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
concepts and principles leading to enhanced
appreciation of the latest developments in the
Islamic Capital Market. Practical examples and
interactive sessions will reinforce the
Participants understanding of Sukuk. Learning
outcomes
The participants will be able to:
1) Explain the basic features of Malaysian
Sukuk
2) Outline the steps to issue sukuk from
the point of view of the Sukuk Issuer
3) Compute Face values of Primary and
Secondary Sukuk Notes
Described the basic features of Middle Eastern
Sukuk
THE PARTICIPANTS
 Debt Capital Market Personnel of
Banks and Universal Brokers
 Corporate Banking Personnels
 Corporate Finance Personnels
 Investment Bankers / Merchant
Bankers;
 Islamic Banking Officers / Managers
 Legal Practitioners
 Fund Managers, Dealers,
Remisiers, Asset Managers, Venture
Capitalists, Investment Advisers, Analysts,
Researchers
 General Managers/Managers/ Officers
of Corporate Organizations, SEDC’s,
State Agencies, Departments and
Corporations;
 Directors of Listed/ Unlisted
Companies
 Academics and Consultants
 Accountants / Auditors; and
 Individuals / Entrepreneurs.
THE ORGANIZER
Muamalah Financial Consulting Sdn Bhd
(“Muamalah”) comprises a team of former
Islamic Bankers with a combined experience
of over 30 years in Islamic Banking. To date
Muamalah have conducted the following
training Courses/ Seminars/ Workshop to the
Financial Industry:
In-house Courses for Alliance Merchant
Bank Bhd, Public Bank Bhd, Bank Islam
(M) Bhd, Hong Leong Bank Bhd, Malaysian
International Merchant Bankers Berhad.
Permodalan Nasional Berhad, Bursa
Malaysia Bhd, Maybank Investment
Bank Ambank Investment Bank,
Federation of Investment Managers
Malaysia, EPF and JB Corp Joint venture
Courses with Sabah Law Association,
Penang Bar Committee, Universiti Sains
Malaysia, and the Malaysian Institute of
Accountants
INVESTMENT
RM750 per participant. Fee is
inclusive of lunch, refreshments and
course materials. Organizations,
which send four or more participants
to the Course, shall be eligible for a
10% discount across the board.
Special price of RM500 only for all
Academicians and Students with
Matric cards.
PAYMENT
Payment should be made by crossed
cheque/ bank drafts payable to Akademi
Jcorp Sdn Bhd. Receipt will be issued
upon receipt of payment. All payment to
be paid at least a week before the course
date.
CANCELLATION & TRANSFER
A replacement is allowed should a
participant is unable to attend. For
cancellation received in writing within
one week prior to the course date, a 50%
refund will be given to the participant.
Fees will be refunded in full if written
notice of withdrawal is received more
than two weeks prior to the course date.
SPEAKERS’ PROFILE
Muhammad Zahid Abdul Aziz
Director, Muamalah Financial
Consulting
Sdn Bhd.
Muhammad Zahid Abdul Aziz holds a
Bachelor’s Degree in Economics from
University of Exeter, United Kingdom.
After graduating in 1977, he joined an
International Accounting Firm, Arthur
Young & Co. London office. He returned
to Malaysia in 1982 and joined Arab
Malaysian Merchant Bank Kuala Lumpur.
He joined Bank Islam Malaysia Berhad in
1990 where he pioneered and helped
develop Islamic Corporate Banking
specializing in Islamic Syndications and
Islamic Bond Issuance. His last post at
Bank Islam was Senior Manager,
Corporate Financing Dept, He has
arranged over RM6.0 billion in Islamic
Bond Issues during his tenure at Bank
Islam. He left Bank Islam in September
2000 to form Muamalah Financial
Consulting Sdn Bhd, a firm specialised in
training and arranging of Islamic
financing. He has just returned from
Riyadh where he was Islamic Capital
Market Consultant to Bank AlBilad. He is
presently a post graduate student in
Islamic Finance at the International
Islamic University Malaysia and at other
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
This Course, will provide a missing
perspective to hinge our knowledge of
Islamic Banking and Takaful and similar.
Drawing on basic concepts of Islamic
Economics the participants will gradually
be drawn to the humanist aspects of the
subject, replacing profit maximisation with
human welfare, and replacing the invisible
hand with deliberate engineering to
achieve distributive justice for the world’s
poor. Whilst reexamining existing
assumptions, practical aspects of
monetary and fiscal policies in an Islamic
economy is deliberated on. With the
current woes of the international financial
and economic system, the Course
provides a hope for mankind of what it
could be.
THE PARTICIPANTS
 All Islamic Finance & Investment
Professionals.
 Investment bankers, commercial
bankers, development bankers,
Islamic bankers, Central bankers,
Product developers, Shariah advisers,
Corporate bankers, Corporate Finance
Advisers,
 Economists and Research Personnel,
Syariah Advisers and Officers,
Lawyers, Accountants, Corporate
Advisers, Financial Advisers, Business
Managers, Finance Managers
 Lecturers and post graduate students
 General Managers/Managers/
Officers of Corporate Organizations,
SEDC’s, State Agencies, Departments and
Corporations;
 Directors of Listed/ Unlisted
Companies
 Accountants / Auditors; and
 Individuals / Entrepreneurs.
