AAOIFI STANDARDS ONLINE TRAINING SEMINAR
-| REGISTRATION CLOSED |-
Date: August 24-25, 2020
Time: 3:00 PM - 5:00 PM (Malaysian Standard Time)
Facilitator: Prof. Dr. Younes Soualhi
Venue: Google Meet
Free of charge | Certificates provided
ISLAMIC APPROACHES TO FINANCING SMALL BUSINESS
November 27, 2020
2:00-5:00 pm
Individual: ₤50 |10 pax: ₤450
Capacity: 25 seats
About the workshop
​
The growing focus on SMEs’ role in the global economy has drawn interest in the methods of financing their activities. Islamic finance caters to different players in business. Various forms of small business financing exist in the Islamic finance which will be elaborated in the workshop, as well as their legal implications and practical advantages/disadvantages.
Workshop objectives
​
1. To explore different ways of financing small business in Islam
2. To explain Islamic legal implications of small business financing
3. To examine advantages of financing small business in Islam
​
Learning outcomes
1. Grasp the various Islamic approaches to financing small business 2. Understand the legal/Shari’ah requirements and impediments in Islamic small business finance and their implications
3. Become well-acquainted with the advantages and disadvantages of Islamic approaches to small business finance
​
Facilitator: Assoc Prof Dr Luqman Zakariyah
​
As a graduate of the Shari’ah programme in the Islamic university of Medina and former ILP Fellow of Harvard Law School, Assoc Prof Dr Luqman has trained several teams of Islamic bankers including OCBC, SIRIM and PNB. He previously held positions as head of the Department of Fiqh and Usul al-Fiqh (IIUM), Head of Research at the IRKHS Faculty (IIUM), and Internal ISO Auditor of IIUM. He has various publications in the field of Islamic banking and finance.
ISLAMIC HOME FINANCING PRODUCTS
June 26, 2020
2:00 pm - 5:00 pm
Individual: ₤50 |10 pax: ₤450
Capacity: 25 seats
Synopsis
​
Home financing is one of largest portfolios of a bank and represents some of its most lucrative business. Islamic banking products exist to cater for Islamic-style house financing, especially for the large Muslim population in the UK. Interest has grown in the West in methods of financing big ticket items, including for Muslim consumers. Various forms of Islamic home business financing are elaborated in this workshop including their Islamic legal implications for banks, as well as practicality considerations for conventional banks wishing to offer such products and facilities.
​
Workshop objectives
​
1. To explore different forms of financing home purchases in Islam
2. To explain the Islamic legal implications of Islamic home financing
3. To examine the advantages of Islamic home financing
​
Learning outcomes
1. Grasp the various Islamic approaches to financing home purchases in Islam
2. Understand the legal/Shari’ah requirements and impediments in Islamic home financing and their implications
3. Become well-acquainted with the practical considerations of offering Islamic home financing in common/civil law jurisdictions
​
Facilitator: Assoc Prof Dr Luqman Zakariyah
​
As a graduate of the Shari’ah programme in the Islamic university of Medina and former ILP Fellow of Harvard Law School, Assoc Prof Dr Luqman has trained several teams of Islamic bankers including OCBC, SIRIM and PNB. He previously held positions as head of the Department of Fiqh and Usul al-Fiqh (IIUM), Head of Research at the IRKHS Faculty (IIUM), and Internal ISO Auditor of IIUM. He has various publications in the field of Islamic banking and finance.
Islamic Sukuk Structuring, Issuance and Investing
July 23, 2020
9:00 am -5:00 pm
Individual: ₤200 | 10 pax: ₤1900
Capacity: 25 seats
Synopsis
​
Sukuk are one of most creative Islamic financial products and innovations of the modern age. They have attracted international investors from around the world often being greatly oversubscribed. Sukuk exist to cater for Islamic-style securitised fund raising for a variety of different purposes, from long-term capital to short-term liquidity needs. Interest has grown in the west in methods of investing in and issuing sukuk with some sovereigns lately inaugurating their first sukuk issuances. Various forms of sukuk structures are elaborated in this workshop including their Islamic legal implications for issuers and money managers. Practicality considerations are also discussed for issuing sukuk as well as the process and techniques involved in sukuk investing.
