TWO DAY BACK TO BACK COURSES BY MUAMALAH –

DAY ONE 14 JUNE 2011 – SUKUK, ISLAMIC BONDS & SECURITISATION

COURSE (10 SIDC CPE points)

- One Day Basics of Sukuk Course for all Professionals. Principles, structures, legal documents and
termsheets, local and international. Including Sukuk from the Issuer’s point of view

DAY TWO 15 JUNE 2011 – INTRODUCTION TO ISLAMIC ECONOMICS

(10 SIDC-CPE points)

- A prerequisite subject for Islamic Finance & Investment, and all Professionals.
With the current woes of the international financial and economic system, the subject provides a
hope for mankind of what it could be.

Very well received by Participants at Course’s inaugural launch in March 2011. Please see our
website for Participants comments.

Led by Muhammad Zahid Abdul Aziz, all round Islamic Financier and Internationally
Renowned Trainer

COURSE FEES
DAY ONE ONLY – SUKUK, ISLAMIC BONDS & SECURITISATION COURSE– RM
750/- PER PARTICIPANT
DAY TWO ONLY –INTRODUCTION TO ISLAMIC ECONOMICS –RM 850/- PER
PARTICIPANT
COMBINATION FEES

COMBINATION FEES PER PARTICIPANT SAVINGS

DAY ONE RM 750
DAY TWO RM 850
BOTH DAYS RM1400 RM200
 THIS COURSE IS SIDC-
CPE

VENUE PJ Hilton, Selangor

ORGANISED BY
Muamalah Financial Consulting
Sdn. Bhd
17-01, First Floor, D’Bayu,
Jalan Serambi U8/21, Bukit
Jelutong,
40150 Shah Alam, Selangor,
Malaysia.
Tel: 037842 5187, 012 212 5405
Fax: 037842 5201, 7847 3214
Email:
muamalah_consulting@hotmail.co
m
Website
http://muamalahconsulting.tripod.c
om

ISLAMIC BONDS, SUKUK & SECURITISATION COURSE

(Conducted by Muhammad Zahid Abdul Aziz, Renowned Pioneer
in Islamic Capital market)

What is an Islamic Bond or Sukuk? Explaining BBA Notes, Islamic

Commercial Papers, Islamic Medium Term Notes, Principal features of
Mudarabah and Musyarakah Sukuk. Are current issuances of Musyarakah
Sukuk based on Musyarakah? Unraveling the differences between South
East Asian and Middle Eastern interpretations. Is BBA not acceptable or the
bipartite nature of BBA which is at issue? Is it true that Middle Eastern
Islamic Finance is based on equity instead of debt? Why do Sukuk
structurers in all jurisdictions issue Musyarakah Sukuk with debt features?
Sovereign Sukuk- structures and termsheets. Sukuk from the point of view
of the Issuer. What kind of projects are eligible? Basic criteria for potential
issuers. Rating process. Issuance procedures. Costs of Issuances. How long
does it take to see the money? Accounting entries. SC Guidelines on Sukuk.
Computation and Case Study based on actual issuance. Principle features of
Middle Eastern Sukuk. Sukuk Ijara, Sukuk Musharaka and Exchangeable
Sukuk. Term sheet Structures and outline legal documents

