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training Islamic
Capital Markets
& Sukuk Instruments
Expert Course Director:
Muhammad Zahid Abdul Aziz
Former head of investment banking & Sukuk origination,
Al Bilad Investment Company, Riyadh
• The Fundamentals
of Shariah for Islamic Finance Practitioners
• Key Financing Concepts:
Debt & Equity Products
• Latest Developments
in Sukuk structures
• Aqad, or Contracts,
for Islamic Financial Market Transactions
• The position of the
Industry Bodies relevant to Sukuk Instruments
• The Issue of Defaults
15 th - 17th March 2010, Seoul
Visit www.IslamicFinanceTraining.com today or call +603 2162 7800 for more information
Course Introduction
Sukuk is emerging in Korea, as it is in Asia in general, as an increasingly important asset class and one
that financiers need to be familiar
with. Sukuk products have a
number of important objectives: to offer a mechanism for the sharing of profits from a project or asset; to enable organizations to raise capital in a Shariah-compliant fashion; and to expand the investor bases for issuers
and offering investment opportunities to new groups.
Considering their infancy, Sukuk may be structured in a number of increasingly complex ways. Indeed, new products are being continuously developed and further innovation is underway as Sukuk become more widely accepted and mainstream. Challenges, however, remain: issues concerning ratings, liquidity, Shariah, standardization,
taxation, product acceptability and documentation all combine to ensure the development of Sukuk instruments is no straightforward task. Further complications have recently arisen due to a number
of high profile defaults in
the GCC. What have these events taught
us about future Sukuk issuances and structures?
This new 3-day course has been tailored to address issues relevant to the fledgling South Korean Islamic
finance market. The program will examine product structures in detail, and will focus in particular on Murabahah and Ijarah based transactions. Also covered will be taxation and legal/documentation issues and many important
points and concepts will be
illustrated through real-life industry case studies. The course will present the position of important industry bodies, such as the Accounting & Auditing
Organization for Islamic Financial Institutions (AAOIFI) relevant to Sukuk instruments, and how to ensure Shariah compliance.
Who Should Attend
• Islamic Bankers
• Corporate Financiers
• Investment Bankers
• Corporate and Commercial Bankers
• Private Bankers
• Analysts
• Portfolio Managers
• Consultants & Lawyers
• Investment Advisors
• Regulators
• Government representatives
Expert Course Director
Muhammad Zahid Abdul Aziz holds a Bachelors Degree in Economics from University of Exeter, United Kingdom. After graduation he joined an international accounting firm in London. He returned to Malaysia in 1982
and joined Arab Malaysian Merchant Bank Kuala Lumpur. He then joined Bank Islam Malaysia in 1990 where he pioneered and helped develop Islamic Corporate
Banking specializing in Islamic Syndications and Sukuk Issuance. Whilst at Bank Islam Zahid worked as part of the team that transacted the KLIA RM4.4 billion
Malaysian Sukuk in 1996, a benchmark issue. Zahid left Bank Islam in September 2000 to form a financial and Shariah consultancy,
based in Kuala Lumpur.
Between July 2006 and March 2009 Zahid was based in Riyadh as head of investment banking & Sukuk origination for Al Bilad Investment Company
Ltd, a CMA licensed wholly owned
subsidiary of Saudi Arabia’s Bank Al Bilad. In April 2009 he returned to Malaysia to resume his position as a financial
consultant.
Course Agenda
Day One
Introduction & Welcome
Fundamentals of Shariah for Islamic Finance Practitioners
• Sources of Shariah
• Objectives of Shariah
• Operative legal maxims
• Definition of assets in Shariah
• Rules of ownership in Shariah
• Essentials of Shariah compliant contracts
• Prohibited elements in Shariah: Riba, Maysir,
Gharar, Haram products and activities
Introduction to the Islamic Capital Market
Overview of Islamic of Financing Concepts
Debt Financing
A detailed explanation about the concepts of Islamic Debt Financing:
• Bai Muajjal
• Murabahah
• Istisna
• Ijarah Muntahia Bitamleek
• Salam
• Qard Hassan
Equity Financing
A detailed explanation about the concepts of Islamic Equity Financing:
• Mudarabah and Musharakah
• Musharakah Mutanaqissah
Other Islamic Financing Concepts
A detailed explanation about other Islamic financing concepts:
• Wakalah
• Kafalah
• Sarf
• Wadiah
• Rahn
• Bai
• Dayn
• Muzaiyadah
• Hibah
• Ibra’/Muqassah
• Ittifaq Dhimni
• Sukuk
• Sanadat
• Ujr
End of Day One
Day Two
Principal Features of Asset Based Sukuk and its Latest Developments
• Principal features of Murabahah Sukuk
• Principal features of Murabahah commercial papers
• Principal features of Murabahah Medium
Term Notes
• Principal features of Musharakah/Mudarabah bonds
Principal Features and Latest Developments of Middle Eastern Sukuk Transactions
The following examples will be demonstrated using case studies and discussions of actual transactions.
