TENANCY AGREEMENT

THIS AGREEMENT is made the day of ,2007 BETWEEN

MR. LAI CHEE SENG (I/C No. 2027029) and having his residential address at 588,
Taman Marida, 70450 Seremban, Negeri Sembilan, Malaysia (hereinafter referred to as
“Landlord” which expression shall where the context so admits include the Landlord’s
heirs, successors and assigns) of the one part AND International Centre for Education
In Islamic Finance (INCEIF) (Company No. 718736-K) having its address at 2nd
Floor, Annexe Block, Menara Tun Razak, Jalan Raja Laut, 50350 Kuala Lumpur,
Malaysia (hereinafter referred to as “Tenant”) of the other part,

(hereinafter referred to as the “Party” individually and the “Parties” collectively).

WHEREAS the Landlord has agreed to let and the Tenant has agreed to accept a
tenancy of a flat known as 23A-2, Park View Service Apartment No.5, Changkat Perak,
Off Lorong Perak, 50250 Kuala Lumpur, Malaysia (hereinafter referred to as the “Demised
Premises”) together with its fixtures, fittings and furniture herein for a rental term of four
(4) months commencing from 8th October 2007 and expiring on 7th February 2008 the
terms and conditions hereinafter appearing.

IT IS HEREBY MUTUALLY AGREED as follows :-

1. The Landlord hereby lets to the Tenant and the Tenant hereby takes on the
tenancy, the whole of the Demised Premises together with the said fixtures,
fittings and furniture therein as described in the Schedule attached hereto and
the right to the common areas and upon such terms and conditions or rules and
regulations as may be imposed by the management of the said Service
Apartment Project for a term of four (4) months commencing on 8th October
2007 and expiring on 7th February 2008 at monthly rental of Ringgit Malaysia
Five Thousand Only (RM5,000-00) with one (1) month in advance and the
first such payment being is due on 8th October 2007, and subsequent payments
to be made on or before the seventh (7th) day of each succeeding months upon
the terms and conditions hereinafter contained.

2. THE TENANT HEREBY COVENANTS WITH THE LANDLORD as

follows :-

(a) To deposit a sum of Ringgit Malaysia Ten Thousand Only (RM10,000-00)

equivalent of two (2) months rent (hereinafter referred to as the “Deposit”) with
the Landlord as security for the due performance of the Tenant’s covenants
herein. The aforesaid sum shall be maintained at this figure and shall not be
taken to be or treated as payment towards rental and shall be refunded to the
Tenant free of interest fourteen (14) days upon the determination of the term of
this Agreement less such sum as may then be due to the Landlord in respect of
any breach by the Tenant in the due observance and performance of the
stipulated terms and conditions herein contained;

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Tenancy Agreement Page 1
Landlord : Mr. Lai Chee Sing
Tenant : INCEIF
(b) To pay and deposit the Monthly Rental into the Landlord’s bank account at
OCBC Bank (Landlord’s Account Number : 7401101085 ) in the manner as
aforementioned;

(c) To deposit a sum of Ringgit Malaysia Two Thousand Five Hundred Only
(RM2,500-00) as utility deposit and of which shall be refundable to the Tenant
free of interest less such sum or sums due to the relevant authorities fourteen
(14) days on the determination of the Tenancy Period and to pay all charges and
outgoing in respect supply of water, electricity, gas, telephone services, astro
subscription, internet subscription, sewerage, and other utilities supplied to and
consumed by the Tenant on the Demised Premises during the Tenancy Period;

(d) To keep the interior of the Demised Premises, the electrical and water apparatus
thereof (other than the main structure walls, floors, roofs, and drains of the
Demised Premises) in good and tenantable repairs conditions (fair, wear and
tear, and damage by fire, storm, tempest, act of God, riot and civil commotion
only expected). The Tenant shall report in writing any services or routine/urgent
repairs to the Landlord immediately. If the Landlord fails to attend to repairs
within 72 hours, the tenant shall arrange to get it repair and shall deduct the
amount from payable rental and forward the invoices or payment records to the
Landlord;

