What is an Islamic Bond or Sukuk? Explaining BBA Notes, Islamic Commercial Papers, Islamic Medium Term Notes, Principal features of Mudarabah and Musyarakah Sukuk. Are current issuances of Musyarakah Sukuk based on Musyarakah? Unraveling the differences between South East Asian and Middle Eastern interpretations. Is BBA not acceptable or the bipartite nature of BBA which is at issue? Is it true that Middle Eastern Islamic Finance is based on equity instead of debt? Why do Sukuk structurers in all jurisdictions issue Musyarakah Sukuk with debt features? Sovereign Sukuk- structures and termsheets. Sukuk from the point of view of the Issuer. What kind of projects are eligible? Basic criteria for potential issuers. Rating process. Issuance procedures. Costs of Issuances. How long does it take to see the money? Accounting entries. SC Guidelines on Sukuk. Computation and Case Study based on actual issuance. Principle features of Middle Eastern Sukuk. Sukuk Ijara, Sukuk Musharaka and Exchangeable Sukuk. Term sheet Structures and outline legal documents

The Programme
1st session 9.00 am – 10.30 am                   10.30 -11 am Coffee Break	. Principal Features of local Sukuk and     Its Latest Developments.   -  Principal features of Baids -  Principal features of ICP’s -  Principal features of IMTN’s -  Principal features of Musyarakah/ Mudharabah Bonds -  Project Gold – Analysing the Structure and Features of Malaysia’s First Islamic Sovereign Issue.   USD600 million Sukuk Ijarah/ Trust Certificate Issuance on behalf of Malaysia Global Sukuk Inc.
2nd session 11.00 am – 1 pm                                         1pm -2pm Lunch	Issuing a Sukuk   1. Sukuk Issuance from the Issuer’s Perspective. - Eligibility of projects for Sukuk     Financing. -    Basic criteria for companies to be eligible to issue Sukuk. -    The Rating Process and Significance of Ratings. -    The Issuance Procedure/ Requirements. -    Advisors / Consultants. -    Detailed Costs Breakdown. -    Period taken and timetable to Financial Close. -    Accounting entries for Islamic Bonds.   Complying with Securities Commission’s Guidelines on Offerings of Islamic Securities. Concepts, structure, term sheet, legal documentation, Administrative and Operational procedure and Documents. Eligibility of transacted asset/project   Islamic Capital Market Exercises        I)  Computing the face value of Primary and                Secondary notes.      II) Designing an Sukuk Term sheet for a          potential Issuer
3rd session 2.00 pm – 3.30 pm       3.30 pm -4 pm –Tea Break	Principal Features of Middle Eastern Sukuk and its Latest Developments 1)       Sukuk Ijara – Structure   2)      Sovereign Sukuk Ijara – Detailed analysis of Ijara based Structure, Termsheet & Outline Legal Documents
4th session 3.30 pm – 5.00 pm	Investment Dar Sukuk Musharaka – Structure & Termsheet Paka Capital Exchangeable Sukuk- Analysis of Structure, Term Sheet & Outline Legal Documents

What is Islamic Economics? The Missing Pre Requisite Subject for a true understanding of the riba free Islamic banking system. The puzzle the Islamic banking jigsaw fits in. An Islamic Financier’s contribution to the Islamic Economist’s model of the Islamic Financial System. Religion and Economics.The western economists’ return to religion. Quran, Sunnah and economics. Production, distribution and consumption as acts of worship. Unregulated growth or distributive justice; unethical wealth or moral preservation The Islamic Financial System. Prohibition of riba by legislation. What do banks look like in a no riba economy. Remoulding of bankers into equity investment managers. Debunking the rental of money concept. Central banking in a riba free environment.The qirad driven economy. Money creation under fractional reserve banking – will it remain in a riba free system? Guarantee of debt payments by the state –  implications to the Islamic Financial system               The Islamic Economic System. God is owner; man is trustee. Cost benefit analysis to the hereafter. Things individuals cannot own. Justice to factors of production. No classes of human beings; Zakah, qirad, far’aid and hisbah,            Reshaping the theory of consumer behaviour. Resolving the mismatch of the savings vs investment decision. When the unmonied have no clout to give market signals            The Economic Behaviour of Men – Beautified is wealth. Economics of imperfect  foresight. God is owner; life is a test. Stocktake of rizq.             Objectives of Islamic Economics – Finding AlFalah. Maximising human welfare in place of profit maximisation Equitable distribution of wealth, not equal  distribution of wealth. Right of community in individual’s wealth.              Macro economic policies in an Islamic Economy. Mudarabah profit sharing  ratios as a monetary policy  ; zakah as a fiscal policy

