Certified Sukuk Professional

"Cer­ti­fi­ed Su­kuk Pro­fes­si­onal” is a high­ly struc­tu­red and prac­ti­ce ori­en­ted co­ur­se which is de­sig­ned un­der the su­per­vi­si­on of Su­kuk ex­perts in or­der to me­et the mar­ket de­mand for Hu­man Re­so­ur­ces in this area. The aim of this co­ur­se is to fa­mili­ari­ze in­di­vidu­als in Su­kuk with the prin­ciples, struc­tu­res, and met­ho­dolo­gi­es and prac­ti­cal tran­sacti­onal is­su­es re­lating to the use of Su­kuk in the mo­dern Is­la­mic fi­nan­ce Cer­ti­fi­ed Su­kuk Pro­fes­si­onal prog­ram comp­ri­ses of two mo­dules, each mo­dule ha­ving three month du­rati­on. Strong tu­tori­al sup­port is an in­tegral part of the dis­tance edu­cati­on sys­tem. The ma­teri­al pro­vided by the tu­tori­al ses­si­ons will help the stu­dents to up­da­te the­ir know­ledge ac­cording to the la­test terms used glo­bal­ly in Su­kuk. Su­kuk or Sha­ri­ah comp­li­ant se­curi­ti­es emer­ged as the 21^st cen­tu­ry in­no­vati­on and an inc­re­asing­ly im­portant as­set class in Is­la­mic fi­nan­ci­al sys­tem. With a ve­ry high mar­ket growth ra­te 35% p.a. by a ca­reful es­ti­mate, it is ex­pected to be worth $200 bil­li­on by the year 2010.

*Su­kuk – Stock mar­ket

Mo­dules & Stu­dy De­ta­ils

Du­rati­on: 6 Month

Num­ber of Mo­dule:2

Du­rati­on of Each Mo­dule:3 Month

Ba­sics of Su­kuk

• Int­ro­duc­ti­on to se­curi­tiza­ti­on
• What is Is­la­mic se­curi­tiza­ti­on? A his­to­rical pers­pec­ti­ve
• Su­kuk – the ever gro­wing mar­ket
• Su­kuk & Se­curi­tiza­ti­on
• The be­nefits of se­curi­tiza­ti­on
• Su­kuk cha­rac­te­riza­ti­on ac­cording to AAOIFI
• Su­kuk vis-à-viz Bonds

Su­kuk & Con­venti­onal Bonds: A Com­pa­rison

Int­ro­duc­ti­on to Is­la­mic Fi­nan­ce

• What is Ri­ba (In­te­rest) – Pro­hibi­ti­on of Ri­ba in Is­lam Fun­da­men­tals of Is­la­mic Eco­nomics.

Is­la­mic Fi­nan­ci­al Pro­ducts

• Mu­shara­kah & Mu­dara­bah

· The ba­sic ru­les and Fe­atu­res of Mu­shara­kah & Mu­dara­bah

· Dist­ri­buti­on of Pro­fit & Loss in Mu­shara­kah & Mu­dara­bah

· Di­mini­shing Mu­shara­kah

· De­ter­mi­ne the Ren­tal in Di­mini­shing Mu­shara­kah

· Unit me­chanism in Di­mini­shing Mu­shara­kah

· Ba­se Mo­de of Is­la­mic Fi­nan­ce – Bai (Bu­ying & Sel­ling)

· Ba­sic Ru­les & Kind of Bai

· Bai Mu­rabah

· Ba­sic Fe­atu­res of Mu­rabah

· Mu­rabah as fi­nan­cing mo­de

· Sta­ges in­volve in Mu­rabah sa­le

· Sha­ri­ah comp­li­an­ce & Mu­rabah Pro­ducts

· Le­gal do­cumen­ta­ti­on of Mu­rabah cont­ract

· Mu­raba­ha in In­terna­ti­onal Tra­de

· Prac­ti­cal as­pects & Is­su­es of Mu­rabah

· Ca­se stu­dy

· Bai Sa­lam & Pa­ral­lel Sa­lam

· Bai Is­tisna

· Dif­fe­ren­ce bet­we­en Sa­lam & Is­tisna

· So­me ot­her Ty­pe’s of Bai (Ta­war­ruq, Bai Mu­sawa­mah, Bai Surf, Bai Ur­bo­on, Bai Een­na, Bai Di­mini­shing Mu­shara­kah as Ide­al Pro­duct for Is­la­mic Ho­using Fi­nace.To­uliya, Bai Wad­hia)

· Bai ac­cording to Qua­lity (Bai Sa­lah,Bai Fa­sid, Bai Ba­til, Bai Ma­qo­of, Bai Ma­jo­ol, Bai Mu­qa­yad­dah, Bai Mu’ajal)

· Ija­rah (Is­la­mic Le­ase)

· What is le­asing?

