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Sukuk

Professional Certificate in Structuring Sukuk

Sukuk is the Arabic name for financial certificates, also commonly referred to as “sharia compliant” bonds. Sukuk are defined by the AAOIFI as “securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.”

Course Content

Professional Certificate in Structuring Sukuk has following 16 sessions:

Day 01: Sukuk Fundamentals

– Theoretical development and current global landscape
– General features
– Issuance purpose and classification

Day 02: Key Shariah Rulings Relevant to Sukuk

– Tradability of sukuk
– Legal and constructive possession
– Sale and buy-back
– Sale and lease-back
– Lease and lease-back
– Purchase and sale undertaking
– Profit and capital guarantee

Day 03: Regulatory Process of Issuance of Sukuk (Other than Government)

– Relevant regulations
– Sukuk issuing process
– Sukuk offering documents
– Parties involved in sukuk and their roles
– Requirements for rating
– Investment and trading rules
– Investor protection

Day 04: Regulatory Process of Issuance of Sukuk by Government (MoF and BB)

– Relevant regulations
– Sukuk issuing process
– Sukuk offering documents
– Parties involved in sukuk and their roles
– Requirements for rating
– Investment and trading rules
– Investor protection

Day 05: Sukuk Issue Experience outside Bangladesh: Sukuk Issued by Government and Quasi Government Entities

– Profit making and non-profit making projects
– Specific projects vs general funding needs
– Structures used and their advantages as well disadvantages
– Shariah basis of the structures and potential Shariah issues
– Parties involved in the structures and their roles and responsibilities
– Issuers include Malaysia, Indonesia, Bahrain, Pakistan, Turkey, and others including non-Muslim majority countries

Day 06: Sukuk Issue Experience outside Bangladesh: Sukuk Issued by Central Banks and Islamic Financial Institutions

– Structures used and their advantages as well disadvantages
– Shariah basis of the structures and potential Shariah issues
– Parties involved in the structures and their roles and responsibilities
– Issuers include those in Malaysia, Indonesia, Bahrain, Pakistan, Turkey, and others including non-Muslim majority countries

Day 07: Sukuk Issue Experience outside Bangladesh: Corporate Entities & Financial Reporting and Zakat

– Structures used and their advantages as well disadvantages
– Shariah basis of the structures and potential Shariah issues
– Parties involved in the structures and their roles and responsibilities
– Issuers include those in Malaysia, Indonesia, Bahrain, Pakistan, Turkey, and others including non-Muslim majority countries
– Financial Reporting and Zakat of Sukuk

Day 08: Operationalising Sukuk in Bangladesh: Structuring Government and Quasi Government Sukuk

– Potential structures for specific project financing and for general funding requirements
– Potential structures for profit making and non-profit making projects
– Shariah issues and mechanism to mitigate the Shariah issues
– Tradability and tenure

Day 09: Operationalising Sukuk in Bangladesh: Structuring Central Bank and Financial Institution Sukuk

– Potential structures for specific project financing and for general funding requirements
– Potential structures for profit making and non-profit making projects
– Shariah issues and mechanism to mitigate the Shariah issues
– Tradability and tenure

Day 10: Operationalising Sukuk in Bangladesh: Sukuk Issuance by Corporate Entities

– Potential structures for specific project financing and for general funding requirements
– Potential structures for profit making and non-profit making projects
– Shariah issues and mechanism to mitigate the Shariah issues
– Tradability and tenure

Day 11: Sukuk Pricing

– Sukuk pricing mechanisms
– Similarities and differences with bond pricing

Day 12: Sukuk Rating

– Sukuk rating mechanisms
– Similarities and differences with bond rating

Day 13: Innovative Sukuk Structures

– Innovative sukuk structures in achieving sustainable economic objectives while upholding the principles of Shariah

Day 14: Innovative Sukuk Structures

– Innovative sukuk structures in achieving sustainable economic objectives while upholding the principles of Shariah

Day 15: Shariah Governance of Sukuk

– Regulatory requirements: BSEC, BB, and MoF
– Importance of end-to-end Shariah compliance
– Pre- and post-issuance Shariah governance
– Practical issues and way forward

Day 16: Embracing Maqasid Al-Shariah in Sukuk Structuring

– Sukuk as a tool for social finance
– Green sukuk
– Waqf sukuk
– Global experience and the potential in emerging markets like Bangladesh

duration

Class Schedule:

Sat, Mon, Wed

time

07:00PM – 09:00PM

(BST: GMT+6)

live

Live Online

in ZOOM

fee

Fee: Tk 15,000

(Corporate discount available for 3 or more participants) [Fee payable at the time of admission]

Speakers

Mezbah-Uddin-Ahmed

Mezbah Uddin Ahmed, FCCA, CIPA, CSAA

AAOIFI Master Trainer
Researcher, International Shari’ah Research Academy for Islamic Finance (ISRA), Malaysia

Muhammad-Mahmudul-Karim

Muhammad Mahmudul Karim, CIFP, MSc

PhD in Bond and Sukuk Pricing,
International Centre for Education in Islamic Finance (INCEIF), Malaysia

Sk.-Md.-Lutful-Kabir

Sk. Md. Lutful Kabir

Deputy Director,
Bangladesh Securities and Exchange Commission (BSEC)

Prof.-Dr.-Kabir-Hassan

Prof. Dr. Kabir Hassan

Professor of Finance,
University of New Orleans, USA
Winner of 2016 IDB Prize in Islamic Banking and Finance

Dr.-Ziyaad-Mahomed

Asst Professor Dr Ziyaad Mahomed

Director, Executive Education & Associate Dean of E-Learning,
International Centre for Education in Islamic Finance (INCEIF), Malaysia
Chairman, Shariah Committee, HSBC Amanah, Malaysia

Farhan Noor

Head of Capacity Building Programs
AAOIFI, Bahrain