Course overview:

A new and rising trend in Capital Markets today is the rapid growth of Islamic securities. This three-day Euromoney Legal Training course will provide an indepth understanding of Islamic capital markets and the workings of Islamic securities. It will look at how the Islamic market continues to develop and open up new structures. Participants will gain a greater understanding of the dynamics of Islamic finance, as well as the procedure of Islamic issues: why they are introduced, who issues them, how this is done and what the market demand for them is.

Participants will learn about the various structures of Islamic Sukuk, by looking at their market rating and the legal and Shari'ah issues involved. This course will discuss the different kinds of risks involved in Sukuk to the investor, the obligor and the undertaker, approaches to Sukuk risk mitigation, and the liabilities of undertaker and obligor. It will also examine the conversion of conventional bonds into Islamic securities and the rise of Islamic investment funds and their structures.

How this course will help you:

Join this intensive three-day course and gain practical insight into:

• How Islamic finance products work
• Who issues Islamic securities
• Structures of Islamic finance
• Fundamentals of Islamic securities
• Types and structures of Sukuk
• Islamic investment funds
• Islamic hedge funds

Who should attend:

The course is designed to meet the needs of professionals involved in Islamic capital markets:

• Legal advisors
• Islamic finance professionals
• International bankers and financiers
• Regulators
• Venture capitalists

 

Day 1

General overview of Islamic capital markets

How do islamic finance products work

• What are Islamic financial products?
• Shari’ah requirements
• Legal requirements
• Conventional and Islamic products: similarities and degrees of variation

Who issues islamic securities?

• Companies
• Islamic banks
• Governments

Structures of islamic finance

• Sale-based financing
• Sharing-based financing
• Lease-based financing

Bases of islamic securities

• Real estates
• Usufruct
• Services
• Islamic financing contracts: sharing, Salam, Istisna’
• Receivables

Basic shari’ah and legal issues and documents involved

Current trends in Sukuk (Islamic bonds)

Case studies: Temporary Mudarabah bonds

Day 2

Sukuk structure

• Financial assets versus real assets
• Are Islamic Sukuk only a veil?

Types of sukuk

• Fixed income
• Ljarah (leased-assets) Sukuk
• Manafi’ (usufruct-based) Sukuk
• Khadamat (services) Sukuk
• Bundle Sukuk
• Variable income
• Revenue-generating assets’ Sukuk
• Temporary Musharakah/Mudarabah Sukuk
• Bundle Sukuk

Key issues related to sukuk

• Shari’ah board and acceptability
• Critiques of Sukuk
• Risks of Sukuk
• Different kinds of risks involved in Sukuk for the

Investor, the obligor and the undertaker

• Approaches to Sukuk risk mitigation and the

Liabilities of undertaker and obligor

• Registration in conventional markets

Current and future developments in Sukuk products

Swaps of conventional issues into sukuk

Sukuk structure

Case studies:

• Manafi’ Sukuk
• Gross revenue Sukuk

Day 3

Islamic investment funds

Collective investment schemes

Equity and real estate investing

Reverse murabahah and tawarruq schemes

Islamic equity funds

Islamic fund issues

Islamic hedging funds

• Stocks hedging
• Currency hedging

• Professor Rodney Wilson was the founder of the Islamic Finance Programme at Durham University where he continues to be an Emeritus Professor. He is currently a Visiting Professor at the Qatar Faculty of Islamic Studies and Adjunct Professor at the International Centre of Education in Islamic Finance (INCEIF), Kuala Lumpur

  His extensive consultancy includes serving as advisor on Shari’ah governance to the Islamic Financial Services Board, Kuala Lumpur, (2007-9) and to the Central Bank of Qatar on monetary policy and prudential ratios, (2009-10). Most recently he undertook a project for African Development Bank on the status and potential for Islamic finance in North Africa, (2011) and he is currently working on capital markets in North Africa for African Development Bank.
  
  Rodney Wilson was a Visiting Professor at the Qatar Faculty of Islamic Studies in 2009, 2010 and 2012. This year he is also an Adjunct Professor at the International Centre for Education in Islamic Finance (INCEIF) in Kuala Lumpur.

  Professor Wilson has written 12 books and over 40 articles, his most recent publications being:

  Legal, Regulatory and Governance Issues in Islamic Finance, Edinburgh and Columbia University Presses, 2012

  Economic Development in the Middle East, Routledge, London and New York, first edition, 1995, second edition, 2012

  Courses run by this instructor

  • Islamic Banking and Finance

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

Islamic Banking and Finance

12-14 Jun 2013 (London, United Kingdom)

The changes in Islamic finance have been tremendous since its initial inception in the 1970s. Its growth over recent years has opened the door to large numbers of banks and financial institutions worldwide. This has led to the market becoming extremely sophisticated as well as increasingly competitive.