Islamic Capital Market

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ICM Series: The sukuk market

Dates:  18 August - 19 August 2018 (8.30am - 5.00pm) 
Venue: Securities Commission Malaysia
Accreditation: SIDC CPE-approved: 10 CPE points


The Islamic capital market grew 11.9% to RM1.9 trillion in 2017. This segment accounted for close to 60% of the overall capital market. The Islamic capital market maintained its leading position globally with 38% of global sukuk issuances.

  • Programme Delivery

    Programme Objective

    This programme is designed to distinguish between Sukuk and conventional bonds as well as evaluate Sukuk as an alternative means of financing and investment. This module will cover the regulatory framework, structures, features, concepts and issues pertaining to the Islamic securities in Malaysia.

    Learning Outcomes

    By the end of this programme, participants will be able to:
    • describe the distinctive characteristics of Sukuk and its differences from conventional bonds;
    • explain the Shariah and regulatory framework applicable to Sukuk market;
    • examine the various types and structures of Sukuk and their underlying contracts;
    • analyse the different Sukuk structures; and
    • discuss on the issues and challenges in issuance and structuring of Sukuk.

    Topics Covered

    • Overview of Islamic Securities (Sukuk)
    • Types of Sukuk and its Salient Features
    • Modes of Issuing Sukuk
    • Capital Guarantee
    • Analysing Sukuk Structures
    • Sukuk Rating: General Approach, Criteria & Methodology
    • Other General Rating Approaches

    Target Audience

    Individuals
    Experienced and new professionals or industry practitioners in the capital market, ICM and academia.
     
    Institutions
    Asset management companies, advisory firms, legal firms, accounting firms,  stockbroking firms, investment banks, insurance companies, public listed companies and SMEs.

    Competencies

    Foundational (Product Knowledge) - Islamic Capital Market Products
    Foundational (Regulatory Knowledge) - Islamic Capital Market Regulations
  • Programme Outline

    Day 1
     
    8.30 am Registration
    9.00 am Overview of Islamic Securities (Sukuk)
    • Evolution and Sukuk as a component of the Malaysian financial system
    • Features and characteristics of Sukuk vis a vis bond
    • The Shariah and regulatory framework for Sukuk and related legal documentations
    10.30 am Refreshments
    11.00 am Types of Sukuk and its salient features
    • Asset based vs asset backed
    • Debt based vs partnership based
    • Wakalah based Sukuk
    • Tradability
    12.30pm Lunch
    2.00 pm Modes of Issuing Sukuk
    • Musharakah Sukuk: structure, specific legal issues and examples
    • Mudarabah Sukuk: structure, specific legal issues and examples
    • Investment Sukuk
    3.30 pm Refreshments
    3.45 pm Modes of Issuing Sukuk (continued)
    • Other Sukuk: Wakalah, Salam & other exotic Sukuk
    • Pricing and distribution
    5.00 pm End of Session

    Day 2
     
    8.30 am Registration
    9.00 am Capital Guarantee
    • Types of guarantee
    • Shariah rulings
    • Capital guarantee on various Sukuk structures
    • Discussion of examples
    10.30 am Refreshments
    11.00 am Analysing Sukuk Structures
    • Understanding Principal Terms and Conditions (PTC)
    • Structuring Sukuk
    • Discussions on identified case studies
    12.30pm Lunch
    2.00 pm Sukuk Rating: General Approach, Criteria & Methodology
    • Role of credit rating agencies
    • Use and benefits of credit rating
    • Rating approach to Sukuk issues
    3.30 pm Refreshments
    3.45 pm Other General Rating Approaches
    • Rating Scale
    • Rating definition
    • Rating outlook and  Rating watch
    • Discussions of case studies
    5.00 pm End of Programme

     
  • Programme Fees

    Items Standard Early Bird (Before 6 July 2018)
    ICM Programmes Combo - 6 Programmes* RM650/ Programme RM550/ Programme
    Custom Combo -3 or more Programmes (Any programmes under ICM Series)* RM700/Programme RM600/ Programme
    1 Programme* RM750/Programme RM650/ Programme
    *Upon registration, please email to registration@sidc.com.my to entitle for the combo price