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5 Day Islamic Banking & Finance Programme @ Sunway Resort Hotel 27 June- 1July 2011
Islamic Equity Instruments/IECM & International IABS 27&28 April@PJ Hilton
Introduction to Islamic Economics & Introduction to Takaful 8 & 9 March PJ Hilton
Fundamental Muamalat & Islamic Corp Financing & Legal Docs
Latest Muamalah in the News
JV with Sabah Law Association- Islamic Corporate Financing & Legal Documents K Kinabalu 10 Aug 2010
Two Day International Sukuk Workshop June 2010
Internationally located Courses ( speaking for Redmoney)
11th & 12th May 2010 Sukuk Workshop JV with Malaysian Institute of Accountants @ PJ Hilton
Fundamental Muamalat Course & Islamic Financing Restructure Workshop 29 & 30 Sept PJ Hilton
13th & 14th April 2010 Fundamental Muamalat & Islamic Financing Restructure Courses
Islamic Corporate Financing & Islamic Legal Documents Course
Two Day International Sukuk Workshop
3 DAY COURSE KUCHING AUG 09
Islamic Financing Restructure Workshop
Writings on the Wall
Will the real Islamic finance please stand up.
Expatriate Anecdotes
SPECIAL 2 DAY COURSE IN AUGUST ONLY
2-day Islamic Bond & ICM Workshop
Kursus Pentadbiran Harta Secara Islam
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One-day ICM Course Module
One-day ICF Course Module
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Syariah Broking and Modules of other Courses
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KIND ATTENTION:
We have moved. Our new address is
Muamalah Financial Consulting Sdn Bhd
17-1, First Floor, D'Bayu,
Jalan Serambi U8/21, Bukit Jelutong,
40150 Shah Alam, Selangor, Malaysia
 
Our new contact numbers are as follows :Telephone : +603 7842 5187, +6012 212 5405    Fax : +603 7842 5201, +603 7847 3214

"Welcome to Muamalah Financial Consulting Sdn Bhd"
 
We are a team of highly experienced Islamic Bankers and Islamic Scholars providing timely and hands-on Islamic Financial Consultancy to Corporates and individuals desirous of such services.
 

Muamalah Financial Consulting Sdn Bhd is a Malaysian Securities Commission approved:

Syariah Adviser for Sukuk Issuance.

Syariah Adviser for Islamic Unit Trusts 

Services provided are as follows :-

  1. Syariah Advisory on Sukuk Issuances.
  2. Syariah Advisory for Islamic Unit Trusts. 
  3. Arrangement of Islamic Financing on behalf of Corporates.
  4. Provision of Training Courses on Islamic Financing, Islamic Banking, Islamic Capital Market and Islamic Investments.
  5. Provision of Consultancy Services in relation to Islamic Financing, Islamic Banking, Islamic Capital Market and Islamic Investments.

New Announcement

8th July 2013 - Sukuk, Islamic Bonds & Securitisation Course @ PJ Hilton (10 SIDC CPE points).

 

Led by Muhammad Zahid Abdul Aziz, BA Econs (Exeter) MSc Islamic Banking & Finance (IIUM), renowned International Trainer and Consultant on Islamic Finance and the Islamic Capital Market

 

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 Sukuk BBA

-  Principal features of Sukuk Murabahah

-  Principal features of Sukuk 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 Sukuk Issuance.

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

Register now – Enrolment is based on “First Come First Served Basis”. Complete and Return the Registration Form to:

Address

Muamalah Financial Consulting Sdn Bhd

17-01, First Floor, D’Bayu, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor.

 

Telephone

03-7842 5187,

012- 212 5405

Fax

03-7847 3214,

03-7842 5201

 

E-mail

 

muamalah_consulting@hotmail.com

 

http://muamalahconsulting.tripod.com

 

 

PERSONAL DETAILS

 

No

Details of Participants

 

Fee (“RM”)

1.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

 

2.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

3.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

4.

Name            :

Designation  :

*License No:

 

 

NRIC

 

 

(Photocopy the form for additional participants)

                                     Gross Total

 

 

 

Less (Discount)

 

 

 

Net Total

 

 

Company’s name :

Tel no.                     :

Fax No.                 :

Person In charge :

Address                :

 

 

* For SC Licensed Representatives only

Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee.

 

Authorised Signatory signature:  

Name                                        :                                   

Designation                               :

Date                                          :

 

 

 

 

 

TWO DAY BACK TO BACK  NEW  COURSES BY MUAMALAH –

DAY ONE 22 MAY 2013 –

SHARIAH BASED SUKUK STRUCTURES & SHARIAH BASED ISLAMIC FINANCING PRINCIPLES    (10 SIDC CPE Pts)

 

What Sukuk and Islamic Banking will look like if we structure them from first principles. What they will look like if we stop the practice of replicating conventional products and structures. How to turn Shariah compliant products into Shariah based products and achieve benefits for all.

 

DAY TWO 23 MAY 2013 –

SHARIAH BASED INVESTMENT BANKING PRODUCTS     (10 SIDC CPE pts)

 

Redesigning the Investment Bank and the Islamic Bank to enable them to deliver truly Shariah based products. What banks look like when risk is not a four letter word. Islamic Muamalat demands Islamic players seek risks to justify rewards. Islamic Muamalat allows Islamic banks to manage business risks; not money lending risks. Worked out approach on how to conduct practical Musharakah banking. Due to the universal nature of Islamic Banking the Course and principles discussed are just as relevant to the Islamic Bank as it is to the Islamic Investment Bank

Led by Muhammad Zahid Abdul Aziz,  all round Islamic Financier and Internationally Renowned Trainer

 

Sample of Comments from Previous Participants

 

SHARIAH BASED SUKUK STRUCTURES & SHARIAH BASED ISLAMIC FINANCING PRINCIPLES    (10 SIDC CPE Pts)

 

International Financier – “Great work! We now see the big gap between what is being practiced and what Islamic financing should be.”

 

Analytics Expert – “Wonderful Course with good case studies. En Zahid delivered the subject with great clarity. I fully understand the topics lectured.”

 

Financial Journalist“ Excellent. Thank you, especially for the history part,

and the step  by step Musharakah concepts.”

 

International Lawyer“ Excellent course, I will recommend it to my international contacts.”

 

Islamic Banking Consultant – “Excellent coverage of the topics. Good discussion among participants adds value to the course.”

 

University Lecturer – “Excellent in all aspects.”

 

Executive Vice President, Investment Bank – “Very good for debt capital market players.”

 

SHARIAH BASED INVESTMENT BANKING PRODUCTS     (10 SIDC CPE pts)

 

International Islamic Financier – “I thought I was an Islamic banker. I now know that I have to change my mind set and must strive to get the chance to become a true Islamic Banker.”

 

Analytics Expert – “I suggest all Islamic Bankers in Malaysia must attend this course to know the actual Islamic Banking operations and its requirements.”

 

Syariah Adviser – “Recommended for Financial Institutions to attend as it is very important to really understand the Shariah principles in finance.”

 

Derivatives Expert – “Thank you.  A very good eye opener on what Shariah banking should be all about. The Course discussed concepts which are the very foundation of Islamic Finance. It should not be just conversion of conventional products. The Course is as relevant to commercial bankers as it is to investment bankers.”

 

International Consultant – “Best Islamic Finance Course I have attended.”

 

Islamic Finance Arranger – “ Wide coverage of current issues in Islamic Finance as practiced today.”

 

Researcher – “I am really thankful to have this training. Very knowledgeable Trainer. I have learnt so many things. Thank you.”

 

You may view Brochure here :

 

http://www.scribd.com/doc/135046065/Sbssifpnsbibp-Apr13-Brochure

 

 

REGISTRATION FORM 

 

 

COMBINATION

FEES

Please Tick

DAY ONE & DAY TWO

RM1500

 

DAY ONE ONLY

RM850

 

DAY TWO ONLY

RM850

 

 

 

 

 

 

 

Day One – Shariah Based Sukuk Structures & Islamic Financing Principles  – 22 May 2013

Day Two – Shariah Based Investment Banking Products– 23 May 2013

Venue : PJ Hilton, Selangor

                                                                   

Register now – Enrolment is based on “First Come First Served Basis”. Complete and Return the Registration Form to:

Address

Muamalah Financial Consulting Sdn Bhd

17-01, First Floor, D’Bayu, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor.