To take due and proper care of the Demised Premises and the fixtures, fittings
and furniture supplied by the Landlord and to keep the same clean and in good
repair (reasonable wear and tear expected). Should the Tenant or his agent do
any damage to the Demised Premises or the fixtures, fittings and furniture, the
Tenant hereby undertakes to repair and make good such damage. The Tenant
shall not permit the said fixtures, fittings and furniture to be removed from the
Demised Premises without the written consent of the Landlord;

(e) To bear the cost of repair and or replacement to the fixtures and fittings
including lighting and appliances which may arise due to regular normal
usage. Provided always that the Tenant shall also bear the costs for all repairs
and replacements where such is required due to misuse, damage, default or
negligence of the Tenant;

(f) To permit the Landlord or his agents by appointment with reasonable notice to
enter upon and examine the state of repair of the Demised Premises;

(g) Not to do or permit or suffer to be done anything whereby the policy or policies
of insurance on the Demised Premises or on the said building against damage by
fire may become void or avoidable or whereby the premium may be increased
and to repay to the Landlord all sums paid by the Landlord in or about any
renewal of such policy or policies rendered necessary by a breach or non-
observance of this covenant;

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Tenancy Agreement Page 2
Landlord : Mr. Lai Chee Seng
Tenant : INCEIF
(h) Not to make or permit to be done any alterations or additions to the internal
construction or to the exterior and interior of the Demised Premises or to the
Landlord’s fixtures and fittings without first obtaining the written consent of the
Landlord;

(i) To observe and comply with all laws, by-laws ordinance of the Municipality or
appropriate authority and with the rules regulations of the said Service
Apartment Project and affecting the Tenant or occupier of the Demised Premises
which are being enforced or which may hereafter be enacted;

(j) Not to do, permit or suffer to be one anything upon the Demised Premises or any
part thereof which may be or become a nuisance to the Landlord or the occupiers
of any neighbouring property;

(k) To use the Demised Premises for residential purposes only and save as aforesaid
not to use the Demised Premises or any part thereof for any other purpose
whatsoever;

(l) Not to use the Demised Premises or any part thereof for any illegal or immoral
purposes;

(m) Not to store or bring upon the Demised Premises any article or articles of a
specially combustible, inflammable or dangerous nature which may contravene
and/or any local statute or regulation whereby the Landlord shall be exposed to
penalty, fine or forfeiture or in respect of which an increased rate of insurance is
required;

(n) Not to assign subject or part with the possession of the Demised Premises or any
part thereof;

(o) To permit the Landlord or the landlord’s agents with the relevant authorization
and with prior appointment one (1) calendar month prior to the expiry of the
Tenancy Period to bring prospective clients to view the Demised Premises for
the purchasing or letting the demised Premises;

(p) To make good, patch and touch up all nail holes created by Tenant at the end of
this tenancy;

(q) To absolve the Landlord against all claims of damage to the Tenant’s belongings
and injuries to the Tenant and/or the Tenant’s guests as a result of any accidents
occurring in the said premises or any part thereof provided such damage and
injuries are not attributable to the fault of the Landlord;

(r) At the expiration or sooner determination of the term of this Agreement

peaceably to surrender and yield possession of the Demised Premises to the
Landlord together with the said fixtures, fittings and furniture therein belonging
to and supplied by the Landlord in good substantial repair and condition (fair
wear and tear expected);

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Tenancy Agreement Page 3
Landlord : Mr. Lai Chee Seng
Tenant : INCEIF
(s) If any rent, hiring charge or any monies due to the Landlord shall remain unpaid
for fourteen (14) days after the sum shall become payable (whether demanded or
not) the Tenant shall pay to the Landlord interest on the amount of unpaid rent
and/or hiring charge or any monies due to at the rate of 10 percent (10%) per
annum to be calculated day to day from the expiration of the said fourteen (14)
days period up to the full payment of the said monies due (whether before or
after judgement).

