Course Objectives

The growth of Islamic bonds and securities is a rising trend in capital markets today is the. Islamic Sukuk are a new category and are developing rapidly. This course will provide an in-depth understanding of the Islamic capital markets and the forces that bring in Islamic bonds.
The course 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 rising Islamic investment funds and their structures.

• Provide an in-depth understanding of the Islamic capital market, its structure and growth.

• Understand Islamic securities, their nature and why and how they are introduced.

• Know who issues Islamic bonds and the market demand for them.

• Discuss the various structures of Islamic Sukuk, their market rating and the legal and Shari’ah issues involved with them.

• Understand issues involved in converting conventional bonds into Islamic securities.

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This is a comprehensive programme designed to give delegates an all round understanding of the issues involved in Risk management for Islamic banking.

The course specifically targets:

• Investment Bankers

• Corporate and Commercial Bankers

• Corporate Financiers

• Private Bankers

• Analysts

• Asset managers

• Risk Management Managers

• Consultants

• Lawyers

• Investment Advisors

• Regulators

• Auditors and compliance professionals

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Day 1

Day 2

• Case studies

• Bases of Islamic securities and Sukuk

  • Real estates

  • Usufruct

  • Services

  • Islamic financing contracts: sharing, Salam, Istisna’

  • Receivables

• Basic Shari’ah and Legal issues and documents involved

• Who issues Islamic securities?

• Current Trends in Sukuk (Islamic Bonds)

• Case studies: Temporary Mudarabah Bonds

• Sukuk Structure

• Financial assets versus real assets

• Are Islamic Sukuk only a veil?
   

Day 3

• Types of Sukuk

  • Fixed income

    • Ijarah (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

  • Listing in conventional markets

• Current and Future developments in Islamic financial products

• Swaps of conventional issues into Sukuk

• Case Studies

  • Manafi’ Sukuk

  • Gross revenue Sukuk

Day 4

• Size of Islamic Capital Market and its future

• Islamic Investment Funds

  • Collective Investment Schemes

  • Equity & Real Estate Investing

  • Objectives of Islamic investment funds

    • Growth

    • Income

    • Balanced

    • Domestic, Regional, Global

    • Small / large Cap / Emerging

  • Shari’ah basis for management relation to unit holders

    • The Wakalah principle

    • Wakalah employment

    • Wakalah Mudarabah

    • Special management (Wakil) functions and responsibilities

  • Kinds of Islamic investment funds:

    • General equity Investment funds

    • Special Project Funds (al Mursa, Financial City)

    • Real Estate Investment funds (REIT)

    • Islamic Ijarah Funds

    • Salam funds

    • Murabahah investment funds

    • Sukuk funds

    • Closed / open funds

    • Market or region specialized funds

  • Capital-Guaranteed funds

    • Murabahah-cum investment arrangement

    • Third party guarantee

Day 5

• Growth of Islamic investment funds

• Major Islamic investment funds

• Mutual funds and family Takaful

• Hedging:

  • Objectives

  • Shari’ah tenets on hedging:

  • The Salam principle

  • Murabahah leveraging

  • The Arbun principle

    • Arbun in margin

    • Arbun in options

  • The Mutual Wa’d principle

  • Third party Guarantee principle

• Shari’ah rulings on:

  • Hedging stocks

  • Hedging commodities

  • Hedging currencies

  • Other derivatives

    • Indices and Islamic indices

    • Trading options

    • Fixed/variable income swap

  • Short sale

• Islamic hedge funds

  • Objectives

  • Establishment of IHF

• Takaful, family Takaful and Takaful funds

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Having written over 27 books and booklets in English and Arabic, and over 80 papers, Dr. Monzer Kahf has focused on Islamic finance and economics for over 33 years.

In addition, Dr. Kahf has been both working and training people in the field. His served as Professor of Islamic economics and banking at the graduate program in Islamic Economics at the Yarmouk University, Jordan, 2004-2005 and as a senior research economist at the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank from 1985 – 1999. Currently, Dr. Kahf has his own consultancy and training business that provides consultation, training, auditing and instruction in the field of Islamic finance, banking and economics.

Dr. Kahf has organized and conducted many training courses at IDB, IRTI, commercial Islamic banks, and other banking institutions in several countries in the Middle East, South and Southeast Asia, West Africa, Europe and North America. He has also trained people in Islamic Economics, Zakah and Awqaf. He has been an invited lecturer/speaker on Islamic banking, finance and economics by several national and international training and teaching institutions and conferences in several countries. He has also been a collaborating expert at the Islamic Fiqh Academy of the Organization of Islamic Conference (OIC) and member of several of its technical and methodological committees on Shari’ah and economics.

Dr. Kahf was awarded the IDB Prize for Islamic Economics, 2001 and the President of Syria Award for best University Graduating Student, July 1962. Dr. Kahf is fluent in English, Arabic and knows French.

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