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FINANCIAL MARKET COURSES

Sukuk Market

Sukuks are the Islamic financial market's equivalent of conventional bonds or notes. However, sukuks are very different from conventional bonds, which are subject to interest or coupon payments - both prohibited under shari’a. This course looks at the origins of the sukuk market and presents an overview of the current state of play in the market. Various types of sukuk and sukuk are introduced and the course also looks at the current issues and challenges faced by the sukuk industry.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the key features of sukuks, how they originated and the current state of the sukuk market

    Outline the main types and structures of sukuk

    Discuss the key issues and challenges faced by the sukuk industry today

  • COURSE OUTLINE

    Topic 1: Sukuks: Features

    Overview of Sukuks

    Sukuks & Conventional Bonds

    Advantages & Disadvantages of Sukuks

    Market for Sukuks

    o Issuers

    o Investors

    Topic 2: Sukuk Structures & Types

    Basic Sukuk Structure

    Types of Sukuk

    o Ijara Sukuk

    o Mudharaba Sukuk

    o Musharaka Sukuk

    o Murabaha Sukuk

    o Salam Sukuk

    o Hybrid Sukuk

    o Other Sukuk Types

    Topic 3: Issuing Sukuks

    Issuing Process

    Costs of Issuance

    Shari’a & Regulatory Compliance

    Credit Enhancement

    Topic 4: Sukuk Market: Issues & Challenges

    Overview of Issues & Challenges for the Sukuk Market

    Capital Guarantees

    Liquidity & Convertibility

    Ratings

    Product Complexity & Regulatory Challenges

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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