 All who are interested in drafting
Syariah compliant legal documents
THE ORGANIZER
Muamalah Financial Consulting Sdn Bhd
(“Muamalah”) comprises a team of former
Islamic Bankers with a combined experience
of over 30 years in Islamic Banking. To date
Muamalah have conducted the following
training Courses/ Seminars/ Workshop to the
Financial Industry:
In-house Course on Islamic Syndications,
Securitisation and Legal Aspects for Alliance
Merchant Bank Bhd
In-house Islamic Trade Finance Course for
Public Bank Bhd In-house Islamic Capital
Market Workshop for Bank Islam (M) Bhd,
Hong Leong Bank Bhd and Malaysian
International Merchant Bankers Berhad
Public Islamic Bonds & Islamic Capital
Market Course, M Hotel, Singapore- In House
Syariah Broking Course for Permodalan
Nasional Berhad and Bursa Malaysia
Bhd. In House for Maybank Investment
INVESTMENT
RM850 per participant. Fee is
inclusive of lunch, refreshments and
course materials. Organizations,
which send four or more participants
to the Course, shall be eligible for a
10% discount across the board.
Special price of RM500 only for all
Academicians and Students with
Matric cards.
PAYMENT
Payment should be made by crossed
cheque/ bank drafts payable to
Muamalah Financial Consulting Sdn Bhd.
Receipt will be issued upon receipt of
payment. All payment to be paid at least
a week before the course date.
CANCELLATION & TRANSFER
A replacement is allowed should a
participant is unable to attend. For
cancellation received in writing within
one week prior to the course date, a 50%
refund will be given to the participant.
Fees will be refunded in full if written
notice of withdrawal is received more
than two weeks prior to the course date.
SPEAKERS’ PROFILE
Muhammad Zahid Abdul Aziz
Director, Muamalah Financial
Consulting
Sdn Bhd.
Muhammad Zahid Abdul Aziz holds a
Bachelor’s Degree in Economics from
University of Exeter, United Kingdom.
After graduating in 1977, he joined an
International Accounting Firm, Arthur
Young & Co. London office. He returned
to Malaysia in 1982 and joined Arab
Malaysian Merchant Bank Kuala Lumpur.
He joined Bank Islam Malaysia Berhad in
1990 where he pioneered and helped
develop Islamic Corporate Banking
specializing in Islamic Syndications and
Islamic Bond Issuance. His last post at
Bank Islam was Senior Manager,
Corporate Financing Dept, He has
arranged over RM6.0 billion in Islamic
Bond Issues during his tenure at Bank
Islam. He left Bank Islam in September
2000 to form Muamalah Financial
Consulting Sdn Bhd, a firm specialised in
training and arranging of Islamic
financing. He has just returned from
Riyadh where he was Islamic Capital
Market Consultant to Bank AlBilad. He is
presently a post graduate student in
Islamic Finance at the International
Islamic University Malaysia and at other
times an internationally renowned
lecturer in Islamic Finance and similar
subjects having taught in Dubai, Saudi
Arabia, Korea, Brunei, Indonesia and
THE PROGRAMME
8.30 am - Registration
9.00 am – 10.30 am
INTRODUCTION
RELIGION AND ECONOMICS Scholastic
economics and political economics;
Detachment of economics from religion;
Positive economics vs. normative
economics; Return to religion and
humanomics; Economics is part of
religion; Quran and economics; Shu'aib –
the Prophet of economics.
RELATIONSHIP OF ISLAM WITH
ECONOMICS
Unique approach to economics;
Production, distribution and
consumption as acts of worship THE
ECONOMIC SYSTEM Philosophy;
Principles; Interaction of principles;
Economic philosophy of Marxism;
Economic philosophy of Capitalism;
Laissez faire, and the invisible hand;
unregulated growth or distributive
justice; individual freedom or safety
of society; unethical wealth or moral
preservation
10.30 am – 10.45 am - Morning
Break
10.45 am – 1.00 pm
THE ISLAMIC ECONOMIC SYSTEM
Basic characteristics; Prohibition of
riba by legislation; Deliberately value
loaded; God is owner, man is trustee;
Cost benefits analysis to the
hereafter; No classes of human
beings; Things individuals cannot
own; Justice to factors of production;
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; The disutility of
Consumption; The interdependence
of consumer utilities Islamic tenets
and economic behaviour God is
owner, life is a test; Stocktake of rizq;
Reporting requirements of the
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
2.00 pm - 3.15 pm
MACROECONOMIC POLICIES IN AN
ISLAMIC ECONOMIC SYSTEM
Defining the parameters of the
Islamic Financial System; What do
banks look like in a no riba economy?
The shape of business in a no riba
economy; Financial and business
transactions in a no riba economy;
Will chequing accounts still exist?
Decoupling of the payment system;
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
Macroeconomic policy objectives
AlFalah and Islamic economic
objectives
Monetary Policies in an Islamic
economy targeting monetary stock;
Mudarabah profit sharing ratios;
Open market operations in an Islamic
economy; Credit ceilings and open
deposit accounts
3.15 – 3.30 – Afternoon
Break
3.30 – 5.00 pm
Fiscal policies in an Islamic
economy
Zakah as a fiscal redistributive policy
Does taxation exist in an Islamic
economic system?
The focus of government expenditure
Interactive Session
Case study, brain storming and group
presentations
5.00 pm – End
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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4. Name :
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(Photocopy the form for G
additional participants) ross Total
Less (Discount)
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register the abovenamed participants and enclosed please find the required fee.

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