Reclaiming Your VAT

Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to:  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.


Course details

Download course brochure

Leasing, Musharaka, Mudaraba & Sukuk

Explore managing leasing transactions & the uses of Musharaka, Mudaraba & Sukuk
  • This course is part of Islamic Finance Academy, which is made up of 6 individually bookable modules:

    Module 1: Introduction to Islamic Finance & Banking
    Module 2: Islamic Banking including Retail Products
    Module 3: Leasing, Musharaka, Mudaraba and Sukuk
    Module 4: Equity Investing, Private Equity and Islamic Contracts
    Module 5: Investment Finance and Project Finance
    Module 6: Takaful
    A 2-day programme on managing leasing transactions and the principles and uses of Musharaka, Mudaraba and Sukuk.

    This course forms Part 3 of the Islamic Finance Academy.
  • Day 1

    • Leasing (ijara) transactions: particularly real estate, equipment finance and project and Infrastructure finance


    - Conventional real estate rransactions – a short history of real estate investing in Islamic finance

    - Elements of the ijara (Lease)

    - Bifurcated structures: generic ijara transactions

    A case study variation: all cash acquisition and subsequent financing (United States).
    A case study variation: all cash acquisition, subsequent financing, initial loan structure (United Kingdom).
    A case study variation: No puts or calls on real property (Sweden)

    • Murabaha, tawarruq and musawamma


    - Murabaha, tawarruq and musawamma defined

    - Some murabaha and musawamma principles

    - Generic murabaha structures

    - Generic syndicated murabaha

    - Syndicated murabaha with an agent

    - Working capital murabaha transactions

    Case study: term and revolving murabahas.

    Day 2

    • Musharaka


    - Musharaka defined

    - Some musharaka principles

    - The diminishing musharaka structure

    • Mudaraba


    - Mudaraba defined

    - Some mudaraba principles

    - Mudaraba structures in finance

    - Mudaraba structures in Islamic banking

    - Mudaraba structures in takaful

    • Sukuk


    - Cross collateralised pool financings

    - Europe

    - United States

    - Perspective

    - Asset securitisations generally

    - Conceptual transactional structure

    - Sukuk defined

    - AAOIFI considerations and categories

    - Sukuk markets

    - Sukuk al-Ijara

    - Sukuk al-Mudaraba

    - Sukuk al-Musharaka

    - Sukuk al-Murabaha

    - Sukuk al-Wakala

    - AAOIFI clarification of Standard (17): March 2008

    - Legal impediments to enforceability and ratings

    Case Studies

    • Bahrain Financial Harbour Sukuk
    • Tamweel RMBS Sukuk
    • TECOM Free Zone CMBS
    • Private Commercial Sukuk al- Wakala bel-Istithmar
    • Government Sukuk al-Wakala bel-Istithmar
    • Sukuk al-Musharaka
    • Sukuk al-Mudaraba
    – Goldman Sachs
    Course summary and close


  • 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 – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 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 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme


  • Michael JT McMillen


    The course instructor received his M.D. from the Albert Einstein College of Medicine, his J.D. from the University of Wisconsin Law School, and his B.B.A. from the University of Wisconsin – Madison.He is a partner of an international law firm and works in their New York, Dubai, Muscat, Kuwait, Istanbul, Kazakhstan, Turkmenistan and London offices. He is internationally recognised for his work in Islamic finance and project finance. His transactional work focuses on the Americas, Europe, the Middle East and Asia. He publishes and speaks throughout the world on Islamic finance and project finance. He has twice been a recipient of the Euromoney award for Best Legal Advisor in Islamic Finance (2004 and 2007) and has also received the Sheikh Mohammed Bin Rashid Al-Maktoum award for Best Legal Advisor in Islamic Finance for North America. He was the founding Chair, and has twice served as the Chair of the Islamic Law Section, a division of the International Law Section of the American Bar Association. He teaches Islamic finance at the University of Pennsylvania Law School and the Wharton School of Business. He was also active in the capital markets initiative of the Islamic Financial Services Board, focusing on securities and capital markets laws, the use of trusts and trust concepts in capital markets transactions, and the enforceability of the Shari’ah in different jurisdictions throughout the world.



This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the:

Nassima Royal Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates

Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.

You can also view other recommended hotels on this map: