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.
AGENDA AND FORMAT
Each session will be interactive in a seminar format, with participants encouraged to engage with questions throughout.
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
Course duration is six hours divided into three hours each session.
Part 1: General Theory and Framework for Islamic financial Engineering and Product Development
Part 2: Mechanisms of Achieving Maqasid Al-Shariah and Commercial Objectives in Financial Product Development