TWO DAY BACK TO BACK BRAND NEW COURSES BY MUAMALAH DAY ONE 18 JULY 2012 SHARIAH BASED SUKUK

UK STRUCTURES & SHARIAH BASED ISLAMIC FINANCING PRINCIPLES (10 SIDC CPE Pts) What Sukuk and Islamic Finance will look like if we structure them from first principles. What they will look like if we stop the practice of replicating conventional products and structures. DAY TWO 19 JULY 2012 SHARIAH BASED INVESTMENT BANKING PRODUICTS (10 SIDC CPE pts)

Redesigning the Investment Bank to enable it to deliver truly Shariah based products. When risk is not a four letter word. Islamic Muamalat demands Islamic players seek risks to justify rewards. Understanding the differences between money lending risks and business risks. Led by Muhammad Zahid Abdul Aziz, all round Islamic Financier and Internationally Renowned Trainer
COURSE FEES DAY ONE ONLY SHARIAH BASED SUKUK STRUCTURES & ISLAMIC FINANCING PRINCIPLES RM 1050/- PER PARTICIPANT DAY TWO ONLY SHARIAH BASED INVESTMENT BANKING PRODUCTS RM1050/- PER PARTICIPANT COMBINATION FEES COMBINATION DAY ONE DAY TWO BOTH DAYS FEES PER PARTICIPANT RM 1050 RM 1050 RM1800 SAVINGS R300

SHARIAH BASED SUKUK STRUCTURES & SHARIAH BASED ISLAMIC FINANCING PRINCIPLES

(Conducted by Muhammad Zahid Abdul Aziz, Renowned Pioneer in Islamic Capital market)
Financially engineered sukuk structures invite legal issues in default

situations. The infamous Sukuk Musharakah structure that earned AAOIFIs wrath. Equity principles should not be engineered into debt. The Classical Musharakah Sukuk as the way forward. Case study and term sheet. How to calculate Musharakah profit sharing ratios. The Classical Mudarabah sukuk. Shariah based Islamic ABS. The Shariah prohibited structures that led to the subprime and liquidity crisis; that almost led to the collapse of the international financial system in October 2008.Are Mortgage Backed Securities of the US subprime fame Syariah compliant? Can Takaful Companies issue Credit Default Swaps? Shariah based Ijarah, Shariah based Bai Amanah, Shariah based Murabahah, Shariah based Bai Musawamah, Shariah based Istisna, Shariah based Bai Muajjal/BBA, Shariah based Salam, and Sukuk Salam, Issues in Sukuk Ijarah - when the Lessee is also the Asset Owner, when Accounting Entries do not reflect Legal Positions. Legal fictions, legal myths and legal realities. The Shariah based Sukuk Ijarah. Issues in Musharakah Mutanaqissah- when some Musharakah Partners are more equal than others. Shariah based Tawarruq, Shariah based Commodity Murabahah.
DATE VENUE ORGANISED BY 18 July 2012

PJ Hilton Selangor
Muamalah Financial Consulting Sdn. Bhd 17-1, First Floor, DBayu,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

Much of the Sukuk Structures and Islamic Financing Products today are Shariah Compliant as opposed to Shariah Based, being structured and designed to assume the risks and rewards profile of conventional products, in a Shariah compliant manner. To provide a view and suggestion to the Islamic Capital Market and Finance Industry what Sukuk Structures and Islamic Financing Products and Deposits will look like if based on original principles of Shariah.

INVESTMENT

RM1050 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.
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

THE PARTICIPANTS
Islamic Capital Market Professionals Investment Banking personnel Product Development Personnel Shariah Compliance, Shariah Audit and Shariah Dept personnel Debt Capital Market Personnel Corporate Banking Personnels Corporate Finance Personnels Investment Bankers / Merchant Bankers/Central 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, Ministries, SEDCs, 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, PNBi, Bursa

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 Bachelors 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, Singapore and Sri Lanka.