DATE 14th June 2011

VENUE PJ Hilton Selangor
ORGANISED BY
Muamalah Financial Consulting
Sdn. Bhd
17-1, First Floor, D’Bayu,Jalan Serambi
U8/21,
Bukit Jelutong, 40150 Shah Alam,
Selangor
Tel: 03-7842
5187, 012 212 5405
Fax: 03-7847 3214, 03-7842 5201
Email:
muamalah_consulting@hotmail.com
Website
http://muamalahconsulting.tripod.com
THE PROGRAMME
The Course will provide a solid grounding in INVESTMENT
concepts and principles leading to enhanced RM750 per participant. Fee is
appreciation of the latest developments in the inclusive of lunch, refreshments and
course materials. Organizations,
Islamic Capital Market. Practical examples and
which send four or more participants
interactive sessions will reinforce the to the Course, shall be eligible for a
Participants understanding of Sukuk. Learning 10% discount across the board.
outcomes Special price of RM500 only for all
The participants will be able to: Academicians and Students with
1) Explain the basic features of Malaysian Matric cards.
Sukuk
PAYMENT
2) Outline the steps to issue sukuk from
Payment should be made by crossed
the point of view of the Sukuk Issuer cheque/ bank drafts payable to Akademi
3) Compute Face values of Primary and Jcorp Sdn Bhd. Receipt will be issued
Secondary Sukuk Notes upon receipt of payment. All payment to
Described the basic features of Middle Eastern be paid at least a week before the course
Sukuk date.
THE PARTICIPANTS CANCELLATION & TRANSFER
 Debt Capital Market Personnel of A replacement is allowed should a
Banks and Universal Brokers participant is unable to attend. For
 Corporate Banking Personnels cancellation received in writing within
 Corporate Finance Personnels one week prior to the course date, a 50%
 Investment Bankers / Merchant refund will be given to the participant.
Bankers; Fees will be refunded in full if written
 Islamic Banking Officers / Managers notice of withdrawal is received more
 Legal Practitioners than two weeks prior to the course date.
 Fund Managers, Dealers,
Remisiers, Asset Managers, Venture SPEAKERS’ PROFILE
Capitalists, Investment Advisers, Analysts,
Researchers Muhammad Zahid Abdul Aziz
 General Managers/Managers/ Officers Director, Muamalah Financial
of Corporate Organizations, SEDC’s, Consulting
State Agencies, Departments and Sdn Bhd.
Corporations;
 Directors of Listed/ Unlisted Muhammad Zahid Abdul Aziz holds a
Companies Bachelor’s Degree in Economics from
 Academics and Consultants University of Exeter, United Kingdom.
After graduating in 1977, he joined an
 Accountants / Auditors; and
International Accounting Firm, Arthur
 Individuals / Entrepreneurs. Young & Co. London office. He returned
to Malaysia in 1982 and joined Arab
THE ORGANIZER
Malaysian Merchant Bank Kuala Lumpur.
Muamalah Financial Consulting Sdn Bhd
He joined Bank Islam Malaysia Berhad in
(“Muamalah”) comprises a team of former
1990 where he pioneered and helped
Islamic Bankers with a combined experience
develop Islamic Corporate Banking
of over 30 years in Islamic Banking. To date
specializing in Islamic Syndications and
Muamalah have conducted the following
Islamic Bond Issuance. His last post at
training Courses/ Seminars/ Workshop to the
Bank Islam was Senior Manager,
Financial Industry:
Corporate Financing Dept, He has
In-house Courses for Alliance Merchant
arranged over RM6.0 billion in Islamic
Bank Bhd, Public Bank Bhd, Bank Islam
Bond Issues during his tenure at Bank
(M) Bhd, Hong Leong Bank Bhd, Malaysian
Islam. He left Bank Islam in September
International Merchant Bankers Berhad.
2000 to form Muamalah Financial
Permodalan Nasional Berhad, Bursa Consulting Sdn Bhd, a firm specialised in
Malaysia Bhd, Maybank Investment training and arranging of Islamic
Bank Ambank Investment Bank, financing. He has just returned from
Federation of Investment Managers Riyadh where he was Islamic Capital
Malaysia, EPF and JB Corp Joint venture Market Consultant to Bank AlBilad. He is
Courses with Sabah Law Association, presently a post graduate student in
Penang Bar Committee, Universiti Sains Islamic Finance at the International
Malaysia, and the Malaysian Institute of Islamic University Malaysia and at other
Accountants times an internationally renowned
lecturer in Islamic Finance and similar
subjects having taught in Dubai, Saudi
The Programme
1st session . Principal Features of local Sukuk and
9.00 am – 10.30 am Its Latest Developments.

- Principal features of Baids

- Principal features of ICP’s
- Principal features of IMTN’s
- Principal features of Musyarakah/ Mudharabah
Bonds
- Project Gold – Analysing the Structure and
Features of Malaysia’s First Islamic Sovereign
Issue.