Workshop objectives
1. To explore the different forms of sukuk structuring
2. To explain the Islamic legal implications of the different sukuk structures
3. To review the practical considerations for different sukuk structuring for issuers and investors
4. To elaborate the process and techniques for investing in sukuk
Learning outcomes
1. Grasp the various existing approaches to sukuk structuring
2. Understand the legal/Shari’ah requirements for and impediments to sukuk structures and their implications 3. Become well-acquainted with the practical considerations of issuing/investing in sukuk
4. Become well-acquainted with the process involved in and techniques of sukuk investing
​
Facilitator: Prof Dr AbdulRazzaq A. Alaro
AbdulRazzak has held positions as a barrister & solicitor of the Supreme Court of Nigeria and a professor and head, of department of Islamic Law at University of Ilorin, Nigeria; he is a a member of the Advisory Council of Experts on Non-Interest Banking at the Central Bank of Nigeria and a member of the Takaful Advisory Council and National Insurance Commission; he is also the Head of Research at the Studies and Translation department of the Union of African Scholars in Bamako, Mali.
​
Islamic Investment
Funds
June 27, 2020
9:00 am – 5:00 pm
Individual: ₤70 | 10 Pax: ₤650
Capacity: 25 seats
Synopsis
One of the main objectives of the Islamic financial system is the mobilization of funds from surplus to deficit units. The accumulation of savings in jurisdictions which do not offer much Islamic investment channels makes it a lucrative market for Islamic finance initiatives. Islamic investment funds are collective investment schemes (CIS)which are governed by Shari’ah principles in the assets they hold and their operations. This workshop will discuss the variety of Islamic investment funds that could be offered to the Islamic public including Islamic ETFs. The Shari’ah legal considerations including Shari’ah screening and Shari’ah-compliant operations will be elaborated, as well as the unique legal and regulatory considerations relating to Islamic CIS.
Workshop objectives
1. To discuss the different forms of Islamic collective investment schemes including ETFs
2. To elaborate the Islamic legal considerations relating to Islamic investment fund management
3. To review the unique legal and regulatory considerations relating to Islamic investment fund management
Learning outcomes
1. Gain a thorough understanding of the different types of Islamic collective investment schemes including ETFs
2. Become well acquainted with the Islamic legal issues relating to Islamic investment fund management
3. Understand the unique legal and regulatory considerations relating to Islamic investment fund management
​
Facilitator: Mohamed Benaicha
​
Mohamed comes from a finance and Shari’ah background and has experience in Islamic finance research at ISRA and investment industry practice in Canada. He also has a number of publications in the domains of Shari’ah and Islamic finance. He holds several certificates/designations from the Canadian investment industry as well as an MSc in Islamic finance from IIiBF.
​
Introduction to AAOIFI
Standards
July 24-25, 2020
9:00 am - 5:00 pm
Individual: ₤250 | 10 pax: ₤2400
Capacity: 25 seats
Synopsis
The AAOIFI Shari’ah Standards enjoy wide acclaim and are adopted by a number of jurisdictions in which the Islamic finance industry has taken hold. They represent well-articulated Shari’ah references for legislative bodies, regulatory bodies, various financial institutions and professional entities such as law and accounting firms. They’re officially adopted by a number of central banks and financial authorities. This workshop will explore these Standards and their application in the industry including in Islamic banks, Islamic capital market, Islamic insurance and Islamic social finance. There will also be an allusion to the important divergences between AAOIFI Shariah Standards and other standards.
Workshop objectives
1. To discuss the variety of standards contained in the AAOIFI Shariah Standards manual
2. To demonstrate the application of standards contained in the AAOIFI Shariah Standards manual
3. To highlight key contrasting elements between the approaches of AAOIFI’s Shari’ah Standards and others standards such as those of IFSB
Learning outcomes
​
1. Grasp the variety of standards contained in the AAOIFI Shariah Standards manual
2. Become well accustomed to the application of standards contained in the AAOIFI Shariah Standards manual
3. Understand key contrasting elements between the approaches of AAOIFI’s Shari’ah Standards and others standards such as those of IFSB
​
Facilitator: Soualhi Younes. He is currently a Senior Researcher at ISRA and the Head of Islamic Banking Unit. He also teaches at INCEIF. He chairs/sits on the board of several Shari'ah committees of regulators, prominent Islamic banks and takaful companies including the Malaysian Securities Commission. He is a registered financial planner (RFP, MFPC). He is also a member of AAOIFI Shariah sub-committee. He served as a subject matter expert for Global Takaful Survey (CIBAFI).
Management of Muslim Public Funds
March 28, 2020
9:00 am - 1:00 pm
Individual: ₤60 | 10 pax: ₤550
Capacity: 25 seats
Synopsis
The Islamic financial system deals with public funds perhaps as much as private funds. The accumulation of Muslim public funds in jurisdictions which do not have laws that cater to their management necessitates a strong governance framework to insure sound practices on behalf of the collector/administrator of Muslims public funds such as the mosque or charities. This workshop will explore good governance practices concerning Muslims public funds. The workshop also elaborates the Islamic legal issues related to their management in the contemporary setting seeing as how a variety of opinions exist. Investment of such funds will be discussed and the different avenues for investing them delineated.