Malaysia Bhd, Maybank Investment Bank Ambank Investment Bank, KAF Investment Bank, Federation of Investment Managers Malaysia Public Mutual, EPF and JB Corp Joint venture
Courses with Sabah Law Association, Penang Bar Committee, Universiti Sains Malaysia, and the Malaysian Institute of Accountants

Shariah Based Sukuk and Shariah Based Financing Principles

The Programme 1st session 9.00 am 10.30 am
Review Principles of Musharakah The Financial Engineered Musharakah Sukuk Financial Engineered Clauses and AAOIFI rulings The Classical Musharakah Sukuk Parameters of Classical Musharakah Sukuk Classical Musharakah Sukuk Case Study and Term Sheet

10.30 -11 am Coffee Break 2nd session 11.00 am 1 pm

How to calculate Musharakah Profit Sharing Ratios Classical Mudarabah Sukuk Rationale for Mudarabah Classical Sukuk Mudarabah Term Sheet Syariah Based Asset Backed Securities Basic Structure Of ABS / Credit Enhancement Islamic ABS Issues of Asset Issues Of Structure How To Enhance Credit Islamically International Syariah Parameters / The asset to be purchased Are mortgage backed securities of the US subprime fame Syariah compliant? Can Takaful Companies issue Credit Default Swaps? Syariah Based Ijarah Major Repairs and Takaful / When can Ijarah begin? Who bears ownership risks?/ Ijarah Muntahiah bil Tamlik triggering Safqatain fi safqah Issues of inadequate takaful coverage / Can rental include cost of asset? / Situations of compulsory refunds to the Lessee. Syariah Based Bai Al-Amanah Syariah Based Murabahah Difference between Classical Murabahah and current day Murabahah / Ownership risks / Issues of qabdh / When is resale possible / Waad vs Aqd/ Avoiding Bai atain fi al-baiah /On goods and tangibles not services. Syariah Based Bai Musawamah Syariah Based Istisna Parallel Istisna and independence of contracts / Istisna Structures - the good, the bad and the ugly Syariah Based Bai Muajjal / BBA Issues of Qabdh in BBA House Financing Syariah Based Salam and Salam Sukuk The Shariah based structure vs the financial engineered structure Syariah Based Sukuk Ijarah Parameters of Syariah based Sukuk Ijarah / Issues of true sale and qabdh / Issues of ownership and tradeability/ Issues of accounting entries and balance sheet presentation Syariah Based Musaharakah Mutanaqissah Issues of events of default clauses Syariah Based Tawwaruq Permissible structure for financing Permissible structure for deposit taking Usage of funds as important as compliant structures.

Lunch 1pm - 2pm 3rd session 2.00 pm 3.30 pm

3.30 pm -4 pm Tea Break

4th session 3.30 pm 5.00 pm

THIS COURSE IS SIDCCPE

SHARIAH BASED INVESTMENT BANKING PRODUCTS (Conducted by Muhammad Zahid Abdul Aziz, (All round Islamic Financier and internationally renowned Trainer)
The ideal Islamic Investment Bank structure. When temporary excess liquidity funds a nations economic growth. When banking structures are not conducive to delivery of Shariah based products. Required characteristics of the ideal Islamic Investment Bank. Investment Banks should invests. Sources of funding. Proposed manpower source. Solving the unemployed graduates problem. Are moral hazards really insurmountable? The nature of the Musharakah Investment. Innovative new business for Investment Banks. Business Angel Division, Musharakah Seed and Venture capital, Mezzanine Musharakah. Shariah based investment banking deposits. Equity instruments to fund equity investments, Business Investment Divisions, Shariah based Corporate Finance Advisory, Shariah based IPOs, Rights and other issues, Shariah based Private Equity, Shariah based Fund Management, Shariah based Stockbroking, Shariah based Legal Documents, Position of cross default clauses, automatic taweedh and other money lending risk management clauses in Islamic legal documents. Asset based vs Asset backed issues. Environment Islamic Finance operates in. The Grip of riba, Environment Islamic finance finds itself in. The Environment it should be working in. An Islamic Bank according to Islamic Economics, Implementing pillars, principles and parameters of Islamic Economics in Islamic Finance.

DATE VENUE ORGANISED BY

19 July 2012

PJ Hilton, Selangor
Muamalah Financial Consulting Sdn. Bhd 17-1, First Floor, DBayu,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 muamalahconsulting@gmail.com Website http://muamalahconsulting.tripod.com

THE PROGRAMME
Islamic Investment Banking plays a key part in capital raising for the nation. This Course aims to provide a view as to how Shariah Based Islamic Investment Banking structured on original principles of Shariah can contribute more effectively compared to Islamic Investment banking based on copying risks and rewards profiles of Conventional Investment banking in a Shariah compliant manner. The Course also provides a view and suggestion to the Islamic Investment Banking industry on how to conduct its Investment Banking activities in a Shariah based instead of a Shariah compliant manner. The Course will illustrate what type of Investment Banking Products and Services will emerge if designed and structured based on original principles of Shariah.