10.30 -11 am Coffee Break USD600 million Sukuk Ijarah/ Trust Certificate
Issuance on behalf of Malaysia Global Sukuk Inc.

2nd session Issuing a Sukuk

11.00 am – 1 pm
1. Sukuk Issuance from the Issuer’s
Perspective.
- Eligibility of projects for Sukuk
Financing.
- Basic criteria for companies to be eligible to
issue Sukuk.
- The Rating Process and Significance of Ratings.
- The Issuance Procedure/ Requirements.
- Advisors / Consultants.
- Detailed Costs Breakdown.
- Period taken and timetable to Financial Close.
- Accounting entries for Islamic Bonds.

Complying with Securities Commission’s

Guidelines on Offerings of Islamic
Securities.
Concepts, structure, term sheet, legal
documentation, Administrative and Operational
procedure and Documents. Eligibility of
transacted asset/project

Islamic Capital Market Exercises

1pm -2pm Lunch
I) Computing the face value of Primary and
Secondary notes.
II) Designing an Sukuk Term sheet for a
potential Issuer
3rd session Principal Features of Middle Eastern Sukuk and
2.00 pm – 3.30 pm its
Latest Developments
1) Sukuk Ijara – Structure
3.30 pm -4 pm –Tea Break 2) Sovereign Sukuk Ijara – Detailed analysis of
Ijara based Structure, Termsheet & Outline
Legal Documents
4th session Investment Dar Sukuk Musharaka – Structure &
3.30 pm – 5.00 pm Termsheet
Paka Capital Exchangeable Sukuk-
Analysis of Structure, Term Sheet
THIS & Outline
COURSE IS SIDC-
Legal Documents CPE

INTRODUCTION TO ISLAMIC ECONOMICS

(Conducted by Muhammad Zahid Abdul Aziz,
Pioneer All round Islamic Financier and renowned International
Lecturer)

• What is Islamic Economics?

• The Missing Pre Requisite Subject for a true understanding of the
riba free Islamic
banking system. The puzzle the Islamic banking jigsaw fits in. An
Islamic Financier’s contribution to the Islamic Economist’s model of the
Islamic Financial System.
Religion and Economics.The western economists’ return to
religion. Quran, Sunnah
and economics. Production, distribution and consumption as acts of
worship
Unregulated growth or distributive justice; unethical wealth or moral
preservation
The Islamic Financial System. Prohibition of riba by legislation.
What do banks look
like in a no riba economy. Remoulding of bankers into equity
investment managers.
Debunking the rental of money concept. Central banking in a riba
free environment.
The qirad driven economy. Money creation under fractional reserve
banking – will it
remain in a riba free system? Guarantee of debt payments by the
state –
implications to the Islamic Financial system
The Islamic Economic System. God is owner; man is trustee. Cost
benefit analysis to
the hereafter. Things individuals cannot own. Justice to factors of
production. No
classes of human beings; Zakah, qirad, far’aid and hisbah, Reshaping
the theory of
consumer behaviour. Resolving the mismatch of the savings vs
investment decision.
 When the unmonied have no clout to give market signals
The Economic Behaviour of Men – Beautified is wealth. Economics
of imperfect
foresight. God is owner; life is a test. Stocktake of rizq.
Objectives of Islamic Economics – Finding AlFalah. Maximising
human welfare in
place of profit maximisation Equitable distribution of wealth, not
equal distribution
of wealth. Right of community in individual’s wealth.
Macro economic policies in an Islamic Economy. Mudarabah
profit sharing ratios as
a monetary policy ; zakah as a fiscal policy

