COURSE INTRODUCTION

Global demand for Shariah-compliant capital market products continues to grow at a rapid pace. Islamic products now span a wide range of capital market instruments, from Shariah-compliant equities and Green Sukuk, to Exchange Traded Funds (ETFs) and Real Estate Investment Trusts (REITs). Investment bankers, portfolio managers and financial analysts must navigate this evolving terrain with a clear understanding and awareness of how these products work in practice, and their regulatory, operational, and risk management requirements.

This intensive two-day course provides a comprehensive understanding of the key instruments, structures, regulatory frameworks, and risk tools that define today’s Islamic capital markets. By providing thorough coverage of the essentials before exploring advanced concepts, such as Sukuk structuring and Islamic hedging, the course is highly accessible to banking and finance professionals at all levels. The course also explains recent developments such as AAOIFI’s Standard 62 and its impact on the Sukuk market, as well as the most important features of the Islamic capital markets, including syndication, equity screening and Islamic derivatives practices.

The course is highly interactive and makes widespread use of illustrations and examples to aid understanding. It also provides ample opportunity for delegates to ask questions and gain important knowledge to implement actionable insights in structuring, regulating, and investing in Islamic capital markets.

  • Learning Objectives & Takeaways :
    • Understand Shariah principles driving Islamic capital market instruments and how they differ from conventional counterparts.
    • Gain practical knowledge of structuring Sukuk and Islamic hedging tools, including key features that enhance Sukuk performance and mitigate investors’ risk.
    • Navigate key regulatory and governance frameworks, e.g., AAOIFI, IFSB, and Basel III.
    • Evaluate the latest trends in product innovation—such as Green Sukuk, Islamic ETFs, and REITs—and assess their impact on market development and investor interest.

Fee

Fee per participant: RM5,900/$1,600

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. Discounts are available for group bookings. Please contact us for more details.

In-house/group training

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

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For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt
Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran
Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

REDmoney Training

Islamic Capital Markets for Financial Institutions

SIDC CPE-approved: 10 CPE Points

Date: 17th & 18th December 2025
Venue: DoubleTree by Hilton Kuala Lumpur

Classroom Training

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COURSE INTRODUCTION

Global demand for Shariah-compliant capital market products continues to grow at a rapid pace. Islamic products now span a wide range of capital market instruments, from Shariah-compliant equities and Green Sukuk, to Exchange Traded Funds (ETFs) and Real Estate Investment Trusts (REITs). Investment bankers, portfolio managers and financial analysts must navigate this evolving terrain with a clear understanding and awareness of how these products work in practice, and their regulatory, operational, and risk management requirements.

This intensive two-day course provides a comprehensive understanding of the key instruments, structures, regulatory frameworks, and risk tools that define today’s Islamic capital markets. By providing thorough coverage of the essentials before exploring advanced concepts, such as Sukuk structuring and Islamic hedging, the course is highly accessible to banking and finance professionals at all levels. The course also explains recent developments such as AAOIFI’s Standard 62 and its impact on the Sukuk market, as well as the most important features of the Islamic capital markets, including syndication, equity screening and Islamic derivatives practices.

The course is highly interactive and makes widespread use of illustrations and examples to aid understanding. It also provides ample opportunity for delegates to ask questions and gain important knowledge to implement actionable insights in structuring, regulating, and investing in Islamic capital markets.

  • Learning Objectives & Takeaways :
    • Understand Shariah principles driving Islamic capital market instruments and how they differ from conventional counterparts.
    • Gain practical knowledge of structuring Sukuk and Islamic hedging tools, including key features that enhance Sukuk performance and mitigate investors’ risk.
    • Navigate key regulatory and governance frameworks, e.g., AAOIFI, IFSB, and Basel III.
    • Evaluate the latest trends in product innovation—such as Green Sukuk, Islamic ETFs, and REITs—and assess their impact on market development and investor interest.

Fee

Fee per participant: RM5,900/$1,600

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. Discounts are available for group bookings. Please contact us for more details.

