In addition to a full explanation of islamic products, this approach also ensures a holistic understanding of the dual markets within which islamic capital markets operate. It challenges readers to learn from islamic capital market instruments in a global context, arguing that the risksharing approach of islamic finance is more stable than conventional capital markets practices, which are inherently unsta. Principles of islamic capital market ahmad audu maiyaki department of business administration and entrepreneurship, bayero university, kano, nigeria, email. One glance and you would want to have the book on your desk, especially if you are involved in icm. Whereas most books in this field cover the topic only superficially, this book offers the depth of coverage and academic rigor needed by professionals and serious students.
The primary and secondary capital markets regulation within the islamic capital markets screening processes used in acceptingrejecting shariah compliant products. This book will be of value to all those who wish to gain a more thorough understanding of research in islamic capital markets and the major topics in the field. The islamic capital market icm refers to the market where activities are carried out in ways which does not conflict with the principles of islam. Presently, market for islamic capital market instruments is segmented across countries and regions this reduces the effective available size and riskreturn spanning possibilities for investors. Also exploring ideas about money, central banking, and.
The book explains each topic from both the conventional and the islamic perspective, offering a full understanding of islamic capital markets, processes, and. Simply put, the islamic capital market is where shariacompliant financial assets are transacted. How to identify exchanges on the islamic capital market. In addition to a full explanation of islamic products, this approach also ensures a holistic understanding of the dual markets within which islamic capital markets. One of the predicaments that readers on the islamic capital market icm face is a lack of comprehensive and quality literature that combines theoretical insight. Valuation of assets is by market capitalization not by book value. Introduction to islamic capital markets this programme, specially tailored for islamic capital markets, will provide you with unique insights and understanding, including key market structures and applications. Introduction to islamic capital markets islamicmarkets.
Covering basic concepts as well as current practices in islamic financial markets, the book features case studies from real markets. It sheds light on the cuttingedge practical issues faced by the industry. A comprehensive look at the essentials of islamic capital markets. For a discernible and beneficial impact of islamic finance on the investment.
Sc book series on islamic capital market aims at graduates media. Pdf islamic financial and capital markets isbn99603230. Public finance and islamic capital markets springerlink. Ideal for both students and current practitioners, the new islamic capital markets fills a large gap in the current literature on the subject. International shariah research academy for islamic finance isra has put together a team to produce the 758page book entitled islamic capital markets principles and practices. Capital market islamic law investments islamic law investments, islamic country. Islamic stock investor activations islamic capital market education program with the aim of increasing the number of investors who conduct transactions islamic stocks, both routinely and. Islamic capital markets and products provides a thorough examination of islamic capital markets icm, with particular attention to the products that they offer and the legal and regulatory infrastructure within which they operate. Also exploring ideas about money, central banking, and economic growth theory and their role in islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of islamic capital markets, serves as a guide to investing in islamic assets, and examines risk management and the structure. As the worlds muslim population increases, the demand for islamic financial firms and products is. Islamic capital market, as a part of islamic economic system, serves to increase efficiency in the management of resources and capital, as well as to support investment activities. One of the predicaments that readers on the islamic capital market icm face is a lack of comprehensive and quality literature that combines theoretical insight with practical knowledge of the markets operations.
Indonesia stock exchange idx website features stock market news, stock information, stock updates, and general overview of the market landscape. Islamic capital market islamic investment funds islamic capital market bursa malaysia slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Euromoney offers a large portfolio of capital markets and derivatives training courses. Products and strategies, international experts on islamic finance and shariaa law focus on the most imminent issues surrounding the evolution of islamic capital markets and the development of shariaacompliant products. The following sections list exchanges and liquidity issues in the islamic capital market. This book addresses the financing of government budgets with nondebtcreating flows through risksharing capital market instruments. Dec 25, 2014 since 1990, the islamic capital market has developed rapidly across the globe, from southeast asia to the gcc region and to europe, becoming a truly international market for fundraising activities. This study has two important findings firstly, the theoretical results related to the efficient market hypothesis. Also exploring ideas about money, central banking, and economic growth theory and their role in. Often previously referred to as predominantly a feature of the south east asian and gcc markets, there are now increasing signs that both the islamic capital market and its sukuk funds subsector. Praise for fundamentals of islamic money and capital markets a comprehensive guide to understanding islamic money and islamic capital market principles and practices what distinguishes this book is its focus on the applied dimension of islamic capital markets.
