AMANIE ISLAMIC FINANCE CONSULTANCY AND EDUCATION LLC

The Islamic Finance Conference is distinctively aimed at keeping the industry well informed about the latest developments, updated issues and recent innovations of Islamic finance world-wide. The IFS also highlight and discuss the impact and implication from Shari’a perspective, market practice, tax, regulatory  and legal framework perspective presented by capital market players including regulators, Shari’a scholars, captain of industry players and legal practitioners. The IFS provides a conducive platform to all industry players and essentially offer an excellent occasion for participants to establish networks and to exchanging ideas and perspectives.

The main objective of this Seminar is to provide highlights and updated market information on the latest pronouncement by the Shariah Board of the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI), Bahrain on Sukuk and its impact on the industry. Sukuk is the most rapidly expanding and significant form of Islamic financing around the globe. It has been reported that the market is currently experiencing a growth pace of Sukuk at 40% per annum which make it as an exceptional phenomenon of an emerging financial product. Only until recently, has the market experienced a glitch on Sukuk products arising from the legitimacy issues of the Shariah principles applied. This problem has resulted in that a significant number of the universe of the Gulf based Sukuk is deemed as non-complaint with the Shariah Principles. The new issuance of Sukuk is also affected by this pronouncement as the number of issuance is declining compared to previous few years.

At a time of market confusion as to what actually constitutes a fully compliant Sukuk in the light of the recent Shariah scholars' debate on Sukuk structures, this seminar will provide an updated insight to AAOIFI’s pronouncement on Sukuk as well as AAOIFI Shariah Scholar’s discussion, especially the contentious questions relating to ownership of underlying assets, purchase undertaking which leads to guarantee of capital payments to Sukuk certificate holders and the liquidity facility to smoothen expected periodical profit payment.

The Sukuk Seminar will also highlight and discuss the impact and implication from Shariah perspective, market practice, Sukuk rating, tax and legal framework perspective in the light of the AAOIFI pronouncement in February 2008. All of these highlights will be presented by capital market players including regulators, Shariah scholars, captain of industry players and legal practitioners as well as rating personnel.