Our second workshop examines the growing and potentially lucrative topic of Islamic wealth management. Why not attend both workshops and complete your technical understanding of important issues raised during the conference? The sessions will be attended by similarly-minded individuals and are certain to be highly beneficial for issuers, investors and intermediaries alike.

[Back to Top]

COURSE AGENDA

Workshop A : 14^th August 2008*
Sukuk and Financial Products for Islamic Project Finance Transactions
*SIDC ACCREDITATION: CPE 10 Points

Introduction: Understanding the Basic Islamic Rules

• What is riba?
• What is gharar?
• What are the key rules of contract?
• What is the difference between possession and ownership?

Core Transactions and Sukuk

• Review of basic Islamic structures and their strengths and weaknesses for project finance.
• Overview of Sukuk
• What are they
• How are they governed
• How do they apply to project finance

Murabahah and Tawarruq

• How could Murabahah support project finance
• Why Tawarruq is used
  

Ijara Methods

• Understanding Ijarah, Ijarah wa iqtina and forward Ijarah deals
• Pros and cons of Ijarah with project finance
  Example of a construction deal using a forward lease

Salam & Istisna

• Understanding rules of Salam and its derivative Istisna
• Case study of Salam applied in a petrochemical project financing
  Example: Egyptian Fertilizer Company
• Case study of Istisna for power plant and its issues
  Example: SKS Tanjung Power

Musharakah, Mudarabah, & Wakalah

• What is the difference between Musharakah, Mudarabah and Wakalah: some basic rules and concepts
• How Mudarabah has been applied in project acquisitions with high risk
  Example: Aabar Petroleum
• How Musharakah solved a significant cross border project financing
  Example: Al Waha
• The Wakalah – ijarah alternative
  Example: Red Sea Gateway

Closing Discussion

• Review of securitization options for methods reviewed
• Discussion of global market issues and challenges
• Overview of market growth, demand factors, and absence of secondary markets

Workshop Conclusion

Workshop B : 15^th August 2008*
Islamic Wealth & Investment Management
*SIDC ACCREDITATION: CPE 10 Points

What are the applicable principles of Islamic investment & finance that concern us? What is the role of Islamic Law?

• Discussion of key principles, fiqh sources
• Understanding riba, gharar, jahala, maysir
• What are some of the boundaries of fiqh differences, key centers for our business?

Understanding why Scholars permitted Listed Equity Investing

• Review of prior objections
• Discussion of key reasons for the progression
• What are the limits and what are the main schools of thought on this matter
• Who are the main groups defining compliant universes and their parameters (DJIM, FTSE/SGX/Yassar, Securities Commission Malaysia, Standard & Poors, and the Najdi Four)?

Understanding the Sin & Financial Screens and Levels of Tolerance

• How much bad income, why do different boards have such wide tolerances?
• Is it possible to have a meaningful universe without “sin” exposure? (This should be a discussion with your team providing the input based on your work.)
• What are examples main financial screens?
• Why do various boards shift their definitions; why are there such wide tolerances?

Equity & Sukuk Fund Concepts, Structures

• The basic equity concept: how are new offshore centers and cross border rules affecting this business area
• What are the problems for Islamic fixed income and Sukuk funds?
• Sector funds, country funds

Alternative Investment Classes

• Real estate
• Venture capital & private equity
• Other areas of direct investment
• Problems and challenges including taxatios

The Special Problem of Real Estate Stocks & REITs

• What are reasons to exclude real estate stocks?
• Will scholars allow alternative screens based on the distinctive character of real estate stocks?
• Without special screens may one build a meaningful real estate securities universe? How may one identify compliant real estate companies which don’t require special screens?
  

Is there an Islamic Hedge Fund?

• What are the concepts being tested in the Islamic market
• Waad and Arbun structures
• Can Salam contracts replicate short sales?

The role of Takaful: Life Takaful & Shariah Compliant Annuities

• What are the principles of Takaful, and why is an important component of wealth management and estate planning?
• What is the evolution of new Takaful products including annuities and how might these assist with wealth management?
• How does one manage Takaful and Islamic annuity concepts so as to not violate the rules of inheritance?
  

Please note workshop B will commence at 8.30am

Workshop Conclusion

[Back to Top]

EXPERT COURSE DIRECTOR

ABDULKADER THOMAS

President & CEO, SHAPE™ Financial Corp. Arlington, Virginia and Kuwait. Consultants to the US and international financial community in matters relating to Shariah compliant financial structuring; sub-advisor to the global securities industry with respect to Sukuk and other forms of Islamic transactional issuance; and Islamic banking training resource. Present & past clients include University Bank of Ann Arbor, APICORP of Saudi Arabia, FWU Group of Germany, Salam Financial Corp. of Toronto, Siraj Capital, Ltd. of Jeddah, First Investment of Kuwait, Qatar Consulting of Doha, Khazaen Venture Capital of Kuwait, Taj Capital of Toronto, and others.

Abdulkader has over 25 years of diversified financial services experience. A graduate of the Fletcher School of Law & Diplomacy in international trade, Abdulkader earned a BA with honors in Arabic & Islamic Studies from the University of Chicago.

Based in Kuwait, Abdulkader has worked in Bahrain, New York, London, Washington, D.C., and Los Angeles. His areas of activity have included trade finance, real estate finance, securities, and Islamic finance at Citibank, Credit Lyonnais, Sumitomo Bank, Ltd., The United Bank of Kuwait, and MEF Money/Guidance Financial Group.

Abdulkader is responsible for shepherding the first US banking regulatory approvals of Islamic financial instruments for Ijarah wa Iqtina and Murabahah. More recently Abdulkader secured regulatory approval for an Islamic profit sharing deposit to be applied in the US. Abdulkader also structured the first REIT of REITs structured to allow Muslims to invest in listed US REITs whilst complying with Shariah. Abdulkader has also been involved in the structuring of inbound foreign investment for both the US and the UK. Abdulkader has included supervising marketing and consumer demographics in conjunction with new business launches.

[Back to Top]

DATES & PRICE

Discounts

• Why not take advantage of our special group booking incentive and train a number of your team members at once?  Send 3 delegates to any one course and receive a fourth place completely free of charge.  Further incentives are also available for higher delegate numbers – please contact us directly for more details.

[Back to Top]