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

THE PARTICIPANTS
Islamic Capital Market Professionals Investment bankers Product Development Personnel Shariah Compliance, Shariah Audit and Shariah Dept personnel Debt Capital Market Personnel Corporate Banking Personnels Corporate Finance Personnels Central Bankers, Regulators; 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, Ministries, SEDCs, 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, PNBi, Bursa Malaysia Bhd, Maybank

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 Bachelors 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

Investment Bank, Ambank Investment Bank, KAF Investment Bank, Federation of Investment Managers Malaysia, Public Mutual, EPF and JB Corp. Joint venture Courses
with Sabah Law Association, Penang Bar Committee, Universiti Sains Malaysia, and the Malaysian Institute of Accountants INVESTMENT

RM1050 per participant. Fee is inclusive of lunch, refreshments and course materials. Organizations, which send four or more

Shariah Based Investment Banking Products

The Programme 1st session 9.00 am 10.30 am
Ideal Islamic Investment Bank Structure The Current Scenario temporary excess liquidity to fund national development needs / Gaps to be filled. Required characteristics of new IIB / Removing the pressure to quickly convert deposits to loans Investing vs Financing Sources of Funding For Musharakah Investment Bank Corporate Sukuk, Retail Sukuk and Mudarabah Investment Deposits Proposed Manpower Source For Musharakah Investment Bank The failure of current formula Solutions To Address Moral Hazard Issues Of Investing In Companies The Nature Of The Musyarakah Investment In The Companies An investment in the capital of the company based on Musharakah Is a limited liability company equal to Musyarakah ? Innovative new business for Investment Banks Business Angel Division / Seed and venture capital via Musharakah / Mezzanine Financing via Musharakah Life Cycle of a Growing Company. What is a Business Angel? Track record of Business Angels in other countries compared to Venture Capital / Objective of Business Angel Dept / Musharakah in Business Angeling Seed and Venture Capital Via Musharakah Venture Capital as a Shariah based Investment Banking activity Mezzanine Financing by Musharakah Musharakah Mezzanine Financing Shariah based Investment banking deposits / Raising Musharakah Sukuk To Complement Investment Deposits Case Study Sukuk Musharakah For Musharakah Investment Bank Business Investments Division Shariah Based Corporate Finance Advisory Examples of Corporate Proposals that include riba, gharar, maysir and haram Shariah Based IPOs, Rights and other Issues Shariah Based Private Equity Shariah based LBOs / Shariah based Growth Capital Shariah Based Fund Management Syariah issues on Funds Shariah Based Stockbroking Characteristics of Syariah based Stockbroking Shariah Based Legal Documents Syariah compliant vs Legal compliant Issues in Musharakah Mutanaqissah Agreement Security clause; taweedh Position of Cross Default clauses Issues in Ijarah Muntahiah Bil Tamlik Agreement Issues in Commodity Murabahah Agreement Legal Risks and Legal Uncertainties Definitions Issues in Sukuk Ijarah Common Law vs Civil Law Implication to Islamic capital market Asset Based vs Asset Backed Issues State of Play for Tamweel; East Cameron Gas ; The Investment Dar Environment Islamic Finance Operates in The Grip of Riba The environment Islamic finance operates in The environment Islamic finance should be operating in The Islamic Bank according to Islamic Economics Implication of Pillars of Islamic Economics to Islamic banks Implication of Principles of Islamic Economics to Islamic banks Implication of Parameters of Islamic Economics to Islamic banks Profit Maximisation vs Human Welfare Maximisation Formula for Human Welfare AlGhazali & AlShatibi and Maqasid Al Shariah Objectives of Shariah on Property Implication to Islamic banks

