Islamic Finance in Capital Market - Short

Whilst Islamic finance in general has developed significantly over the past 5 years, Islamic capital markets and investment management instruments remain the most innovative and exciting areas. Opportunities in this sector are enormous: Ijara Sukuk structures have moved on from being backed by cash flows from infrastructure projects to being backed by other assets, offering opportunities for new kinds of Sukuk issues. The first Islamic Profit Rate swaps have recently been structured in Asia, and other innovative products are being developed continuously. This two and half day, practitioner-led course will cover Islamic Sukuk, Islamic derivatives and tradable instruments, Islamic mutual funds, Islamic real estate funds, Islamic equity funds and Islamic private equity. Delegates will learn about the various Sukuk structures, as well as important issues such as tradability, negotiability and legal issues. The course will also cover the exciting and high-growth area of Islamic funds, including the practicalities of establishing an Islamic fund. In a special half day bonus, a pioneer of Shariah private equity investing will share his experiences of structuring private equity funds for Islamic finance and explain why this sector is on the edge of financial innovation. Course Objectives This course will examine sukuk, the lynchpin of Islamic finance product in the capital market. Other innovative mechanisms as currently available in the market, Islamic funds, private equity funds and other similar investment vehicles would be dealth with, from the Islamic and conventional perspective. Structures and issues concerning private equity dealt will be discussed in detailed by a leading practitioner on the last day of the course. Day One Sukuk Sukuk Structure Types of Sukuk Ijara Sukuk Mudaraba Sukuk Istisna Sukuk Musharaka Sukuk Salam Sukuk Murabahah Sukuk Asset-backed or Project-based Zero or Limited Liquidity Limited Size of Primary Market Limited Tenors Negotiability Shariah Committee Interface; Costs; Frequency Regulatory interface Stamp duties and Taxation costs Complex & Document Intensive Scope for further Product Development Long-dated Sukuk Convertible Sukuk Sukuk Securitization Sukuk Yield Curve Broad-based Underwriting Day Two Funds and Collective Investment Schemes Terminology Process of Equity and Real Estate Investing Shariah Committee Interface Business Planning Performa Accounting Market Research Distributor Negotiation Accounting Interface Regulatory Interface Investment Manager Selection and Interface Marketing Strategy Legal Interface Procedures and Control Manual Islamic Indices Dow Jones Islamic Market Index (DJIM) FTSE Global Index Series KLSE National Shariah Council Bespoke Screens Retail or Mandate driven REITS; Real Estate Investment Funds Exchange Traded Funds Hedge Funds Publicly Listed Asset Management Funds ADRs / GDRs Sukuk Islamic Equity Funds Islamic Fund Issues Legal concerns Taxation and Auditing issues Custody and Administration Issues Selecting and using a prime broker Day Three (Half Day) What is a Private Equity (PE) fund? Differences between a PE fund and similar investment vehicles: Hedge fund Venture capital fund Mutual fund Unit Trust Direct investment How is a PE Fund put together? Who are the parties involved and what do they do? Manager General partner Limited partner Underwriter Placement agent Administrator Registrar Lawyer What kind of legal entity is it? Corporation Partnership Limited Liability Company Trust Joint Venture In what jurisdiction should a PE be; is it organized and why? What does a PE fund do? Basic strategy Time horizon Exit strategies What does a PE fund want from its investor companies? How is an Islamic PE fund put together? How different it is from a conventional PE fund? Are the parties involved different? Are their relative rights and responsibilities different? Is the kind of legal entity different? Is a PE fund compatible with the Shari'ah? Is the risk/reward ratio the same as for a conventional PE fund? The easy part The hard part Why bother to go through all this work? What determines portfolio returns more than any other factor? What return should one expect from a PE fund? Asset classes available to Islamic investors The state of play in Private Equity PE funds available to Islamic investors What will tomorrow bring? Evolution and Definition Essential difference between conventional Bonds and Sukuk Essential difference between conventional Securitized Bonds and Sukuk Risk Factors Question and Answer sessions

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