• 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.)

• Acquire the knowledge of Shariah principles in Sukuk and securitization

• Understand the framework and structure of Sukuk and securitization

• Identify Sukuk products and instruments

• 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.)

Introduction – Concepts and Definition

• Types of Sukuk Structures

• The Islamic Law Framework for Sukuk

• Structuring Islamic Debt-Based Sukuk – Murabahah, Istisna’ and Salam

• Structuring Equity-Biased Sukuk: Sukuk Al Ijarah

• Structuring Equity-Based Sukuk: Mudarabah and Musharakah Sukuk

• Nature and Features of Mudarabah Sukuk and Musharakah Sukuk

• Structuring Islamic Asset-Backed Securities

• Other Exotic / Hybrid Sukuk

• Other Aspects to be Considered

• 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?

Detailed case studies

Introduction to Sukuk, from classical structures

• Modern use of Sukuk as equivalent to Islamic “bonds” and capital market instruments

• Analysis of the market development

• The increasing complexity of the Sukuk product

• The global adoption of Sukuk for both Islamic and non-Islamic players

• Domestic vs International Issuances, what points are considered and relevant

• Analysis of widely used structures: 

• Ijara, Mudarabah, Wakalah, Musharakah, Murabaha etc

• What structure is the best and most relevant for issuers and investors

Why are the various structures chosen over others?

• Using Sukuk for Project Finance

• Securitisation and Sukuk

• For each Sukuk structure, the following shall be covered

• Developing basic contractual forms into complex Sukuk instruments

• Detailed structure analysis and flows

• Credit enhancements and risk management

• Role of all parties involved (Issuer, agents, book runner, sales, issuer, Scholars, regulators)

• Review of documentation, the key contracts involved

• How to convert these structures into modern liquid capital market instruments?

• Pricing and related issues

• Asset-backed vs Asset-based Sukuk, why is this important

• Factors to be considered for both Sovereign and corporate issuers

• What is more relevant to domestic issuance and international issuance

• Economic factors considered

• Currency

• Tenor

• Fixed vs floating rate profit distributions

• Restructuring when required

• Default and early termination scenarios

• Use of Sukuk as liquid instruments

• How to ensure Sukuk issues remain liquid and tradeable

• Role of Scholars in the approval and ongoing auditing of Sukuk transactions over their life

• Use of Sukuk in Equity Capital markets

• Mezzanine finance

• Equity-linked returns and risk

• Case Studies: There will be several case studies and analysis of the major and innovative Sukuk issuances and structures used in the markets