 

Telephone

03-7842 5187,

012- 212 5405

Fax

03-7847 3214,

03-7842 5201

 

E-mail

 

muamalah_consulting@hotmail.com

 

http://muamalahconsulting.tripod.com

 

 

PERSONAL DETAILS

 

No

Details of Participants

 

Fee (“RM”)

1.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

 

2.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

3.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

4.

Name            :

Designation  :

*License No:

 

 

NRIC

 

 

(Photocopy the form for additional participants)

                                     Gross Total

 

 

 

Less (Discount)

 

 

 

Net Total

 

 

Company’s name :

Tel no.                     :

Fax No.                 :

Person In charge :

Address                :

 

 

* For SC Licensed Representatives only

Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee.

 

Authorised Signatory signature:  

Name                                        :                                   

Designation                               :

Date                                          :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previous Courses - For Info Only

 

NEW COURSES BY MUAMALAH FINANCIAL CONSULTING SDN BHD –  Pioneer Islamic Finance Trainer and de facto Islamic Capital Market Trainer for Malaysia. Now in the 13th year of service to the Islamic Finance Industry.

 

WE ARE BACK IN KUCHING!

 

Led by Muhammad Zahid Abdul Aziz, BA Econs (Exeter) MSc Islamic Banking & Finance (IIUM), renowned International Trainer and Consultant on Islamic Finance and the Islamic Capital Market

 

DAY ONE 25 MARCH 2013 – INTRODUCTION TO ISLAMIC FINANCE @ Kuching Hilton                    (10 SIDC CPE points)

 

One day holistic and comprehensive coverage of Islamic finance from basic principles, sources of hukm, to introduction to the Islamic Capital Market. All generic Islamic banking principles, products and services from all major jurisdictions will be covered. All professionals need to know about Islamic Finance in a One Day Course.

 

 

DAY TWO 26 MARCH  2013 – SYARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES  @Kuching Hilton                                                                           (10 SIDC CPE points)

 

Inter alia reviewing the full set of Legal Documents of Sukuk Tawarruq. Scrutinising Commodity Murabahah and Musharakah Mutanaqissah Legal Documents. Issues of being Syariah Compliant in the Islamic Equity Capital Market, Legal Risks and Legal Uncertainties, SPV’s and Trust Concepts. Common Law vs Civil Law, Contemporary Legal Issues of Asset Based and Asset Backed Sukuk, Domestic and International Documents. Theory of Contract in Syariah (‘Aqd).

 

Genuine Comments by Kuching Participants at our Inaugural Islamic Corporate Financing & Islamic Legal Documents Course Launched at Kuching Hilton  in 2009

"Excellent"

"My colleagues do not know what they're missing by not attending this Course"

" I will inform my colleagues about this Course'

" Please advertise your next Course through our local Bar Association"

Genuine comments by KL Participants

"Contact us, we'll be sending more lawyers" "Quite informative Course" "Very comprehensive especially the precedents on legal documents" "Good insight on various Islamic Financing concepts and various documentation"

 

 

 


 

General Comments by Participants of Courses by Mumalah

 

 En Zahid delivered the subject with great clarity. I fully understand the topics lectured.”  

 

“Excellent”

 

En Zahid is probably the best Islamic Finance Trainer I have encountered.”

 

 “Very knowledgeable Trainer. I have learnt so many things.”

 

 

 

 

 

 

 

 

 

Venue : Kuching Hilton, Kuching, Sarawak

COURSE FEES

DAY ONE ONLY – INTRODUCTION TO ISLAMIC FINANCE– RM 850/- PER PARTICIPANT

DAY TWO ONLY – SYARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES  - RM880/- PER PARTICIPANT

COMBINATION FEES

COMBINATION

FEES PER PARTICIPANT

SAVINGS

DAY ONE

RM850

DAY TWO

RM880

BOTH DAYS

RM1500

RM230

REGISTRATION FORM (Copy and paste to Word)

Day One – Intoduction to Islamic Finance 25 March 2013

Day Two –  Syariah Compliant Legal Documents & Islamic Finance and Sukuk Structures – 26th   March 2013

Venue : Kuching Hilton Kuching

Register now – Enrolment is based on “First Come First Served Basis”. Complete and Return the Registration Form to:

Address

Muamalah Financial Consulting Sdn Bhd

17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor.

Telephone

03-7842 5187,

012- 212 5405

Fax

03-7847 3214

03-7842 5201,

E-mail

muamalah_consulting@hotmail.com

http://muamalahconsulting.tripod.com

PERSONAL DETAILS

No

Details of Participants

Fee (“RM”)

1.

Name :

Designation :

*License No:

NRIC:

2.

Name :

Designation :

*License No:

NRIC:

3.

Name :

Designation :

*License No:

NRIC:

4.

Name :

Designation :

*License No:

NRIC

(Photocopy the form for additional participants)

Gross Total

Less (Discount)

Net Total

Company’s name :

Tel no. :

Fax No. :

Person In charge :

Address :

* For SC Licensed Representatives only

Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee.

Authorised Signatory signature:

Name :

Designation :

Date :

You may view full brochure here:

http://www.scribd.com/doc/126734165/Itifscild-Brochure

or scoll down for Courses programme

THIS COURSE IS SIDC-CPE

ACCREDITED:  10 POINTS

INTRODUCTION TO ISLAMIC FINANCE

 

 


Led by Muhammad Zahid Abdul Aziz, Director, Muamalah. Renowned Pioneer Islamic Financier and International Trainer.

Hands on knowledge transfer by experienced practitioner. Insights into rationale and universality of Islamic Finance that rejuvenates and motivates all players in Islamic finance. Sharing over 20 years of experience and knowledge on how to make our industry better. Nurturing participants from the basics, mastering the techniques and exploring the intricates.

 

Shariah definition of Asset. Bai Muajjal, Bai Musawamah, Murabahah and Bai ‘Amanah. Arkanul bai or pillars of buying and selling. Syariah compliant and non Syariah compliant sale. Wa’ad, Wa’ad Mulzim, Urbun and Ijarah ‘Ain Mousuffah bil Thimmah. Jurisdictional differences, bi partite and tripartite transactions.

 

The decade we change to Equity based Islamic finance? Shirkatul Milk, Shirkatul Aqd, Shirkatul Inan and Shirkatul Amwal. Basic rules of Musharakah and Musharakah in practice. The macro rationale for Mudarabah and Musharakah.

 

Islamic trade finance, LC Wakalah, LC Murabahah and LC Musharakah. Islamic Pawn Broking as a form of Islamic microfinance, Hibah, Taweedh, Ibra and Wakalah. Bai Tawarruq, Commodity Murabahah, Musharakah Mutannaqissah. Bai Salam.

 

How a typical bank operates; legislative background; how Islamic banks collect deposits; how Islamic banks extend financing. Qardhul Hasan. Ijarah wa Iqtina, Ijarah Thumma AlBai, Ijarah Muntahiah bil Tamlik.

 

Primary and secondary Sources of Hukm, Ijma Qiyas and Maslahah. Contemporary examples of Gharar and Maysir.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

INTRODUCTION TO ISLAMIC FINANCE

 

 

THE  PROGRAMME

8.30 am - Registration

 

9.00 am – 10.30 am

Overview Of Islamic Financing Concepts

Islamic Banking Act 1983

How does typical bank operates

The Main Islamic Banking Concepts Applied _

How Islamic  bank collect deposits and give financing

Sources of Hukm – Primary and Secondary Sources

Prohibited elements – Riba – rationale for prohibition, Gharar, maisir and haram

Debt Financing Rules

Loan vs Financing – principal differences

 

Pillars of Buying and Selling – Conditions for buyer & seller, Conditions for assets, Conditions for price, Conditions for ‘Aqd

 

Types of sale – cash, deferred, by order, cash in advance, urbun, forward sale, void and haram, valid but haram, wa’ad, wa’ad mulzim

 

10.30 am – 10.45 am - Morning Break

 

10.45 am – 1.00 pm

Murabaha vs Musawamah – conditions for valid bai’, specific conditions for Murabaha

Murabaha to the Purchase Orderer – promise to purchase in Murabaha, transaction structure, murabaha in practise.