Workshop objectives
1. To discuss good governance practices for Islamic public funds
2. To elaborate the Islamic legal issues relating to contemporary management of Muslim public funds
3. To delineate the methods of investing Muslims public funds
Learning outcomes
​
1. Gain a thorough understanding of good governance practices for Islamic public funds
2. Become well acquainted with the Islamic legal issues relating to contemporary management of Muslim public funds
3. Understand the methods of investing Muslims public funds
​
Facilitator: Assoc Prof Dr Luqman Zakariyah
As a graduate of the Shari’ah programme in the Islamic university of Medina and former ILP Fellow of Harvard Law School, Assoc Prof Dr Luqman has trained several teams of Islamic bankers including OCBC, SIRIM and PNB. He previously held positions as head of the Department of Fiqh and Usul al-Fiqh (IIUM), Head of Research at the IRKHS Faculty (IIUM), and Internal ISO Auditor of IIUM. He has various publications in the field of Islamic banking and finance.
​
Shariah Compliance in Structuring Islamic Products
July 21, 2020
9:00 am - 5:00 pm
Individual: ₤70 | 10 pax: ₤650
Capacity: 25 seats
Synopsis
Islamic finance is growing at an unprecedented rate with global interest in its value-adding potential also deepening. Banks, insurance companies and money managers from around the world have begun operating IF windows. Underlying IF is a core set of common principles based in Shari’ah law that represent the basic operational framework for the products of Islamic Financial Institutions which will be discussed in the workshop. Islamic finance operations must insure 100% Shari’ah compliance or risk ruining their reputation in the public eye. The workshop also elaborates the methods of dealings with Shari’ah non-compliance (SNC) risk and good governance practices to insure Shari’ah compliance.
Workshop objectives
1. To discuss the essential elements of Shari’ah compliance in structuring Islamic finance products including banking products and capital markets products
2. To elaborate the methods of identifying, averting and managing (SNC) risk
3. To delineate the governance practices which insure Shari’ah-compliant operations of Islamic finance products
Learning outcomes
1. Gain a thorough understanding of essential elements of Shari’ah compliance in structuring Islamic finance products
2. Become well-acquainted with the methods of identifying, averting, and managing SNC risk
3. Understand the governance practices which insure Shari’ah-compliant operations of Islamic finance products
​
Facilitator: Asst Prof Dr Akhtarzaite Abdul Aziz. She was awarded with the recognition of being Malaysia’s Top 10 Women in Islamic Finance and the Top 100 in the worldwide. She has been a chairman/member of several Shariah Committees of IFIs in Malaysia. She was educated and lectures at International Islamic University Malaysia. She also served roles at Securities Commission Malaysia, IIiBF, ASAS, and IBFIM.
INTENSIVE SUMMER ISLAMIC FINANCE TRAINING SEMINAR
July 20th - 25th, 2020
9:00 am – 5:00 pm (see individual module details)
Individual: ₤690 | 10 Pax: ₤6500
Capacity: 25 seats
Facilitators
Prof. Dr. Younes Soualhi (ISRA)
Prof. Dr AbdulRazza A. Alaro (Unilorin)
Assoc. Prof. Dr. Luqman Zakariyah (FUK)
Asst. Prof. Dr. Akhtarzaite Abdul Aziz (IIUM)
Mr. Mohamed Benaicha (Iiibf, IIUM)
​
About the modules
MODULE 1: UNDERLYING SHARI’AH PRINCIPLES IN ISLAMIC FINANCE
July 20, 2020
9am - 5pm
Islamic finance is growing at an unprecedented rate with global interest in its value-adding potential also deepening. International banks, insurance and money managers from around the world have begun operating IF windows. Underlying IF is a core set of common principles based in Shari’ah law that represent the basic operational framework for the products of Islamic Financial Intermediaries. This workshop will explore these principles including their application in Islamic finance today. Practicality considerations of Shari’ah principles in Islamic finance are also discussed including legal and regulatory implications.
Module objectives:
1. To explore different principles of Islamic finance products and operations
2. To demonstrate the application of such principles in Islamic finance products
3. To review the practical considerations for the different principles including law and regulation.
MODULE 2: SHARIAH COMPLIANCE IN STRUCTURING ISLAMIC PRODUCTS
July 21, 2020
9am - 5pm
International banks, insurance and money managers from around the world have begun operating IF windows. Underlying IF is a core set of common principles based in Shari’ah law that represent the basic operational framework for the products of Islamic Financial Intermediaries. Islamic finance operations must insure 100% Shari’ah compliance or risk ruining their reputation in the public eye. The workshop also elaborates the Islamic legal issues related to their management in the contemporary setting seeing as how a variety of opinions exist. Investment of such funds will be discussed and the different avenues for investing them delineated.
