign issuance should be underpinned by sound public financial management. "Key challenges" to the Islamic finance industry as a whole—including sukuk—as of 2016 include (according to

5360-464: The originator in sukuk in the "event of an insolvency of the originator" and attempts by creditors to seize the assets. "Fitch has not reviewed any transaction to date that would satisfy these requirements." Underscoring Fitch's concern was the bankruptcy of East Cameron Partners ECP which issued a multiple-award-winning sukuk in 2006 but filed for bankruptcy in October 2008, prompting a legal dispute about

5440-597: The other being Retirement Fund (Incorporated) . Khazanah is a company incorporated in Malaysia, and operates under the provisions of the Malaysian Companies Act. It is neither a government agency nor a statutory board, rather it is a national institution that served as a trustee that manages government-owned commercial assets and also investing in multiple high-tech and strategic sectors. Unlike any other investment company, Khazanah does not sell its investments and assets to Bank Negara Malaysia , but rather assuming

5520-479: The payment of rent this would have prompted "the continuation of payments in the form of repurchase price". This reduced the risk structure of the sukuk to that (or near that) of conventional bonds, which permits the sukuk to earn the same or close to the same credit ratings that conventional bonds earn. Consequently, they are able to be sold at an interest rater lower than they might otherwise, although their transactions costs are higher than conventional bonds because of

5600-454: The precepts of Shariah. In a paper entitled "Sukuk and their Contemporary Applications" released in November 2007, Usmani identified the following three key structuring elements that differentiate Sukuk from conventional bonds: Usmani stated that by complex mechanisms Sukuk had taken on the same characteristics as conventional interest-bearing bonds, as they do not return to investors more than

5680-611: The principal owner of satellite television provider, Astro through the subscription of new shares. Khazanah began issuing a RM1 billion bond where it was the first of a series of bonds aimed at providing a benchmark yield curve. On 5 December 1997, Khazanah signed a co-operation agreement with British Aerospace for a partnership to develop Malaysia's capability in designing and manufacturing of aerospace products, while enablling Malaysian companies received access to international aerospace work and future aircraft programmes. In 1999, Khazanah engaged in local bank restructuring by acquiring

5760-519: The project the sukuk is financing. According to the State of the Global Islamic Economy Report 2016/17, of the $ 2.004 trillion of assets being managed in a sharia compliant manner in 2014, $ 342 billion were sukuk, being made up of 2,354 sukuk issues. The Arabic term was borrowed from Classical Persian چک ( čak , “legal document, document, contract, deed of sale, bill”). In the classical period of Islam , Sakk (sukuk) meant any document representing

5840-561: The sukuk. The issue has been called "one of the greatest challenges that the Islamic finance industry has faced in recent times", but the idea that the case is "a blow to Islamic finance" has also been dismissed as "poppycock". Sukuk have been criticized as evading the restrictions on riba , and imitating conventional bonds. In February 2008, the AAOIFI 's board of scholars, led by Sheik Muhammad Taqi Usmani , stated that as many as 85 percent of sukuk sold to date may not comply with all

5920-454: The surname(s) of the sole trader or partners, or the legal name of a company. The Companies Registration Office publishes a searchable register of such business names. In Japan , the word yagō ( 屋号 ) is used. In Colonial Nigeria , certain tribes had members that used a variety of trading names to conduct business with the Europeans. Two examples were King Perekule VII of Bonny , who

6000-469: The term trade name to refer to "doing business as" (DBA) names. In most U.S. states now, however, DBAs are officially referred to using other terms. Almost half of the states, including New York and Oregon , use the terms assumed business name or assumed name ; nearly as many, including Pennsylvania , use the term fictitious name . For consumer protection purposes, many U.S. jurisdictions require businesses operating with fictitious names to file

6080-452: The world, I have found that in almost all cases, the courts have struggled to reconcile the substance and form of the contract. Was it a sale, lease, construction or partnership contract or a financing arrangement between the parties? According to Rodney Wilson, when sukuk payments are delayed or fail, "the means of redress are potentially more complex than for conventional notes and bonds". In particular "under Shari’ah leniency towards debtors

6160-551: Was by Kuala Lumpur International Airport RM2.2 billion each in 1996 and 1997. In 2000, the government of Sudan issued domestic sovereign short-term sukuk worth 77 million Sudanese pounds on the basis of musharaka . In 2001, the sukuk market went international with the issuance of the first US-dollar-denominated ijara sukuk , worth $ 100 million by the Central Bank of Bahrain. Since then many sovereign and corporate sukuk issues have been offered in various jurisdictions. To standardize

6240-474: Was due to his criticisms or the Global Financial Crisis is a matter of debate. The Financial Times has described this as an "ongoing" debate over "form versus substance" in Islamic finance, identifying two kinds of sukuk—"asset-backed" sukuk and the more numerous, less strict, allegedly non-compliant "asset based" sukuk. In "asset-backed" sukuk there is "a true sale between the originator and

6320-545: Was known as Captain Pepple in trade matters, and King Jubo Jubogha of Opobo , who bore the pseudonym Captain Jaja . Both Pepple and Jaja would bequeath their trade names to their royal descendants as official surnames upon their deaths. In Singapore , there is no filing requirement for a "trading as" name, but there are requirements for disclosure of the underlying business or company's registered name and unique entity number. In

6400-613: Was made to improving household incomes and achieve other socio-economic outcomes. Khazanah announced in September 2022 that it would eyeing potential investments in Southeast Asia and India while looking at the right time to execute them. In April 2023, Khazanah invests USD $ 40 million in Indian logistics company, Xpressbees. The fund invests in Malaysian homegrown insurance technology company, PolicyStreet in June 2023, aiming to enhanced protection for

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