Bai Bithaman Ajil / Bai Muajjal – steps in BBA transaction, how is it priced, Bi partite vs tri partite

Bai Istisna’ – applicable assets, parallel Istisna’, Istisna’ in practise

Ijara – Characteristics, essentials, Sharia views of typical conventional lease terms, position of takaful expenses

Ijarah Muntahiah bil Tamlik vs Conventional lease terms, Ijara in practise. Ijara ‘Ain Mousuffah bil Thimmah

Bai Salam, Bai Inah, Tawarruq, Commodity Murabahah

 

1.00 pm – 2.00 pm – Lunch

 

2.00 pm - 3.15 pm

 

Musharakah – Shirkatul Milk, Shirkatul Aqad, Shirkatul Amwal, Shirkatul Inan, Basic rules of Musharakah, Musharakah in practise

 

Mudarabah- basic rules of Mudarabah, Mudarabah in practice

 

Wakalah-Definition and tenets, Rukun, Wakil to buy, Wakil to sell

 

Qardhul Hasan – The only loan in Islamic finance

 

Ibra – Issues and resolutions

 

Rahnu - Collateral

 

Taweedh- correct definition and application

 

Hibah – gifts in Islamic finance

 

 

 

 

3.15 pm – 3.30 pm – Afternoon Break

 

3.30 pm – 5.00 pm 

 

Islamic Pawn Broking- a form of micro finance

 

Islamic Credit card- concepts and principles

 

Islamic Trade Finance – LC Wakalah, LC Murabahah, LC Musharakah

 

Islamic Capital Market – basic introduction.

 

 

5.00 pm – End

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THIS COURSE IS SIDC-CPE

ACCREDITED:  10 POINTS

SHARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES


Led by Muhammad Zahid Abdul Aziz – Islamic Finance Pioneer and Practitioner.

State of play of Islamic banking law after 3 decades. In 1983 Islamic banking was introduced into Malaysia with a minimalist Islamic Banking Act. Early practice of Islamic banking triggered required changes in other Acts of Parliament to accommodate the progress of Islamic banking. Today we have almost 3 decades of case laws setting parameters and precedents for Islamic banking and finance. We also have a new Central Banking Act 2009 which declares the existence of a dual banking system. Is it time for a revamp of the Islamic Banking Act? To accommodate current rulings and requirements of Islamic banking.

The Course will discuss what makes legal documents Shariah compliant. Why it needs to be Shariah Compliant. The impact of non Shariah compliant legal documents vis--vis the Islamic Banking Act. Null and void documents. When does ownership transfers in an Islamic Sale and Purchase Aqad? What is the Aqad clause; why it needs to protected?

How condition precedents can trigger a conditional sale? The status of conditional sale under Shariah. Theory of Contract in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose and effect, Conditions of Contracts, Classifications of Contracts, Options; and Terminations of Contract. Where to place Redemption and Ibra’ clauses? How to avoid the recent BBA controversy. Affirmative akad clauses. Special requirements of Murabahah akad.  Avoid common pitfalls. Draft the Syariah Compliant Document. Overview of current Islamic banking case laws. Overview of current Sukuk defaults. Are legal risks now greater than credit risks?

Reviewing the full set of Legal Documents of Sukuk Tawarruq.

Scrutinising Commodity Murabahah and Musharakah Mutanaqissah Legal Documents. Issues of being Syariah Compliant in the Islamic Equity Capital Market, Legal Risks and Legal Uncertainties, SPV’s and Trust Concepts. Common Law vs Civil Law, Contemporary Legal Issues of Asset Based and Asset Backed Sukuk, Domestic and International Documents

THE  PROGRAMME

 

8.30 am - Registration

 

 

9.00 am – 10.30 am

 

Overview of Islamic Financing Concepts

 

Theory of Contract in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose and effect, Conditions of Contracts, Classifications of Contracts, Options; and Terminations of Contract.

 

 

10.45   am – 10.45 am - Morning Break

 

10.45      am – 1.00 pm

 

Overview of Islamic Financing Legislations Being Islamic in a civil law environment. Contradicting Shariah contradicts Islamic Banking Act and BAFIA as amended for Islamic banking. When complying with Shariah is required by law.

 

Review Islamic banking case laws.

 

Review of new Central Bank Act 2009

 

Special Shariah Requirements in Islamic Financing Documents. Why and what are financing payable accounts? Notional marginal deposit accounts? Ta’widh. Which are the akad clauses protecting the akad clauses? Avoiding drafting a conditional sale. Where to place conditions precedents clause. Where to place redemption and Ibra’ clauses. Affirmative akad clauses. Special requirements of Murabahah akad

 

 

Examination and Summary of Precedent Facility Documentation

For Islamic project financing; Asset acquisition; Working capital facilities; Bridging and end finance and syndications under concepts of BBA; Istisna; Murabahah; Ijarah ; Inah; Ijarah Muntahiah Bit-tamlik; Wakalah; Musharakah and Mudarabah;

 

Review of Commodity Murabahah

Musyarakah Mutanaqissah Co-Ownership Agreement

 

Examination and Summary of Precedent Security Documentation

Shariah compliant specific charges; Debentures ; Memorandum of deposits; Joint and several guarantees of directors; Corporate guarantees trust deeds; Agency agreements; Security sharing agreement; Application of proceeds clauses; Avoidance of interest clauses

 

 

1.00 pm – 2.00 pm – Lunch

 

 

2.00 pm - 3.15 pm  

 

Sukuk Tawwaruq

Structure; Trust Deed; Subscription Agreement; Security Documents, which includes:-

a.      the Assignment of Finance Service Reserve Account;

b.      the Debenture;

c.      the Memoranda of Deposit; and d.      the Corporate Guarantees; Priority and Security Sharing Agreement; Securities Lodgement Form for Central Securities Depository and Paying Agency Services; Sukuk Murabahah; Commodity Purchase Agreements

 

Local Sukuk and Legal Documents

    BBA Notes and Legal Documents.

    Structure; Asset purchase agreement; Asset sale agreement; Notes issuance facility agreement ; Agency agreement

 

Islamic Medium Term Notes (IMTN) and Legal Documents/Islamic Commercial Papers (ICP) and Legal Documents

 

Classical Musharakah Sukuk and Legal Documents

 

3.15 pm – 3.30pm – Afternoon Break

3.30 pm – 5.00 pm

 

International Sukuk and Legal

Documents

 

Case Studies:

 

Investment Dar Sukuk Musharakah

Structure ; Term sheet and outline legal documents

 

Sovereign Sukuk Ijarah Structure; Term sheet and outline legal documents

Sukuk Issues  

General Legal And Documentation Issues

Legal risks; Legal uncertainties; Is Trust concept recognised in local laws?;

SPV’s – can it be incorporated? SPV Characteristics- independence, bankruptcy remote, which jurisdiction; Common law vs Civil law; Sukuk assets - can it be transferred? Sukuk assets - tax issues, prohibition on assignments, ownership risks, Listing rules, regulations and tax laws; Which jurisdiction?

Being Shariah Compliant in the Islamic Equity Capital Market Guidelines and Legislations covering the Islamic Equity Capital Market;

5.00 pm – End.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREVIOUS COURSES - FOR REFERENCE ONLY

 

 

The Programme Sukuk Islamic Bonds & Securitisation Course

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 Sukuk BBA

-  Principal features of Sukuk Murabahah

-  Principal features of Sukuk 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 Sukuk Issuance.

