Certified Islamic Financing & Sukuk Management Professional

NAME OF THE COURSE
Certified Islamic Financing & Sukuk Management Professional
 
CERTIFICATION
Certified Islamic Financing & Sukuk Management Professional
 
COURSE OVERVIEW
This course is designed to provide the participant with an in-depth understanding of the Islamic capital market, its structure and growth. It will discuss the various structures of Islamic Sukuk, looking at their market rating and the legal and Shari’ah issues involved. It will also address issues involved in converting conventional bonds into Islamic securities and the raising Islamic investment funds and their structures. The course is designed to show participants how the Islamic market is continuing to develop and opening up new structures.
 
COURSE OBJECTIVE
  • Understand the dynamics of Islamic finance.
  • Understand Islamic securities, their nature and why and how they are introduced.
  • Engage very well with the core regulatory issues.
  • Know, who issues Islamic bonds and the market demand for them.
  • Analysis of current market practices and what products and structures are utilized, and why
  • Developing new products for your clients and markets
  • Structuring products from the building block of theory (Islamic law) through to the final end product
  • Impact on each group of stakeholders (Scholars, structures, legal, marketing, operations, risk, execution etc.)
 
TRAINING DURATION
Total Training Hours : 22 Hours
Training Duration      : 1 Week
Total Training  Days  : 4-5 Working Days
 
TRAINING SCHEDULE
Weekdays (Sunday to Thursday)
Regular Sessions : 4 – 6 Hrs Per day (9am to 2pm or 3.00pm to 9.00 pm)
Food & refreshments Included
Weekends (Friday & Saturday)
Fast Track Sessions: 8 Hours per day (9am to 5pm)
Food & refreshments Included
 
CERTIFICATION
Globally recognized certificate from “Kings Global Career Academy”
 
TEST
No
 
LEARNING AIDS
Yes
 
COURSE MATERIAL
Hard & Soft Copies of Study Material
 
LANGUAGE OF INSTRUCTION
English
 
INSTRUCTOR HELPLINE
Yes
1. Email
2. Social Media (For Emergency requirements)
 
REGISTRATION REQUIREMENTS
1. Passport Copy
2. Curriculum Vitae
3. Passport size photographs
4. Course Fee
 
MODE OF PAYMENT
Cash / Cheque / Credit Card / Bank Transfer.
 
ELIGIBILITY CRITERIA
Experienced and new professionals or industry practitioners in the capital market, ICM and academia.
Financial Analysts, Accountants, Financial Regulators, Portfolio Managers, Securities Analysts, Credit/Investment Analysts, Auditors.
 
COURSE BENEFITS
  • Understand the dynamics of Islamic finance.
  • Understand Islamic securities, their nature and why and how they are introduced.
  • Engage very well with the core regulatory issues.
  • Know, who issues Islamic bonds and the market demand for them.
  • Analysis of current market practices and what products and structures are utilized, and why
  • Developing new products for your clients and markets
  • Structuring products from the building block of theory (Islamic law) through to the final end product
  • Impact on each group of stakeholders (Scholars, structures, legal, marketing, operations, risk, execution etc.)
 
COURSE CONTENTS
Introduction to Islamic finance and banking
  • Islamic commercial laws and rules (including contract law)
  • Sources of Islamic law
  • The view on money in Islam
  • Enterprise vs debt creation
  • Islamic vs conventional banking – similarities and differences
  • What is the overlap between the aims of the Islamic and conventional markets in terms of desires of market participants and preferred outcomes?
  • Outline of key activities of conventional banks and which of these activities may not be Shariah-compliant
  • Key principles
  • Riba, Gharar, Maysir
  • An explanation of these principles and examples of each
 
Overview of acceptable contractual forms
  • Sale contracts
  • Investment and management contracts
  • Leasing
  • The activities and balance sheet of a major Islamic bank
  • A detailed case study of the balance sheet of a major global Islamic bank
 
Overview of global Islamic markets – development and growth, challenges
  • What are the key market sectors?
  • How have they grown since inception and what are the major contributing factors?
  • What challenges are faced by market participants?
 
