Course dates
Primary Course Objectives:
- Consider the areas of the Islamic finance and investment activity that are most frequently encountered in contemporary finance and investment practices.
- Consider these areas of Islamic finance and investment activity from a transactional practice perspective using actual transactions and products as bases for discussions.
- Familiarise workshop participants with both practical and theoretical principles of transactional and product structuring that can be used in a broad range of different jurisdictions around the world.
- Familiarise workshop participants with constraints and considerations applicable to the integration of the Islamic finance investment industry and its transactional practices into the global financial markets, which are dominated by interest-based practices.
- Provide workshop participants with perspective on the challenges that have been encountered, and the challenges that will be encountered, by the Shari’ah scholars and other industry participants in fostering the growth of the Islamic finance and investment industry in global markets and under regulatory regimes that are controlled by conventional interest-based financing practices.
Who should attend
- Bankers.
- Investment bankers.
- Export credit agency officers.
- Multilateral lenders.
- Fund and asset managers, including for funds investing in real estate, private equity, equity and distressed debt.
- Investors, including Shari'ah compliant investors.
- Real estate professionals.
- Private equity professionals.
- Treasurers and corporate finance professionals.
- Entities involved in asset securitisations.
- Special operations officers, including bankruptcy and work-out officers.
- Project, infrastructure and real estate developers.
- Government agency officers associated with project, infrastructure and real estate developments.
- Construction contractors.
- Equipment suppliers.
- Oil and gas, petrochemical, electricity and other energy professionals.
- Aircraft, vessel, rail and other transportation professionals.
- Securities and capital markets regulators.
- Derivatives professionals.
- Insurers.
- Finance lawyers.
- Accountants.
Background & Teaching Methodology
Islamic finance and investment activities and transactions are examined both as an application of Islamic religious law and ethics and as an effort to create and operate a Shari’ah-compliant economic system, including capital markets, without ribÇ (interest) payments and receipts and based upon a compliant risk-reward paradigm that maintains expected returns for the transactional parties.
The concept of the course of study is to begin with a limited number of current Shari’ah-compliant structures as paradigms and then expand and build on those structural paradigms to consider other Shari’ah-compliant structures currently in use in the Islamic finance industry. This will entail consideration of both structures that make use of conventional interest-based debt (bifurcated structures) and structures that are purely Shari’ah compliant. The workshop will consider some of the core principles of the Shari’ah and the methodology by which Shari’ah compliance is determined in contemporary practice (Shari’ah supervisory boards and the issuance of opinions (fatawa)). Each of these topics will be placed in historical context.
The course is intended to be interactive. Topical discussion will proceed at the pace that is comfortable for the participants. Discussion of the various topics will be expanded to include related interests of, and examples raised by, the workshop participants.
Dubai Hotel, Dubai, United Arab Emirates
This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.
Dubai has an incredible number of hotels. Courses held here are mainly held at the J.W. Marriot hotel, Sheraton Dubai Creek and Le Meridien all in central Dubai.
J.W. Marriott Hotel – Abu Baker Al Siddique Road, PO Box 16590, Dubai, U.A.E
Phone +971 4 607 7811; Fax +971 4 607 7011
www.marriott.com
At the JW Marriott Dubai you will enjoy luxury on your terms; impeccable service and elegant surroundings allow you to relax and focus on your own agenda. With 344 luxuriously appointed rooms and suites the J.W. Marriott provides an oasis of calm in a busy city while the award-winning restaurants have the recipe for satisfying a taste for international flavour.
Sheraton Dubai Creek – Baniyas Street, PO Box 4250, Dubai, U.A.E
Phone +971 4 228 1111; Fax +971 4 221 3468
www.starwoodhotels.com
After undergoing a complete renovation, the Sheraton Dubai Creek Hotel& Towers reopened October 10th, 2002 with a fully refurbished interior and exterior. The 255 room hotel now offers more creek-view rooms, redesigned atrium lobby, outstanding food and beverage facilities, upgraded rooms with state-of-the-art data connectivity, and Dubai's newest conference facilities.
Le Meridien – PO Box 10001, Airport Road, Dubai, U.A.E
Phone +971 4 282 4040; Fax +971 4 282 5540
www.lemeridien-dubai.com
Le Meridien Dubai is a five star deluxe hotel built on two floors and surrounded by 38 acres of landscaped gardens. The hotel is elegantly furnished with a french accent that incorporates the individual character and flair of the local culture. The hotel is minutes away from the commercial districts and shopping centres and a short distance from Dubai International Airport. Facilities include a choice of 15 restaurants and bars, 24-hour room and laundry service, two fully equipped business centres and a state-of-the-art Spa and fitness club.
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Michael McMillen
Michael received his M.D. from the Albert Einstein College of Medicine, his J.D. from the University of Wisconsin Law School, and his B.B.A. from the University of Wisconsin – Madison.
Michael McMillen is a partner of Curtis, Mallet-Prevost, Colt & Mosle LLP and works in the firm’s New York, Dubai, Muscat, Kuwait, Istanbul, Kazakhstan, Turkmenistan and London offices. Michael is internationally recognized for his work in Islamic finance and project finance. His transactional work focuses on the Americas, Europe, the Middle East and Asia. He publishes and speaks throughout the world on Islamic finance and project finance. He has twice been a recipient of the Euromoney award for Best Legal Advisor in Islamic Finance (2004 and 2007) and has also received the Sheikh Mohammed Bin Rashid Al-Maktoum award for Best Legal Advisor in Islamic Finance for North America. He was the founding Chair, and has twice served as the Chair of the Islamic Law Section, a division of the International Law Section of the American Bar Association. Michael teaches Islamic finance at the University of Pennsylvania Law School and the Wharton School of Business. Michael was also active in the capital markets initiative of the Islamic Financial Services Board, focusing on securities and capital markets laws, the use of trusts and trust concepts in capital markets transactions, and the enforceability of the Shari’ah in different jurisdictions throughout the world.
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