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

 

 

 

 

 

 

PREVIOUS COURSES (For record purposes only)

 

 

DAY ONE 11  SEPTEMBER  2012 –  

SHARIAH BASED SUKUK STRUCTURES AND ISLAMIC FINANCING PRINCIPLES (10 CPE points)

 

-          What Sukuk and Islamic Finance will look like if we structure them from first principles. What they will look like if we stop the practice of replicating conventional products and structures

 

Sample of Comments from Participants of Inaugural Course in July 2012

 

International Financier – “Great work! We now see the big gap between what is being practiced and what Islamic financing should be.”

 

Analytics Expert – “Wonderful Course with good case studies. En Zahid delivered the subject with great clarity. I fully understand the topics lectured.”

 

Financial Journalist“ Excellent. Thank you, especially for the history part, and the step  by step Musharakah concepts.”

 

International Lawyer“ Excellent course, I will recommend it to my international contacts.”

 

Islamic Banking Consultant – “Excellent coverage of the topics. Good discussion among participants adds value to the course.”

 

University Lecturer – “Excellent in all aspects.”

 

Executive Vice President, Investment Bank – “Very good for debt capital market players.”

 

 

 

 

 

DAY TWO 12 SEPTEMBER 2012 – SHARIAH BASED INVESTMENT BANKING PRODUCTS                    (10 SIDC CPE pts)

-         

Redesigning the Investment Bank to enable it to deliver truly Shariah based products. When risk is not a four letter word. Islamic Muamalat demands Islamic players seek risks to justify rewards. Understanding the differences between money lending risks and business risks

 

Sample of Comments from Participants of Inaugural Course in July 2012

 

International Islamic Financier – “I thought I was an Islamic banker. I now know that I have to change my mindset and must strive to get the chance to become a true Islamic Banker.”

 

Analytics Expert – “I suggest all Islamic Bankers in Malaysia must attend this course to know the actual Islamic Banking operations and its requirements. En Zahid is probably the best Islamic Finance Trainer I have encountered.”

 

Syariah Adviser – “Recommended for Financial Institutions to attend as it is very important to really understand the Shariah principles in finance.”

 

Derivatives Expert – “Thank you.  A very good eye opener on what Shariah banking should be all about. The Course discussed concepts which are the very foundation of Islamic Finance. It should not be just conversion of conventional products. The Course is as relevant to commercial bankers as it is to investment bankers.”

 

International Consultant – “Best Islamic Finance Course I have attended.”

 

Islamic Finance Arranger – “ Wide coverage of current issues in Islamic Finance as practiced today.”

 

Researcher – “I am really thankful to have this training. Very knowledgeable Trainer. I have learnt so many things. Thank you.”

 

 

Venue : PJ Hilton, Selangor

COURSE FEES

DAY ONE ONLY – SHARIAH BASED SUKUK STRUCTURES AND ISLAMIC FINANCING PRINCIPLES– RM 850/- PER PARTICIPANT

DAY TWO ONLY – SHARIAH BASED INVESTMENT BANKING PRODUCTS - RM950/- PER PARTICIPANT

COMBINATION FEES

COMBINATION

FEES PER PARTICIPANT

SAVINGS

DAY ONE

RM850

DAY TWO

RM950

BOTH DAYS

RM1600

RM200

REGISTRATION FORM (Copy and paste to Word)

Day One – Shariah Based Sukuk Structures & Islamic Financing Principles 11 September 2012

Day Two – Shariah Based Investment Banking Products

12 September 2012.

Venue : PJ Hilton Selangor

Register now – Enrolment is based on “First Come First Served Basis”. Complete and Return the Registration Form to:

Address

Muamalah Financial Consulting Sdn Bhd

17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor.

Telephone

03-7842 5187,

012- 212 5405

Fax

03-7847 3214

03-7842 5201,

E-mail

muamalah_consulting@hotmail.com

http://muamalahconsulting.tripod.com

PERSONAL DETAILS

No

Details of Participants

Fee (“RM”)

1.

Name :

Designation :

*License No:

NRIC:

2.

Name :

Designation :

*License No:

NRIC:

3.

Name :

Designation :

*License No:

NRIC:

4.

Name :

Designation :

*License No:

NRIC

(Photocopy the form for additional participants)

Gross Total

Less (Discount)

Net Total

Company’s name :

Tel no. :

Fax No. :

Person In charge :

Address :

* For SC Licensed Representatives only

Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee.

Authorised Signatory signature:

Name :

Designation :

Date :

 

You may view full brochure here:

http://www.scribd.com/doc/102131731/Sbssifpnsbibp-Brochure

or scoll down for Courses programme

 

 

 

SHARIAH BASED SUKUK STRUCTURES & SHARIAH BASED ISLAMIC FINANCING PRINCIPLES

(Conducted by Muhammad Zahid Abdul Aziz, Renowned Pioneer in Islamic Capital market)

 


Financially engineered sukuk structures invite legal issues in default situations. The infamous Sukuk Musharakah structure that earned AAOIFI’s wrath. Equity principles should not be engineered into debt. The Classical Musharakah Sukuk as the way forward. Case study and term sheet. How to calculate Musharakah profit sharing ratios. The Classical Mudarabah sukuk. Shariah based Islamic ABS. The Shariah prohibited structures that led to the subprime and liquidity crisis; that almost led to the collapse of the international financial system in October 2008.Are Mortgage Backed Securities of the US subprime fame Syariah compliant? Can Takaful Companies issue Credit Default Swaps? Shariah based Ijarah, Shariah based Bai’ Amanah, Shariah based Murabahah, Shariah based Bai’ Musawamah, Shariah based Istisna’, Shariah based Bai’ Muajjal/BBA, Shariah based Salam, and Sukuk Salam, Issues in Sukuk Ijarah - when the Lessee is also the Asset Owner, when Accounting Entries do not reflect Legal Positions. Legal fictions, legal myths and legal realities. The Shariah based Sukuk Ijarah. Issues in Musharakah Mutanaqissah- when some Musharakah Partners are more equal than others. Shariah based Tawarruq, Shariah based Commodity Murabahah.

 

   DATE

 

11 September 2012

 

   VENUE

 

PJ Hilton Selangor

 

Shariah Based Sukuk and Shariah Based Financing Principles

The Programme

1st session

9.00 am – 10.30 am

 

 

 

 

 

 

10.30 -11 am Coffee Break

Review Principles of Musharakah

 

The Financial Engineered Musharakah Sukuk

-           Financial Engineered Clauses and AAOIFI rulings

 

The Classical Musharakah Sukuk

-           Parameters of Classical Musharakah Sukuk

-           Classical Musharakah  Sukuk Case Study and Term Sheet

 

How to calculate Musharakah Profit Sharing Ratios

2nd session

11.00 am – 1 pm

 

 

 

 

 

 

 

 

Lunch 1pm - 2pm

Classical Mudarabah Sukuk

-             Rationale for Mudarabah

-             Classical Sukuk Mudarabah Term Sheet

 

Syariah Based Asset Backed Securities

-             Basic Structure Of ABS / Credit Enhancement

-             Islamic ABS

-             Issues of Asset Issues Of Structure

-             How To Enhance Credit  Islamically

-             International Syariah Parameters / The asset to be purchased

Are mortgage backed securities of the US subprime fame Syariah compliant?

Can Takaful Companies issue Credit Default Swaps?

3rd session

2.00 pm – 3.30 pm

 

 

 

3.30 pm -4 pm –Tea Break

Syariah Based Ijarah

-               Major Repairs and Takaful / When can Ijarah begin?

-               Who bears ownership risks?/ Ijarah Muntahiah bil  

               Tamlik triggering “Safqatain fi safqah”

-               Issues of inadequate takaful coverage / Can rental

               include cost of asset? / Situations of compulsory

               refunds to the Lessee.

Syariah Based Bai Al-Amanah

Syariah Based Murabahah

-               Difference between Classical Murabahah and current

               day Murabahah / Ownership risks / Issues of qabdh /

               When is resale possible / Wa’ad vs Aqd’/ Avoiding Bai

                ‘atain fi al-bai’ah /On goods and tangibles not services.

