Islamic Capital Markets : A Comparative Approach.

By: Bacha, Obiyathulla IsmathContributor(s): Mirakhor, Abbas | Krichene, NoureddineMaterial type: TextTextPublisher: Singapore : John Wiley & Sons, Incorporated, 2013Copyright date: ©2013Edition: 1st edDescription: 1 online resource (434 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9781118465165Subject(s): Capital market -- Islamic countriesGenre/Form: Electronic books.Additional physical formats: Print version:: Islamic Capital Markets : A Comparative ApproachDDC classification: 332.0415088297 LOC classification: HG3368.A6I87 2013Online resources: Click to View
Contents:
Intro -- Islamic Capital Markets: A Comparative Approach -- Copyright -- Contents -- Preface -- Overview of Contents -- Additional Materials -- Acknowledgments -- Chapter 1: Founding Thoughts-Adam Smith, Capitalism, and Islamic Finance -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 1.1: The Roots: The Economy, Real and Financial Sectors, Risk and Islamic Finance -- 1.2: Uncertainty and Risk -- 1.3: Why Is There Uncertainty and Risk? -- 1.4: Types of Risk -- 1.5: Risk in the Real Sector and in the Financial Sector -- 1.6: Financial System of Capitalism: The Foundations -- 1.7: Smith and Arrow -- 1.8: Smith and Ethical Rules -- 1.9: An Arrow-Debreu Economy -- 1.10: What Happened to the Smith-Arrow Risk-Sharing Ideal? -- 1.11: Can Economics Explain a Positive Predetermined Rate of Interest? -- 1.12: Islamic Finance: The Foundations -- 1.13: Islamic Rules Governing Exchange -- 1.13.1: Property Rights -- 1.13.2: Contracts and Trust -- 1.13.3: Markets -- 1.13.4: Markets of the Prophet -- 1.14: Islamic Financial Markets and Instruments -- 1.15: Islamic Finance Industry at Present -- 1.16: What Does the "Paper Economy" Look Like Today, Some Five Years After the Crisis? -- Summary -- Questions and Problems -- References and Further Reading -- Chapter 2: The Capital Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 2.1: Introduction -- 2.2: Key Trends in Capital Market Development -- 2.2.1: Globalization -- 2.2.2: Liberalization -- 2.2.3: The Rise of Islamic Finance -- 2.3: Stock Exchanges of the Islamic World -- 2.3.1: Tadawul (Saudi Arabia) -- 2.3.2: Bursa Malaysia -- 2.3.3: The Istanbul Stock Exchange -- 2.3.4: The Indonesian Stock Exchange -- 2.3.5: The Qatar Exchange -- 2.3.6: Kuwait Stock Exchange -- 2.3.7: The Egyptian Stock Exchange -- 2.3.8: Tehran Stock Exchange (Iran).
2.3.9: Karachi Stock Exchange (Pakistan) -- 2.3.10: Muscat Stock Market (Oman) -- 2.3.11: Abu Dhabi Securities Exchange (ADX) -- 2.4: The Debt Markets -- 2.5: The Money Markets -- 2.6: The Derivatives Market -- 2.7: Risks in Capital Markets -- 2.7.1: Market/Price Risk -- 2.7.2: Interest Rate Risk -- 2.7.3: Default/Credit Risk -- 2.7.4: Liquidity Risk -- 2.7.5: Political Risk -- 2.7.6: Regulatory/Moral Hazard/Inflation Risks -- 2.7.7: Transparency and Misreporting Risks -- 2.7.8: Shariah Risk -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 3: Islamic Finance: Underlying Philosophy, Contracts, Instrument Design, and Requisites -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 3.1: Introduction -- 3.2: Underlying Themes and Fundamentals of Fiqh Mu'amalah -- 3.3: Requirements for Islamic Capital Market Instruments/Transactions -- 3.3.1: Riba -- 3.3.2: Gharar -- 3.3.3: Maisyir -- 3.3.4: Jahl -- 3.4: Shariah-Based Contracts for Financial Transactions -- 3.4.1: Other Commonly Used Capital Market Contracts -- 3.5: International Regulatory Institutions for Islamic Finance -- 3.5.1: The International Islamic Fiqh Academy Jeddah (IIFA) -- 3.5.2: The Islamic Financial Services Board (IFSB) -- 3.5.3: Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) -- 3.5.4: The International Islamic Financial Market (IIFM) -- 3.5.5: The Islamic International Rating Agency (IIRA) -- 3.5.6: The Malaysia International Islamic Financial Centre (MIFC) -- 3.5.7: The International Shariah Research Academy for Islamic Finance (ISRA) -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 4: The Interbank Money Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 4.1: Introduction.