3. THE LANDLORD HEREBY COVENANTS WITH THE TENANT as

follows :-

(a) To pay all quit rents, assessments and monthly maintenance / service charges
in respect of the Demised Premises;

(b) To maintain and keep in good tenantable repair and condition the entire
structure and exterior of the Demised Premises including but not limited to the
main structural wall, floors, roofs, pipes and drains provided however that the
Landlord shall not be liable in case of any damage wilfully or negligently
caused by the Tenant;

(c) To allow the Tenant, paying the Monthly Rental hereby reserved and
performing and observing the several stipulations on its part herein contained,
to peaceably and quietly hold and enjoy the Demised Premises together with the
fixtures, fittings and furniture therein without interruption by the Landlord and
any person rightfully claiming under or in trust for the Landlord;

(d) To maintain all mechanical, water and electricity mains and appliances, fixtures,
fitting and furniture provided by the Landlord in good and serviceable condition
throughout the term of this Agreement.

4. PROVIDED ALWAYS AND IT IS HEREBY EXPRESSLY AGREED BY

THE PARTIES HERETO as follows :-

(a) If the Monthly rental or any part thereof shall be in arrears for a period of
fourteen (14) days after the same shall become payable (whether formally
demanded or not) or if the Tenant shall omit to perform or observe any
stipulated terms and/or conditions hereon on this part contained it shall be
lawful for the Landlord at any time thereafter to serve a forfeiture notice upon
the Tenant and it is hereby mutually agreed that a reasonable time in which to
remedy the breach subject matter of the aforesaid forfeiture notice is fourteen
(14) days and on the expiration of the period specified in the said forfeiture
notice without the breach complained of having been remedied then the
Landlord shall forthwith be at liberty to re-enter upon the Demised Premises or
any part thereof in the name of the whole and thereupon this tenancy shall
absolutely determine but without prejudice to any rights or remedies which may
have been accrued to either party against the other in respect of any antecedent
breach of any of the covenants herein contained;

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Tenancy Agreement Page 4
Landlord : Mr. Lai Chee Seng
Tenant : INCEIF
(b) In the event that the Demised Premises or any part thereof shall at any time
during the Tenancy Period be destroyed or damaged by fire, lightning, riot or
any other inevitable cause so as to be unfit for occupation or use for a period of
fourteen (14) days and the policies of insurance effected by the Landlord and/or
the management of the said Service Apartment Project shall not have been
vitiated or payment of monies refused in consequence of any act or default of
the Tenant the Monthly Rental hereby reserved or a fair proportion thereof
according to the nature and extent of the damage shall cease until the Demised
Premises and the fixtures and fittings shall again be rendered fit or restored for
occupation or use;

PROVIDED ALWAYS that in the event the Landlord deciding not to rebuild
and reinstate the Demised Premises the Landlord shall within thirty (30) days
from the happening of such destruction or damage serve upon the Tenant a
notice in writing to that effect and PROVIDED ALWAYS that in the event the
Demised Premises is unfit for occupation or use for a period of 60 days
thereupon this Agreement shall cease and be of no further effect but without
prejudice to any rights or remedies of either party to any antecedent claims and
the Monthly Rental shall be apportioned to the time of such destruction or
damage and upon such termination the Landlord shall also refund to the Tenant
the Deposit paid less such sum or sums as may be lawfully due to the Landlord;

(c) The Landlord will on the written request of the Tenant made not less than two
(2) months before the expiration of the term hereby created and if there shall not
at the time of such request be any existing breach or non observance of any of
the covenants on the part of the Tenant herein contained grant to the Tenant a
lease of the Demised Premises for a further term of one (1) year at the rental to
be mutually agreed upon but otherwise upon the same terms and conditions as
herein contained;

(d) Notwithstanding anything herein contained, the Landlord shall not be liable to
the Tenant nor shall the Tenant have any claim against the landlord in respect of
any interruption in any of the services provided by the management of the said
Condominium Project of which the Demised Premises is part by reason of
necessary repair or maintenance of any of the installation of any installations or
apparatus or damage thereto or destruction thereof by fire, water, acts of God or
other causes beyond the Landlord control or by reason of mechanical or other
defect of breakdown or unavoidable shortage of fuel, materials, water or labour;