Syariah Based Bai Musawamah

Syariah Based Istisna’

-             Parallel Istisna’ and independence of contracts / Istisna’

               Structures -   the good, the bad and the ugly

Syariah Based Bai Mu’ajjal / BBA

-               Issues of Qabdh in BBA House Financing

Syariah Based Salam and Salam Sukuk

-               The Shariah based structure vs the financial engineered

                 structure

Syariah Based Sukuk Ijarah

-               Parameters of Syariah based Sukuk Ijarah / Issues of true sale   

                and qabdh / Issues of ownership and tradeability/ Issues of

                accounting entries and balance sheet presentation

4th session

3.30 pm – 5.00 pm

Syariah Based Musaharakah Mutanaqissah

-               Issues of events of default clauses

Syariah Based Tawwaruq

-               Permissible structure for financing

-               Permissible structure for deposit taking

-               Usage of funds as important as compliant structures.

 

 

 

THIS COURSE IS SIDC-CPE

ACCREDITED:  10 POINTS

SHARIAH BASED INVESTMENT BANKING PRODUCTS

(Conducted by Muhammad Zahid Abdul Aziz,

(All round Islamic Financier and internationally renowned Trainer)

 

 


The ideal Islamic Investment Bank structure. When temporary excess liquidity funds a nation’s economic growth. When banking structures are not conducive to delivery of Shariah based products. Required characteristics of the ideal Islamic Investment Bank. Investment Banks should invests. Sources of funding. Proposed manpower source. Solving the unemployed graduates problem. Are moral hazards really insurmountable? The nature of the Musharakah Investment. Innovative new business for Investment Banks. Business Angel Division, Musharakah Seed and Venture capital, Mezzanine Musharakah. Shariah based investment banking deposits. Equity instruments to fund equity investments, Business Investment Divisions, Shariah based Corporate Finance Advisory, Shariah based IPOs, Rights and other issues, Shariah based Private Equity, Shariah based Fund Management, Shariah based Stockbroking, Shariah based Legal Documents, Position of cross default clauses, automatic ta’weedh and other money lending risk management clauses in Islamic legal documents.  Asset based vs Asset backed issues. Environment Islamic Finance operates in. The Grip of riba, Environment Islamic finance finds itself in. The Environment it should be working in. An Islamic Bank according to Islamic Economics, Implementing pillars, principles and parameters of Islamic Economics in Islamic Finance.

 

   DATE

 

12 September 2012

 

   VENUE

 

PJ Hilton, Selangor

   ORGANISED BY

 

 

 

Shariah Based Investment Banking Products

The Programme

1st session

9.00 am – 10.30 am

 

 

 

 

 

 

10.30 -11 am Coffee Break

Ideal Islamic Investment Bank Structure

The Current Scenario – temporary excess liquidity to fund national development needs / Gaps to be filled.

Required characteristics of new IIB / Removing the pressure to quickly convert deposits to loans

Investing vs Financing

Sources of Funding For Musharakah Investment Bank

-               Corporate Sukuk, Retail Sukuk and Mudarabah Investment Deposits

Proposed Manpower Source For Musharakah Investment Bank

-               The failure of current formula

Solutions To Address Moral Hazard Issues Of Investing In Companies

The Nature Of The Musyarakah Investment In The Companies

-               An investment in the capital of the company based on Musharakah

-               Is a limited liability company equal to Musyarakah ?

2nd session

11.00 am – 1 pm

 

 

 

 

 

 

 

 

Lunch 1pm - 2pm

Innovative new business for Investment Banks

-           Business Angel Division / Seed and venture capital via Musharakah / Mezzanine Financing via Musharakah

Life Cycle of a Growing Company.

What is a Business Angel?

-               Track record of Business Angels in other countries compared to  Venture Capital /  

                  Objective of Business Angel Dept /  Musharakah in Business Angeling

Seed and Venture Capital Via Musharakah

-           Venture Capital as a Shariah based Investment Banking activity

Mezzanine Financing by Musharakah

-               Musharakah Mezzanine Financing

Shariah based Investment banking deposits / Raising Musharakah Sukuk To Complement  Investment Deposits

-               Case Study Sukuk Musharakah For Musharakah Investment Bank

Business Investments Division

Shariah Based Corporate Finance Advisory

-               Examples of Corporate Proposals that include riba, gharar, maysir and haram

Shariah Based IPOs, Rights and other Issues

Shariah Based Private Equity

-               Shariah based LBO’s / Shariah based Growth Capital

Shariah Based Fund Management

-               Syariah issues on Funds

Shariah Based Stockbroking

-               Characteristics of Syariah based Stockbroking

3rd session

2.00 pm – 3.30 pm

 

 

 

3.30 pm -4 pm –Tea Break

Shariah Based Legal Documents

-           Syariah compliant vs Legal compliant

-           Issues in Musharakah Mutanaqissah Agreement

-           Security clause; ta’weedh

-           Position of Cross Default clauses

-           Issues in Ijarah Muntahiah Bil Tamlik Agreement

-           Issues in Commodity Murabahah Agreement

Legal Risks and Legal Uncertainties

-               Definitions

-               Issues in Sukuk Ijarah

Common Law vs Civil Law

-               Implication to Islamic capital market

Asset Based vs Asset Backed Issues

State of Play for Tamweel; East Cameron Gas ; The Investment Dar          

4th session

3.30 pm – 5.00 pm

Environment Islamic Finance Operates in

-               The Grip of Riba

-               The environment Islamic finance operates in

-               The environment Islamic finance should be operating in

-               The Islamic Bank according to Islamic Economics

-               Implication of Pillars of Islamic Economics to Islamic banks

-               Implication of Principles of Islamic Economics to Islamic banks

-               Implication of  Parameters of Islamic Economics to Islamic banks

-               Profit Maximisation vs Human Welfare Maximisation

-               Formula for Human Welfare

-               AlGhazali & AlShatibi and Maqasid Al Shariah

-               Objectives of Shariah on Property

-               Implication to Islamic banks

 

ISLAMIC EQUITY INSTRUMENTS & ISLAMIC EQUITY CAPITAL MARKET

(Conducted by Muhammad Zahid Abdul Aziz,

(All round Islamic Financier and internationally renowned Trainer)

 

 


Exploring the universe of Islamic Equity Instruments. What makes an Equity Instrument Islamic? Is Musyarakah the same as a limited liablity company? Is a venture capitalist a practitioner of Musyarakah? Derivatives vs. Arkanul Bai’, Are Mortgage Backed Securities Syariah compliant? Are Credit Default Swaps Islamic? Did the Sub Prime Crisis open a window of demand for Islamic investment products? Is the Islamic Equity Capital Market ready for the upsurge in demand? Is the collapse of the International Economic and Financial System imminent? Are Islamic Finance and the Islamic Capital Market ready to fill the vacuum? 

Are all Preference Shares acceptable? Is a Musyarakah Sukuk based on Musyarakah? In Islamic ABS should you purchase the debt or the asset?  Mudarabah Sukuk and the Sukuk Fund. Is the illiquidity of Islamic Equity Instruments because it is not popular or because it is too popular? Is Islamic ETF going to be the next instrument of the century? Can your Islamic Fund invest in Call Warrants, TSR’s, Futures and Index futures? How are indices built up? ETF’s vs Index Funds. Whose stockscreening rules to follow? Are stockscreening rules permanent? What makes an Islamic stockbroker? Is share trading gambling? Can an Islamic stockbroker deal in contra trading? Is venture capital equity or debt? What makes venture capital Islamic? Can Islamic Fund Management rise to the occasion? Or will it remain forever in the peripheries? Are the current clients of Islamic Funds only Muslims? Has the potential for Islamic Unit Trusts been exhausted? Will Islamic Private Equity be the next popular capital raiser after Sukuk? CMSA 2007 and SC Guidelines and Practise Notes – being Syariah compliant in the Equity ICM.

 

 

 

THE  PROGRAMME

 

8.30 am - Registration

 

9.00 am – 10.30 am

 

Islamic equity Principles

Mudarabah & Musyarakah- Classical models thereof.

Other Relevant Principles

Syariah Rules on Assets – Are shares and financial instruments assets?,  Arkanul Bai’ – Where do derivatives stand?,  Wakalah – Principles and rules,  Debt Principles

Prohibited Elements

Riba and Riba transactions – Forward sale of currencies

Maysir  - Are Mortgage Backed Securities Syariah compliant?