Module objectives:
1. To discuss good essential elements of Shari’ah compliance in structuring Islamic finance products including banking products and capital markets products
2. To elaborate the methods of identifying, averting and managing Shari’ah non-compliance risk
3. To delineate the governance practices which insure Shari’ah-compliant operations frameworks of Islamic finance products
MODULE 3: ISLAMIC HOME FINANCING PRODUCTS
July 22, 2020
9am - 1pm
Home financing is one of largest portfolios of bank and represents some of its most lucrative business. Islamic banking products exist to cater for Islamic-style home financing, especially for the large Muslim population in the UK. Interest has grown in the West in methods of financing big ticket items of Muslim consumers. Various forms of Islamic home financing are elaborated in this workshop including their Islamic legal implications for banks, as well as practicality considerations for conventional banks wishing to offer such products and facilities.
Module objectives:
1. Explore different forms of financing home purchases in Islam
2. Explain Islamic legal implications of Islamic home financing
3. Examine advantages of Islamic home financing
MODULE 4: MANAGEMENT OF MUSLIM PUBLIC FUNDS
July 22, 2020
2 pm - 5pm
The Islamic financial system deals with public funds perhaps as much as private funds. The accumulation of Muslim public funds in jurisdictions which do not have laws that cater to their management necessitates a strong governance framework to insure sound practices on behalf of the collector/administrator of Muslims public funds such as the mosque or charity. This workshop will explore good governance practices concerning Muslims public funds. The workshop also elaborates the Islamic legal issues related to their management in the contemporary setting seeing as how a variety of opinions exist. Investment of such funds will be discussed and the different avenues for investing them delineated.
Module objectives:
1. To discuss good governance practices for Islamic public funds
2. To elaborate the Islamic legal issues relating to contemporary management of Muslim public funds
3. To delineate the methods of investing Muslims public funds
MODULE 5: ISLAMIC SUKUK STRUCTURING AND INVESTING
July 23, 2020
9am - 5pm
Sukuk are one of most innovative Islamic financial products and innovations of the modern age. They have attracted international investors from around the world often being greatly oversubscribed. Sukuk exist to cater for Islamic-style securitized fund raising for a variety of different purposes, from long-term capital to short-term liquidity needs. Interest has grown in the West in methods of investing in and issuing sukuk with some sovereigns lately inaugurating their first sukuk issuances. Various forms of sukuk structures are elaborated in this workshop including their Islamic legal implications for issuers and money managers. Practicality considerations are also discussed for issuing sukuk as well as the process and techniques of sukuk investing.
Module objectives:
1. To explore different forms of sukuk structuring
2. To explain Islamic legal implications of the different sukuk structures
3. To review the practical considerations for different sukuk structuring for issuers and investors
4. To elaborate the process and techniques for investing in sukuk
MODULE 6: INTRODUCTION TO AAOIFI STANDARD
July 24, 2020
9 am - 5pm
The AAOIFI Shari’ah Standards enjoy wide acclaim and are popular in a number of jurisdictions in which the Islamic finance industry has taken hold. They represent a well-articulated Shari’ah reference for legislative bodies, regulatory bodies, various financial institutions and professional entities such as law and accounting firms. They’re officially adopted by a number of central banks and financial authorities. This workshop will explore these Standards and their application in the industry including in Islamic banks, Islamic capital markets, Islamic insurance and Islamic social finance.
Module objectives:
1. To discuss the variety of standards contained in the AAOIFI Shariah Standards manual
2. To demonstrate the application of standards contained in the AAOIFI Shariah Standards manual
3. To highlight key contrasting elements between the approaches of AAOIFI’s Shari’ah Standards and others standards such as those of IFSB
MODULE 7: ISLAMIC INVESTMENT FUNDS
July 25, 2020
9 am - 5pm
One of the main objectives of the Islamic financial systems is the mobilization of funds from surplus to deficit units. The accumulation of savings in jurisdictions which do not offer much Islamic investment channels makes it a lucrative channel for Islamic finance initiatives. Islamic investment funds are collective investment schemes (CIS)which are governed by Shari’ah principles in the assets they hold and their operations. This workshop will discuss the variety of Islamic investment funds that could be offered to the public including Islamic ETFs; the Shari’ah-legal considerations including Shari’ah screening and Shari’ah-compliant operations will be elaborated. The unique legal and regulatory considerations relating to Islamic CIS will also be discussed.
Module objectives:
1. To discuss the different forms of Islamic collective investment schemes including ETFs
2. To elaborate the Islamic legal considerations relating to Islamic investment fund management
3. Review the unique legal and regulatory considerations relating to Islamic investment fund management