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31 - ISL- Islamic Banking and Finance

ISL 110 - Sukuk Structures and Development of Sukuk Markets

Code Start Date Duration Venue
ISL 110 08 May 2023 5 Days Istanbul Registration Form Link
ISL 110 03 July 2023 5 Days Istanbul Registration Form Link
ISL 110 28 August 2023 5 Days Istanbul Registration Form Link
ISL 110 23 October 2023 5 Days Istanbul Registration Form Link
ISL 110 18 December 2023 5 Days Istanbul Registration Form Link
Please contact us for fees


Course Description

This course aims to teach Islamic securitization, Sukuk principles, structures, methodologies and features of Sukuk markets. It covers all the fundamental aspects of sukuk transactions, including issuance, structuring, pricing, and trading. It highlights the importance of Sukuk in long-term financing through project finance, infrastructure and PPPs. It also provides discussions on the investor preferences, liquidity management, legal and regulatory issues, and transparency and disclosures. 

Course Objectives

  • Describing the types of Sukuk and its distinguished features 
  • Understanding the principles of Sukuk structuring and Islamic securitization
  • Analysing the Sukuk markets and trends
  • Discussing the role of Sukuk for long-term financing
  • Identifying the legal, regulatory and Shariah parameters 
  • Providing critical analysis of issues such as pricing, rating, liquidity and risk management in Sukuk

Who Should Attend?

  • Portfolio managers 
  • Experts and examiners in securities and exchange authorities
  • Board members
  • Sharia-board members 
  • Wealth management advisors
  • Bank regulators 
  • Sell-side and buy-side analysts 
  • Risk Specialists
  • Compliance managers

Course Details/Schedule

Day 1

  • Introduction to Sukuk Markets – Global Trends
  • Definition of Sukuk
  • Sukuk vs. Bonds
  • Issuance of sukuk vs. issuance of common stocks
  • Asset backed vs asset based securitization 
  • The Role of Islamic capital markets in growth and development

Day 2

  • Islamic securitization 
  • Anatomy of Sukuk and Sukuk structuring 
  • Types of Sukuk (Ijarah, Murabahah, Mudarabah, Istisna, Salam, Wakalah, Musharakah)
  • Legal documentation
  • Sukuk for Municipality Finance
  • Sukuk for Infrastructure and PPP investments
  • Green Sukuk and Sukuk for socially responsible investments 

Day 3

  • Trading Platforms and secondary Sukuk markets
  • Reasons to issue Sukuk
  • Reasons to invest in Sukuk
  • Types of investors and developing an investor base for Sukuk
  • International sovereign Sukuk market
  • Corporate Sukuk market

Day 4

  • Risk management issues for Sukuk
  • Capital adequacy requirements for Sukuk
  • Sukuk pricing dynamics and valuation methodology
  • Rating of Sukuk
  • Liquidity management and Sukuk markets
  • International Islamic Liquidity Management (IILM) Corporation Short-Term Sukuk Issuance 

Day 5

  • Regulation and supervision of Sukuk markets
  • Legal and tax aspects governing Sukuk
  • AAOIFI accounting and Sharia standards for Sukuk
  • Structure-related and Sharia-related disclosures for Sukuk 
  • Roadmap for the development of Sukuk markets