Gharar – Are Credit Default Swaps Syariah compliant?

Haram

 

 

10.30 am – 10.45 am - Morning Break

 

10.45 am – 1.00 pm

 

Sharia compliant Equity Instruments

 

Characteristics required of:

 

  Ordinary shares - Is a limited liability company equal to Musyarakah?

 

  Preference shares - Are all preference shares Syariah compliant?

 

  Musharaka Sukuk  - Are all Musyarakah Sukuk Syariah compliant?, AAOIFI rulings and classical rules

 

  Mudarabah Sukuk - Are all Mudarabah Sukuk Syariah compliant?

 

  Islamic ABS- What makes ABS Islamic?, Purchase the debt vs Purchase the asset

 

  Islamic Real Estate Investment Trusts- Basic rules and parameters

 

  Islamic Exchange Traded Funds- What makes ETF Islamic?

 

  Call Warrants & Transferable Subscription Rights

 

  CPO Futures- Are all futures Syariah compliant

 

  Index Futures- Are all index futures Syariah compliant

 

  Islamic Indices- How are indices built up?

 

  Index Funds

-          What are they?

 

 

Stockscreening

 

  Syariah Advisory Council Securities Commission of Malaysia

 

-          5%. 10% and 25% benchmarks; core activities and public perceptions; holdings of newly unapproved counters: rights, bonus and warrants of unapproved counters;

                Maslahah, Umum balwa, Urf’

Dow Jones Islamic Market Index, FTSE Islamic Market    Index Standard & Poor's Islamic Index 

 

 

1.00 pm – 2.00 pm – Lunch

 

 

2.00 pm - 3.15 pm

 

Principles of Islamic Stockbroking

-          Bursa Malaysia Best Practises Guidelines for Islamic Stockbroking

-          Islamic Margin financing

 

Islamic Venture Capital and Musyarakah

-          Are these so difficult to implement

-          Best Practises for Islamic Venture Capital Companies

Islamic Fund Management

-          Structures and principles

-          Wakalah & Mudarabah

-          Islamic Unit Trusts

-          SC Guidelines for Islamic Portfolio Fund Management

 

3.15 – 3.30 – Afternoon Break

 

3.30 – 5.00 pm  

 

Islamic Private Equity

-          Structure

-          Procedures

-          Statistics

 

Souq AlSila and Tawwarruq

-          Equity or debt?

 

Being Syariah Compliant in the Equity ICM

 

 

5.00 pm – End

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARIAH COMPLIANT LEGAL DOCUMENTS & ISLAMIC FINANCE AND SUKUK STRUCTURES

New Course by Muamalah – 10 SIDC CPE points

 

 


Led by Muhammad Zahid Abdul Aziz – Islamic Finance Pioneer and Practitioner.

State of play of Islamic banking law after 3 decades. In 1983 Islamic banking was introduced into Malaysia with a minimalist Islamic Banking Act. Early practice of Islamic banking triggered required changes in other Acts of Parliament to accommodate the progress of Islamic banking. Today we have almost 3 decades of case laws setting parameters and precedents for Islamic banking and finance. We also have a new Central Banking Act 2009 which declares the existence of a dual banking system. Is it time for a revamp of the Islamic Banking Act? To accommodate current rulings and requirements of Islamic banking.

The Course will discuss what makes legal documents Shariah compliant. Why it needs to be Shariah Compliant. The impact of non Shariah compliant legal documents vis--vis the Islamic Banking Act. Null and void documents. When does ownership transfers in an Islamic Sale and Purchase Aqad? What is the Aqad clause; why it needs to protected.

How condition precedents can trigger a conditional sale? The status of conditional sale under Shariah. Theory of Contract in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose and effect, Conditions of Contracts, Classifications of Contracts, Options; and Terminations of Contract. Where to place Redemption and Ibra’ clauses? How to avoid the recent BBA controversy. Affirmative akad clauses. Special requirements of Murabahah akad.  Avoid common pitfalls. Draft the Syariah Compliant Document. Overview of current Islamic banking case laws. Overview of current Sukuk defaults. Are legal risks now greater than credit risks?

Reviewing the full set of Legal Documents of Sukuk Tawarruq.

Scrutinising Commodity Murabahah and Musharakah Mutanaqissah Legal Documents. Issues of being Syariah Compliant in the Islamic Equity Capital Market, Legal Risks and Legal Uncertainties, SPV’s and Trust Concepts. Common Law vs Civil Law, Contemporary Legal Issues of Asset Based and Asset Backed Sukuk, Domestic and International Documents

 

 

THE  PROGRAMME

 

8.30 am - Registration

 

 

9.00 am – 10.30 am

 

Overview of Islamic Financing Concepts

 

Theory of Contract in Syariah (‘Aqd) Definition, Pillars of Contract, Purpose and effect, Conditions of Contracts, Classifications of Contracts, Options; and Terminations of Contract.

 

 

10.45   am – 10.45 am - Morning Break

 

10.45      am – 1.00 pm

 

Overview of Islamic Financing Legislations Being Islamic in a civil law environment. Contradicting Shariah contradicts Islamic Banking Act and BAFIA as amended for Islamic banking. When complying with Shariah is required by law.

 

Review Islamic banking case laws.

 

Review of new Central Bank Act 2009

 

Special Shariah Requirements in Islamic Financing Documents. Why and what are financing payable accounts? Notional marginal deposit accounts? Ta’widh. Which are the akad clauses protecting the akad clauses? Avoiding drafting a conditional sale. Where to place conditions precedents clause. Where to place redemption and Ibra’ clauses. Affirmative akad clauses. Special requirements of Murabahah akad

 

 

Examination and Summary of Precedent Facility Documentation

For Islamic project financing; Asset acquisition; Working capital facilities; Bridging and end finance and syndications under concepts of BBA; Istisna; Murabahah; Ijarah ; Inah; Ijarah Muntahiah Bit-tamlik; Wakalah; Musharakah and Mudarabah;

 

Review of Commodity Murabahah

Musyarakah Mutanaqissah Co-Ownership Agreement

 

Examination and Summary of Precedent Security Documentation

Shariah compliant specific charges; Debentures ; Memorandum of deposits; Joint and several guarantees of directors; Corporate guarantees trust deeds; Agency agreements; Security sharing agreement; Application of proceeds clauses; Avoidance of interest clauses

 

 

1.00 pm – 2.00 pm – Lunch

 

 

2.00 pm - 3.15 pm  

 

Sukuk Tawwaruq

Structure; Trust Deed; Subscription Agreement; Security Documents, which includes:-

a.      the Assignment of Finance Service Reserve Account;

b.      the Debenture;

c.      the Memoranda of Deposit; and d.      the Corporate Guarantees; Priority and Security Sharing Agreement; Securities Lodgement Form for Central Securities Depository and Paying Agency Services; Sukuk Murabahah; Commodity Purchase Agreements

 

Local Sukuk and Legal Documents

    BBA Notes and Legal Documents.

    Structure; Asset purchase agreement; Asset sale agreement; Notes issuance facility agreement ; Agency agreement

 

Islamic Medium Term Notes (IMTN) and Legal Documents/Islamic Commercial Papers (ICP) and Legal Documents

 

Classical Musharakah Sukuk and Legal Documents

 

3.15 pm – 3.30pm – Afternoon Break

3.30 pm – 5.00 pm

 

International Sukuk and Legal

Documents

 

Case Studies:

 

Investment Dar Sukuk Musharakah

Structure ; Term sheet and outline legal documents

 

Sovereign Sukuk Ijarah Structure; Term sheet and outline legal documents

Sukuk Issues  

General Legal And Documentation Issues

Legal risks; Legal uncertainties; Is Trust concept recognised in local laws?;

SPV’s – can it be incorporated? SPV Characteristics- independence, bankruptcy remote, which jurisdiction; Common law vs Civil law; Sukuk assets - can it be transferred? Sukuk assets - tax issues, prohibition on assignments, ownership risks, Listing rules, regulations and tax laws; Which jurisdiction?

