Mastering Islamic Finance Fundamentals for Profit & Growth
Date & Time:
Friday 22 May 2026, 6PM - 9PM
&
Saturday 23 May 2026, 9AM - 12PM
Trainer's Profile
Raj Mohamad
Founder/MD - Five Pillars Pte Ltd
Raj Mohamad is the Founder and Managing Director of Five Pillars Pte Ltd, a Singapore-based advisory firm specializing in Islamic Banking and Finance. With deep expertise in Shari’ah-compliant financial solutions, he works with global financial institutions, investment funds, and corporations to structure innovative, ethical financing strategies.
Under his leadership, Five Pillars has advised on landmark deals, including Singapore’s first Shari’ah-compliant REIT, and continues to bridge conventional finance with Islamic principles while also pioneering new opportunities in areas such as blockchain and digital assets.
Programme
Day 1: Friday, 22 May
Unlocking a Multi-Trillion Dollar Market
(6:00PM – 7:30PM)
Theme: Understand the core ethical and profit drivers of this booming sector to build a compelling business case.
1.1 Why Islamic Finance Matters Now
● Overview: Market size, growth trajectory, and key players. Differentiating from traditional finance.
● Goal: See the financial potential of incorporating these principles into your service offerings.
1.2 The “Rules of the Game”: Foundations of Ethical Restrictions
● Topics: Understanding the logic and rationale behind the key prohibitions. Moving beyond simple rejection to appreciating how these rules protect investors and promote fairness:
○ Prohibition of Interest (Riba):
Why separating money from productivity can harm the economy and how to generate income ethically.
○ Prohibition of Uncertainty and Gambling (Gharar & Maysir):
Reducing excessive risk and speculation for more stable, predictable returns.
○ Ethical Screening of Industries:
The rationale behind avoiding specific sectors to ensure investments align with social responsibility and ethical values.
● Goal: Understand and appreciate the foundational logic behind the prohibitions to confidently create compliant and competitive solutions.
1.3 The Ethical Engine: Key Principles for Sustainable Profit
● Topics: Asset backing, risk sharing, and the connection between finance and the real economy. The importance of the religious supervisory board (Shariah Board).
● Goal: Learn how to use ethics as a competitive advantage to attract a loyal clientele.
1.4 Q&A and Interactive Scenario
● Discussion on applying these concepts to real-world financial scenarios.
15 Mins Break
Turning Rules into Revenue: The Power of Compliant Contracts
(7:45 PM – 9:00 PM)
Theme: Shift from prohibitions to permissions, learning the fundamental contracts thatdrive profitability in Islamic finance.
2.1 From Interest to Markup: Trade-Based Financing
● Topic: Cost-Plus Financing (Murabahah): The most common Islamic financing contract. How banks buy an asset and sell it to a client at a marked-up price with deferred payments.
● Goal: Understand how to structure financing deals without using interest-based loans.
2.2 Rental and Ownership: Asset-Based Financing
● Topic: Leasing (Ijarah): Financing the use of an asset for a set period. Exploring Lease-to-Own models.
● Goal: Learn how to provide asset-based financing solutions that can compete with conventional leasing.
2.3 Q&A and Case Study
● A simplified case study comparing a conventional auto loan with an Islamic auto financing structure.
End of Day 1
Day 2: Saturday, 23 May
Maximizing Returns through Advanced Structures & Capital Markets
(9:00 AM – 10:30 AM)
Theme: Apply key concepts to more complex, high-return areas like corporate financing, investing, and capital markets.
3.1 Unleashing Corporate Potential: Partnership & Agency Contracts
● Topics:
○ Profit-and-Loss Sharing (Mudarabah): How one party provides capital and the other expertise, sharing in profits but not losses (unless negligent).
○ Joint Venture (Musharakah): All parties contribute both capital and expertise, sharing in both profits and losses.
○ Agency (Wakalah): A common fee-based structure used in treasury and wealth management.
● Goal: Grasp sophisticated contracts that open doors to unique project and corporate finance opportunities.
3.2 Unlocking the Capital Markets: Islamic Bonds
● Topic: Islamic Bonds (Sukuk): Why they are not “bonds” but “certificates of ownership” in an underlying asset or project. Key structures (Ijarah-Sukuk, Musharakah-Sukuk).
● Goal: Understand the $1+ Trillion market for ethical debt and how it can provide diversified funding sources.
3.3 Q&A and Group Discussion
● Discuss the potential of the Sukuk market for Singapore-based issuers and investors.
15 Mins Break
Digital Assets and Profitable Investing (10:45 AM – 12:00PM)
Theme: Learn how to screen and manage investments for clients and understand the Islamic finance perspective on the emerging digital asset market.
4.1 Ethical Equity Investing and Shariah Screening
● Topics:
○ Business Activity Screens: (The process and rationale for avoiding specific industries, focusing on real-world economic benefit).
○ Financial Ratio Screens: (Debt-to-assets, cash-to-assets, receivables-to-assets – understanding acceptable levels of leverage).
○ The Role of Shariah Indices: (S&P, Dow Jones – utilizing standard frameworks).
● Goal: Develop a robust framework for creating and managing values-based investment portfolios.
4.2 Islamic Finance in the Digital Age: Navigating Cryptocurrencies and Digital Assets
● Topics:
○ An Islamic Framework for Digital Assets: How key principles (avoidance of interest, excessive uncertainty) apply to new technology.
○ Shariah Analysis of Cryptocurrencies: Examining the diversity of opinions and the critical questions around utility, backing, and function (e.g., token types, stablecoins).
○ Permissible Options and Future Directions: Discussing potentially permissible applications like asset-backed tokens, digital securities, and
blockchain use cases that align with real value creation.
● Goal: Gain a clear understanding of the evolving Shariah perspective on digital assets and identify permissible pathways for participation.
4.3 Final Wrap-up, Q&A, and Certification
● Reflecting on key takeaways and a path forward. Distribution of Certificates.
Date & Time:
Friday 22 May 2026, 6PM - 9PM
&
Saturday 23 May 2026, 9AM - 12PM
enquiry@erci.edu.sg
+65 8377 0512
UE Square, 83 Clemenceau Ave #03-05, Singapore 239917
