EXECUTIVE PROGRAMME

Islamic finance University Certificate 2015 • Edition 1

The Islamic finance certificate LSM - ISFIN Catch the opportunity and take the lead

www.uclouvain.be/islamic-finance

www.uclouvain.be/concours-diplomatie In partnership with

Prof. Michel De Wolf LSM Dean and academic director of the programme

University Certificate - 11 ECTS credits

Islamic finance Islamic finance has become an important part of the international financial system and is one of its fastest growing components. This segment is growing 50% faster than the entire banking industry in several corebanking markets. Islamic banking assets exceed 2,5 trillion US$. Islamic finance has been developing so vigorously that it has evolved from a nascent industry to a global market, where Muslims and non-Muslims are working together and learning from each other for the development of relevant products and services. London and Luxembourg have become leading Islamic Financial hubs. Brussels and Paris are seeking to take a share of this emerging industry. This fast emerging market lacks skilled and trained professionals. In partnership with ISFIN (Islamic Market Advisors), LSM Business School presents a high net worth executive program: the Islamic Finance Certificate.

KEY SUCCESS FACTOR OF THE PROGRAMME • Innovative and emerging area • Unique university programme in the Benelux

• Acknowledged professors, good mix between internationally recognized academics and field experts

• Ethical aspect of the program • Answer to a market need and

added value in the participants’ professional cursus

TEACHING APPROACH AND ASSESSMENT The teaching approach will combine theoretical courses with practical cases presented by field experts. The sessions will end with a round table dedicated to specific business cases and future prospects of Islamic Finance. The assessment will take the form of a written exam.

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The LSM offers world-class courses and highly specialized options based on advanced research. LSM is the business school of the UCL, one of the oldest universities in Europe, providing opportunities for interdisciplinary and multicultural experiences. With the CEMS Master, LSM is offering the best ranked master organized in Belgium, according to the Financial Times. This Islamic Finance Certificate will also participate to our tradition of excellence and ethics.

Prof. Laurent Marlière ISFIN CEO and scientific director of the programme

The programme offers an amazing networking opportunity to the students. They access the network of their professors and high level fellow students. It is a partnership between the University and the business community The programme accompanies the rise of a remunerative area of world finance in all aspects of finance: asset, commercial, investment, retail banking, bancassurance,…

TARGET AUDIENCE

This Islamic finance program is open to participants and executives from various backgrounds : Bankers from conventional and Islamic banks, investment bankers, fund managers, wealth and asset managers, management consultants, regulators and public officers, lawyers, accountants, auditors, CEOs, CFOs, COOs, managing directors, general managers, strategy directors, chief representatives, country heads, and international business development managers.

OBJECTIVES The learning objectives are to enable students: • To understand the main principles of corporate governance applied to the financial sector • To understand the principles and techniques of Islamic banking and finance • To explain the rationale for the prohibition of interest (Riba) and its consequences for savings and investments • To consider the nature and scope of Islamic finance and its relationship with conventional finance

• To understand the long-term and short-term modes of Islamic finance for industry and commerce • To explore the range of Islamic financial instruments available for investors and corporations • To evaluate the current practices of Islamic banks and their relationship with non-financial corporations • To develop Islamic financial and banking products with adequate marketing and communication techniques • To assess the merits and weaknesses of Islamic finance and funds.

PROGRAMME CONTENT The 80 hours certificate program is built around ten pillars:

Part I : Fundamentals of Islamic finance (10 hours) • Overview, structure and trends in the Islamic finance industry • Fundamentals & principles of Islamic finance • Basic contracts in Islamic finance • Islamic finance, ethical and socially responsible investment

Part II: Ethical finance and Corporate governance in the financial sector (10 hours) • Fundamentals & principles of corporate governance applied to financial and “bancassurance” sectors and institutions • Ethical and socially responsible management of organisations • Ethical and socially responsible Investments

Part III: Sharia Law and Islamic finance (6 hours) • Sharia, Fiqh & Islamic schools of law • Principles and applications of Islamic contract law • Dispute settlement and conflict resolution in Islamic financial issues

Part IV: Accounting & financial statements for Islamic finance (6 hours) • Reporting & auditing standards for and practices of Islamic financial institutions • Sharia governance and compliance framework • Management and auditing of Islamic financial institutions

Part V: section 1: Retail banking and Shariah compliant banking products (6 hours) • Islamic commercial transactions • Islamic banking products (Mudarabah, Musharaka, Ijara,…) • Consumer finance and credit cards (credit operations) • Current, Savings and Investment Accounts • Study cases

Part VI: Islamic capital markets in Islamic finance (8 hours) • General understanding of Islamic capital markets, structures, and market players • Sharia Compliant Equity and Debt Securities (Sukuk) • Contracts & value propositions of Islamic funds • Market indices, rating approaches and performance measures

Part VII: Regulation, supervision and taxation in Islamic finance (8 hours) • Regulatory and supervisory framework • Tax issues of Sharia Compliant Contracts • Specific adjustments of transactions according to tax laws • Setting up an Islamic financial Institution (e.g. investment fund, home financing institution, takaful operator etc.)