DATE 15th June 2011

VENUE PJ Hilton, Selangor

ORGANISED BY
Muamalah Financial Consulting
Sdn. Bhd
17-1, First Floor, D’Bayu,Jalan Serambi
U8/21,
Bukit Jelutong, 40150 Shah Alam,
Selangor
Tel: 03-7842
5187, 012 212 5405
Fax: 03-7847 3214, 03-7842 5201
Email:
muamalah_consulting@hotmail.com
Website
http://muamalahconsulting.tripod.com
THE PROGRAMME INVESTMENT
RM850 per participant. Fee is
This Course, will provide a missing
perspective to hinge our knowledge of inclusive of lunch, refreshments and
Islamic Banking and Takaful and similar. course materials. Organizations,
Drawing on basic concepts of Islamic which send four or more participants
Economics the participants will gradually to the Course, shall be eligible for a
be drawn to the humanist aspects of the 10% discount across the board.
subject, replacing profit maximisation with Special price of RM500 only for all
human welfare, and replacing the invisible Academicians and Students with
hand with deliberate engineering to Matric cards.
achieve distributive justice for the world’s
poor. Whilst reexamining existing PAYMENT
assumptions, practical aspects of Payment should be made by crossed
monetary and fiscal policies in an Islamic cheque/ bank drafts payable to
economy is deliberated on. With the Muamalah Financial Consulting Sdn Bhd.
current woes of the international financial Receipt will be issued upon receipt of
and economic system, the Course payment. All payment to be paid at least
provides a hope for mankind of what it a week before the course date.
could be.
CANCELLATION & TRANSFER
THE PARTICIPANTS A replacement is allowed should a
 All Islamic Finance & Investment participant is unable to attend. For
Professionals. cancellation received in writing within
 Investment bankers, commercial one week prior to the course date, a 50%
bankers, development bankers, refund will be given to the participant.
Islamic bankers, Central bankers, Fees will be refunded in full if written
Product developers, Shariah advisers, notice of withdrawal is received more
Corporate bankers, Corporate Finance than two weeks prior to the course date.
Advisers,
 Economists and Research Personnel, SPEAKERS’ PROFILE
Syariah Advisers and Officers,
Lawyers, Accountants, Corporate Muhammad Zahid Abdul Aziz
Advisers, Financial Advisers, Business Director, Muamalah Financial
Managers, Finance Managers Consulting
 Lecturers and post graduate students Sdn Bhd.
 General Managers/Managers/
Officers of Corporate Organizations, Muhammad Zahid Abdul Aziz holds a
SEDC’s, State Agencies, Departments and Bachelor’s Degree in Economics from
Corporations; University of Exeter, United Kingdom.
 Directors of Listed/ Unlisted After graduating in 1977, he joined an
Companies International Accounting Firm, Arthur
 Accountants / Auditors; and Young & Co. London office. He returned
 Individuals / Entrepreneurs. to Malaysia in 1982 and joined Arab
 All who are interested in drafting Malaysian Merchant Bank Kuala Lumpur.
Syariah compliant legal documents He joined Bank Islam Malaysia Berhad in
1990 where he pioneered and helped
THE ORGANIZER develop Islamic Corporate Banking
Muamalah Financial Consulting Sdn Bhd specializing in Islamic Syndications and
(“Muamalah”) comprises a team of former Islamic Bond Issuance. His last post at
Islamic Bankers with a combined experience Bank Islam was Senior Manager,
of over 30 years in Islamic Banking. To date Corporate Financing Dept, He has
Muamalah have conducted the following arranged over RM6.0 billion in Islamic
training Courses/ Seminars/ Workshop to the Bond Issues during his tenure at Bank
Financial Industry: Islam. He left Bank Islam in September
In-house Course on Islamic Syndications, 2000 to form Muamalah Financial
Securitisation and Legal Aspects for Alliance Consulting Sdn Bhd, a firm specialised in
Merchant Bank Bhd training and arranging of Islamic
In-house Islamic Trade Finance Course for financing. He has just returned from
Public Bank Bhd In-house Islamic Capital Riyadh where he was Islamic Capital
Market Workshop for Bank Islam (M) Bhd, Market Consultant to Bank AlBilad. He is
Hong Leong Bank Bhd and Malaysian presently a post graduate student in
International Merchant Bankers Berhad Islamic Finance at the International
Public Islamic Bonds & Islamic Capital Islamic University Malaysia and at other
Market Course, M Hotel, Singapore- In House times an internationally renowned
Syariah Broking Course for Permodalan lecturer in Islamic Finance and similar
Nasional Berhad and Bursa Malaysia subjects having taught in Dubai, Saudi
Arabia, Korea, Brunei, Indonesia and
Bhd. In House for Maybank Investment
THE PROGRAMME
8.30 am - Registration 2.00 pm - 3.15 pm

