Strengthening of Islamic finance know-how and product development capabilities of the Arab Islamic Bank (http://www.aibnk.com ) and the Palestine Islamic Bank (http://islamicbank.ps ) located in Ramallah and al-Bireh. Development of one specific product. Furthermore, providing the Palestine Monetary Authority (PMA) (www.pma.ps ) with a road map for the future issuance of a sukuk. Activities included:

• workshops on the following topics: An Update of  Islamic Finance; The Issue of Credibility & Product Development; The Products (Mushārakah Mutanāqisah Partnership for Home and Fixed Assets Financing; Ijārah muntahiyà bi-tamleek (=ijārah thumma al-bai' = ijārah wa iqtina'); Bay’ Istisnā’; Bay’ Salam; Bay’ al-Tawarruq; Islamic Credit Cards; The Players
• product development of the Mushārakah Mutanāqisah Partnership (MMP). A thorough and extremely detailed presentation of the MMP comprising of: definitions and fiqh perspectives; the implementation through the joint ownership contract, the leasing contract, the selling contract, the purchase undertaking, the redemption and termination of contract, case studies, best practices, the securitization of the MMP's financial receivables.
• working with the various departments of the banks to bring the MMP to the market. In particular: the technical/investment committees; the shariah board and audit; the legal counsel; the credit department; the IT department; the administrative and procedures department; the advertisement department.
• the next-steps guide for the PMA included an overview of the Islamic Capital Markets; the Emergence of the Sukuk Market; The Islamic Law Framework for Sukuk; Regulatory Institutions. The characterization of Sukuk: Debt-Based Sukuk (Sukuk al-Murābahah, Sukuk al-Istisnā’, Sukuk al-Salam); Equity-Biased Sukuk (Sukuk al-Ijārah); Equity-Based Sukuk (Sukuk al-Mudhārabah, Sukuk al-Mushārakah); Sukuk ABS (Sukuk al-Istithmār, Sukuk al-Manfa’); Other Sukuk (Sukuk al-Wakāla; Sukuk al Muzāra’a; Sukuk al-Musaqa; Sukuk al-Mughārasa). Updated information on the state of the Sukuk market and on Sukuk default and restructuring were also provided. Technical and legal issues included the categorisation of Sukuk under the Law of the Jurisdiction Concerned; Tax Treatment; Regulatory Treatment; Shariah Approval; Issuance of Sukuk;Sukuk Ownership Rights; Listing, Trading, Pricing and Evaluating; Rating.