A comparative approach 2nd edition looks at the similarities and differences between islamic capital markets and conventional capital markets. The statistics and figures quoted in this section have been drawn from a wide variety of sources including among others giff. Nafis alam is an associate professor at the university of nottingham, malaysia. The markets current growth is between 12 and 15 percent annually. Global islamic capital market trends, such as the evolution of takaful products and the past, present. Since islamic banks act as asset managers, attention.
Analyzing stock markets, stock valuation, priceearnings ratio, market efficiency hypothesis, and equity premiums, the book addresses uncertainty in capital. Hence, issues related to the icm such as its components, norms and ethics of transaction, sukuk structuring, stock selection criteria, regulatory and legal framework and challenges facing icm were discussed. Every chapter contains relevant case studies and supportive illustrations. The textbook in your hand is a remarkable effort by the international shariah research academy for islamic finance isra in collaboration with securities commission malaysia to. Islamic capital markets by kabir hassan overdrive rakuten. Find out more about digital badges from the cgma store. Islamic capital markets ebook by noureddine krichene. Bringing together theoretical and practical aspects of capital markets, islamic capital markets offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise islamic capital markets. Public finance and islamic capital markets theory and. Certificate in islamic capital markets and instruments. Book description ensure basel iii compliance with expert analysis specific to islamic finance. In addition to a full explanation of islamic products, the book also ensures a holistic understanding of the dual markets within which islamic capital.
A critical analysis has four main sections that starts with providing the indonesian economic landscape, followed by a considerably long account of various issues and concerns on islamic banking and finance and its management and concludes with the serious issue of human capital development. Introduction to islamic capital markets islamicmarkets learning. The first comprehensive guide to islamic financial markets based on the course taught at the international islamic university malaysia, this is the first book on islamic finance to focus exclusively on money and capital markets. Islamic capital market education indonesia stock exchange. Interdependence between islamic capital market and money. Ensure basel iii compliance with expert analysis specific to islamic finance. Islamic capital market, especially in providing reference and guidance to the investing public and for the development of the islamic management industry securities commission, 2007b. The icm represents an assertion of religious law in capital market transactions where the market is free from prohibited activities and elements such as.
It works parallel to the conventional market and helps investors find shariacompliant investment opportunities. Islamic capital market education program with the aims of increase the public literacy to be an islamic stock investors in indonesia islamic capital market. On the debt component of islamic capital markets, malaysia is once again regarded to be the pioneer in issuing sukuks. Development, growth and challenges of islamic capital. Islamic capital market according to islamic capital market task force report islamic capital market is a market where investment, financing activities and products are structured in accordance with shariah principles.
Products and strategies is the complete investors guide to islamic finance. Key features of the book it elucidates the principles and practices of the islamic capital market with academic rigours. Kabir hassan is a financial economist with consulting, research and teaching experience in development finance, money and capital markets, islamic finance, corporate finance, investments, monetary economics, macroeconomics and. The textbook in your hand is a remarkable effort by the international shariah research academy for islamic finance isra in collaboration with securities. The book explains each particular topic from both the conventional and the islamic perspective, offering a full understanding of islamic capital markets, processes, and instruments. Also exploring ideas about money, central banking, and economic growth theory and. Sep 22, 2015 capital market capital market stock market bond market primary market secondary market 6. Overview of islamic finance and markets chapter introduction fundamentals of. Islamic capital markets by noureddine krichene overdrive. Aside from sukuk, some key icm products include shariahcompliant securities, islamic unit trusts, islamic real estate investment trusts islamic reits and islamic exchangetraded. The products and activities of capital markets should reflect the principles of islam, based on the principles of trust, and the presence of real assets or activities as an underlying object. Fundamentals of islamic money and capital markets general. The securities commission malaysia sc has published a series of books on islamic capital market that will form the basic module for the islamic capital market. Abbas mirakhor taking a comparative approach to the subject, this text looks at the similarities and differences between islamic capital markets and conventional capital markets.
