Online Self-Study
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Together with Global Ethical Finance Initiative (GEFI), we have developed this course on Islamic debt instruments (sukuk), providing an overview of the fundamentals and nuances of this growing market including initiatives like sustainable sukuk.
This course is designed to provide participants with an overview of Islamic finance including the key basic concepts including a basic understanding of how Sukuk structures work and an introduction to the Sukuk market and how this market has developed over the last 20 years.
Learning Outcomes
By the end of this course, participants will be able to:
- Demonstrate an understanding of the core concepts of Islamic finance and the key Shariah principles underpinning Sukuk
- Explain how Islamic finance principles inform the economic rationale, structural features, and return profiles of Sukuk
- Explain the role of Shariah governance, supervision, and assurance in Sukuk issuance and ongoing compliance
- Distinguish between Sukuk and conventional bonds with reference to their legal, contractual, and economic characteristics
- Identify and describe the principal Sukuk structures and their high-level features
- Explain the function of special purpose vehicles (SPVs) and ownership concepts in facilitating Sukuk structures
- Outline the Sukuk issuance lifecycle, including primary issuance and secondary market considerations
- Demonstrate an understanding of Islamic sustainable finance principles and the characteristics of ESG-, green-, social-, and sustainability-linked Sukuk
- Identify key developments and emerging trends in the Sukuk market, including digital Sukuk and tokenisation
Who should attend?
The qualification is intended for candidates who are either entering the fixed income market or who have limited experience and wish to develop a clear understanding of how Islamic financial instruments work.
Certification and Programme Recognition
ICMA is an FCA-approved qualifications provider, approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT) and a member of the CPD® Certification Service.
ICMA recommends that 4 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.
A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course (minimum 80% of contact hours).
Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at education@icmagroup.org
Course Trainer
TBC
The syllabus content is divided into several key topic areas:
Section 1: Foundations of Islamic Finance and Sukuk
- 1. Introduction to Islamic Finance
- 2. Foundational Principles of Shariah
- 3. Evolution of Islamic Capital Markets
- 4. What Are Sukuk? Definitions and Key Concepts
Section 2: Shariah Governance and Compliance
- 1. Role of Shariah Supervisory Boards
- 2. Shariah Review: Pre-Issuance and Post-Issuance
- 3. Common Shariah Issues and Contemporary Debates
Section 3: Sukuk Structures and Documentation
- 1. Asset-Based vs Asset-Backed Sukuk
- 2. Core Sukuk Structures
- 3. SPVs, True Sale, and Ownership Rights
- 4. Essential Sukuk Documents and Contractual Flows
Section 4: Legal and Regulatory Frameworks
- 1. Regulatory Approaches in Key Sukuk Markets
- 2. Legal Structuring: Trusts, SPVs
- 3. Taxation, Accounting, and Disclosure Requirements
Section 5: Sukuk Issuance Process
- 1. Overview of the Issuance Lifecycle
- 2. Roles of Arrangers, Legal Counsel, Rating Agencies, and Sharia Scholars
- 3. Bookbuilding, Pricing, Allocation, and Listing
- 4. Documentation Review and Offering Circulars
Section 6: Market Dynamics and Secondary Trading
- 1. Trading Conventions and Liquidity in Sukuk Markets
- 2. Sukuk Pricing, Yield Curves, and Benchmarking
- 3. Credit, Market, and Shariah Risk in Sukuk Portfolios
Section 7: ESG and Sustainability Sukuk
- 1. Framing Islamic Sustainable Finance
- 2 Green and Sustainability Sukuk (Aligned with ICMA Principles)
- 3. Social Sukuk and Impact Frameworks
- 4. Reporting, External Reviews, and Market Adoption
Section 8: Innovation and Future Trends
- 1. Digital Sukuk and Tokenised Asset Structures
- 2. AAOIFI Standard No. 62: Market Impact and Emerging Trends
- 3. The Future of Sukuk Markets: Standardisation, Technology, Cross-Border Development
Online Course
Delegates who sign up to online courses will have access for 6 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.
Online course fees
ICMA Members: EUR 1,300 (VAT not applicable)
Non-members: EUR 1,900 (VAT not applicable)
Costs include full access to the online campus, associated learning materials and the examination fee.
Please note that:
- Payment for online courses must be received before the start of the course.
- All payments must be made in Euro.
Contact
Should you have any queries, please contact education@icmagroup.org.