· Sha­ria’h al­terna­tive – Ija­rah

· Ija­rah (Ope­rating Le­ase) vs. Con­venti­onal le­asing (Fi­nan­ci­al Le­asing)

· Sha­ria’h comp­li­an­ce of Ija­rah

· Le­gal fra­mework 7 do­cumen­ta­ti­ons for Ija­rah pro­ducts

· Ba­sic fe­atu­re of Ija­rah cont­ract & Its Ope­rati­onal Me­chanism

· Prac­ti­cal as­pects & Is­su­es of ija­rah

· Su­kuk Al Ija­rah

· Ca­se stu­dy

Sha­ri­ah Prin­ciples of Su­kuk

• AAOIFI* Sha­ri­ah stan­dards for Is­su­ing Su­kuk
• Va­ri­ous ty­pes of in­vest­ment Su­kuk un­der AAOIFI stan­dards
• Is­su­es & Chal­lenges to ma­ke su­kuk Sha­ri­ah Comp­li­an­ce
• So­me re­gula­tory as­pects of Su­kuk

Is­su­an­ce Pro­cess

• Par­ti­es In­volved
• Flow
• Dist­ri­buti­on met­hods
• Do­cumen­ta­ti­on
• Struc­tu­ring con­si­dera­ti­ons
• Ad­vanta­ge of Su­kuk Is­su­ing
• Ad­vanta­ge of Su­kuk In­vestor
• Par­ti­es In­volved for Is­su­ing Su­kuk
• Chal­lenges of Mar­ket
• Ta­kaful & Hed­ging in Su­kuk

AAOIFI Su­kuk Struc­tu­re

• Sa­lam Cer­ti­fica­tes
• Is­tisna Cer­ti­fica­tes
• Mu­rabah Cer­ti­fica­tes
• Mu­shara­kah Cer­ti­fica­tes
• Mu­zarah (sha­rec­ropping) Cer­ti­fica­tes
• Mu­saqah Cer­ti­fica­tes
• Mug­ha­rasah Cert­fif­ca­tes
• Cer­ti­fica­tes of ow­ners­hip in le­ase as­sets
• Cer­ti­fica­tes of ow­ners­hip of usuf­ructs
• Cer­ti­fica­tes of ow­ners­hip of usuf­ructs of exis­ting as­sets
• Cer­ti­fica­tes of ow­ners­hip of usuf­ructs of desc­ri­bes fu­ture as­sets
• Cer­ti­fica­tes of ow­ners­hip of ser­vi­ces of a spe­cific par­ty
• Cer­ti­fica­tes of ow­ners­hip of desc­ri­bed fu­ture ser­vi­ces

Struc­tu­ring & Ope­rati­on of Su­kuk

• Cre­ating op­portu­niti­es in emer­ging Mar­ket
• Struc­tu­ring, Ope­rati­on and per­forman­ce of Su­kuk
• Is­su­es and Chal­lenges in Sha­ri­ah comp­li­ant Se­curi­tiza­ti­on
• The pha­ses in struc­tu­ring Su­kuk:
• Sha­ri­ah Is­su­es
• Se­con­da­ry mar­ket for Su­kuk
• Tra­ding of debt se­curi­ti­es?
• Bay’ al Da­yn with dis­co­un­ting?
• Le­gal do­cumen­ta­ti­on & re­lated is­su­es
• Cross Bo­ar­der Lis­ting of Su­kuk
• Le­gal Re­qu­ire­ments for Is­su­ing Su­kuk

Ot­her As­pects to be con­si­dered:

