ESSENTIALS IN SUKUK STRUCTURING AND DOCUMENTATION

29 June - 1 July

2020

As interest-free banking and insurance has evidently become the fastest

growing sector in Finance, so too has the need for specialist training where

experience is scarce, and knowledge limited.

In fact, many concepts of interest-free financial services have not yet been

fully explored as new instruments that meet the requirements set by experts

internationally emerge regularly. It has thus become critical that extensive

capacity building is conducted to impart the skills and understanding of the

interest-free finance instruments and asset protection.

Programme Overview

Sukuk has been one of the main instruments in Islamic finance. Though sukuk

issuance remained subdued in 2016 due to various continues challenges including low

oil prices, the total value of outstanding sukuk continued to grow. Even in some

countries like Malaysia demand from Sukuk remains strong. Hence, knowledge about

sukuk, its importance, the way it is structured and the challenges in respect of its

issuance are among the important aspects that must be known to individuals who

interacts with Islamic finance. This workshop is designed to equip the participants

with pertinent knowledge in respect of sukuk and various contemporary issues

surrounding its application in modern Islamic.

Who should attend?

• CFOs, heads of finance, and finance

officers

• CROs, risk managers, and risk analysts

• Treasurers and treasury managers

• Capital market transaction origination

teams

• Fixed income portfolio and other fund

managers

• Shariah advisory committee and

research officers

• Product development officers

• Shariah department managers

and officers

• Ratings agency

• Regulators

Learning Objectives

• Understanding the fundamentals of Sukuk;

• Reviewing the underlying contractual rules in Sukuk structures;

• Understanding basic Sukuk regulations;

• Reviewing global Sukuk practice;

• Providing best-fit options for Sukuk practice for Brunei;

• Practical application of these Sukuk models;

Programme Outline

Day 1 – Islamic Capital Market Fundamental

Review of Islamic Economics and Finance

1. Islamic Economics and Islamic Investments

• Mapping the landscape: A comparative analysis of conceptual views and

• practical narratives of Islamic finance & Investment

• Discussing the underlying premise of Non interest banking and investment

• Standard-setting bodies in International Islamic finance

• Prohibitions and Relevant Legal Maxims

Case Study: Islamic Capital Market Evolution: The International Experience

2. Techniques utilized as underlying structures in Islamic Capital Markets

• Components of Islamic Capital Markets

• Fundamental concepts in Sukuk

• Sukuk structure evolution: Reviewing the timeline

• Sukuk versus Bonds

• Role players in Sukuk issuance

• Global Sukuk Markets and Trends

3. Financing & Investment structures underlying Sukuk Murabaha and Ijara

• Commodity Murabaha and Tawarruq methodology

• Issues in implementation

Shariah non-compliance and reputational risk

Investment funding for Islamic credit cards

• Ijara Sale and lease-back application

Programme Outline

Day 2 – Sukuk Application & Hedging Instruments

1. Sukuk and other Contemporary Investment Structures

• Liquidity management & strategies applicable to Shariah Compliant Pools of

Funds

• Distinguishing between an Islamic Security & a Conventional Debt Security

• Identifying the risk elements involved in Securities

2. Sukuk in Practice

• Global Trends and Sukuk issues: Sovereign vs Corporate

• Risks associated with Sukuk structures

• Contemporary Shariah opinion on historical Sukuk structures

• Review of the advantages and disadvantages of Sukuk

• Sukuk in Real Estate & Project Finance

• Socially Responsible Sukuk for the benefit of socio-economic empowerment

Case Study: Analysing the characteristics of a Sukuk in practice Case

Studies on Sukuk

4. Practical Exercise: Structuring a Hybrid Sukuk

5. Sukuk Packaging & Issuance

• Sukuk Legal Documentation

• Sukuk: Asset-backed, Asset-based, Asset-light and intangible underlying

assets

• Sukuk Delivery:

Mandate & Structure

Rating

Listing & Public offering

Profit Distribution, Maturity & Dissolution

Programme Outline

Day 3 - Sukuk in Practice

Islamic Project Financing (IPF) Sukuk

• Project financing strategies for private and public initiatives

• Basic structures popular with IPF

Using 2 Tier Mudaraba structures

Use of restricted Mudaraba and the benefits of these structures

Applying Istisna methodology for construction

Reviewing the use of Ijara for sale and leaseback structures

Use of Hybrid instruments for comprehensive IPF

• Infrastructure financing

A survey of international application of Islamic project financing

Reviewing structures as applicable in Project Finance

An assessment of social impact vs NPV

Issues and challenges in application

Case Study: Examples of Airports, Roads and Port IPF Globally

• Contemporary Shariah issues in IPF

Syndications, conventional bank partnerships and Shariah-compliant IPFs

SRIs, ESGs and the new incentive/demand-driven market

IPF within the Nigerian regulatory framework

Asst Professor Dr Ziyaad

Asst Professor Dr Ziyaad is an Islamic Scholar from South Africa, practising in the

fields of IT, accounting and Islamic finance since 1998. He presently serves as

Associate Dean and Director of E-Learning & Executive Education, and as Assistant

Professor and the Head of the Islamic Social Finance Unit at INCEIF. He specializes in

Islamic Capital Markets, Islamic Social Finance, Fintech, and Islamic Law.

As a Sukuk practitioner, he has extensive experience in Sukuk structuring and

issuance in Malaysia and Nigeria. He has been involved in some of the largest Sukuk

issuances in both countries, both sovereign and corporate. He was also recently

appointed as Consultant to provide expert advice on Sukuk, Fintech and social finance

for the Islamic Economic Masterplan for Kazakhstan.

He has numerous awards in Islamic finance to his credit, specifically in social finance

product innovation, and Fintech solutions for emerging countries. He has received

several best paper awards at international conferences on Sukuk, Islamic banking

patronage and Shariah product modelling for microfinance.

Dr Ziyaad holds a BBA (Finance) (Hons) from the UK, an MBA and a Certificate in

Islamic Law from South Africa. He also has a Master’s Degree in Islamic Finance with

distinction and a PhD in Islamic Finance from INCEIF Malaysia. His PhD dissertation

was on Sukuk.

PROGRAMME LEADER:

Essentials in Sukuk Structuring

and Documentation

29 June - 1 July 2020

PROGRAMME FEES

IMPORTANT NOTE

• Stakeholders are participants from

MOFE, AMBD and all domestic banks

in Brunei Darussalam.

TERMS AND CONDITIONS

• The Programme fee is inclusive of

workshop material(s), refreshment and

certificate.

• Payment must be made upon receipt of

invoice issued by CIBFM.

• CIBFM operates a strict NO CANCELLATION

POLICY once the receipt of registration has

been issued. However, CIBFM will welcome

and accept replacements.

• CIBFM reserves the right to amend, change

or cancel the programme at any given time.

We will immediately notify participants and

organisations if any such changes are to be

made.

Please email your completed form to

registration@cibfmbrunei.com

1 July 2020

Stakeholders Non-stakeholders

B$1,600 B$2,000

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