4.2: Money Market-Components -- 4.2.1: The Interbank Deposit System -- 4.3: Money Market Instruments -- 4.3.1: Malaysian Treasury Bills (MTBs) -- 4.3.2: Bank Negara Malaysia Bills (BNBs) -- 4.3.3: Malaysian Government Securities (MGSs) -- 4.3.4: Banker's Acceptances (BAs) -- 4.3.5: Commercial Papers (CPs) -- 4.3.6: Cagamas Notes -- 4.3.7: Cagamas Bonds -- 4.3.8: Khazanah Bonds -- 4.3.9: Negotiable Instrument of Deposits (NIDs) -- 4.3.10: Repurchase Agreements (REPOs) -- 4.4: The Pricing of Money Market Instruments -- 4.5: Determining the Yield of a Money Market Instrument -- 4.6: Interest Rates, Yields, and Price of Money Market Instruments -- 4.7: Malaysia Money Market-Trading Performance -- 4.8: The Central Bank, Money Market, and Monetary Policy Operations -- 4.8.1: Ensuring the Smooth Functioning of the Banking System -- 4.8.2: Implementation of Monetary Policy -- 4.8.3: Offsetting Imbalances Resulting from the External Sector -- 4.8.4: Sterilization of Forex Market Operations -- 4.9: Commercial Banks and the Money Market -- 4.9.1: Managing Asset-Liability Mismatches -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 5: The Islamic Interbank Money Market (IIMM) -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 5.1: Introduction -- 5.2: The Islamic Interbank Money Market -- 5.3: Pricing the Mudarabah Interbank Investment Funds -- 5.4: The Islamic Interbank Cheque Clearing System (IICCS) -- 5.5: Islamic Money Market Instruments -- 5.6: Key Islamic Money Market Instruments -- 5.6.1: Government Investment Issue (GII) -- 5.6.2: Bank Negara Negotiable Notes (BNNNs) -- 5.6.3: Cagamas Mudarabah Bonds (Sukuk Mudarabah Cagamas) -- 5.6.4: Islamic Accepted Bills (IABs) -- 5.6.5: Islamic Negotiable Instruments (INIs) -- 5.6.6: Islamic Private Debt Securities/Islamic Bonds.