Being Shariah Compliant in the Islamic Equity Capital Market Guidelines and Legislations covering the Islamic Equity Capital Market;

5.00 pm – End.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREVIOUS COURSES -

FOR INFORMATION ONLY

 

1) Introduction to Takaful

JV Course : Malaysian Institute of Accountants & Muamalah Financial Consulting Sdn Bhd.
Date : 31st January 2012
Location : Concorde Hotel KL
Price : RM600
Speaker : Muhammad Zahid Abdul Aziz
CPE points : Not accredited by SIDC-CPE
8 CPE hours for MIA-CPE

Who Should Attend
• Commercial, investment, retail, merchant and Islamic bankers
• Corporate Finance and Banking Personnel
• Product Development Structurers
• Syariah Advisers and Officers
• Lawyers
• Accountants and Auditors
• Corporate and Financial Advisers
• Business and Finance Managers
• New Entrants and Existing Officers/Managers of the Takaful
Industry/Insurance Industry Personnel
• All SC Licensed Reresentatives including Compliance Personnel
• All Legal Departments of Banks, Corporate and Governmentt
Agencies
• All who are interested in drafting Syariah-compliant legal
documents

View Brochure and download Registration Form here :

www.scribd.com/doc/77874691/Introduction-to-Takaful-2011-445-1

 

ISLAMIC FINANCING RESTRUCTURE WORKSHOP

(Conducted by Muhammad Zahid Abdul Aziz,

Pioneer All round Islamic Financier and renowned International Lecturer)

 

 


Led by Muhammad Zahid Abdul Aziz, Director, Muamalah. Renowned Pioneer in Islamic Capital Market Instruments.

 

Overview Islamic Financing Concepts. Overview Islamic Capital Market.

Basics of Sukuk.

Principles of Rescheduling, Restructuring and Refinancing of Islamic Facilities

Review of ‘akad of Buying and Selling (Bai’), Rescheduling, Restructuring and Refinancing of Islamic Facilities. Illustration of Rescheduling a BBA Facility. Refinancing and Restructuring of Syndicated .Facilities. Refinancing and Restructuring of Islamic Bonds. Restructure of Islamic Bonds into Equity Instruments

Hands On Case Studies

  • Rescheduling a defaulted Islamic Debt Facility .
  • Rescheduling Tranche One of a Three Tranche Sukuk BBA restructure.    Original Akad based on one  indivisible Asset
  • Preparing a Section 176 Syariah Compliant Proposal for consideration of  1) Islamic BBA Financiers 2) IMTN Investors  within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Facilities. Recomputed Debt. Conditional Waiver and Haircut. Clawback to Scheme Debt. Extension of tenor. Syariah issues and solutions.
  • Legal documents and role of trustee.

 Overview of  Sukuk meltdown. Legal risks supersedes credit risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders owners of Sukuk Assets or mere Creditors? Legal framework and international legislative infrastructure long overdue.

 

 

 

THE PROGRAMME

8.30 am - Registration

 

 

 

9.00 am – 10.30 am

Overview Islamic Financing Concepts

Debt Financing

Detailed explanation about the concepts of Debt Financing

Equity Financing

Detailed explanation about the concepts of Equity Financing –

Other Islamic Financing Concepts

Detailed explanation about other relevant concepts –

Overview Islamic Capital Market

Definition of Islamic Capital Market

Riba’, Maisir and Gharar as prohibited elements

Definition, Sources, Objectives and General Legal

Maxim of Sharia

Basics of Sukuk

  .Definition of Sukuk, Differences with Conventional Bond, Uqud Ishtirak, Uqud Mu’awadhat, Sukuk Ijara, Sukuk Musharaka,Sovereign Sukuk and Asset Based Sukuk. Review of Sukuk BBA Structure. Review of Sukuk Murabahah/ IMTN Structure  

10.30 am – 10.45 am - Morning Break

10.45 am – 1.00 pm

Principles of Rescheduling, Restructuring and Refinancing of Islamic Facilities

Review of ‘akad of Buying and Selling (Bai’),Rescheduling, Restructuring and Refinancingof Islamic Facilities. Illustration of Rescheduling a BBA Facility. Refinancing and Restructuring of Syndicated .Facilities. Refinancing and Restructuring of Islamic Bonds.  Restructure of Islamic Bonds into Equity Instruments

Case Study One  -

Rescheduling a defaulted Islamic Debt Facility

 

Case Study Two

Rescheduling Tranche One of a Three Tranche Islamic Bond restructure. Original Akad based on one  indivisible Asset

1.00 pm – 2.00 pm – Lunch

 

2.00 pm - 3.15 pm  

 

Case Study Three –

 

Preparing a Syariah Compliant Proposal for consideration of Islamic BBA Financiers within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Facilities. The Scheme of Arrangement stipulates a ‘principal” amount at a certain date to which a formula will be applied to arrive at a Recomputed Debt. The formula include inter-alia a conditional waiver or haircut premised on compliance with new scheme failing which a full claw back to Scheme Debt is stipulated. Extension of tenor and rescheduled servicing dates. Syariah Issues and solutions. Legal documents and role of trustee.

 

 

 

 

 

3.15 – 3.30 – Afternoon Break

 

3.30 – 5.00 pm

 

Case Study Four

Preparing a Syariah Compliant Proposal for consideration of Islamic Medium Term Notes (IMTN) Investors within context of a Section 176 Scheme of Arrangement Explanatory Statement that covers both conventional and Islamic Securities Issuances. The Scheme of Arrangement stipulates a ‘principal” amount at a certain date to which a formula will be applied to arrive at a Recomputed Debt. The formula include inter-alia a conditional waiver or haircut premised on compliance with new scheme failing which a full claw back to Scheme Debt is stipulated. Extension of tenor and rescheduled servicing dates. Syariah Issues and solutions.  Legal documents and role of trustee

 

Sukuk Meltdown

 

Legal risks supersedes credit risks .Multiple jurisdictions. English Law vs Sharia Law. In bankruptcies are Sukukholders owners of Sukuk Assets or mere Creditors? Legal framework and international legislative infrastructure long overdue

5.00 pm – End

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAST COURSES ( For Information only)

 

1) @ PJ HILTON

DAY ONE 27 JULY 2011 – ISLAMIC EQUITY INSTRUMENTS & ISLAMIC EQUITY CAPITAL MARKET (10 SIDC CPE points)

DAY TWO 28 JULY 2011 – INTERNATIONAL ISLAMIC ASSET BACKED SECURITIES (10 SIDC CPE Points)

 

2) @MELIA KL

20th & 21st JULY 2011 TWO DAY INTERNATIONAL SUKUK WORKSHOP (JV WITH MALAYSIAN INSTITUTE OF ACCOUNTANTS) (10 SIDC CPE Points) (16 MIA CPE Points)

 

View Brochure here

 

www.scribd.com/doc/57974953/International-Sukuk-Workshop-v1

 

 

 

 

 

3) Begin your Malaysia Summer Holidays with a 5 Day Islamic Banking & Finance Programme at Sunway Resort Hotel Kuala Lumpur 27 June-1 July 2011

A Course with a Difference – By Experienced Practitioners for the Professionals

Click link on Navigation Bar on the left for details.

 

 

 

 

 

 

Two Day Back to Back Courses by Muamalah @ PJ Hilton, Petaling Jaya, Selangor  (see below for more details)

14 June - Sukuk, Islamic Bonds & Securitisation Course (10 SIDC CPE points)

15 June - Introduction to Islamic Economics (10 SIDC CPE points)

 

Sample of Participants comments at our Inaugural Course on Introduction to Islamic Economics on 8 March 2011

Ong Liang Heng, Head, Corporate Finance,

CIMB Investment Bank

 

“I am glad I attended the Course; it has made me more aware of the weakness of Fractional Reserve Banking.”

