Course Overview

This training gives you the hands-on, interactive experience which will be broken into two distinct sections. In the first section the instructor will examine the structuring process for each Sukuk structure and highlight possible issues and challenges that might arise. Thereafter participants will have the chance to apply their knowledge by participating in various case studies and assessing real transactions.

Training DurationTotal Training Hours : 30 Hours
Training Duration : 1 Week
Total Training Days : 5 Working Days
Training SchedulesWeekdays (Sunday to Thursday)
Regular Sessions : 6 Hrs Per day (9am to 2pm or 3.00pm to 9.00 pm)
Food & refreshments Included

WeekEnds (Friday & Saturday)
Fast Track Sessions: 8 Hours per day (9am to 5pm)
Food & refreshments Included
Certifications:1) Certificate from Laurels Training Institute, Attested by Knowledge & Human Development Authority (KHDA) government of Dubai, UAE

2) Certificate from American Institute of Professional Studies (AIPS) from USA (After 15 Days of course Completion which will couriered to the attendees office address)
Learning AidsYes
Course MaterialHard & Soft Copies of Study Material
Language of InstructionEnglish
Instructor HelplineYes
1. Email
2. Social Media (For Emergency requirements)
Registration Requirements1. Passport Copy
2. Curriculum Vitae
3. Passport size photographs
4. Course Fee
Mode of Payment:Cash / Cheque / Credit Card / Bank Transfer.
Eligibility Criteria
(Who should attend this training)

Finance and Islamic banking lawyers

Islamic bankers

Islamic investment bankers

Risk management professionals

Islamic finance product developers

Finance graduates and academicians

Credit administration professionals in Islamic banks

Shariah compliance managers

Finance and legal professionals from corporate issuers
Course Benefits

Learn to manage the following :

The Regulatory Framework for Sukuk

Types of Sukuk Structures and the Structuring Process

Documentation for Sukuk Instruments

Documentation of the Underlying Shariah Transactions

Documenting Shariah Contracts

Shariah Compliance in Legal Documentation

Course Contents / Outline

Key Cross Border Issuance of Sukuk Instruments"

"Session 1: Sukuk Concepts & Framework


Islamic Finance - Overview

History of the Sukuk market

Development in Malaysia

Understanding Sukuk Definitions in the Market Today

Securities Commission Malaysia

The position of Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI)

Sukuk as a Fixed Income Instrument

Sukuk versus conventional bonds: structure, uses and comparison

Asset based versus asset backed securities: structure, uses and comparison

The Regulatory Framework for Sukuk: An Analysis and Comparison



Hong Kong

United Kingdom

Middle East

Session 2: Types of Sukuk Structures and the Structuring Process

This session will examine various key Islamic contracts with a view to understanding their potential use and suitability in Sukuk structures.

Bai Bithaman Ajil/Murabahah







Session 1: Case Studies

This session will highlight various deal structures through the use and examination of real-life transactions.

Ringgit Sukuk

US Dollar & other Non-Ringgit Sukuk

Sovereign Sukuk


Session 2: Legal Documentation Overview

This section will examine and dissect in detail various key documents essential to the Sukuk structuring process, using real-life examples wherever possible. Potential challenges and flashpoints will be highlighted and solutions offered.

Asset purchase agreement (APA)

Asset sale agreement (ASA)

Lease agreement (LA)

Purchase undertaking (PU)

Sale undertaking (SU)

Issuance Process

Mode of issuance

Relevant parties to the transaction and their responsibilities and obligations


Session 3: Documentation for Sukuk Instruments

Capital raising instrument

Sukuk in the form of securitization/asset-backed security (ABS)

Sukuk in the form of trust/participation certificate/note

Sukuk in the form of private debt security (PDS)

Sukuk in the form of sovereign issue

The constituent documentation for Sukuk Issue

Conventional precedents and templates for bond issuance

Case study:

The instrument versus the underlying Shariah transactions

The implications in Shariah rulings


Session 4: Documentation of the Underlying Shariah Transactions

Shariah requirements

Evidence of Shariah contracts

Incorporation of necessary clauses

Standard legal provisions

Compliance with the legal framework

Enforceable provisions

Civil precedents and templates for civil contracts


Session 5: Documenting Shariah Contracts

Basic Elements

Compliance with the requirements of the applied Shariah concepts

Undertaking a proper and effective drafting method

Ensuring the right sequence of documents

Compliance with laws and regulations relating Islamic banking practice

Applied Shariah Concepts and Contracts

Main Shariah concepts and contracts

Supporting concepts and contracts

Shariah compliance

Primary legal documentation

Subsidiary legal documentation

Essential Element (Rukn)

Crucial for validity of contract

Clauses to reflect the presence of Rukn

Elimination of clauses negating the presence of Rukn

Conditions (Syart)

Crucial for the establishment of Rukn

Clauses to reflect the establishment of Rukn

Clauses to reflect the satisfaction of Syart

Elimination of clauses negating the establishment of Rukn and satisfaction of Syart


Session 5: Shariah Compliance in Legal Documentation

The applied Shariah concepts/contracts and drafting issues

Types of Sukuk and Shariah compliance requirements

Case study:

Sale-based Shariah concept and equity-based Shariah concepts

Differences in formats

Breach of Shariah compliance

Compliance with the applicable laws, the regulations and the Shariah pronouncements

Exclusion of Shariah non-compliant transactions

Correct structure of documentation

Sufficient evidence of Shariah Contracts

Common errors in drafting and execution


Session 6: Malaysian Regulations on Sukuk

Guidelines on Sukuk

Approved principles for Ringgit Sukuk

Permissibility of Ta’widh (compensation)

Conditions for the permissibility of Ta’widh

Ibra’ (rebate)


Session 7: Cross Border Issuance

Governing law

Shariah as the governing law?

Jurisdictional legal framework and subsidiary legislations

Jurisdictional Shariah pronouncements

Jurisdictional legal requirements

Legal and Shariah Issues

Guiding principle

General rule – single guiding principle

Shariah versus law of the land

Capacity and authority

Ultra Vires issuance

Jurisdictional legal framework

Sale and transfer of the underlying assets

Case study:

Automatic transfer from Shariah perspective

Transfer through other than Shariah contracts

Compliance with the applicable laws and regulations


Cross border

Course Conclusion
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