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About the course

Explore managing leasing transactions & the uses of Musharaka, Mudaraba & Sukuk

Agenda

Day 1

  • Leasing (ijara) transactions: particularly real estate, equipment finance and project and Infrastructure finance
    • Conventional real estate rransactions – a short history of real estate investing in Islamic finance
    • Elements of the ijara (Lease)
    • Bifurcated structures: generic ijara transactions

A case study variation: all cash acquisition and subsequent financing (United States). A case study variation: all cash acquisition, subsequent financing, initial loan structure (United Kingdom). A case study variation: No puts or calls on real property (Sweden)

  • Murabaha, tawarruq and musawamma
    • Murabaha, tawarruq and musawamma defined
    • Some murabaha and musawamma principles
    • Generic murabaha structures
    • Generic syndicated murabaha
    • Syndicated murabaha with an agent
    • Working capital murabaha transactions
  • Case study: term and revolving murabahas.

Day 2

  • Musharaka

    • Musharaka defined
    • Some musharaka principles
    • The diminishing musharaka structure
  • Mudaraba

    • Mudaraba defined
    • Some mudaraba principles
    • Mudaraba structures in finance
    • Mudaraba structures in Islamic banking
    • Mudaraba structures in takaful
  • Sukuk

    • Cross collateralised pool financings
    • Europe
    • United States
    • Perspective
    • Asset securitisations generally
    • Conceptual transactional structure
    • Sukuk defined
    • AAOIFI considerations and categories
    • Sukuk markets
    • Sukuk al-Ijara
    • Sukuk al-Mudaraba
    • Sukuk al-Musharaka
    • Sukuk al-Murabaha
    • Sukuk al-Wakala
    • AAOIFI clarification of Standard (17): March 2008
    • Legal impediments to enforceability and ratings
  • Case Studies

    • Bahrain Financial Harbour Sukuk
    • Tamweel RMBS Sukuk
    • TECOM Free Zone CMBS
    • Private Commercial Sukuk al- Wakala bel-Istithmar
    • Government Sukuk al-Wakala bel-Istithmar
    • Sukuk al-Musharaka
    • Sukuk al-Mudaraba
  • Goldman Sachs

  • Course summary and close

This course is part of Islamic Finance Academy, which is made up of 6 individually bookable modules:

  • Module 1: Introduction to Islamic Finance & Banking
  • Module 2: Islamic Banking including Retail Products
  • Module 3: Leasing, Musharaka, Mudaraba and Sukuk
  • Module 4: Equity Investing, Private Equity and Islamic Contracts
  • Module 5: Investment Finance and Project Finance
  • Module 6: Takaful

A 2-day programme on managing leasing transactions and the principles and uses of Musharaka, Mudaraba and Sukuk.

This course forms Part 3 of the Islamic Finance Academy.

Trust the experts

Michael JT McMillen

The course instructor received his M.D. from the Albert Einstein College of Medicine, his J.D. from the University of Wisconsin Law School, and his B.B.A. from the University of Wisconsin – Madison.He is a partner of an international law firm and works in their New York, Dubai, Muscat, Kuwait, Is...

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