5.6.7: Sell and Buy Back Agreement (SBBA) -- 5.7: Pricing of Islamic Money Market Instruments -- 5.8: The Islamic Interbank Money Market and Issues of Risk -- 5.9: Trading Performance on IIMM -- 5.10: The Kuala Lumpur Islamic Reference Rate (KLIRR) -- 5.11: The Bursa Suq al Sila (BSaS) -- 5.12: The Commodity Murabahah -- 5.13: The Liquidity Management Centre (LMC) -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 6: Bonds and Bond Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 6.1: Introduction -- 6.2: Bank Borrowing versus Bond Issuance -- 6.3: Debt versus Equity and Bond Features -- 6.4: Face Value and Par Value -- 6.4.1: Tenor -- 6.4.2: Coupon Rate -- 6.5: The Pricing of Bonds -- 6.6: Bond Yields and Yield Curves -- 6.7: Yield Curve and Credit Spreads -- 6.8: What Constitutes a Yield? -- 6.9: Interest Rate Change, Bond Yields, and Duration -- 6.9.1: Estimating Bond/Asset Value Change Using Duration Analysis -- 6.9.2: Immunizing a Portfolio of Bonds from Interest Rate Risk -- 6.9.3: Immunization: A Zero Coupon Bond through Maturity Matching -- 6.9.4: Immunizing a Coupon Bond with Maturity Matching -- 6.9.5: The Duration Matching Strategy -- 6.9.6: Duration of a Portfolio of Bond -- 6.10: Risks Associated with Bonds -- 6.11: Types of Bonds -- 6.11.1: Coupon Stripping and Zero Coupon Bonds -- 6.12: Bond Ratings -- 6.13: Ratings and Yield/Credit Spreads -- Summary -- Questions and Problems -- References and Further Reading -- Chapter 7: Sukuk and Sukuk Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 7.1: What Are Sukuk? -- 7.2: Sukuk Fundamentals -- 7.2.1: Underlying Assets and Other Requirements for Sukuk -- 7.3: Underlying Islamic Contracts for Sukuk -- 7.4: Sukuk Structures.
7.4.1: A Generic Asset-Backed Sukuk Structure -- 7.4.2: A Sukuk Al Ijarah -- 7.4.3: A Bay Al Bithaman Ajil (BBA) Sukuk -- 7.4.4: Exotic Sukuk Structures -- 7.5: Sukuk Players -- 7.6: Risks Associated with Investing in Sukuk -- 7.6.1: Other Risks Affecting Sukuks -- 7.6.2: Managing Sukuk Risks -- 7.7: Sukuk in Malaysia -- 7.7.1: (1997) KFC Holdings -- 7.7.2: (2001) Gutherie Global Sukuk -- 7.7.3: (2001) Government of Malaysia Sukuk -- 7.7.4: (2006) The Khaznah Exchangeable Sukuk -- 7.8: Sukuk in Malaysia: Growth and Evolution -- 7.9: Underlying Asset and the Structuring of Sukuk -- 7.10: The Pricing of Sukuk -- 7.10.1: Valuing a Sukuk with Fixed Cash Flows -- 7.10.2: Valuing a Basic Sukuk Ijarah -- 7.10.3: Pricing of a Sukuk Ijarah with Warrants/Embedded Options -- Summary -- Questions and Problems -- References and Further Reading -- Chapter 8: Common Stocks and Equity Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 8.1: Introduction -- 8.2: The Evolution of Stocks -- 8.2.1: Stock Options and Employee Stock Option Schemes (ESOSs) -- 8.2.2: Rights Issue -- 8.3: Why Companies Choose to List -- 8.4: Rights of Share Ownership -- 8.5: Equity Ownership and Shariah Compliance -- 8.6: The Valuation of Common Stocks -- 8.6.1: Common Stock Valuation-An Introduction -- 8.6.2: The Dividend Discount Model (DDM) -- 8.7: The Market Required Rate of Return -- 8.8: The Required Return and the Stock Price Dynamics -- 8.9: Dividend Growth and the Trade-off with Capital Gains -- 8.9.1: Where Does the "G" Come From? -- 8.10: Stock Market Indices -- 8.10.1: Index Construction and Types of Indices -- 8.11: Schools of Thought on Stock Price Behavior -- 8.11.1: Fundamental Analysis (FA) -- 8.11.2: Technical Analysis (Chartism) -- 8.11.3: Efficient Market Hypothesis (EMH) -- 8.11.4: The Behavioral Finance School -- Summary.
Questions and Problems.
Summary: A comprehensive examination of Islamic capital markets Taking a comparative approach to the subject, this text looks at the similarities and differences between Islamic capital markets and conventional capital markets. 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. 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. Ideal for both students and current practitioners, The New Islamic Capital Markets fills a large gap in the current literature on the subject. 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. Fills a gap in the current literature on the subject with comprehensive coverage and in-depth explanations Takes a comparative and holistic approach to the subject and features case studies from Malaysia, Indonesia, the Middle East, and Europe Written by a professor of finance at the International Centre for Education in Islamic Finance (INCEIF) One of the few comprehensive, dedicated guides to the subject available, The New Islamic Capital Markets offers a full understanding of the subject for students and professionals alike.
