Sukuk Structuring - Business Expansion when the Underlying are Intangibles



  • Intermediate



  • 5 SIDC CPE points
  • 4 FIMM CPD points


ICF Competency Type / Title / Level

  • Foundational – Product / Islamic Capital Market Products / Level 3


Learning Outcome

  • Analyse the challenges of sukuk structuring for intangibles
  • Evaluate commercial aspects and risks when investing in Sukuk
  • Outline issues to be considered when structuring Sukuk


Course Synopsis

At the end of 2007, Sheikh Taqi Usmani said that “85% of all the Gulf-issued Sukuk are not Shariah compliant”. It led the Sukuk Market to crash and to questions regarding asset-backed versus asset-based. In Islamic finance, the sukuk should be backed by assets so how then do you structure sukuk where the underlying are intangibles like receivables or debt? This course shows you how it can be done in a Shariah-compliant manner without sacrificing commercial considerations.


Testimonial from user

“Kudos to the trainer. Ann Ping certainly knows how to deliver a lecture by incorporating real life examples and making the content relatable and interesting!”

Course Content

Total learning: 16 lessons / 5 quizzes Time: 60 minutes


Saw Ann Ping

Saw Ann Ping has over 20 years’ experience in financial advisory, fund raising and consulting. Her areas of specialization are financial structuring, Islamic finance and privatisation. Her work has been recognised by various Malaysian and international bodies such as Euromoney and Islamic Finance News for its innovation. Her last position was head of wholesale banking for Hong Leong Islamic Bank. Prior to that, she was the head of corporate finance in RHB ISLAMIC Bank and head of corporate banking and debt securities in Utama Merchant Bank. Before becoming an investment banker, she was a management consultant with Arthur Andersen, involved in various advisory projects for the Asian Development Bank, KL International Airport and other Government agencies and the private sector. She was a speaker at China Development Bank’s Senior Policy Seminar in Beijing and at the Middle East Business Forum in Dubai on Islamic finance for infrastructure projects. She holds a Bachelor of Science (honours) degree from the University of Canterbury, New Zealand, majoring in Economics and Operations Research. She is the co-author of “The Islamic Finance and Sukuk Handbook – Where Shariah Meets Commercial Demands”.


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  • 5 SIDC CPE points
  • 4 FIMM CPD points