THE  PROGRAMME 8.30 am - Registration   9.00 am – 10.30 am INTRODUCTION RELIGION AND ECONOMICS Scholastic economics and political economics; Detachment of economics from religion; Positive economics vs. normative economics; Return to religion and humanomics; Economics is part of religion; Quran and economics; Shu'aib – the Prophet of economics. RELATIONSHIP OF ISLAM WITH ECONOMICS Unique approach to economics; Production, distribution and consumption as acts of worship THE ECONOMIC SYSTEM  Philosophy; Principles; Interaction of principles; Economic philosophy of Marxism; Economic philosophy of Capitalism; Laissez faire, and the invisible hand; unregulated growth or distributive justice; individual freedom or safety of society;  unethical wealth or moral preservation 10.30 am – 10.45 am - Morning Break 10.45 am – 1.00 pm   THE ISLAMIC ECONOMIC SYSTEM Basic characteristics; Prohibition of riba by legislation; Deliberately value loaded; God is owner, man is trustee; Cost benefits analysis to the hereafter; No classes of human beings; Things individuals cannot own; Justice to factors of production; Zakah, Qirad, Far’aid and Hisbah; Reshaping the theory of consumer behaviour; Resolving the mismatch of the savings vs investment decision; When the unmonied have no clout to give market signals The Economic Behaviour of Men;Beautified is wealth; Economics of imperfect foresight; The disutility of Consumption; The interdependence of consumer utilities Islamic tenets and economic behaviour  God is owner, life is a test; Stocktake of rizq; Reporting requirements of the balance sheet of life An Islamic Social Welfare Function Production and profits are not ends, but means to an end.; Human welfare as the ultimate economic objective AlGhazali and AlShatibi and the goals of human life; Masalih and mafasid; AlDharuriyyat, AlHajiyyat, AlTahsiniyyat; Equitable distribution of wealth, not equal distribution of wealth; Right of community in the individual’s wealth; Maqasid Syariah 1.00 pm – 2.00 pm – Lunch

2.00 pm - 3.15 pm   MACROECONOMIC POLICIES IN AN ISLAMIC ECONOMIC SYSTEM Defining the parameters of the Islamic Financial System; What do banks look like in a no riba economy? The shape of business in a no riba economy; Financial and business transactions in a no riba economy; Will chequing accounts still exist? Decoupling of the payment system; Remoulding of bankers into equity investment managers; Debunking the rental of money concept; Central banking in a riba free environment; The qirad driven economy; Money creation under fractional reserve banking ; will it remain in a riba free system? Guarantee of debt payments by the state- implications to the Islamic financial system Macroeconomic  policy objectives AlFalah and Islamic economic objectives Monetary Policies in an Islamic economy targeting monetary stock; Mudarabah profit sharing ratios; Open market operations in an Islamic economy; Credit ceilings and open deposit accounts 3.15 – 3.30 – Afternoon Break   3.30 – 5.00 pm     Fiscal policies in an Islamic economy  Zakah as a fiscal redistributive policy Does taxation exist in an Islamic economic system? The focus of government expenditure   Interactive Session Case study, brain storming and group presentations     5.00 pm – End

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