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Intro -- Islamic Capital Markets: A Comparative Approach -- Copyright -- Contents -- Preface -- Overview of Contents -- Additional Materials -- Acknowledgments -- Chapter 1: Founding Thoughts-Adam Smith, Capitalism, and Islamic Finance -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 1.1: The Roots: The Economy, Real and Financial Sectors, Risk and Islamic Finance -- 1.2: Uncertainty and Risk -- 1.3: Why Is There Uncertainty and Risk? -- 1.4: Types of Risk -- 1.5: Risk in the Real Sector and in the Financial Sector -- 1.6: Financial System of Capitalism: The Foundations -- 1.7: Smith and Arrow -- 1.8: Smith and Ethical Rules -- 1.9: An Arrow-Debreu Economy -- 1.10: What Happened to the Smith-Arrow Risk-Sharing Ideal? -- 1.11: Can Economics Explain a Positive Predetermined Rate of Interest? -- 1.12: Islamic Finance: The Foundations -- 1.13: Islamic Rules Governing Exchange -- 1.13.1: Property Rights -- 1.13.2: Contracts and Trust -- 1.13.3: Markets -- 1.13.4: Markets of the Prophet -- 1.14: Islamic Financial Markets and Instruments -- 1.15: Islamic Finance Industry at Present -- 1.16: What Does the "Paper Economy" Look Like Today, Some Five Years After the Crisis? -- Summary -- Questions and Problems -- References and Further Reading -- Chapter 2: The Capital Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 2.1: Introduction -- 2.2: Key Trends in Capital Market Development -- 2.2.1: Globalization -- 2.2.2: Liberalization -- 2.2.3: The Rise of Islamic Finance -- 2.3: Stock Exchanges of the Islamic World -- 2.3.1: Tadawul (Saudi Arabia) -- 2.3.2: Bursa Malaysia -- 2.3.3: The Istanbul Stock Exchange -- 2.3.4: The Indonesian Stock Exchange -- 2.3.5: The Qatar Exchange -- 2.3.6: Kuwait Stock Exchange -- 2.3.7: The Egyptian Stock Exchange -- 2.3.8: Tehran Stock Exchange (Iran).

2.3.9: Karachi Stock Exchange (Pakistan) -- 2.3.10: Muscat Stock Market (Oman) -- 2.3.11: Abu Dhabi Securities Exchange (ADX) -- 2.4: The Debt Markets -- 2.5: The Money Markets -- 2.6: The Derivatives Market -- 2.7: Risks in Capital Markets -- 2.7.1: Market/Price Risk -- 2.7.2: Interest Rate Risk -- 2.7.3: Default/Credit Risk -- 2.7.4: Liquidity Risk -- 2.7.5: Political Risk -- 2.7.6: Regulatory/Moral Hazard/Inflation Risks -- 2.7.7: Transparency and Misreporting Risks -- 2.7.8: Shariah Risk -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 3: Islamic Finance: Underlying Philosophy, Contracts, Instrument Design, and Requisites -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 3.1: Introduction -- 3.2: Underlying Themes and Fundamentals of Fiqh Mu'amalah -- 3.3: Requirements for Islamic Capital Market Instruments/Transactions -- 3.3.1: Riba -- 3.3.2: Gharar -- 3.3.3: Maisyir -- 3.3.4: Jahl -- 3.4: Shariah-Based Contracts for Financial Transactions -- 3.4.1: Other Commonly Used Capital Market Contracts -- 3.5: International Regulatory Institutions for Islamic Finance -- 3.5.1: The International Islamic Fiqh Academy Jeddah (IIFA) -- 3.5.2: The Islamic Financial Services Board (IFSB) -- 3.5.3: Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) -- 3.5.4: The International Islamic Financial Market (IIFM) -- 3.5.5: The Islamic International Rating Agency (IIRA) -- 3.5.6: The Malaysia International Islamic Financial Centre (MIFC) -- 3.5.7: The International Shariah Research Academy for Islamic Finance (ISRA) -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 4: The Interbank Money Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 4.1: Introduction.