(e) The Demised Premises is intended for the occupation by INCEIF for its
following personnel :-

1) Name : Prof. Dr. Murat Cizakca

Passport No : 1346672007
2) Name : Ms. Catharina de Maertelaere
(wife to Prof. Dr. Murat Cizakca)
Passport No : nf9642823

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Tenancy Agreement Page 5
Landlord : Mr. Lai Chee Seng
Tenant : INCEIF
(f) During the four (4) months tenancy, there shall be no termination from either
party, or else a penalty of two (2) month’s rent of Ringgit Malaysia Ten
Thousand (RM10,000-00) shall be imposed on the party who breach the
contract;

(g) All stamping cost and expenses incidental to the preparation and execution of
this Agreement shall be borne by the Tenant;

(h) In this Agreement where the context so admits words importing the masculine
gender only shall include the feminine and neuter genders and vice versa and
words importing the singular number only shall include the plural and vice versa;

(i) This Tenancy shall be binding upon the respective heirs personal representatives,
assigns, and successor-in-title of both the Landlord and the Tenant.

5. IMMIGRATION STATUS OF TENANT AND OCCUPIERS

(5.1) The Tenant shall ensure that the occupiers of the Demised Premises must be
Malaysian/Permanent Resident. If any of the occupiers is a foreigner, he or she
must have entered and remained in Malaysia lawfully and the Tenant
convenants with the Landlord that he or she shall personally verify from
original documentation that the occupier has valid employment pass, work
permit, travel document or other papers granted by the Immigiration &
Checkpoint Authority or other relevant government authorities. In respect of
this condition, the Tenant shall produce to the Landlord for inspection :

(a) Original identity cards/passports and other relevant documents of all

occupiers evidencing their legal entry into and stay/work/study in
Malaysia before the commencement of this Agreement, and

(b) The original identity cards/passports and other relevant documents of all
existing and future occupiers evidencing the renewal or extension of their
lawful stay in Malaysia before the expiry thereof.

(5.2) The Tenant shall update the Landlord whenever there are changes to the
particulars of the occupiers and on a quarterly basis without demand, give to the
Landlord work permits, employment passes, dependent passes, social visit
passes or passports of the occupiers for verification.

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Tenancy Agreement Page 6
Landlord : Mr. Lai Chee Seng
Tenant : INCEIF
IN WITNESS WHEREOF the Parties have executed this
Agreement the day and the year first above written.

SIGNED by the said Landlord SIGNED in the presence of

……………………………… …………………………….

Name : ……………………… Name : ……………………

I/C No. : …………………… I/C No. : …………………..

SIGNED by the said Tenant SIGNED in the presence of

…………………………... ……………………………..

Name : …………… ……. Name : …………………….

I/C No. : ………………… I/C No. : …………………..

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Tenancy Agreement Page 7
Landlord : Lai Chee Seng
Tenant : INCEIF
 DATED THIS DAY OF , 2007
---------------------------------------------------------------------------------

TENANCY AGREEMENT
---------------------------------------------------------------------------------

BETWEEN

MR. LAI CHEE SENG

(I/C No. 2027029)

AND

INTERNATIONAL CENTRE FOR EDUCATION

IN ISLAMIC FINANCE (INCEIF)
(Company No. 718738-K)

---------------------------------------------------------------------------------
FOR PROPERTY AT UNIT NO. : 23A-2, PARK VIEW
SERVICE APARTMNET
NO.5, CHANGKAT
PERAK, OFF LORONG
PERAK 50250 KUALA
LUMPUR, MALAYSIA.