Islamic commercial contracts in conventional courts – what we have learned so far
  • Discussion of outcomes of defaults and court cases
  • Beximco, East Cameron Gas Sukuk, Dana Gas Sukuk
Retail Islamic banking products
  • Current and savings accounts
  • Using Murabaha and Mudarabah contracts
  • Case study of Mudarabah deposit (Qatar Islamic Bank)
 
Home purchase finance structures
  • Murabaha home finance  
  • Case studies
 
The advantages and disadvantages (in relation to ownership, risk, variable rate financing and valuation of debt outstanding)
  • Diminishing Musharakah finance
 
How it works and its advantages over Murabaha home finance
  • Market example – Meezan Bank
  • Car purchase finance structures
  • Ijara, including market examples
  • Personal finance
 
Murabaha / goods finance
  • Tawarruq financing
  •  Islamic credit cards
  • Analysis of different contracts used in the market
  • Key Contractual Forms and case studies
  • Leasing, Ijara
  • Differences between conventional leasing and Ijara
  • Market examples of the utilisation of this contract in practice
  • Car Ijara;  
  • Home finance; Sukuk
 
Murabahah, Tawarruq and Musawamma
  • Application in asset financing, working capital finance, and general credit provision
  • Murabaha goods finance vs Tawarruq financing
  • Murabaha Sukuk
  • Market examples
 
Project finance – Istisna (including Sukuk)
  • Musharakah
  • Diminishing Musharakah home finance
  • Sukuk
  • Mudarabah
  • Investments and funds
  • Market examples and term sheets
  • Why this is the preferred contractual form for fund and asset management
  • Retail deposits
  • Comparison to Murabaha deposits
  • How to identify and mitigate the new risks arising from utilising an investment contract for deposit products
  • Sukuk
  • Sukuk overview, and relevant structures
  • Ijara
  • Mudarabah
  • Musharakah
  • Murabahah
  • Wakala
  • Hybrid
  • Sukuk – detailed analysis and transaction case studies
 
Ijara Mudarabaah, Musharakah, Murabahah, Wakala, Hybrid
  • Perpetual Sukuk
  • Equity-linked Sukuk (exchangeable, convertible Sukuk)
  • Each structure will be covered, along with an analysis of how and why the market developed to accommodate such structures
  • How to develop debt capital markets products using classing contractual forms
  • The issue of Shariah compliance
  • Who does this responsibility fall upon
  • How is this managed in practice?
  • What are the implications?
  • Credit rating
 
Why this can be important
  • The concept of credit risk vs asset price risk in asset-backed structures
  • The approach of credit rating agencies
 
Defaults
  • How are these defined?
What occurs upon a default?
  • Asset risk vs credit risk for investors
 
  • The issue of a True Sale and Sukuk structures
  • AAOIFI Shariah standards and Sukuk controversy
 
How did this arise?
  • What were the consequences for the market?
 
Investments
  • Equity investments and funds
  • The process of Shariah compliance and screening
  • The concept of financial screening
  • Three levels of Shariah compliance
  • The assets themselves
  • Acquiring exposure to the assets
  • The contractual arrangements between the investors and the fund manager
  • What occurs when something goes wrong?
  • Private Equity
  • Key principles
  • Shariah-compliant target companies
 
Key asset classes – in each area we will cover how the funds are structured, how the investments/asset acquisitions occur, and the key legal and structuring areas
  • Real estate
  • Commodities
  • Fixed income
  • Structured investments
  • Capital protection  
  • What is it and who wants it?
  • How do conventional investments provide capital protection, and why is this not Shariah-compliant?
  • How can we deliver this protection in an acceptable manner?
  • The connection between capital protection and derivatives
  • The issue of liquidity
  • Notes
  • What are they, and how do they operate?
  • How to structure Islamic notes
  • The issue of liquidity, again
  • Pay-out on the performance of an index or benchmark
  • When is this desirable?
  • What is permissible for referencing pay-outs?
 
What key structures and contracts are utilised to deliver Shariah-compliant products?
  • Takaful
  • Islamic insurance
  • Why conventional insurance is not permitted
  • The elements of Maysir and Gharar in an insurance contract?
  • Is conventional insurance impermissible in all circumstances?
 
Key features of Takaful
  • Major contractual forms used
  • Key structures utilised in the market, with market examples
  • The concept of Takaful Operator (as opposed to an insurance company)
  • How do operators run their business and how do they make profits?
 
Overview of the Takaful market
  • Analysis of market development and growth
  • Challenges faced by the market globally
  • Re-Takaful and Re-insurance
  • The importance of ReTakaful to the continued growth of the Takaful markets
  • The role played by Re-insurance to fill gaps in the market