In-house/group training

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

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AGENDA

Day One

  • Core Principles and Islamic Capital Market Products
    • Core Shariah principles underpinning capital market instruments
    • Reviewing key, traditional Islamic capital market instruments:
      • Islamic equities
      • Sukuk instruments
      • Islamic investment funds
    • Exploring recent innovations and emerging trends:
      • Green Sukuk and Social Sukuk
      • Islamic ETFs and REITs
    • Comparison with conventional capital markets
      • Breadth of product range
      • Credit rating considerations
      • Liquidity and market depth: challenges and opportunities
  • Governance, Standards, and Risk Management
    • Global and regional regulatory frameworks shaping Islamic capital markets and investment decisions
    • Shariah governance and compliance standards, including:
      • AAOIFI Standards 59 and 62 and their practical implications
      • Basel III and IFSB guidelines on capital adequacy for Islamic investments
    • Equity screening methodologies and their impact on Shariah-compliant portfolios
    • The process of syndication in Islamic capital market transactions
    • Effective risk management strategies and Islamic hedging solutions

Day Two

  • Sukuk Structuring
    • The defining features of Sukuk and how their fundamentals differ from conventional bonds
    • Getting it right: What Sukuk are and what Sukuk are not
    • Key tradability requirements for Sukuk in primary and secondary markets
    • Essential components of Sukuk structuring, including:
      • Performance enhancements to improve investor appeal
      • Built-in flexibility through embedded options, rate resets and break clauses
      • Risk mitigation including excess spread and Takaful integration
    • A step-by-step overview of the Sukuk origination and issuance process
Case Study: Real-world case insights for structuring Sukuk tailored to specific issuer needs
  • Structuring Islamic Hedging Tools
    • The fundamentals of derivatives and their role in risk management
    • Key Shariah-compliant building blocks used in structuring Islamic hedging tools:
      • Wa’ad (unilateral promise)
      • Murabahah (cost-plus sale)
    • Detailed analysis of the most important Islamic hedging structures and how they align with market needs and Shariah compliance:
      • FX Forwards
      • FX Options
      • Profit Rate Swaps
      • Currency Swaps
    • Designing, implementing and operationalizing effective hedges for real-world risk management applications
Case Study: Managing foreign exchange risk using Islamic hedging tools

EXPERT COURSE DIRECTOR


Dr Ken Baldwin 
Former Director, Islamic Development Bank

Dr. Ken Baldwin has worked as a practitioner in banking and finance for over 25 years in senior positions spanning the front and middle offices. Having graduated from Oxford University with a first-class honors degree in Physics in 1989, he qualified as a Chartered Accountant with PWC, before joining UBS, and then later Credit Suisse, in derivatives risk and control functions based in London.

He gained a PhD in the microeconomic theory of risk sharing in Islamic contracts, and worked in the GCC for 15 years in Islamic retail and Islamic investment banks. Whilst at Abu Dhabi Islamic Bank, Dr. Ken built an ALM analytic technology platform capable of capturing liquidity and interest rate risks inherent in the many varied Islamic financing products used at retail and corporate levels. He then moved to take up the position of MENA Regional Head of Quantitative Analysis for Citigroup. At Citicorp, Dr. Ken worked on structuring complex products used by Gulf-regional corporations to hedge FX and interest rate risks. Still residing in Bahrain, Dr. Ken then joined Investcorp, where he worked on the risk due diligence of corporate private equity and real estate private equity transactions and portfolio management. After leaving Investcorp, he set up the risk management department for venture capital bank, providing Basel III compliance and deal analysis for the bank. He then operationalized a new Islamic investment bank as its Chief Operating Officer for 3 years, before his most recent industry role at the Islamic Development Bank, where he set up and ran a new department tasked with developing Financial Policies and Planning underpinned by robust financial analytic tools and methodologies designed specifically for the IDB. Dr. Ken is currently an assistant professor of finance in the UK. He has published quantitative finance articles in peer-reviewed academic journals including the Journal of Risk, and the Journal of International Financial Markets Institutions and Money, and the International Journal of Finance and Economics. During his earlier career, Dr. Ken taught CFA and FRM professional certifications as a pastime for the Bahrain Institute of Banking and Finance.

WHO WILL BENEFIT?

  • This course has been specifically designed for the benefit of:
    • Chief financial officers, heads of finance and finance officers
    • Chief risk officers, risk managers, and risk analysts
    • Treasurers and treasury managers
    • Compliance and audit professionals
    • Capital market transaction origination and structuring teams
    • Fixed income portfolio and other fund managers
    • Credit ratings agency analysts
    • Regulators

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt
Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran
Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22