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Islamic Banking & Finance

Stay ahead in global Islamic finance markets with this course
  • The Islamic FInance & Banking programme features everything one would need to know about Islamic Finance.

    The course provides detailed and comprehensive analysis into all major areas of Islamic Banking and Finance. Relevant theory is covered with the primary focus on practical application and use of all products in the global Islamic finance markets. Guidance will be provided on such issues as:
    • Analysis of current market practices and what products and structures are utilized, and why
    • Developing new products for your clients and markets
    • Structuring products from the building block of theory (Islamic law) through to the final end product
    • Impact on each group of stakeholders (Scholars, structurers, legal, marketing, operations, risk, execution etc)


    This course has been designed for professionals that have had little or no exposure to Islamic Finance (via the initial Overview module) through to those already exposed and working in the field requiring more detailed guidance and information.

    It will broaden your knowledge of the industry and markets, as well as understanding all the major products used globally, and the characteristics and risk management aspects associated with them.



    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.  

  • Section 1
    Introduction to Islamic finance and banking

    • Islamic commercial laws and rules (including contract law)
       o Sources of Islamic law
       o The view on money in Islam
       o Enterprise vs debt creation


    • Islamic vs conventional banking – similarities and differences
       o What is the overlap between the aims of the Islamic and conventional markets in terms of desires of market participants and preferred outcomes?
       o Outline of key activities of conventional banks and which of these activities may not be Shariah compliant


    • Key principles
       o Riba, Gharar, Maysir
       o An explanation of these principles and examples of each


    • Overview of acceptable contractual forms
       o Sale contracts
       o Investment and management contracts
       o Leasing


    • The activities and balance sheet of a major Islamic bank
       o A detailed case study of the balance sheet of a major global Islamic bank


    • Overview of global Islamic markets – development and growth, challenges
       o What are the key market sectors?
       o How have they grown since inception and what are the major contributing factors?
       o What challenges are faced by market participants?


    • Islamic commercial contracts in conventional courts – what we have learned so far
       o Discussion of outcomes of defaults and court cases
       o Beximco, East Cameron Gas Sukuk, Dana Gas Sukuk

    Section 2
    Retail Islamic banking products

    • Current and savings accounts
       o Using Murabaha and Mudarabah contracts
       o Case study of Mudarabah deposit (Qatar Islamic Bank)


    • Home purchase finance structures
       o Murabaha home finance   
           Case studies
           The advantages and disadvantages (in relation to ownership, risk, variable rate financing and valuation of debt outstanding)


    o Diminishing Musharakah finance
           How it works and its advantages over Murabaha home finance
           Market example – Meezan Bank


    • Car purchase finance structures

       o Ijara, including market examples


    • Personal finance
       o Murabaha / goods finance
       o Tawarruq financing


    • Islamic credit cards
       o Analysis of different contracts used in the market

    Section 3
    Key Contractual Forms and case studies


    • Leasing, Ijara
       o Differences between conventional leasing and Ijara
       o Market examples of the utilisation of this contract in practice
           Car Ijara
           Home finance
           Sukuk


    • Murabahah, Tawarruq and Musawamma
       o Application in asset financing, working capital finance, and general credit provision
       o Murabaha goods finance vs Tawarruq financing
       o Murabaha Sukuk
       o Market examples


    • Project finance – Istisna (including Sukuk)


    • Musharakah
       o Diminishing Musharakah home finance
       o Sukuk


    • Mudarabah
       o Investments and funds
           Market examples and term sheets
           Why this is the preferred contractual form for fund and asset management
       o Retail deposits
           Comparison to murabaha deposits
           How to identify and mitigate the new risks arising from utilising an investment contract for deposit products
       o Sukuk


    • Sukuk overview, and relevant structures
       o Ijara
       o Mudarabah
       o Musharakah
       o Murabahah
       o Wakala
       o Hybrid

    Section 4
    Sukuk – detailed analysis and transaction case studies


    • Ijara. Mudarabaah, Musharakah, Murabahah, Wakala, Hybrid


    • Perpetual Sukuk


    • Equity-linked Sukuk (exchangeable, convertible Sukuk)


    • Each structure will be covered, along with analysis of how and why the market developed to accommodate such structures


    • How to develop debt capital markets products using classing contractual forms


    • The issue of Shariah compliance
       o Who does this responsibility fall upon
       o How is this managed in practice?
       o What are the implications?


    • Credit rating
       o Why this can be important
       o The concept of credit risk vs asset price risk in asset-backed structures
       o The approach of credit ratings agencies


    • Defaults
       o How are these defined
       o What occurs upon a default?
       o Asset risk vs credit risk for investors


    • The issue of a True Sale and Sukuk structures


    • AAOIFI Shariah standards and Sukuk controversy
       o How did this arise?
       o What were the consequences for the market?

    • Detailed case studies

    Section 5


    • Equity investments and funds
       o The process of Shariah compliance and screening
       o The concept of financial screening
       o Three levels of Shariah compliance
           The assets themselves
           Acquiring exposure to the assets
           The contractual arrangements between the investors and the fund manager
       o What occurs when something goes wrong?


    • Private Equity
       o Key principles
       o Shariah compliant target companies


    • Key asset classes – in each area we will cover how the funds are structured, how the investments / asset acquisitions occur, and they key legal and structuring areas
       o Real estate
       o Commodities
       o Fixed income


    • Structured investments
       o Capital protection   
           What is it and who wants it?
           How do conventional investments provide capital protection, and why is this not Shariah compliant?
           How can we deliver this protection in an acceptable manner?
           The connection between capital protection and derivatives
           The issue of liquidity

    o Notes

           What are they, and how do they operate?
           How to structure Islamic notes
           The issue of liquidity, again
    o Payout on performance of an index or benchmark
           When is this desirable?
           What is permissible for referencing payouts?
           What key structures and contracts are utilised to deliver Shariah compliant products?


    Section 6


    • Islamic insurance


    • Why conventional insurance is not permitted
       o The elements of Maysir and Gharar in an insurance contract?
       o Is conventional insurance impermissible in all circumstances?


    • Key features of Takaful
       o Major contractual forms used
       o Key structures utilised in the market, with market examples
       o The concept of Takaful Operator (as opposed to an insurance company)
       o How do operators run their business and how do they make profits?


    • Overview of Takaful market
       o Analysis of market development and growth
       o Challenges faced by the market globally


    • ReTakaful and Re-insurance
       o The importance of ReTakaful to the continued growth of the Takaful markets
       o The role played by Re-insurance to fill gaps in the market




  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Safdar Alam


    The course instructor is an investment banker and has been specialising in islamic Finance since 2001. He established the Islamic Banking teams at UBS and Credit Agricole, and in 2007 established and led the global Islamic Banking business at JP Morgan. In 2012 Safdar established a consultancy firm to provide services to the industry, with a focus being on positive and critical development of the industry. He counts amongst his clients Islamic Banks from London to the Middle East and Asia. He has led and executed transactions in Islamic Banking in excess of $10bn. He is a frequent speaker at workshops and conferences and contributes thought leadership articles to help drive critical discussion and debate in the global industry.



The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact and one of our partners will help you get the best rate possible.