Sukuk with Real World Case Studies
How sukuk are structured, issued, traded and restructured, learned through landmark issues and disputes
Intermediate · 18 hours · 42 lessons · Language: English and Arabic · ID: IFS-COU-0061
Sukuk have grown into a global market used by governments, companies and development banks. This free course explains how sukuk work and what makes them different from bonds, and then follows landmark issues and disputes to show what happens in practice.
Each of the 10 modules pairs a clear reading with a real-world case study: Malaysia's first global sovereign sukuk, the United Kingdom's sovereign sukuk, East Cameron Gas, the 2008 debate on purchase undertakings, Bahrain's salam sukuk, Indonesia's green sukuk, Nakheel and Dubai World, The Investment Dar and Golden Belt 1, Dana Gas, and sustainability sukuk.
The course has readings, case studies, slides, study notes and practice quizzes, and a final exam of 30 medium-difficulty questions in 60 minutes (70% to pass).
The case studies summarise public reports for education. 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, legal or investment advice.
What you will learn
- Explain what sukuk are and how they differ from conventional bonds
- Describe the main sukuk structures: ijarah, musharakah, mudarabah, murabahah, salam, istisna'a and wakalah
- Distinguish asset-based from asset-backed sukuk and explain what holders own
- Explain the Shari'ah rules on purchase undertakings, tradability and debt
- Analyse defaults, restructurings and disputes from real sukuk
- Explain green and sustainability sukuk and sukuk governance
Syllabus
1.Sukuk and bonds
- Welcome to the course1 min
- Sukuk and bonds30 min
- Real-world case study25 min
- Module 1 presentation15 min
- Module 1 practice quiz15 min
2.Ijarah sukuk
- Ijarah sukuk30 min
- Real-world case study25 min
- Module 2 presentation15 min
- Module 2 practice quiz15 min
3.Asset-based and asset-backed sukuk: the true sale question
- Asset-based and asset-backed sukuk: the true sale question30 min
- Real-world case study25 min
- Module 3 presentation15 min
- Module 3 practice quiz15 min
4.Musharakah and mudarabah sukuk and purchase undertakings
- Musharakah and mudarabah sukuk and purchase undertakings30 min
- Real-world case study25 min
- Module 4 presentation15 min
- Module 4 practice quiz15 min
5.Murabahah, salam, istisna'a and hybrid sukuk: trading debt
- Murabahah, salam, istisna'a and hybrid sukuk: trading debt30 min
- Real-world case study25 min
- Module 5 presentation15 min
- Module 5 practice quiz15 min
6.Wakalah sukuk and sovereign issuance
- Wakalah sukuk and sovereign issuance30 min
- Real-world case study25 min
- Module 6 presentation15 min
- Module 6 practice quiz15 min
7.Parties, documentation, the SPV and governing law
- Parties, documentation, the SPV and governing law30 min
- Real-world case study25 min
- Module 7 presentation15 min
- Module 7 practice quiz15 min
8.Default and restructuring
- Default and restructuring30 min
- Real-world case study25 min
- Module 8 presentation15 min
- Module 8 practice quiz15 min
9.Shari'ah risk and enforceability
- Shari'ah risk and enforceability30 min
- Real-world case study25 min
- Module 9 presentation15 min
- Module 9 practice quiz15 min
10.Green, social and sustainability sukuk and governance
- Green, social and sustainability sukuk and governance30 min
- Real-world case study25 min
- Module 10 presentation15 min
- Module 10 practice quiz15 min
- Course summary and where to go next20 min