 

Azmeen bin Adnan, VP, Head, Portfolio Management

Mayban Investment Management Sdn Bhd,

 

“Good two way interactive- lots of insights”

 

Kamaruzaman Abdullah,  Senior Vice President,

MIDF Investment Bank

 

“Interesting and creating innovative ideas to practise Islamic Economics”

 

Sharifatul Hanizah Said Ali, MD/CEO,

RHB Investment Management Sdn Bhd

 

“ Concepts presented provide a unique insight into Islamic Finance”

 

Siew Chin Kiang. Partner, KPMG

 

“Good overview of Islamic Economics. This is a good base to get basic understanding towards Islamic Banking”

 

Fiona Leong Wai Yen, Vice President,

Citigroup Global Markets Malaysia Sdn Bhd

 

“A good introduction to Islamic Economics; well delivered and interesting”

 

Ashraf Radzi, Associate Director, Prokhas Sdn Bhd

 

“Good knowledge imparted with strong all round knowledge in Economics as well as Banking and Finance.”

 

Ron Dalgleish, CEO, Vimax Project Management, Brisbane Australia.

 

“Above Average. Lets dwell on how we can bring the relevant theory to practise.”

 

_____________________________________________________________________________________
INTRODUCTION TO ISLAMIC ECONOMICS
15 JUNE 2011 -  10 SIDC-CPE POINTS
-          A prerequisite subject for Islamic Finance & Investment, and all Professionals.
With the current woes of the international financial and economic system, the subject provides a hope for mankind of what it could be.
 
Very well received by Participants at Course’s inaugural launch in March 2011.
 
 

 

  • 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
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

INTERNATIONAL ISLAMIC ASSET BACKED SECURITIES                            (10 CPE Points)

 

-          Internationalising Malaysian Islamic Securities. Designing structures that appeals to International Muslim Investors whilst securing traditional support from local investors.

 

Led by Muhammad Zahid Abdul Aziz renowned International Trainer and Consultant on Islamic Finance and the Islamic Capital Market

Address

Muamalah Financial Consulting Sdn Bhd

17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor.

 

Telephone

03-7842 5187,

012- 212 5405

Fax

03-7842 5201,

03-7847 3214

E-mail

 

muamalah_consulting@hotmail.com

 

http://muamalahconsulting.tripod.com

 

 

PERSONAL DETAILS

 

No

Details of Participants

 

Fee (“RM”)

1.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

 

2.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

3.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

4.

Name            :

Designation  :

*License No:

 

 

NRIC

 

 

(Photocopy the form for additional participants)

                                     Gross Total

 

 

 

Less (Discount)

 

 

 

Net Total

 

 

Company’s name :

Tel no.                     :

Fax No.                 :

Person In charge :

Address                :

 

 

* For SC Licensed Representatives only

Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee.

 

Authorised Signatory signature:  

Name                                        :                                   

Designation                               :

Date                                          :

 

THIS COURSE IS SIDC-CPE

ACCREDITED:  10 POINTS

 

 

 

INTRODUCTION TO TAKAFUL  (Not accredited for SIDC-CPE)

 

-          Basic working knowledge on Takaful for all professionals Everything you’ve always wanted to know about Takaful.

 

Led by Muhammad Zahid Abdul Aziz renowned all round Corporate Financier, Consultant and Trainer

 

 

Address

Muamalah Financial Consulting Sdn Bhd

17-01, First Floor, D’Bayu, 21, Jalan Serambi U8/21, Bukit Jelutong, 40150 Shah Alam, Selangor.

 

Telephone

03-7842 5187,

012- 212 5405

Fax

03-7842 5201,

03-7847 3214

E-mail

 

muamalah_consulting@hotmail.com

 

http://muamalahconsulting.tripod.com

 

 

PERSONAL DETAILS

 

No

Details of Participants

 

Fee (“RM”)

1.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

 

2.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

3.

Name            :

Designation  :

*License No:

 

 

NRIC:

 

4.

Name            :

Designation  :

*License No:

 

 

NRIC

 

 

(Photocopy the form for additional participants)

                                     Gross Total

 

 

 

Less (Discount)

 

 

 

Net Total

 

 

Company’s name :

Tel no.                     :

Fax No.                 :

Person In charge :

Address                :

 

 

* For SC Licensed Representatives only

Payment Details: I have read and understood the booking terms and conditions. Please register the abovenamed participants and enclosed please find the required fee.

 

Authorised Signatory signature:  

Name                                        :                                   

Designation                               :

Date                                          :

 

THIS COURSE IS SIDC-CPE

ACCREDITED:  10 POINTS

INTRODUCTION TO ISLAMIC ECONOMICS

(Conducted by Muhammad Zahid Abdul Aziz,

Pioneer All round Islamic Financier and renowned International Lecturer)

 

 


  • What is Islamic Economics?
  • The Missing Pre Requisite Subject for a true understanding of the riba free Islamicbanking 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            

 

 

   DATE

 

8th March 2011

 

 

   VENUE

 

PJ Hilton, Selangor

 

   ORGANISED BY

 

 

 

Muamalah Financial Consulting Sdn. Bhd

17-1, First Floor, D’Bayu,Jalan Serambi U8/21,

Bukit Jelutong, 40150 Shah Alam, Selangor

                                Tel: 03-7842  5187, 012  212 5405

Fax: 03 7847 3214, 7842  5201,

Email: muamalah_consulting@hotmail.com Website http://muamalahconsulting.tripod.com

 

 

 

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

.


THE PROGRAMME

 

This Course, will provide a missing perspective to hinge our knowledge of Islamic Banking and Takaful and similar. Drawing on basic concepts of Islamic Economics the participants will gradually be drawn to the humanist aspects of the subject, replacing profit maximisation with human welfare, and replacing the invisible hand with deliberate engineering to achieve distributive justice for the world’s poor. Whilst reexamining  existing assumptions, practical aspects of monetary and fiscal policies in an Islamic economy is deliberated on. With the current woes of the international financial and economic system, the Course provides a hope for mankind of what it could be.

 

THE PARTICIPANTS

q  All Islamic Finance & Investment Professionals.

q  Investment bankers, commercial bankers, development bankers, Islamic bankers, Central bankers,  Product developers, Shariah advisers, Corporate bankers, Corporate Finance Advisers,

q  Economists and Research Personnel, Syariah Advisers and Officers, Lawyers, Accountants, Corporate Advisers, Financial Advisers, Business Managers, Finance Managers 

q  Lecturers and post graduate students

q  General Managers/Managers/ Officers of Corporate Organizations,  SEDC’s, State Agencies, Departments and Corporations;

q  Directors of Listed/ Unlisted Companies

q  Accountants / Auditors; and

q  Individuals / Entrepreneurs.

q  All who are interested in drafting Syariah compliant legal documents

 

THE ORGANIZER

Muamalah Financial Consulting Sdn Bhd (“Muamalah”) comprises a team of former Islamic Bankers with a combined experience of over 30 years in Islamic Banking. To date Muamalah have conducted the following training Courses/ Seminars/ Workshop to the Financial Industry:

In-house Course on Islamic Syndications, Securitisation and Legal Aspects for Alliance Merchant Bank Bhd

In-house Islamic Trade Finance Course for Public Bank Bhd  In-house Islamic Capital Market Workshop for Bank Islam (M) Bhd, Hong Leong Bank Bhd and Malaysian International Merchant Bankers Berhad

 Public Islamic Bonds & Islamic Capital Market Course, M Hotel, Singapore- In House Syariah Broking Course for Permodalan Nasional Berhad and Bursa Malaysia Bhd. In House for Maybank Investment Bank on Fundamental Muamalat for Islamic Finance & Investment Practitioners Course. In-house Islamic Finance and Islamic Capital Market Course for EPF and JB Corp. Joint venture Courses with Sabah Law Association,  Penang Bar Committee and the Malaysian Institute of Accountants

 

 

 

INVESTMENT

RM850 per participant. Fee is inclusive of lunch, refreshments and course materials. Organizations, which send four or more participants to the Course, shall be eligible for a 10% discount across the board. Special price of RM500 only for all Academicians and Students with Matric cards.

 
PAYMENT

Payment should be made by crossed cheque/ bank drafts payable to Muamalah Financial Consulting Sdn Bhd. Recei