4.2: Money Market-Components -- 4.2.1: The Interbank Deposit System -- 4.3: Money Market Instruments -- 4.3.1: Malaysian Treasury Bills (MTBs) -- 4.3.2: Bank Negara Malaysia Bills (BNBs) -- 4.3.3: Malaysian Government Securities (MGSs) -- 4.3.4: Banker's Acceptances (BAs) -- 4.3.5: Commercial Papers (CPs) -- 4.3.6: Cagamas Notes -- 4.3.7: Cagamas Bonds -- 4.3.8: Khazanah Bonds -- 4.3.9: Negotiable Instrument of Deposits (NIDs) -- 4.3.10: Repurchase Agreements (REPOs) -- 4.4: The Pricing of Money Market Instruments -- 4.5: Determining the Yield of a Money Market Instrument -- 4.6: Interest Rates, Yields, and Price of Money Market Instruments -- 4.7: Malaysia Money Market-Trading Performance -- 4.8: The Central Bank, Money Market, and Monetary Policy Operations -- 4.8.1: Ensuring the Smooth Functioning of the Banking System -- 4.8.2: Implementation of Monetary Policy -- 4.8.3: Offsetting Imbalances Resulting from the External Sector -- 4.8.4: Sterilization of Forex Market Operations -- 4.9: Commercial Banks and the Money Market -- 4.9.1: Managing Asset-Liability Mismatches -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 5: The Islamic Interbank Money Market (IIMM) -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 5.1: Introduction -- 5.2: The Islamic Interbank Money Market -- 5.3: Pricing the Mudarabah Interbank Investment Funds -- 5.4: The Islamic Interbank Cheque Clearing System (IICCS) -- 5.5: Islamic Money Market Instruments -- 5.6: Key Islamic Money Market Instruments -- 5.6.1: Government Investment Issue (GII) -- 5.6.2: Bank Negara Negotiable Notes (BNNNs) -- 5.6.3: Cagamas Mudarabah Bonds (Sukuk Mudarabah Cagamas) -- 5.6.4: Islamic Accepted Bills (IABs) -- 5.6.5: Islamic Negotiable Instruments (INIs) -- 5.6.6: Islamic Private Debt Securities/Islamic Bonds.

5.6.7: Sell and Buy Back Agreement (SBBA) -- 5.7: Pricing of Islamic Money Market Instruments -- 5.8: The Islamic Interbank Money Market and Issues of Risk -- 5.9: Trading Performance on IIMM -- 5.10: The Kuala Lumpur Islamic Reference Rate (KLIRR) -- 5.11: The Bursa Suq al Sila (BSaS) -- 5.12: The Commodity Murabahah -- 5.13: The Liquidity Management Centre (LMC) -- Summary -- Questions and Problems -- References and Further Reading -- Websites -- Chapter 6: Bonds and Bond Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 6.1: Introduction -- 6.2: Bank Borrowing versus Bond Issuance -- 6.3: Debt versus Equity and Bond Features -- 6.4: Face Value and Par Value -- 6.4.1: Tenor -- 6.4.2: Coupon Rate -- 6.5: The Pricing of Bonds -- 6.6: Bond Yields and Yield Curves -- 6.7: Yield Curve and Credit Spreads -- 6.8: What Constitutes a Yield? -- 6.9: Interest Rate Change, Bond Yields, and Duration -- 6.9.1: Estimating Bond/Asset Value Change Using Duration Analysis -- 6.9.2: Immunizing a Portfolio of Bonds from Interest Rate Risk -- 6.9.3: Immunization: A Zero Coupon Bond through Maturity Matching -- 6.9.4: Immunizing a Coupon Bond with Maturity Matching -- 6.9.5: The Duration Matching Strategy -- 6.9.6: Duration of a Portfolio of Bond -- 6.10: Risks Associated with Bonds -- 6.11: Types of Bonds -- 6.11.1: Coupon Stripping and Zero Coupon Bonds -- 6.12: Bond Ratings -- 6.13: Ratings and Yield/Credit Spreads -- Summary -- Questions and Problems -- References and Further Reading -- Chapter 7: Sukuk and Sukuk Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 7.1: What Are Sukuk? -- 7.2: Sukuk Fundamentals -- 7.2.1: Underlying Assets and Other Requirements for Sukuk -- 7.3: Underlying Islamic Contracts for Sukuk -- 7.4: Sukuk Structures.

