Advanced sukuk and Islamic securitization

Instruction Language

English

Country

United Arab Emirates

English Abstract

Sukuk has emerged over the past 5 years as an increasingly important asset class.

These products have a number of objectives : to offer a mechanism for the sharing of profits from a project or asset; to enable organizations to raise capital in a Sharia’a-compliant fashion; and to expand the investor bases for issuers and offering investment opportunities to new groups.

Considering their relative infancy, Sukuk may be structured in a number of increasingly complex ways.

Indeed, new products are being continuously developed and further innovation is underway as Sukuk become more widely accepted and mainstream.

Challenges, however, remain : issues concerning ratings, liquidity, Sharia’a, standardization, product acceptability and documentation all combine to ensure the development of Sukuk instruments is no straightforward task.

Further complications have recently arisen due to a number of high profile defaults in the GCC.

What have these events taught us about future Sukuk issuances and structures ? This is a highly practical, fully-revised 3 day course delivered by industry expert Abdulkader Thomas that will address all the above issues in detail.

The program is conducted in a consultative fashion and all key concepts and structures are illustrated by a new case study or an exercise.

At various points during the course delegates are expected to work in groups to structure financing solutions for clients, and then present these ideas to the full class.

Objectives

- -Compare and contrast between Sukuk, bonds and asset backed securities (ABS). -Identify different type of Sukuk and debt capital market strategies applied in the market. Examine various current issues related to Sukuk market-covering business, credit, legal, Sharia’a and other issues. -Analyze various deal term sheets to determine risks, legal status and enforcement rights of investors. -Structure suitable Sukuk solution to meet different financing and investment needs. -Use new and recent real-life deals to understand key concepts.

Field work

Islamic bankers, corporate financiers, investment bankers, corporate and commercial bankers, private bankers, analysts, portfolio Managers, consultants and lawyers, investment advisors, regulators, government representatives.

Certificate / Course Program

Day 1 : -Sharia’a principles relevant to the Sukuk market. -Sovereign Sukuk. -General obligation / corporate finance Sukuk. Day 2 : -Covered Sukuk. -Asset backed securitization Sukuk (ABS). -Construction and project finance. Day 3 : -Convertible / exchangeable. -Group Exercise : how to apply a convertible Sukuk to facilitate merger and acquisitions?. -Financial institutions. -Corporate perpetual Sukuk. -Restructuring and refinance. -Final group exercise.