Part VIII: Investment banking in Islamic finance (8 hours) • Islamic corporate finance and Islamic funds • Sharia compliant project finance: structures, strategies, and valuations • Risk Management (incl. Hedging, Derivatives, Liquidity Management)

Part IX : Marketing and communication of Islamic financial and banking products (8 hours) • Marketing for Islamic markets • Marketing of Islamic financial institutions (IFI’s) and products • Communication and branding of IFI’s • Business case study: Islamic banking in Non-Muslim markets

Closing round table (4 hours) Challenges and the future of the Islamic finance industry

Part V: section 2: Insurance in Islamic finance (Takaful) (6 hours) • Islamic Insurance: General and Family Takaful

All details of the programme available on our website: www.uclouvain.be/islamic-finance

The teaching team • VALENTINE BAUDOUIN, Professor at Paris Dauphine. Banking and Finance associate in the Kramer Levin Naftalis & Frankel LLP Paris office. Advisor for Banks and insurance companies on Islamic compliant products development. • MOHAMED BOULIF, Co-Founder and Managing Partner at  Al Maalya Islamic Finance Consulting (Member of Al Maali Group). Lecturer at HEC – Paris Dauphine and at Strasbourg University. • DIDIER BRUÈRE-DAWSON, Firm partner at De Gaulle Fleurance & Associés. Advisor and litigator in M&A and financing projects. • Florence Stainier, Partner in the Investment Management practice of Arendt & Medernach where she specializes in legal and regulatory matters related to investment funds and management entities. She has been a member of the Luxembourg Bar since 2004 and was also a member of the Brussels Bar (Belgium) until 2013.

• LOUIS-LÉON CHRISTIANS, Professor and head of the «Chair for Law and Religion » at UCL. Head of the Research Institute RSCS for Religious Studies at UCL; Member of the board, Interfederal Belgian Agency For Equality and Non Discrimination, Formerly Visiting professor at the Catholic Institute of Paris and the University of Paris XI. Expert for the Council of Europe on religious affairs and for the Fundamental Right Agency Platform (FRA-EU).

• PIERRE DEVOLDER, Professor at UCL, Rabat and Strasbourg. Member of the Institute of Actuaries in Belgium (IA|BE) and member of the Insurance Commission. President of the actuarial consulting company Reacfin SA.

• BRUNO COLMANT, Ph.D., Professor at UCL/LSM, ICHEC and Vlerick business school. Member of the Royal Belgian Academy.

• LAURENT MARLIÈRE, Professor of Marketing - CEO of ISFIN – Islamic Finance and Markets - Global expert in marketing for professional firms. Scientific director of the programme.

• ANOUAR HASSOUNE, Professor at HEC - Dauphine. Head of Research and Strategist for MENA at The Bank of Tokyo Mitsubishi UFJ.

PRACTICAL INFORMATION VENUE AND SCHEDULE The first edition of the programme will be held in Luxembourg in May and June. Exams will be held end of June 2015. Please refer to the website for the detailed schedule and more information about the location in Luxembourg. WORKING LANGUAGES English Tuition FEES The tuition fee is 4.750€ and includes teaching materials, access to UCL infrastructures, meals and coffee breaks. ADMISSION Criteria • Hold a university master degree in management, economics, law or finance (full right admission) • Hold a graduate studies degree in another discipline or have a minimum of 5 years of experience in a relevant sector (finance, banking,…). The applications to be reviewed by the president and the secretary of the jury.

• MICHEL DE WOLF, Dean of the Louvain School of Management - UCL professor and academic director of the programme. Registered auditor. Honorary Chairman of the Belgian Institute of registered auditors. Judge.

• INES WOUTERS, Lecturer in Special Master Tax Management at Solvay Business School. Partner at Legisquadra Law Firm.

UNIVERSITY CERTIFICATE Participants who have actively taken part in the whole programme and have passed the written exam will be issued with a “University certificate in Islamic finance” worth 11ECTS credits (European Credit Transfer System). While this certificate is in itself a valuable addition to the participant’s academic records, the credits of this certificate, if validated by the examination board of a subsequent academic programme elsewhere in Europe, can be utilised in that programme. Participation in all sessions without passing or presenting the written exam will result in the issue of a certificate of attendance. WANT TO FIND OUT MORE? www.uclouvain.be/islamic-finance Sophie Yernaux +32 (0) 10  47 91 28 [email protected]

ENROLMENT PROCEDURE The registration form is available online. The number of participants is limited in order to ensure a high quality level of the programme. The organizers reserve the right to cancel or postpone the certificate should the number of participants be insufficient.

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