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7th Annual Three-Day Workshop STRUCTURING INNOVATIVEISLAMIC FINANCIAL PRODUCTSFriday 13th – Sunday 15th September 2013

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Venue: Ernst & Young LLP, 1 More London Place, London, SE1 2AF, UK

WORKSHOP OBJECTIVES

Deal not unjustly, and ye shall not be dealt with unjustly The Holy Qu’ran 2:279

“ An excellent course with a good mix of participants (Nationality, professional background)” 2012

provide a commercial value and also comply with Shari'ah requirements

Shari'ah principles.

In this three-day workshop, a wide-ranging and very detailed analysis

innovations that have been employed for the development and reshaping of existing Shari'ah-compliant products.

There will be three substantive interactive exercises based on group participation and discussion, one on each day, focusing on product structuring to simulate the challenges of real-life practical tasks such as product design and development as faced by industry practitioners.

• Firstly, there will be a critical evaluation of existing Shari'ah compliant products, in particular by identifying the various Islamic

the development and amendment of these products over time, and analysing how robust and sound these innovations have been.

• Secondly, a detailed exploration will be carried out on how to innovate in line with the fundamentals of the Shari'ah, in order to understand how to develop Shari'ah-based products that place emphasis on both substance and form and are free of the concerns associated with existing products

Islamic Financial Industry - in particular product developers,

and senior management.

EDUCATION, LEARNING AND DEVELOPMENT

7 Hampstead Gate, 1A Frognal, London NW3 6AL, United KingdomTelephone: +44(0)207 433 0840 Fax: +44(0)207 433 0849

Supporting Organisations

Hosted By

Media Partner

T rainers & Panel Discussion Speakers

Dr Salman Khan (Lead Trainer)Head of Shari’ah Office at a GCC-Based Islamic Bank, U.A.E

Richard De Belder (To be confirmed) Partner, Head of Islamic Finance, Dentons, UK

Matthew Sapte (To be confirmed) Partner, Banking and Finance department, Dentons, UK

2012 Workshop session

About the Workshop (more)

7TH ANNUAL THREE-DAY WORKSHOP STRUCTURING INNOVATIVE ISLAMIC FINANCIAL PRODUCTS

Friday 13th – Sunday 15th September 2013

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2012 Participants

Venue : Ernst & Young LLP, 1 More London Place, London, SE1 2AF, UK

Zahir Rashid Manager, Financial Accounting Advisory Services IF, Ernst & Young, UK

Iqbal Asaria Associate IIBI, Lectures regularly on Islamic Finance

Hikmah: wisdom, meaning the underlying wisdom for establishing justice through the goals and objectives of the Shari’ah so that universal principles, reason and knowledge prevail to determine one's actions and the well-being of society. It represents ‘Knowledge of the truth, acting upon it, correctness in speech and action.’

“IIBI reserves the right to amend/change the programme without prior notice”

Hikmah: wisdom, meaning the underlying wisdom for establishing justice through the goals and objectives of the Shari’ah so that universal principles, reason and knowledge prevail to determine one's actions and the well-being of society. It represents ‘Knowledge of the truth, acting upon it, correctness in speech and action.’

“IIBI reserves the right to amend/change the programme without prior notice”

Hikmah: wisdom, meaning the underlying wisdom for establishing justice through the goals and objectives of the Shari’ah & well-being of society. It represents ‘Knowledge of the truth, acting upon it, correctness in speech and action.’

Mufti Abdul Kadir Barkatullah UK based Shari’ah Scholar

There has been much criticism of the existing conventional banking industry especially in recent years

speculation, gambling and excessive risk-taking - leading to renewed questions on how to achieve a more equitable and fair economic system.

transaction. In practice, the IFI has proven to be commercially viable despite the need to observe such moral and ethical requirement, growing substantially over the last 15-20 years in particular. The IFI’s proponents believe that the key to the growth of the industry has been the increasing use of innovation. However, many argue that the innovations used so far in the IFI have focused on synthetic form and a "copy-paste from the conventional" methodology and do not appear to have paid particular attention to Shari'ah objectives.

