REDmoney Seminars Presents 'Islamic Financial Engineering and Product Development'

WHY THIS COURSE?

Financial engineering and product development from an Islamic perspective go well beyond the basic tenets of conventional finance. The principles upon which Islamic financial engineering and product development are built are deeply rooted in the teachings of Shariah, and in particular, the rulings of the principles of usoul al fiqh, or Islamic jurisprudence. This is unlike the rules of conventional finance, which could be influenced by desires such as profit maximization. Islamic Financial engineering and product development theory and practice take a more holistic approach. This approach dictates that financial engineering and product development is a worldly financial activity, which should benefit all stakeholders and, when based on good intention and being developed in accordance with the Shariah and its objectives, is an act of worship.

Specific knowledge and skills are therefore required for Islamic finance and banking professionals when designing and developing financial products in accordance with Shariah, legal, tax, commercial and market requirements. Also necessary is a detailed understanding of how various stakeholders engage and manage this complex process, the role of Shariah advisers and Shariah supervisory boards (SSB) in guiding Islamic financial institutions (IFIs) through product development, and the challenges they need to overcome.

This course has been designed for practitioners and Shariah advisers at Islamic financial institutions who wish to extend their understanding of the design, development, execution and delivery of new and innovative Islamic financial products. The course is highly interactive with case studies and discussion of real-life challenges, providing delegates with ample opportunity to raise questions and discuss solutions.

Key Highlights:

• Gain a thorough understanding of how your institution can initiate, structure and engineer various financial products in accordance with Shariah and business requirements.
• Learn how to formulate and implement an effective Shariah-based methodology and framework for Islamic financial engineering and product development.

AGENDA AND FORMAT

Each session will be interactive in a seminar format, with participants encouraged to engage with questions throughout.

PLATFORM

This two-part training program will be delivered online through a stable, secure and free-to-access platform. The program itself will be delivered through lectures, worked examples and case studies in order to ensure a detailed and practical understanding of the program content. Participants will have plenty of opportunity to ask questions and interact with the program director. Login details and program materials will be sent to participants upon receipt of payment

AGENDA

Course duration is six hours divided into three hours each session.

Part 1: General Theory and Framework for Islamic financial Engineering and Product Development

• Current methodologies in financial product development
• The concept of Islamic financial engineering and product development
• Shariah controls on combination of financial contracts for financial engineering
• Examination and identification of financial needs for product development
• Identification of Shariah solutions to meet the financial needs
• Evaluation and selection of the Shariah solutions
• Modeling the product structure and its implementation procedures
• Shariah review and approval process of the product structure
• Real-life examples and case studies
• Quiz

Part 2: Mechanisms of Achieving Maqasid Al-Shariah and Commercial Objectives in Financial Product Development

• Shariah reasoning for considering the purpose of the product structure
• Mechanisms of achieving Maqasid Al Shariah
• Islamic finance contracts and the consequences of its implementation for financial engineering
• The concept of jurisprudence theories and its implementation in the product development process
• The push and pull factors in the financial engineering and product development approach
• Examining key, most nominated Islamic finance principles for financial engineering.
• Managing tension and competing factors in the product development process.
• Real-life examples and case studies
• Quiz