Ajif american journal of islamic finance recommends islamic finance. Sharia prohibits certain elements that are common in conventional finance, such as interest and speculation. Jan 02, 2012 the book explains each particular topic from both the conventional and the islamic perspective, offering a full understanding of islamic capital markets, processes, and instruments. Also exploring ideas about money, central banking, and economic growth theory and their role in islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of islamic capital markets, serves as a. Overall, the book is a welcome contribution to this important sphere of islamic capital market. He has been involved in academia related to islamic finance for nearly a decade. Capital market capital market stock market bond market primary market secondary market 6. Where, exactly, is the islamic capital market located. Islamic capital markets and products wiley online books. View table of contents for islamic capital markets and products. One of the predicaments that readers on the islamic capital market icm face is a lack of comprehensive and quality literature that combines theoretical insight with practical knowledge of the market s operations.
The book explains each topic from both the conventional and the islamic perspective, offering a full understanding of islamic capital markets, processes, and instruments. A comprehensive look at the essentials of islamic capital markets bringing together theoretical and practical aspects of capital markets, islamic capital markets offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise islamic capital markets. The islamic capital market sectors considered in this analysis include islamic equities, islamic mutual funds, sukuks, liquidity management facilities, structured products reits and etfs, and islamic derivatives. Led by experienced industry experts, they will provide you with a thorough understanding of how the system provides credit, finances trade and investment, raises capital, transfers risk and provides liquidity. Since 1990, the islamic capital market has developed rapidly across the globe, from southeast asia to the gcc region and to europe, becoming a truly international market for fundraising activities. Kabir hassan is a financial economist with consulting, research and teaching experience in development finance, money and capital markets, islamic finance, corporate finance, investments, monetary economics, macroeconomics and international trade and finance. Multiple choice questions mcqs and discussion questions are provided at the end each chapter. Author and islamic finance expert noureddine krichene examines the development of leading islamic capital markets, including malaysia, looking at sukuks and stocks in detail and emphasizing valuation, duration, convexity, immunization, yield curves, forward rates, swaps, and risks. This book blends the intellect of professor mirakhor and the years of experience of professor bacha, offering the reader a rich and comprehensive volume on islamic capital markets. This strong growth has been driven by the increase in the earnings of oil exporting countries resulting from a rise in global oil prices. A practical guide as a useful addition to the practitioners library.
The differences between conventional and islamic capital markets. Overview of islamic finance and markets chapter introduction fundamentals of islamic finance shariah principles for. Country such as malaysia has issued the shariah governance framework sgf specifically for. A system of islamic depository receipts is therefore proposed to expand the market for islamic products. Products, regulation and development 2 while new products are steadily coming into the capital market and the islamic investment funds are growing, islamic capital markets still constitute a very small niche. It offers a comparative analysis with conventional finance to demonstrate the ability of islamic capital market instruments to create an impetus for economic stability and growth. Islamic capital marketsis a valuable contribution to the islamic finance literature. Development, growth and challenges of islamic capital markets. Islamic finance is a global financial system that complies with sharia islamic law a code of conduct that guides all aspects of muslim life. Jul 14, 2015 the icm, as the book rightly points out, is an integral and greater part of the islamic financial market, which compliments the whole system of islamic finance. This mandate represents an important initiative taken by capital market regulators to study the area of the islamic capital market in order to gain a better understanding of its specific. Efficient market hypothesis for islamic capital markets.
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