IFA: Introduction to Islamic Finance & Banking

Day 1 Introduction and Background Introduction Ethical Investing Commonalities: Islamic and Conventional Finance Differences: Islamic and Conventional Finance Structured Finance Some Shari’ah Principles Riba, Gharrar and Maysir The Shari’ah as a Legal System Examples of Substantive Principles Some History Prior to the 1970s 1970s to Mid-1990s Modern Islamic Finance: Mid-1990s to the Present Five Critical Factors Ijma Nominate Contracts Prior to 1996 Subsequent to 1996: Combinations and Multiple Contracts Dow Jones Fatwa of 1998 and the Equity Side of the Islamic Capital Markets: An Overview of the Fatwa and Its Implications. Sukuk and the Finance Side of the Islamic Capital Markets: An Overview. Day 2 Bifurcated Structures: Compliant Structures In Western Markets: Introductory Overview Tax, Regulatory, Credit, Underwriting and Similar Constraints A Generic Ijara As An Example Myth: Comparative Complexity of Shari’ah-Compliant and Equivalent Conventional Transaction – Current Markets: An Overview – The First Decade: Sukuk Issuances Introduction to Islamic Banking – Three Banking Models – Two-Tiered Mudaraba – Two Windows – Wakala Enforceability and Legal Considerations – Perspective and Topics – Legal Impediments – Shamil Bank of Bahrain v Beximco Pharmaceuticals – Musawi v R E International (UK) Limited – Blom Developments Bank v The Investment Dar Company – Formation Opinions – Enforceability Opinions – Legal Issues Pertaining to Sukuk – Ratings Matters