• Is­su­ing Su­kuk:
• Cost ef­fi­ci­en­cy
• Ta­xati­on is­su­es
• Che­aper cost of funds
• Cre­dit Ra­ting
• In­vesting in Su­kuk
• Re­turn in in­vest­ment
• Risk & re­turn pro­file
• Li­qu­idi­ty & tra­dabi­lity of the Su­kuk

*Ac­co­un­ting and Audi­ting Or­ga­niza­ti­on for Is­la­mic Fi­nan­ci­al Ins­ti­tuti­ons

Int­ro­duc­to­ry Ma­teri­al Set

This co­ur­se con­sists of two mo­dules and each mo­dule has 3 month du­rati­on. Each Mo­dule bu­ilds up on know­ledge from the pre­vi­ous one. You will be eva­lu­ated by sub­jecti­ve as well as mul­tiple cho­ice qu­es­ti­on as per mo­dule.

Mo­dule-1, is sent by post which inc­lu­des the int­ro­duc­to­ry ma­teri­al set

Your co­ur­se Ma­teri­al con­sists on:

1. Bo­oks, Li­tera­ture & Pre­sen­ta­ti­ons in PDF for­mat on Is­la­mic Bank &fi­nan­ce
2. Vi­deo CD’s & Po­wer­Po­int Pre­sen­ta­ti­ons
3. Sol­ved and un­solved ca­se stu­di­es
4. List of re­feren­ces Bo­ok and re­lated web­si­tes
5. Free subs­crip­ti­on of Bi­mont­hly on­li­ne ma­gazi­ne "Is­la­mic Ban­king and Fi­nan­ce”

Stu­dents al­so uti­lize the next Mo­dule ma­teri­al is sent af­ter the suc­cess­ful comp­le­ti­on of the pre­vi­ous mo­dule.

Met­ho­dolo­gy

The com­mu­nica­ti­on with the stu­dent will be ma­de tro­ugh ema­il. The co­ur­se con­tents which will con­sist of CD’s, No­tes, Bo­oks on PDF For­mat, Po­wer­Po­int Pre­sen­ta­ti­ons, Li­tera­tures and con­cerned web­si­tes de­ta­ils will be sent to the stu­dent. Our web­si­te will be up­da­ted on da­ily ba­sis. All the facts, fi­gures, in­forma­ti­on abo­ut ad­missi­on, prog­rams and know­ledge cent­re are con­ti­nu­ous­ly up­da­ted on web­si­te.

The stu­dents will be pro­vided with e-ma­il add­ress of ad­vi­sory pa­nel, so that they will com­mu­nica­te with them re­gar­ding the­ir que­ri­es and ad­vi­sor will ti­mely res­pond to stu­dent’s que­ri­es.

Tasks and re­sult of as­sign­ments

Af­ter the as­signed to­pics, stu­dents will ha­ve to sol­ve three as­sign­ments gi­ven at the end of re­ading ma­teri­al and sub­mit at the gi­ven ema­il add­ress. The ad­vi­sory pa­nel will eva­lu­ate as­sign­ments and mark she­et will be dec­la­red with re­feren­ce to your re­gist­ra­ti­on num­ber. Each as­sign­ment will car­ry 100 marks. The pas­sing marks for each as­sign­ment are 60%.

Your ans­wer sho­uld sa­tis­fy the gi­ven sub­ject. If Ad­vi­sory pa­nel is not sa­tis­fy with your ans­wers or you may not app­ro­ach the Ad­vi­sors le­vel, than you ha­ve to re­design your as­sign­ment. You will pro­ce­ed to the next mo­dule on­ly on be­half of the pre­vi­ous mo­dule re­sult which is in­formed to you by IFBTC.

You are ins­truc­ted to sub­mit your as­sign­ment at on­ce wit­hin 7 we­eks af­ter re­ce­iving stu­dy ma­teri­al. Your re­sult is ma­in­ta­ined on­ly on the be­half of the As­sess­ment marks by the Ad­vi­sory pa­nel. The­re are no exams. The next Mo­dule ma­teri­al will be sent to you af­ter re­ce­iving the sol­ved as­sign­ments to the pre­vi­ous Mo­dule un­til you ha­ve comp­le­ted all Mo­dules in the co­ur­se.