Session one: Role of Standard Setters and Regulators

• Role of standard setting and regulatory bodies.
• Conventional standard setting and regulatory bodies.
• Islamic finance standard setting and regulatory bodies.
• Collaborative roles of Islamic and conventional standard setting and regulatory bodies.
• Joint projects.

Session Two: The Financial Markets Market Completeness, Derivatives and Hedging

• Market completeness of conventional financial markets.
• What is a derivative and what is hedging?
• Derivatives as a corporate tool – applications and uses.
• Conventional financial derivatives.
• The settlement process of derivatives.
• Market completeness and the Islamic financial markets.
• Uses of derivatives as a corporate tool - applications and Shariah perspective.
• What can not be a derivative and hedging tool under Islamic finance.
• Is there some consensus from a Shariah perspective?
• What is acceptable risk?
• Risk hedging motives in Islamic finance.
• What Is Tahawwut?
• Uses of Tahawwut.

Session Three: AAOIFI Framework on Hedging and Repo

• Islamic Finance, repurchase agreements and hedging.
• AAOIFI Shariah Standards.
• The IFSB position on repo and hedging.
• Islamic hedging instruments.
• Islamic profit rate swaps.
• Tawarruq - Islamic profit rate swaps.
• Islamic cross currency swaps
• Tawarruq – Islamic hedging IPRS and ICCS – how settlement is made.
• Islamic Forward Rate Agreement (IFRA).

Session Four: Islamic Repo Options – Definitions, Structures and Applications

• Repo – the AAOIFI definition.
• Basics of repurchase agreements.
• Repos as part of the derivatives market.
• Repo and reverse repo.
• Permissible uses and applications of repo.
• Islamic alternatives for repo and reverse repo.
• Repo – Tawarruq.
• A regulatory overview
• State Bank of Pakistan.
• UAE Central Bank.
• Bank Negara Malaysia.
• International Islamic Liquidity Management Corporation (IILM).

Session Five: IFSB Stance & Analyzing and Applying IIFM Hedging Standards

• Leading hedge strategies and a comparison of each.
• Important jurisdictional overviews.
• Regulatory and supervisory issues – the Islamic Financial Services Board (IFSB).
• Discussing IFSB policy stance and recommendations.
• ISDA/IIFM Tahawwut (Hedging) Master Agreement (TMA).
• ISDA/IIFM Mubadalatul Arbaah (MA) (profit rate swap) – single stage sale Standard.
• ISDA/IIFM Mubadalatul Arbaah (MA) (profit rate swap) – double stage sale Standard.
• ISDA/IIFM Islamic Cross-Currency Swap (ICRCS).
• ISDA/IIFM Islamic Foreign Exchange Forward (IFX forward) – Single Binding Wa’ad based Standard.
• ISDA/IIFM Islamic Foreign Exchange Forward (IFX forward) – two unilateral and independent Wa’ad based Standard.
• ISDA/IIFM 2017 Credit Support Deed for Cash Collateral (VM).
• ISDA/IIFM IBOR Fallback Standard Documentation.

Session Six: Practical Technicalities of Shariah Compliant Repo and Hedging

• Modern-day Tawarruq Structure & Conventional Securitization Structure Dynamics
• The Conventional Finance Concept of True Sale – Is Real Ownership Matters in Shari’ah
• How True Sale Concept Is Possible in Repo
• How True Sale Concept Is Possible in Hedging
• Key takeaways

Conclusion and Wrap-up