COMMENCEMENT DATE OF : 8TH OCTOBER 2007

TENANCY AGREEMENT

EXPIRY DATE OF TENANCY : 7TH FEBRUARY 2008

AGREEMENT
SCHEDULE OF FIXTURES, FITTINGS AND FURNITURE AT 23A-2, PARK
VIEW SERVICE APARTMETN NO. 5, CHANGKAT PERAK, OFF LORONG
LORONG PERAK, 50250 KUALA LUMPUR

Electrical Items (Ref: Harvey Norman Receipts)

1 WASHER/DRYER LG:WD-R8012 RM 2999

2 COFFEE MAKER PHILIPS HD-7466 RM 85
3 LG LCD TV 37LC4R RM 3980
4 LG FRIDGE GR-U242RL RM 996
5 SHARP MICROWAVE R397JS Rm 510
Electrical Fittings
6 Mitsubishi AC 1.5 HorsePower RM 1500
7 Mitsubishi AC 1 HorsePower RM 1000
8 Mitsubishi AC Outdor Compressor Unit RM 1000
9 Living, Dining & Bedroom Downlights (Each) RM 250
10 Dining Wall Light RM 200
11 Bedroom Wal Light RM 250
12 Bathroom Recessed Down Lights (Each) RM 350
Furniture (Ref: Ikea Receipts)
1 RIBBA FRAME RM 84
2 BLADET VASE 45CL RM 69
3 VITTEN RUG RM 699
4 LAMPLIG TRIVET RM 19.9
5 LILLBERG CUSHION COVER SET RM 30
6 FNISS WASTE PAPER BASKET RM 6.9
7 LILLBERG CUSHION SET RM 190
8 FRIEL TV BENCH RM 995
9 SUSA ALARM CLOCK RM 22
10 GRONO TABLE LAMP GB RM 39.8
11 BULB RM 5.6
12 MOTTO BOWL RM 6.4
13 MOTTO DEEP PLATE RM 11.6
14 MOTTO FLAT PLATE RM 11.6
15 ORDING CUTLERY RM 15
16 BONUS CUTLERY RM 16
17 PANNA PLACE MAT RM 39.5
18 SMULA TRAY RM 6
19 LAVER TABLE/4 CHAIRS RM 279
20 LILLBERG FRM SOFA RM 299
21 ASSEMBLY: FRIEL TV BENCH RM 49.75
22 ASSEMBLY: LILLBERG SOFA RM 14.95
23 DELIVERY CHARGE (ITEMS 3, 21, 23) RM 50
24 RIBBA FRAME 50X50X4X3PCS RM 177
25 MOLGER BENCH WALN RM 115
26 SAMTID FLR LAMP RM 129
27 RIGGA CLOTHES RACK RM 59
28 SKAGEN RUG RM 329
29 ARRAK PLANT POT RM 9.9
30 REKTANGEL VASE RM 9.9
31 SALONG N VASE RED RM 19.9
32 PLANT BAMBOO LOTUS RM 26.1
33 BLADET VASE 28CL RM 49

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Continue..
34 DIOD GLASS 25CL RED RM 27.6
35 SKIMRA SHADE 16NAT RM 50
36 TOFTBO BATHROOM MAT RM 35
37 GRUNDTON TABLE LAMP RM 39.8
38 IDEAL CANDLE DISH RM 45
39 IDEALISK CORKSCREW RM 5.9
40 BARBER TRAY RM 19.9
41 LEGITIM CHOPPING BOARD RM 9.9
42 RIBBA FRAME 50X50X4X3PCS RM 135
43 BIGUM RUG 70X130 RED RM 49
44 NASTVED RUG 80X180 RM 69
45 HAVTORN DECO RM 39
46 HAVTORN DECO RM 39
47 JOKER CANDLE DISH RM 8.7
48 IKEA POT & PANS RM 49
OTHERS
49 ELLE PILLOW CASE 2NOS RM 50
50 KING SIZE BED SHEEL RM 200
51 PHILIPS STEAM IRON RM 59
52 THOMPSON MP3 CD PLAYER RM 150
53 CLOTHS HANGERS (X10) RM 18
54 PANOSONIC VACUM CLEANER RM 212
55 OFFICE TABLE RM 1700
56 BEDFRAME & MATRESS KING SIZED RM 2500

TOTAL : RM 22515

Note : 'RM' above refers to Ringgit Malaysia

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