7.4.1: A Generic Asset-Backed Sukuk Structure -- 7.4.2: A Sukuk Al Ijarah -- 7.4.3: A Bay Al Bithaman Ajil (BBA) Sukuk -- 7.4.4: Exotic Sukuk Structures -- 7.5: Sukuk Players -- 7.6: Risks Associated with Investing in Sukuk -- 7.6.1: Other Risks Affecting Sukuks -- 7.6.2: Managing Sukuk Risks -- 7.7: Sukuk in Malaysia -- 7.7.1: (1997) KFC Holdings -- 7.7.2: (2001) Gutherie Global Sukuk -- 7.7.3: (2001) Government of Malaysia Sukuk -- 7.7.4: (2006) The Khaznah Exchangeable Sukuk -- 7.8: Sukuk in Malaysia: Growth and Evolution -- 7.9: Underlying Asset and the Structuring of Sukuk -- 7.10: The Pricing of Sukuk -- 7.10.1: Valuing a Sukuk with Fixed Cash Flows -- 7.10.2: Valuing a Basic Sukuk Ijarah -- 7.10.3: Pricing of a Sukuk Ijarah with Warrants/Embedded Options -- Summary -- Questions and Problems -- References and Further Reading -- Chapter 8: Common Stocks and Equity Markets -- Introduction and Overview -- Chapter Topics -- Chapter Objective -- Key Terms -- 8.1: Introduction -- 8.2: The Evolution of Stocks -- 8.2.1: Stock Options and Employee Stock Option Schemes (ESOSs) -- 8.2.2: Rights Issue -- 8.3: Why Companies Choose to List -- 8.4: Rights of Share Ownership -- 8.5: Equity Ownership and Shariah Compliance -- 8.6: The Valuation of Common Stocks -- 8.6.1: Common Stock Valuation-An Introduction -- 8.6.2: The Dividend Discount Model (DDM) -- 8.7: The Market Required Rate of Return -- 8.8: The Required Return and the Stock Price Dynamics -- 8.9: Dividend Growth and the Trade-off with Capital Gains -- 8.9.1: Where Does the "G" Come From? -- 8.10: Stock Market Indices -- 8.10.1: Index Construction and Types of Indices -- 8.11: Schools of Thought on Stock Price Behavior -- 8.11.1: Fundamental Analysis (FA) -- 8.11.2: Technical Analysis (Chartism) -- 8.11.3: Efficient Market Hypothesis (EMH) -- 8.11.4: The Behavioral Finance School -- Summary.

Questions and Problems.

A comprehensive examination of Islamic capital markets Taking a comparative approach to the subject, this text looks at the similarities and differences between Islamic capital markets and conventional capital markets. 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. 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. Ideal for both students and current practitioners, The New Islamic Capital Markets fills a large gap in the current literature on the subject. 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. Fills a gap in the current literature on the subject with comprehensive coverage and in-depth explanations Takes a comparative and holistic approach to the subject and features case studies from Malaysia, Indonesia, the Middle East, and Europe Written by a professor of finance at the International Centre for Education in Islamic Finance (INCEIF) One of the few comprehensive, dedicated guides to the subject available, The New Islamic Capital Markets offers a full understanding of the subject for students and professionals alike.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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