Islamic capital markets a comparative approach 1st Edition by Obiyathulla Ismath Bacha, Abbas Mirakhor ISBN 978-1118465141 1118465148

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Product details: 

ISBN 10: 1118465148

ISBN 13: 978-1118465141

Author: Obiyathulla Ismath Bacha,  Abbas Mirakhor
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.

Table of contents: 

CHAPTER 1 – Founding Thoughts—Adam Smith, Capitalism, and Islamic Finance

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
1.14 Islamic Financial Markets and Instruments
1.15 Islamic Finance Industry at Present
1.16 What Does the “Paper Economy” Look Like Today?

CHAPTER 2 – The Capital Markets

2.1 Introduction
2.2 Key Trends in Capital Market Development
2.3 Stock Exchanges of the Islamic World
2.4 The Debt Markets
2.5 The Money Markets
2.6 The Derivatives Market
2.7 Risks in Capital Markets

CHAPTER 3 – Islamic Finance: Underlying Philosophy, Contracts, Instrument Design, and Requisites

3.1 Introduction
3.2 Themes and Fundamentals of Fiqh Mu’amalah
3.3 Requirements for Islamic Capital Market Instruments
3.4 Shariah-Based Contracts for Financial Transactions
3.5 International Regulatory Institutions for Islamic Finance

CHAPTER 4 – The Interbank Money Markets

4.1 Introduction
4.2 Money Market Components
4.3 Money Market Instruments
4.4 Pricing of Money Market Instruments
4.5 Determining Yield
4.6 Interest Rates, Yields, and Price
4.7 Malaysia Money Market—Trading Performance
4.8 Central Bank, Money Market, and Monetary Policy
4.9 Commercial Banks and the Money Market

CHAPTER 5 – The Islamic Interbank Money Market (IIMM)

5.1 Introduction
5.2 The Islamic Interbank Money Market
5.3 Pricing the Mudarabah Interbank Investment Funds
5.4 Islamic Interbank Cheque Clearing System
5.5 Islamic Money Market Instruments
5.6 Key Islamic Money Market Instruments
5.7 Pricing of Islamic Money Market Instruments
5.8 Risk Issues in IIMM
5.9 Trading Performance on IIMM
5.10 KLIRR
5.11 Bursa Suq al Sila (BSaS)
5.12 Commodity Murabahah
5.13 Liquidity Management Centre (LMC)

CHAPTER 6 – Bonds and Bond Markets

6.1 Introduction
6.2 Bank Borrowing vs Bond Issuance
6.3 Debt vs Equity and Bond Features
6.4 Face Value and Par Value
6.5 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
6.10 Risks Associated with Bonds
6.11 Types of Bonds
6.12 Bond Ratings
6.13 Ratings and Yield/Credit Spreads

CHAPTER 7 – Sukuk and Sukuk Markets

7.1 What Are Sukuk?
7.2 Sukuk Fundamentals
7.3 Underlying Islamic Contracts for Sukuk
7.4 Sukuk Structures
7.5 Sukuk Players
7.6 Risks in Sukuk Investments
7.7 Sukuk in Malaysia
7.8 Growth and Evolution of Sukuk in Malaysia
7.9 Underlying Asset and Sukuk Structuring
7.10 Pricing of Sukuk

CHAPTER 8 – Common Stocks and Equity Markets

8.1 Introduction
8.2 Evolution of Stocks
8.3 Why Companies List
8.4 Rights of Share Ownership
8.5 Shariah Compliance in Equity Ownership
8.6 Valuation of Common Stocks
8.7 Market Required Rate of Return
8.8 Required Return and Stock Price Dynamics
8.9 Dividend Growth vs Capital Gains
8.10 Stock Market Indices
8.11 Schools of Thought on Stock Price Behavior

CHAPTER 9 – The Islamic Equities Market

9.1 Introduction
9.2 Components of an Islamic Equities Market
9.3 Screening of Stocks for Shariah Compliance
9.4 Products in an Islamic Equities Market
9.5 Islamic Equity Indices
9.6 Stock Exchanges of the Islamic World

CHAPTER 10 – Derivative Instruments: Products and Applications

10.1 Introduction
10.2 What Are Derivatives?
10.3 Common Derivative Instruments
10.4 Evolution of Derivatives
10.5 Forward Contracts
10.6 Futures Contracts
10.7 Options
10.8 Option Features and Trade-offs
10.9 Payoffs and Risk Profiles
10.10 Interest Rate Swaps
10.11 Main Players in Derivative Markets
10.12 Commodities vs Financial Derivatives
10.13 Clearinghouse Role
10.14 Using Derivatives to Manage Risk
10.15 Which Derivative to Use?
10.16 Overview of Global Derivatives Trading

CHAPTER 11 – Shariah-Compliant Derivative Instruments

11.1 Introduction
11.2 Required Features for Islamic Financial Instruments
11.3 Islamic Instruments with Derivative-Like Features
11.4 Islamic Profit Rate Swap (IPRS)
11.5 Hedging the IFI
11.6 Sukuk with Embedded Options
11.7 Are Contemporary Derivatives Shariah-Compliant?
11.8 Managing Exchange Rate Risk (Shariah-Compliant Methods)

CHAPTER 12 – Exchange Rates and the Foreign Exchange Market

12.1 Introduction
12.2 What Is an Exchange Rate?
12.3 Exchange Rate Risk
12.4 The Foreign Exchange Market
12.5 Market Players
12.6 Spot and Forward Markets
12.7 Bid-Ask Spreads
12.8 Cross Rates
12.9 Forward Market
12.10 Forward vs Spot
12.11 Forward Market Players
12.12 Nominal vs Real Exchange Rates
12.13 Shariah-Compliant Currency Exposure Management

CHAPTER 13 – Capital Markets and Government Policy

13.1 Risk Sharing
13.2 Islamic Finance and Risk Sharing: Role of Public Policy

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