Sukuk Structures and Underlying Asset Ownership (SS 17)
What sukuk holders really own under each structure, and how ownership is transferred, kept and enforced
Advanced · 20 hours · 42 lessons · Language: English and Arabic · ID: IFS-COU-0074
USD 25Original price USD 45
Included in the annual membership.
No expiry
Under AAOIFI's Shari'ah Standard No. 17 (Investment Sukuk), sukuk are certificates of ownership in assets, usufructs, services or ventures, not debts. Whether a sukuk is compliant therefore depends on a practical question: what do the holders actually own, and can they rely on it?
This advanced course works through the kinds of investment sukuk, the transfer of ownership and the true-sale question, the ownership duties of holders in ijarah sukuk, venture-based sukuk and purchase undertakings, debt-based sukuk and tradability, asset portfolios and substitution, the parties and documents that evidence ownership, default and recourse, and a full Shari'ah due-diligence review.
The course has readings, practitioner case studies with worked logs, tests and calculations, slides, study notes and practice quizzes, and a final exam of 30 scenario-based questions in 60 minutes (70% to pass).
This course is written by ifSPACE in its own words, does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa or legal or investment advice.
What you will learn
- Explain why sukuk represent ownership and how they differ from bonds under SS 17
- Distinguish the kinds of investment sukuk and the Shari'ah rules for each
- Map the ownership chain and assess true sale in asset-based and asset-backed sukuk
- Apply the rules on ownership costs, purchase undertakings and capital protection
- Check tradability, asset substitution and the tangible share of a portfolio
- Carry out a Shari'ah due-diligence review of a sukuk from term sheet to maturity
Syllabus
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1.Sukuk as certificates of ownership
- Welcome to the courseFree preview1 min
- Sukuk as certificates of ownershipFree preview30 min
- Practitioner case study30 min
- Module 1 presentation15 min
- Module 1 practice quiz15 min
2.The kinds of investment sukuk under SS 17
- The kinds of investment sukuk under SS 1730 min
- Practitioner case study30 min
- Module 2 presentation15 min
- Module 2 practice quiz15 min
3.Transferring ownership: true sale and the ownership chain
- Transferring ownership: true sale and the ownership chain30 min
- Practitioner case study30 min
- Module 3 presentation15 min
- Module 3 practice quiz15 min
4.Ijarah sukuk: ownership duties of the holders
- Ijarah sukuk: ownership duties of the holders30 min
- Practitioner case study30 min
- Module 4 presentation15 min
- Module 4 practice quiz15 min
5.Musharakah, mudarabah and wakalah sukuk: owning a venture
- Musharakah, mudarabah and wakalah sukuk: owning a venture30 min
- Practitioner case study30 min
- Module 5 presentation15 min
- Module 5 practice quiz15 min
6.Debt-based sukuk and tradability
- Debt-based sukuk and tradability30 min
- Practitioner case study30 min
- Module 6 presentation15 min
- Module 6 practice quiz15 min
7.Asset portfolios: identification, substitution and tangibility
- Asset portfolios: identification, substitution and tangibility30 min
- Practitioner case study30 min
- Module 7 presentation15 min
- Module 7 practice quiz15 min
8.Parties, documents and governance of ownership
- Parties, documents and governance of ownership30 min
- Practitioner case study30 min
- Module 8 presentation15 min
- Module 8 practice quiz15 min
9.Default, recourse and enforcing ownership
- Default, recourse and enforcing ownership30 min
- Practitioner case study30 min
- Module 9 presentation15 min
- Module 9 practice quiz15 min
10.Reviewing a sukuk: due diligence and reporting on ownership
- Reviewing a sukuk: due diligence and reporting on ownership30 min
- Practitioner case study30 min
- Module 10 presentation15 min
- Module 10 practice quiz15 min
- Course summary and where to go next20 min