Part time

The content of each of the four modules is as follows:
Certificate in Islamic Commercial Law
• The sources of the Islamic commercial law including the Qur’an and the traditions of the Prophet Mohammad
• The methodologies used to solve modern problems in Islamic finance
• The historic contracts involved in Islamic commercial law
• Shari’ah compliance and the importance of the Shari’ah standards.

Certificate in Islamic Banking and Takaful
• The developments which have taken place with regard to Islamic financial institutions and systems
• The main source of funds available to banks and how these sources are rewarded
• The various products developed by Islamic banks for their customers
• The products and services offered under Takaful and issues relating to underwriting, deficits, surpluses and Retakaful
• The financial and operational risks common to both the banking and insurance sectors.

Certificate in Islamic Capital Markets and Instruments
• The differences between conventional and Islamic capital markets
• The primary and secondary capital markets
• Regulation within the Islamic capital market
• Screening processes used in accepting/ rejecting Shari’ah compliant products.

Certificate in Accounting for Islamic Financial Institutions
• The reporting framework and standards of Islamic financial institutions
• The analysis and classification of Islamic funding and financing transactions
• How transactions adopting different contracts of financing are reported in the Islamic financial statements
• Financial accountability and Shari’ah compliance of Islamic financial institutions.

Islamic finance
The Islamic finance industry is growing at an exponential rate and the sector’s global worth is estimated to be between €870bn and €990bn with an annual growth rate of 15% to 20%. This growth has continued throughout the global economic crisis –albeit at a slower pace - largely because of its vigorous screening processes and stringent corporate governance practices in dealing with excess liquidity in many oil producing countries.
Islamic finance is both a new and old phenomenon. Its guiding principles originate in the early days of Islam. The modern form under the current financial framework is new to many stakeholders such as regulators, standard setting bodies, shareholders, practitioners and much of the general Muslim population.

The modern rebirth of Islamic finance took place in the Middle East in 1975 when the Dubai Islamic Bank became the first Islamic commercial bank in the world. The first Islamic insurance companies, or Takaful, were established shortly afterwards in Sudan and Dubai in 1979. Today, there are 300 Islamic finance institutions operating in more than 75 countries. As the sector grows, an international focus becomes more important.

Blended Tuition

Who should attend?
Fund accounting, financial reporting and auditing teams who need a greater understanding of how derivatives are accounted for. Participants should be familiar with basic derivatives and fund accounting.

Audience
The programme is intended for anyone who works with fixed income securities or money market instruments in a Valuations, Pricing, Corporate Actions, Trustee or Accounting role.

Agenda
• What is a debt instrument?
• Issuers of bonds (to include corporates, governments and supra-nationals)
• Bond ratings
• Bond yields
• How bonds work – income & capital
• Purchased and sold bond interest concepts & conventions
• Calculation of accrued interest & coupons
• Calculation of Yield to Maturity
• Types of bonds
• Fixed Rate
• Floating Rate
• Loan Notes
• Deep Discount Bonds - Z-bonds
• Convertible Bonds
• Other Debt Instruments
• Process of Securitisation
• Financial Vehicle Corporations – True-Sale, Synthetic & Hybrid FVCs
• Terminology – the parties to a Securitisation
• Originators
• Issuers
• Underwriters
• Arrangers
• Role of the Credit Rating Agencies
• Securities issued
• Mortgage- backed and Asset-backed
• CMOs and CDOs
• CLNs
• Covered Bonds – the way forward
• What happens when it goes wrong? The solution