SEMINAR ON:

SUKUK DYNAMICS FOR FINANCIAL AND ECONOMIC

DEVELOPMENTS
Organized by:
International Shari’ah Research Academy for Islamic Finance (ISRA),
Kuala Lumpur, Malaysia
&
Centre for Excellence in Islamic Finance, Institute of Management Sciences (CEIF IMSciences), Peshawar,
Pakistan

Net Hosting By:

CEIF IMSciences, Peshawar Pakistan,
through Higher Education Commission, Islamabad Pakistan

Venue:
INCEIF Auditorium, Kuala Lumpur

Date:
Wednesday, 27 April 2016
OVERVIEW
After more than a decade of global issuances, sukuk have gained worldwide acceptance as a
favourable Shariah-based mode of financing to provide funding for government-backed
projects and the expansion of corporate projects. A recent development is small-
denomination sukuk that encourage the general public to save and invest. Many sukuk types
have emerged, mostly conforming to the Shariah, with some needing modification to meet
Shariah requirements. Pricing is an interesting feature of sukuk, Involving one meeting after
another and road shows to finally shape up, and needing to satisfy the lawyers, credit rating
agencies, investors and, of course, the originators.

Sukuk have been praised and criticized and have received flak in the media, too, as different
stakeholders’ interests are tied to them. There are a number of very active regions of sukuk
activity worldwide, from Malaysia to the Middle East, Pakistan, Indonesia and other Muslim
countries, as well some non-Muslim countries. Turkey and African countries have also joined
the network, attracting the market for sukuk for large-scale projects.

SEMINAR OBJECTIVES
The main objective of the seminar is to bring together experts in the field of sukuk from both
Pakistan and Malaysia in order to familiarize the audience with sukuk intricacies by providing
an understanding of current issues that are shaping them. Key factors are the guidelines of
AAOIFI’s Shariah standards, regional or country-specific legal requirements, and
competition for attracting local and global investors’ money, along with the originators’
requirements and limitations. The presenters have selected case studies of a variety of sukuk,
both from Pakistan and Malaysia, in order to enable a better understanding of the sukuk
contracts themselves, in a rare seminar jointly organized by ISRA Malaysia and CEIF
IMSciences, Pakistan, here in Kuala Lumpur.

Based on the case study approach, the seminar focuses on selected sukuk cases, delving into
their dynamics and throwing light on the intricacies of the voluminous sukuk prospectuses,
ranging from 100 to more than 200 pages of legal text. The seminar presenters are learned
professionals who have spent many years doing extensive research on sukuk and gaining
experience in shaping them. They have extensive grounding in the Shariah as well as
regulatory environments and Islamic business finance. This is an opportunity to understand
sukuk dynamics, made easier by the interactive nature of the seminar and by the materials
provided. By interacting with industry experts, participants are expected to gain insight into
the impact of sukuk on investment and business.
 TENTATIVE PROGRAMS

Time Agenda
Welcome address by ISRA Representative
IM Sciences-CEIF Vision for Islamic Finance By Dr. Muhammad Mohsin
9.00 – 9.30 Khan
MOU Signing between ISRA & IMSciences
Group Picture
Introduction to the World of Sukuk and Its Latest Developments
- Global & Malaysian Market
9.30– 10.15 Dr. M. Akram LalDin (CEO-ISRA Representative)
- Pakistani Market
Dr. Zohra Jabeen (CEIF-IMSciences Representative)
Sukuk Structures and Underlying Projects: The Government and
10.15 – 11.00 Autonomous Bodies Developmental Projects - Case Studies
(Dr. Zohra Jabeen)
11.00 – 11.15 Tea Break
Sukuk Structures: Influence of Investors' Demands and Projects’
11.15 – 12.00 Requirements- Case Studies
(Dr. Zohra Jabeen)
Legal & Shariah Issues Underlying Sukuk Structures - Case Studies
12.00 – 1.00
(ISRA Representative & Dr. Zohra Jabeen, CEIF IMSciences)
1.00 Lunch and Disperse