While innovation is undoubtedly essential, it must be sound, robust, and in line with the key requirements and spirit of Shari'ah objectives related to ethics and morality.

In this workshop, the wide range of industry products (retail, corporate and investment banking) will be considered within the overall context of industry 'best practice' and Shari'ah objectives based on ethics and morality. The importance and relevance of the various infrastructure and support systems (regulatory, governance, accounting, taxation, legal, etc) will also be understood within the overall context of Shari'ah-permissible innovation and product development, and the distinction between Shari’ah based versus Shari’ah compliant will also be examined in detail.

Programme OutlineDay 1 - Friday, 13th September 2013

09:15-09:35 SESSION 1..................

09:35-10:45 SESSION 2..................

Overview of AAOIFI Standards

11:00-13:00 SESSION 3..................

Defining the context: Revisiting the value proposition of Islamic FinanceUnderstanding ‘Best Practice’ as per current industry norms

Innovations in Shari’ah-compliant product structuring – 1

MurabahaMudarabahMusharakah

- Real estate

- Home finance

- Car finance

- Working capital

- Construction finance

- Business projects

- Personal finance

Day 2 - Saturday, 14th September 2013

Innovations in Shari’ah-compliant product structuring – 2IjarahIstisna’aSalam

- Home finance

- Car finance

- Working capital

- Construction finance

- Personal finance

- Services finance

- Ijara Sukuk

14:15-16:15 SESSION 4..................

7TH ANNUAL THREE-DAY WORKSHOP

Friday 13th – Sunday 15th September 2013 Venue : Ernst & Young LLP, 1 More London Place, London, SE1 2AF, UK

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Shari’ah-legal challenges in Sukuk Market evolution and new challenges

“IIBI reserves the right to amend/change the programme without prior notice”

09:05-09:15 KEYNOTE ADDRESS: Richard De Belder – Partner, Head of Islamic Finance, Dentons - UK

Exercise 1: Product DevelopmentGroup activity

16:30-17:30 SESSION 5..................

09:00-10:15 SESSION 6.................. Innovations in Shari’ah compliant product structuring – 3Sukuk and Syndicated Islamic Finance: New developments and evolving structuresSelected case studies

10:15-11:15 SESSION 7..................

Hikmah: wisdom, meaning the underlying wisdom for establishing justice through the goals and objectives of the Shari’ah & well-being of society. It represents ‘Knowledge of the truth, acting upon it, correctness in speech and action.’

09:00-09:05 INTRODUCTION:

- Trade finance

STRUCTURING INNOVATIVE ISLAMIC FINANCIAL PRODUCTS

10:45-11:00 TEA/COFFEE BREAK

13:00-14:15 LUNCH/PRAYER BREAK

16:15-16:30 TEA/COFFEE BREAK

11:15-11:30 TEA/COFFEE BREAK

12:30-13:30 LUNCH/PRAYER BREAK

11:30-12:30 SESSION 8.................. Exercise 2: Structuring sukuk

Introduction to Shari’ah-compliant investment banking and corporate productsUnderstanding how Shari’ah-compliant Derivative Contracts work

13:30-14:45 SESSION 9.................. A critical examination

- Hedging

- Swaps

- Options

Programme Outline

09:00-10:15 SESSION 12............... Revisiting Innovation and Product Development: The fundamental role of Shari’ah Objectives as rooted in ethics and morality Reviewing the concept of ‘Best Practice’

noissucsiD lenaPStaying true to Shari’ah ethical and moral values – Is it possible to add substance to the existing form-based industry template?

16:15-17:15 SESSION 16 ...........

