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 COURSE BACKGROUND
The Islamic funds market is one of the fastest growing sectors within the worldwide financial system. It is estimated that there is presently some US$400 billion of Islamic assets under management globally. More than 350 Islamic funds now exist, all competing for a share of this enormous wealth. With an ever-growing range of investment choices, investors are becoming increasingly discerning and selective. Fund structure, mandate and perhaps most importantly, Shariah compliance are vital factors for today’s Muslim investor.
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Islamic Finance Training is pleased to bring you a 2-day intensive program on the structure and management of Islamic funds. Vital topics such as launch and structuring issues, market analysis, Shariah compliance, investment screening and asset allocation will be covered in detail to ensure a complete understanding of this exciting and potentially lucrative market.
The program will be conducted by Mr. Monem Salam, Director of Islamic Investing at Saturna Capital Corporation (USA). Mr. Salam won the prestigious Failaka Award for Best Islamic Fund Manager 2005 and has significant experience of Shariah-compliant investing and fund management.
Who Should Attend
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COURSE OUTLINE
Islamic Concept of Fund Management
- Principles of Islamic equity investing
- Mudarabah
- Musharakah
- Evolution of Islamic Thought in accepting investments in the stock market
- Initially not allowed by Scholars, but now is acceptable: on what basis did the shift occur?
Practical Issues Involved with Setting up a Fund
- Composition and selection of the Shariah Board
- Benchmarking
- Differences in Islamic Indices themselves, and vs. most common benchmarks (MSCI, DJ, Russel, S&P, etc)
- Who has the Indices and who is creating them?
- Distribution – strategy and setup
- Load/no-load – are both acceptable?
- At what point is a fee too high?
- Practically and Islamically
- What are the various methods available?
- Who is the target market and where is the money?
Guest Presentation: Legal/tax issues of structuring an Islamic Fund
Market Analysis
- Size and growth of Industry
- Globally, regionally, and by country
- Major Players
- Can non-Muslim institutions capture market share?
- Where is the money now?
- Who is being targeted? Where is the opportunity?
- Potential for future shifts
- Accessing the money: what funds will be used for by investors
- Retirement, education, Hajj, emergency reserves
- Differences of Opinion among various regions?
- South East Asia Model vs. Middle East model
- Islamic Funds as a rubric of Socially Responsible
Investment Screening
- What is the consensus, if any?
- Primary/secondary business screen
- Financial ratio screens
- Islamic rationale behind screens
- Common objections among conservatives
- Islamic concept behind allowing some leeway
- Who should your Shariah advisor/board be?
- Do you really need one?
- Can you borrow from Index Board?
- Advantages and disadvantages of having your own Shariah Board
- Using local, national or international scholars
- What are the costs?
- Purification
- What is being purified and why?
- How to Distribute?
- Who is responsible for distribution?
- Zakat?
- Different opinions on calculations
- Who is responsible for distribution?
Asset Allocation Strategies
- Acceptable/unacceptable industries
- Eliminating Industries or companies
- Are some screens subjective?
- What is the data source and their accuracy?
- How do you get proper allocation? Is this important?
- Indexing vs. Active management
- Cost of being Muslim? Lower returns or higher fees?
- Rates of Return Comparison in Islamic vs. traditional funds
Product Development and Other Funds
- Real estate funds and REITs
- Sukuk funds
- Product development in Islamic funds
- Is an Islamic Hedge Fund possible?
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EXPERT COURSE DIRECTOR
Monem Salam is Director of Islamic Investing at Saturna Capital Corporation. Raised in Texas, Mr. Salam received his degrees from the University of Texas: BA (Austin) and MBA (Dallas). He worked as Chief Investment Officer for ITG & Associates (Dallas) until 1999, then as a representative with Morgan Stanley (suburban Dallas) until joining Saturna Capital in June 2003. Monem is active with the Muslim community in North America through mosques (past Board member), Islamic Schools, ISNA (past Executive Committee Member), Muslim Youth of North America , and current Chairman of Peaceful Communications, a non-profit organisation. Monem has spoken at over 300 Islamic Communities about Islamic investing over the past three years. Monem recently was present in Bahrain to receive the “Best Islamic Fund Manager 2005” Award given by Failaka International on behalf of Saturna Capital for their Amana Mutual Funds Trust.
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DATES & PRICE
| Managing Islamic Funds |
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Dates |
Price/per person (US$) |
| 20 - 21 November 2007, Dubai |
1,800 |
Discounts
Register 3 or delegates for the same program, and the second and subsequent delegates receive a 7.5% discount each.
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