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| Certified Sukuk Professional |
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Modules & Study Details
Duration : 6 Month
Number of Module: 2
Duration of Each Module: 3 Month |
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| Module I |
Basics of Sukuk
- Introduction to securitization
- What is Islamic securitization? A historical perspective
- Sukuk - the ever growing market
- Sukuk & Securitization
- The benefits of securitization
- Sukuk characterization according to AAOIFI
- Sukuk vis-a-viz Bonds
- Sukuk & Conventional Bonds: A Comparison
Introduction to Islamic Finance
- What is Riba ( Interest ) – Prohibition of Riba in Islam
- Fundamentals of Islamic Economics.
Islamic Financial Products
- The basic rules and Features of Musharakah & Mudarabah
- Distribution of Profit & Loss in Musharakah & Mudarabah
- Determine the Rental in Diminishing Musharakah
- Unit Sale mechanism in Diminishing Musharakah
- Diminishing Musharakah as Ideal product for Islamic Housing Finance.
- Sale Base Mode of Islamic Finance - Bai (Buying & Selling)
- Basic Rules & Kind of Bai.
- Bai Murabah
- Basic Features of Murabah
- Murabah as financing mode
- Stages involve in Murabah sale
- Shariah compliance & Murabah Products
- Legal documentation of Murabah contract
- Murabaha in International Trade.
- Practical aspects & Issues of Murabah
- Case study
- Bai Salam & Parallel Salam
- Bai Istisna
- Difference between Salam & Istisna
- Some other Type’s of Bai ( Tawarruq, Bai Musawamah, Bai Surf, Bai Urboon, Bai Eenna, Bai Touliya, Bai Wadhia )
- Bai according to Quality (Bai Salah, Bai Fasid, Bai Batil, Bai Maqoof, Bai Majool, Bai Muqayaddah, Bai Mu’ajal )
- What is leasing?
- Sharia’h alternative - Ijarah.
- Ijarah ( Operating Lease ) vs. Conventional leasing ( Financial Leasing)
- Sharia’h compliance of Ijarah
- Legal framework & documentations for Ijarah products
- Basic feature of Ijarah contract & Its Operational Mechanism
- Practical aspects & Issues of Ijarah.
- Sukuk Al Ijarah.
- Case study
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| Module II |
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Shariah Principles of Sukuk
- AAOIFI Shariah standards for Issuing Sukuk.
- Various types of investment Sukuk under AAOIFI standards
- Issues & Challenges to make sukuk Shariah Compliance
- Some regulatory aspects of Sukuk
- Issuance Process
- Parties Involved
- Flow
- Distribution methods
- Documentation
- Structuring considerations
- Advantage of Sukuk Issuing
- Advantage of Sukuk Investor
- Parties Involved for Issuing Sukuk
- Challenges of Market.
- Credit Rating of Sukuk
- Takaful & Hedging in Sukuk
- AAOIFI Sukuk Structure
- Salam Certificates
- Istisna Certificate
- Murabah Certificates
- Musharkah Certificates
- Muzarah (sharecropping) Certificates
- Musaqah Certificates
- Mugharasah Certificates
- Certificates of ownership in lease assets.
- Certificates of ownership of usufructs
- Certificates of ownership of usufructs of existing assets
- Certificates of ownership of usufructs of describes future assets
- Certificates of ownership of services of a specific party
- Certificates of ownership of described future services.
- Structuring & Operation of Sukuk
- Creating opportunities in emerging Market.
- Structuring, Operation and performance of Sukuk.
- Issues and Challenges in Shariah compliant Securitization
- The phases in structuring Sukuk:
- Shariah issues
- Secondary market for Sukuk
- Trading of debt securities?
- Bay’ al Dayn with discounting?
- Legal documentation & related issues
- Cross Boarder Listing of Sukuk
- Legal Requirements for Issuing Sukuk.
- Other Aspects to be considered:
- Issuing Sukuk:
- Cost efficiency
- Taxation issues
- Cheaper cost of funds
- Credit Rating
- Investing in Sukuk
- Return on investment
- Risk & return profile
- Liquidity & tradability of the Sukuk
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