“IIBI reserves the right to amend/change the programme without prior notice”

Hikmah: wisdom, meaning the underlying wisdom for establishing justice through the goals and objectives of the Shari’ah so that universal principles, reason and knowledge prevail to determine one's actions and the well-being of society. It represents ‘Knowledge of the truth, acting upon it, correctness in speech and action.’

Day 3 - Sunday, 15th September 2013

10:30-12:30 SESSION 13.............. Innovations in Structuring Shari’ah Products A Redefined Approach – 1MurabahaIstisna’aSalam

13:15-15:15 SESSION 14............. Innovations in Structuring Shari’ah Products A Redefined Approach – 2IjarahMusharakahMudarabah

15:30-16:15 SESSION 15............ Exercise 3: Product development the numerous challengesGroup Activity

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“IIBI reserves the right to amend/change the programme without prior notice”

Hikmah: wisdom, meaning the underlying wisdom for establishing justice through the goals and objectives of the Shari’ah & well-being of society. It represents ‘Knowledge of the truth, acting upon it, correctness in speech and action.’

7TH ANNUAL THREE-DAY WORKSHOP STRUCTURING INNOVATIVE ISLAMIC FINANCIAL PRODUCTS

Friday 13th – Sunday 15th September 2013 Venue : Ernst & Young LLP, 1 More London Place, London, SE1 2AF, UK

17:15-17:30 CLOSING ADDRESS AND AWARD OF CERTIFICATE

Day 2 - Saturday, 14th September 2013

15:45-16:00 TEA/COFFEE BREAK

10:15-10:30 TEA/COFFEE BREAK

12:30-13:15 LUNCH/PRAYER BREAK

15:15 – 15:30 TEA/COFFEE BREAK

14:45-15:45 SESSION 10................ Understanding the “Product Development Cycle” in Islamic Finance

Challenges in bridging the gap between theory and practice

Innovations and progress in TakafulAnalysing developments in Mudaraba, Wakala, Hybrid and Waqf Models - Key issues and challenges

16:00-17:30 SESSION 11................

7TH ANNUAL THREE-DAY WORKSHOP

Friday 13th – Sunday 15th September 2013 Venue : Ernst & Young LLP, 1 More London Place, London, SE1 2AF, UK

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REGISTRATION FORM

BY POST : Please complete and send to the following address Mr. Farhan Rafiq Quadri, IIBI7 Hampstead Gate, 1A Frognal, London, NW3 6AL, UK Email: farhan.quadri@islamic-banking.comTe l . +44(0)20 7433 0840 Fax +44(0)20 7433 0849

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Institute of Islamic Banking and Insurance

The Institute of Islamic Banking and Insurance (IIBI) is a registered charity dedicated solely to the learning and development of individuals and giving them the very best knowledge and practical understanding in key areas of Islamic finance operations. Register

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Group Discount For 3 or more persons, contact IIBI

Cancellation and Refund of Fee

£1,090Delegate Fee ............

Hotel Accommodation

"There would have been no career in Islamic financial services, for me and many of my friends, without IIBI.”Richard Thomas OBE, CEO - Gatehouse Bank, London, UK

ISRA - International Shari’ah Research Academy for Islamic Finance is dedicated to promoting applied research in the area of Shari’ah and Islamic finance.

Supporting Organisations

STRUCTURING INNOVATIVE ISLAMIC FINANCIAL PRODUCTS

For help with hotel accommodation, contact IIBI

In case of cancellation of registration, registration fee will be refunded after deduction of £190.00 not less then three weeks prior to the date of the workshop

AAOIFI - The Accounting and Auditing Organization for Islamic Financial Institutions is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari'ah standards for Islamic financial institutions and the industry.

CISI - The CISI is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK and in a growing number of major financial centres around the world.

Hosted By

Ernst & Young is a global leader in assurance, tax, transactions and advisory services.

IFIS - Islamic Finance Information Service (IFIS) is the premier news, research and data online service designed for the Shari’ah-compliantfinancial industry

Supporting Organisations

Media Partner