9.00 am – 10.30 am MACROECONOMIC POLICIES IN AN

INTRODUCTION ISLAMIC ECONOMIC SYSTEM
RELIGION AND ECONOMICS Scholastic Defining the parameters of the
economics and political economics; Islamic Financial System; What do
Detachment of economics from religion; banks look like in a no riba economy?
Positive economics vs. normative The shape of business in a no riba
economics; Return to religion and economy; Financial and business
humanomics; Economics is part of transactions in a no riba economy;
religion; Quran and economics; Shu'aib – Will chequing accounts still exist?
the Prophet of economics. Decoupling of the payment system;
RELATIONSHIP OF ISLAM WITH Remoulding of bankers into equity
ECONOMICS investment managers; Debunking the
Unique approach to economics; rental of money concept; Central
Production, distribution and banking in a riba free environment;
consumption as acts of worship THE The qirad driven economy; Money
ECONOMIC SYSTEM Philosophy; creation under fractional reserve
Principles; Interaction of principles; banking ; will it remain in a riba free
Economic philosophy of Marxism; system? Guarantee of debt payments
Economic philosophy of Capitalism;
by the state- implications to the
Laissez faire, and the invisible hand;
Islamic financial system
unregulated growth or distributive
justice; individual freedom or safety Macroeconomic policy objectives
of society; unethical wealth or moral AlFalah and Islamic economic
preservation objectives
10.30 am – 10.45 am - Morning
Break Monetary Policies in an Islamic
10.45 am – 1.00 pm economy targeting monetary stock;
THE ISLAMIC ECONOMIC SYSTEM Mudarabah profit sharing ratios;
Basic characteristics; Prohibition of Open market operations in an Islamic
riba by legislation; Deliberately value economy; Credit ceilings and open
loaded; God is owner, man is trustee; deposit accounts
Cost benefits analysis to the
hereafter; No classes of human 3.15 – 3.30 – Afternoon
beings; Things individuals cannot Break
own; Justice to factors of production;
Zakah, Qirad, Far’aid and Hisbah; 3.30 – 5.00 pm
Reshaping the theory of consumer
behaviour; Resolving the mismatch of Fiscal policies in an Islamic
the savings vs investment decision; economy
When the unmonied have no clout to Zakah as a fiscal redistributive policy
give market signals The Economic Does taxation exist in an Islamic
Behaviour of Men;Beautified is economic system?
The focus of government expenditure
wealth; Economics of imperfect
foresight; The disutility of Interactive Session
Consumption; The interdependence Case study, brain storming and group
of consumer utilities Islamic tenets presentations
and economic behaviour God is
owner, life is a test; Stocktake of rizq;
Reporting requirements of the 5.00 pm – End
balance sheet of life
An Islamic Social Welfare Function
Production and profits are not ends, but
means to an end.; Human welfare as the
ultimate economic objective
ORGANISATIONS WHICH HAVE SENT PARTICIPANTS TO OUR
PREVIOUS COURSES/ SEMINARS/ WORKSHOPS:

REGISTRATION FORM
COMBINATION FEES Please Tick
DAY ONE & DAY TWO RM1400
DAY ONE ONLY RM 750
DAY TWO ONLY RM850

Day One – Sukuk, Islamic Bonds & Securitisation Course – 14th June
2011
Day Two – Introduction to Islamic Economics – 15th June 2011.
Venue : PJ Hilton, Selangor

Register now – Enrolment is based on “First Come First Served Basis”.

Complete and Return the Registration Form to:
Address Telephone E-mail
Muamalah Financial Consulting 03-7842 5187,
Sdn Bhd 012- 212 5405 muamalah_consulting@hot
17-01, First Floor, D’Bayu, Fax mail.com
Jalan Serambi U8/21, Bukit 03-7842 5201,
Jelutong, 03-7847 3214 http://muamalahconsulting
40150 Shah Alam, Selangor. .tripod.com

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(Photocopy the form for G
additional participants) ross Total
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register the abovenamed participants and enclosed please find the required fee.

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