Masterclasses
Please click on the links below to learn more:
Monday, 21st January 2008,
09.00 - 16:00 Pre Conference Masterclass: Structuring Shari’ah Compliant Funds
- Issues covered for this masterclass include: What are the key differences between Islamic and conventional funds?
- What are the various options available to the structurer to manage some of the prohibited features of a Shari ah compliant fund? E.g. conventional instruments in the absence of a Shari ah equivalent. such as insurance and hedging tools
- What are the options available to Muslim Investors who cannot participate in an interest or prohibited derivative products?
- The simple and convenient route to structure a Shari ah compliant fund management product?
- When do you need the Shari ah endorsement services?
- Who and what services do you need to offer a Shari ah compliant fund?
- Opportunities and benefits of offering a Shari ah compliant fund
- Practical case studies on structuring Shari ah compliant fund
About Your Masterclass Leader
Prof. Dr. Obiyathulla Ismath Bacha
Professor and Director of the Management Centre
International Islamic University Malaysia
Prof. Obiyathulla is professor of Finance and Director of the Management Centre. Prior to joining IIUM, Prof. Obiyathulla was at Malayan Banking Bhd from May 1984 - August 1985. He was an Assistant Professor of Finance at Boston University where he received the Allen E. Beckwith Teaching Award. He teaches finance courses at both MBA and undergraduate levels. The courses taught by him for the MBA Program are Financial Planning & Strategy, International Finance, and Managing Risks with Futures & Options. He is vice-president of the Malaysian Economic Association (MEA) and Committee Member of the Malaysian Finance Association. Dr. Obiyathulla has also been a trainer at several institutions such as the Securities Commission and Central Bank of Malaysia. He has published in numerous local and international journals and presented papers at several international finance conferences. His paper on the Nikkei Stock Index Futures Contract won the 1993 Chicago Mercantile Exchange; Competitive Research Award.
Raj Maiden
CEO
Five Pillars
Raj Maiden, started his career in banking after school with the rookie years in Standard Chartered Bank. After 5 years he joined Rabobank Asia, as a member of the pioneer team that started their Singapore office. After an illustrious career that included a stint in Europe he joined the then Credit Lyonnais, Singapore. After a total of 13 years in banking, Raj then went on to head the sales force for Bloomberg in Malaysia, Indonesia and Brunei. His job also included a one year stint in India. These experiences gave him an intimate experience of Asian business and working culture. It is with Bloomberg that he started working on the financial information for islamic Finance and after a very successful 7 years in Bloomberg, he left to start his current passion which is Islamic Finance, through his consultancy firm Five Pillars Associates Pte Ltd. His experience in the financial markets, financial information and Islamic finance gave him a unique upper hand in understanding Islamic Finance. He is a regular speaker in the Islamic Finance conferences and circuits and his firms offers consultancy services for anyone wanting to understand and benefit from this new area. His clients include banks, Reuters, INCEIF which is an Islamic University and fund managers.
Thursday, 24th January 2008
09.00 - 16:00 Post Conference Masterclass: Analysing The Structuring Issues In Islamic Capital Market And Sukuk
Issues covered for this masterclass include:
- Introduction to Primary Underlying Principles of Islamic Finance as applied in the Capital Markets
- Questions of riba & gharar
- Possession, Ownership
- Capital Markets and Securitization
- Types of Sukuk and comparison with conventional bonds and Asset Backed Securities
- Overview about recent issues of Sukuk and the market demand/subscription
- Overview of market growth, demand factors, and absence of secondary markets
- Legal, Tax and Infrastructure Concerns for the Islamic Capital Markets
- Offering requirements for placements in the Middle East
- Trust and SPV rules, absence thereof
- Regulatory developments and differences from jurisdiction to jurisdiction.
- Structural problems in the different key markets
- Role of the Ratings Agencies
- SCECO - Structuring Challenges in Saudi Arabia
- True Sale
- Bankruptcy Remoteness
- Accounting De-Recognition
- US - who has control
- UK - who has the risks and rewards
- Trust - by contract?
- Rating Sukuk
- The questions and approaches taken by the rating agencies
- Examining prior cases to determine the ratings that could be applied.
- Case Study: Tamweel v. CAGAMAS
- MBS Sukuk from GCC and Malaysia
- Structure and market acceptance
- Application of risk tiering and variations in reasoning between markets
- My Company, my bank, my deal competition
- Interactive sukuk issuance project to and team exercise
- Three unique projects will be presented and teams will be asked to define solutions, market steps and listing outcomes
Derivatives - Current Sharia a & Market Status
- Concepts as Agreed among scholars
- Tools to determine acceptability
- Synthetic Islamic swaps
- Reasoning
- Wrap-Up and Q&A
- What are the benefits for corporate and sovereign issuers? Western and Islamic issuers.
- Which sovereign or corporate is accepted as issuer in° the market?
- Outlook: What is the market expecting?
About Your Masterclasses Leader
Muhamed Becic
Shari ah Controller & Research Analyst
SHAPE Financial Corporation, Kuwait
He is the Sharia a Controller & Research Analyst at SHAPE Financial Corp., He is supporting SHAPE Sharia a fund and sukuk structuring and monitoring of projects in the GCC, US, and Southeast Asia, as well as assisting in the design of English and Arabic language materials meant to make non-specialist find Islamic finance more accessible. Muhamed is a graduate of the University of Madina in Fiqh and Usul al Fiqh and holds a master s degree in Fiqh Muamalat (the Islamic rules relating to commerce and finance) from the International Islamic University in Malaysia. His Master s thesis focused on Sukuk al Mudaraba and its implementation in Islamic Capital Markets. Muhamed s recent research relates to the practical applications of the concept of istijrar, tawarruq, sukuk forms, the Islamic rules of exchange applicable to sukuk, and Saudi Arabian capital markets rules. During the past year, Muhamed s client related work included developing musharaka and wakala structures to replace tawarruq as applied by an EU based multi-national in its GCC and Islamic market support for clients. He has assisted a Saudi Arabian client in the understanding of sukuk al istithmar applications for the restructuring of the client s balance sheet. And, he has worked on the Sharia a analysis and implementation of a royalty based sukuk concept for a Southeast Asian based client. Muhamed has been a frequent lecturer in the fields of fiqh and usul al fiqh over the past five years. He has performed training in Islamic finance for private clients and public courses in Malaysia, Egypt, Kuwai, Dubai, Russia and Saudi Arabia. He presents in Arabic, English and Bosnian.
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