• Sukuk
Ijarah
Detailed analysis of the transaction structure
• Sovereign
Sukuk Ijarah
Detailed analysis of Ijarah-based structure, term sheet and outline of the legal documentation
• Investment
Dar Sukuk Musharakah
Detailed analysis of the transaction structure
• SABIC/SEC
Saudi Sukuk
Detailed analysis of the transaction structure and term sheet
• Case
Study: IDB Sukuk Istithmar
Detailed analysis of the transaction structure
End of Day Two
Case Study One – Computing Face Values of Secondary & Primary Notes of Asset Based Sukuk
Case Study Two – Designing Term Sheet of Sukuk Murabahah
Day Three
Principal Features and Latest Developments of Sukuk Transactions (continued…)
• Paka
Capital Exchangeable Sukuk
Detailed analysis of structure, term sheet and outline of the legal documentation
• Dar
– Al Arkan Saudi Sukuk
Detailed analysis of structure, term sheet and outline of the legal documentation
Basics of Shariah Requirements in Islamic Legal Documentation
Overview of Islamic Financing Legislations
• Being Shariah compliant in a civil law environment
Shariah Requirements in Islamic Financing Documents and Aqad (Contracts)
• Why and what are financing payable accounts and
notional marginal deposit accounts?
• Ta’widh - which are the Aqad clauses? Taking steps to
ensure protection of these
• Avoiding drafting a conditional sale
• Where to place conditions precedents clauses
• Where to place redemption and Ibra’ clauses
• Affirmative Aqad clauses
• Special requirements of Murabahah Aqad
Rulings on Sukuk Instruments and the Issue of Default
• AAOIFI Sukuk rulings
• OIC Fiqh Academy rulings
• Overview and management of international
Sukuk defaults
• Examination of the Tamweel Sukuk & East Cameron Sukuk
Course Conclusion
Case Study Three – Designing the Classical (AAOIFI compliant) Musharakah Sukuk
Structure, term sheet & legal documentation
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Islamic Capital Markets & Sukuk Instruments
15 th - 17th March, SEOUL |
1. NUMBER OF DELEGATES & DISCOUNT
The pricing for this course is as follows:
|
I am booking: |
Register Before 15 th
February |
Register After 15 th
February |
|
□ 1 delegate |
US$2,500 SAVE US$150 |
US$2,650 |
|
□ 2 delegates |
US$4,670 SAVE US$320 |
US$5,050 SAVE US$250 |
|
□ 3 delegates |
US$6,820 SAVE US$670 |
US$7,430 SAVE
US$510 |
|
□ 4 delegates |
US$9,650 SAVE US$2,850 |
US$10,600 SAVE US$2,650 |
|
□ 5 delegates |
*Send 4 delegates and the 5th attends for free |
Please note: A late booking fee of US$150 will be imposed on registration received within 14 days of the
course start date.
Fees include training materials, refreshments and lunch. Accommodation is not included.
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Our address is : REDmoney, 21/F, Menara
Park, 12 Jalan Yap Kwan Seng, Kuala Lumpur, 50450, Malaysia
Booking and Cancellation Policy – important, please
read carefully
By completing and sending us this registration form you are confirming delegate places on the course. If
delegates cannot attend the course replacement participants are always welcome. Otherwise delegates must request in writing
(letter, fax or email) to cancel registration/s or transfer to a different course at least 21 days before the course start
date to be eligible for a refund, less a 5% administration fee. Delegates who cancel within 21 days of the course start date,
or who do not attend, are liable to pay the full course fee and no refunds will be given. Instead fees will be converted to
an Islamic Finance Training course voucher equivalent to the original fee, less a 15% administration charge. This voucher
is transferable within your organization and must be redeemed within one year of issue or become void. If a course is postponed
for whatever reason delegate bookings will be automatically transferred to the new course date. Delegates who wish to transfer
to a different course will be subject to the same terms as above and charged the difference in course fees. No refunds or
course vouchers will be issued for a no-show.
© Islamic Finance Training reserves the right to amend the published program, dates or speaker. In the event
of course cancellation by Islamic Finance Training due to unforeseen circumstances, Islamic Finance Training is liable only
to refund the cost of the course.
Course Venue: Full details of the venue will be sent to you upon registration. IFT1026/ P
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