However, much more complex securities can also be created, backed for example by a mix of different types of loans or other assets combined with various guarantees or hedges; in recent years the issuance of these so-called structured credit products increased sharply. Importantly, the newly created securities may be broken into pieces, or tranches, of varying seniority and credit quality.
It gives me great pleasure to be here today to officially welcome all of you to the launch of the Regional Certificate in Participatory/Islamic Banking Programme conducted by the Kenya School of Monetary Studies in collaboration with the International Center for Education in Islamic Finance (INCEIF). INCEIF is the only educational institution in the world devoted to Islamic Finance.