10.30 -11 am Coffee Break 2nd session 11.00 am 1 pm

Lunch 1pm - 2pm

3rd session 2.00 pm 3.30 pm

3.30 pm -4 pm Tea Break

4th session 3.30 pm 5.00 pm

Bank Islam Malaysia Bhd., Bank Muamalat Malaysia Bhd., Bank Negara Malaysia, Securities Commission of Malaysia, Bursa Malaysia, Islamic Banking and Finance Institute of Malaysia, Labuan Offshore Financial Services Authority. Islamic Bank of Brunei, Islamic Development Bank of Brunei, Brunei LNG,Shell Malaysia, Monetary Authority of Singapore, Majlis Ugama Islam Singapura, Emirates Global Islamic Bank Ltd, State Bank of India, Plentytrak Pty Ltd Australia, Adl Capital Ltd (Sri Lanka), Kuwait Finance House, Asian Finance Bank,Citibank (M) Bhd, Telekom Malaysia, Affin Investment Bank, RHB Investment Bank, Muamalat Invest, Affin Islamic Bank, AM Investment Bank, Maybank Investment Bank, Eon Investment Bank, Alliance Investment Bank, Deutschebank, , CIMB Investment Bank, OSK Investment Bank, KAF Investment Bank, Southern Investment Bank,Public Investment Bank,K&N Kenanga Investment Bank, HongLeong Islamic Bank, CIMB Islamic Bank, Ambank Islamic Bank,Eoncap Islamic Bank, RHB Islamic Bank, Maybank Islamic Bank, SME Bank, Prudential Fund Management, BN Paribas Capital, Sarawak SEDC, Kuching Water Board, CMS Trust Management Bhd, Permodalan ASSAR Bhd, RHB Bank, Sulong & Sinsua, Sulong & Co, Ng & Anuar., Shearn Delamore & Co., Southern Bank, MAA Corporate Advisory., Ain Medicare., Tenunan Budi., Affin Discount ., Bimsec Asset Management ., Leader Universal Holdings., Albar & Partners, A.B. Sidek & Co., Lembaga Tabung Haji, Air Kelantan, Offshore Works., KM Chye & Murad, ., Ingress Corporation., Ranhill Utilities ., Affin Bank ., Abdullah Abdul Rahman & Co., Nik Hisham, Ainul Azam & Fakihah, Hisham Sobri & Kadir, Raslan Loong, Zain & Co., Kumpulan Prasarana Rakyat Johor., CIMB, Ambank Islamic Banking Division, Pacific Alliance Capital , Wong & Partners, RHB Securities, Standard London (Asia) , JPMorgan (M) , Commerce Asset Fund Managers , Bumiwerks Capital Management , PricewaterhouseCoopers, Azmi & Associates, Hong Leong Bank , Phillip Capital Management , Nomura Advisory Services (M) , Ghazi & Lim, JMF Asset Management , BIMB Securities , RHB Asset Management , HSBC Bank (M) , TAMCO Corporate Holdings , SBB Securities, Nam Fatt Corporation , Lee Choon Wan & Co, Bank Kerjasama Rakyat (M) , , Malaysian Resources Corporation Bhd, JF APEX Securities, , Redmax, BIMB Unit Trust Management, Ambank Group, Lityan Systems , Pheim Asset Management , Perkasa Normandy Holdings , Amanah SSCM Asset Management , OCBC Bank (M) , Raja Darry & Loh, Ranhill Bhd, Felcra, HLG Unit Trust, HLG Asset Management, Malakoff, Ayer Hitam Planting Syndicate, SBB Mutual, Asiatic Development, Amfutures , K&N Kenanga Holdings, KL City Securities, Mayban Ventures Sdn Bhd, Shell Gas & Power (Singapore), SHH Resources Holdings Bhd, Affin Fund Management Sdn Bhd, K&N Kenanga Bhd,, Berjaya Group Bhd, Pengurusan Danaharta Nasional Bhd, Saujana Consolidated Bhd, MIDF Bhd, Hap Seng Consolidated Bhd, Mayban Securities Sdn Bhd, Mayban Investment Management Sdn Bhd Eng Teknologi Holdings Bhd, Dunham-Bush (M) Bhd, BH Global Advisers Sdn Bhd, HSBC Asset Management Spore Ltd, OCBC Asset Management Ltd, Ong First Pte Ltd, ST Asset Management Pte Ltd, Aberdeen Asset Management, CMS

REGISTRATION FORM COMBINATION DAY ONE & DAY TWO DAY ONE ONLY DAY TWO ONLY

FEES RM1800 RM1050 RM1050

Please Tick

Day One Shariah Based Sukuk Structures & Islamic Financing Principles 18 July 2012 Day Two Shariah Based Investment Banking Products 19 July 2012 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 Sdn 03-7842 5187, Bhd 012- 212 5405 muamalah_consulting@hot 17-01, First Floor, DBayu, Jalan Fax mail.com Serambi U8/21, Bukit Jelutong, 03-7847 3214, 40150 Shah Alam, Selangor. 03-7842 5201 http://muamalahconsulting. tripod.com PERSONAL DETAILS N o 1. 2. 3. 4. Details of Participants Name : Designation : *License No: Name : Designation : *License No: Name : Designation : *License No: Name : Designation : *License No: (Photocopy the form for additional participants) Fee (RM)

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register the abovenamed participants and enclosed please find the required fee. Authorised Signatory signature: Name : Designation : Date :