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Dear Ms Favila
We are very pleased to welcome you to our Islamic Finance Academy taking place in
December 2017, in Dubai, UAE
The primary objective of this 10-day Islamic Finance Academy is to provide the course
participants with an intensive introduction to the practice of contemporary Islamic finance and
investment (commerce and finance in accordance with the principles and precepts of Islamic
Shari’ah) from a transactional vantage and with particular emphasis on structuring financial
transactions and products within current legal and regulatory constraints.
Islamic finance will be examined both as an application of Islamic religious law and ethics
(Shari’ah) and as an effort to create and operate Shari’ah-compliant economic and finance
systems (including banking transactions, capital markets transactions and investment
transactions) without riba (interest) payments and receipts and based upon a compliant risk-
reward paradigm that maintains expected and competitive returns for the transactional parties.
The Academy modules are designed to familiarise the participants with the issues that are
encountered in a broad range of different areas of the Islamic finance and investment practice,
with the types of solutions that have been developed for resolving those issues, with the
methodologies that have been developed for devising those solutions, and with the sensitivities
of the different transactional participants. Virtually every aspect of the Academy draws upon
case studies of actual transactions.
Agenda
Day 1
Introduction to Islamic finance and banking
Introduction and background
Introduction
Ethical investing
Commonalities: Islamic and conventional finance
Differences: Islamic and conventional finance
Structured finance
Some Shari’ah principles
Riba, Gharrar and Maysir
The Shari’ah as a legal system
Examples of substantive principles
Some history
Prior to the 1970s
1970s to mid-1990s
Modern Islamic finance: mid-1990s to the present
Five critical factors
Ijma
Nominate contracts
Prior to 1996
Subsequent to 1996: combinations and multiple contracts
Dow Jones Fatwa of 1998 and the equity side of the Islamic capital markets: an overview
of the fatwa and its implications
Sukuk and the finance side of the Islamic capital markets: an overview
Day 2
Introduction to Islamic finance and banking
Day 4
Leasing, musharaka, mudaraba and sukuk
Leasing (Ijara) transactions: particularly real estate, equipment finance and project and
infrastructure finance
- Conventional real estate transactions – a short history of real estate investing in Islamic
Finance
- Elements of the ijara (lease)
- Bifurcated structures: generic ijara transactions
A Case Study Variation: All Cash Acquisition and Subsequent Financing (United States)
A Case Study Variation: All Cash Acquisition, Subsequent Financing, Initial Loan Structure
(United Kingdom)
Day 5
Leasing, musharaka, mudaraba and sukuk
Musharaka
- Musharaka defined
- Some musharaka principles
- The diminishing musharaka structure
Mudaraba
- Mudaraba defined
- Some mudaraba principles
- Mudaraba structures in finance
- Mudaraba structures in Islamic banking
- Mudaraba structures in takaful
Sukuk
- Cross collateralised pool financings
- Europe
- United States
- Perspective
- Asset securitisations generally
- Conceptual transactional structure
- Sukuk defined
- AAOIFI considerations and categories
- Sukuk markets
- Sukuk al-Ijara
- Sukuk al-Mudaraba
- Sukuk al-Musharaka
- Sukuk al-Murabaha
- Sukuk al-Wakala
- AAOIFI clarification of standard (17): March 2008
- Legal impediments to enforceability and ratings
Case Studies
Day 7
Day 8
Investment funds and project finance
Investment funds
- Fund structures
- Shari`ah supervision of funds
- Real estate
- Private equity
- Legal and regulatory issues
- Musings on distressed debt, fixed income and other funds
Project finance
- Some history of project finance
- Definitions of project finance
- Risk identification, assessment and allocation
- Elements and structures
- Ijara structures
- Istisna – ijara structures
- Single Islamic tranche ijara structures
- Istisna – parallel istisna structures
- Quadratic partnerships
Days 9 & 10
Takaful (Islamic insurance)
Introduction to takaful and takaful structures
Introduction
Definitions of takaful
Critical concepts
A short history of takaful and related insurance concepts
How takaful works, including the qard al-Hasan and takaful operators
Comparison of takaful and conventional insurance
Summary of takaful conditions
Views of conventional insurance
Prohibited items in takaful
Unique elements of takaful
Tabarru
Qard al-Hasan
Shari’ah boards
Dissolution
Takaful models
Ta’awuni model
Mudaraba + wakala Model
Wakala Model
Wakala – waqf model
Takaful products
Distribution channels, including bancassurance
Overview of the takaful markets
Re-takaful
Introduction
Definitions of re-takaful
Critical concepts
A short history of re-takaful and related insurance concepts
How re-takaful works, including the qard al-Hasan and re-takaful operators
Re-takaful models
Ta’awuni model
Mudaraba and wakala model
Wakala model
Wakala – waqf model
Surplus in takaful
We do very much hope that you can join us for the event
Yours faithfully,
Martin Harris
Head of Public Training Operations
www.euromoneylearningsolutions.com