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Islamic Capital Markets: A Comparative Approach [Kõva köide]

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  • Formaat: Hardback, 448 pages, kõrgus x laius x paksus: 257x186x28 mm, kaal: 978 g
  • Ilmumisaeg: 21-Oct-2013
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 1118465148
  • ISBN-13: 9781118465141
Teised raamatud teemal:
Islamic Capital Markets: A Comparative ApproachSuurem pilt
  • Formaat: Hardback, 448 pages, kõrgus x laius x paksus: 257x186x28 mm, kaal: 978 g
  • Ilmumisaeg: 21-Oct-2013
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 1118465148
  • ISBN-13: 9781118465141
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9781118465141.html
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.

Preface xv
Acknowledgments xvii
Chapter 1 Founding Thoughts-Adam Smith, Capitalism, and Islamic Finance 1(36)
Introduction and Overview
1(1)
Chapter Topics
1(1)
Chapter Objective
2(1)
Key Terms
2(1)
1.1 The Roots: The Economy, Real and Financial Sectors, Risk and Islamic Finance
2(1)
1.2 Uncertainty and Risk
3(1)
1.3 Why Is There Uncertainty and Risk?
4(1)
1.4 Types of Risk
5(1)
1.5 Risk in the Real Sector and in the Financial Sector
5(1)
1.6 Financial System of Capitalism: The Foundations
6(1)
1.7 Smith and Arrow
7(1)
1.8 Smith and Ethical Rules
8(1)
1.9 An Arrow-Debreu Economy
9(1)
1.10 What Happened to the Smith-Arrow Risk-Sharing Ideal?
10(1)
1.11 Can Economics Explain a Positive Predetermined Rate of Interest?
11(2)
1.12 Islamic Finance: The Foundations
13(2)
1.13 Islamic Rules Governing Exchange
15(5)
1.14 Islamic Financial Markets and Instruments
20(2)
1.15 Islamic Finance Industry at Present
22(1)
1.16 What Does the "Paper Economy" Look Like Today, Some Five Years After the Crisis?
23(1)
Summary
24(1)
Questions and Problems
25(1)
References and Further Reading
26(11)
Chapter 2 The Capital Markets 37(26)
Introduction and Overview
37(1)
Chapter Topics
37(1)
Chapter Objective
37(1)
Key, Terms
38(1)
2.1 Introduction
38(3)
2.2 Key Trends in Capital Market Development
41(4)
2.3 Stock Exchanges of the Islamic World
45(5)
2.4 The Debt Markets
50(3)
2.5 The Money Markets
53(1)
2.6 The Derivatives Market
53(4)
2.7 Risks in Capital Markets
57(4)
Summary
61(1)
Questions and Problems
61(1)
References and Further Reading
62(1)
Websites
62(1)
Chapter 3 Islamic Finance: Underlying Philosophy, Contracts, Instrument Design, Rand Requisites 63(20)
Introduction and Overview
63(1)
Chapter Topics
63(1)
Chapter Objective
63(1)
Key Terms
64(1)
3.1 Introduction
64(2)
3.2 Underlying Themes and Fundamentals of Fiqh Mu'amalah
66(1)
3.3 Requirements for Islamic Capital Market Instruments/Transactions
66(2)
3.4 Shariah-Based Contracts for Financial Transactions
68(9)
3.5 International Regulatory Institutions for Islamic Finance
77(2)
Summary
79(1)
Questions and Problems
80(1)
References and Further Reading
80(1)
Websites
81(2)
Chapter 4 The Interbank Money Markets 83(26)
Introduction and Overview
83(1)
Chapter Topics
83(1)
Chapter Objective
84(1)
Key Terms
84(1)
4.1 Introduction
84(3)
4.2 Money Market-Components
87(3)
4.3 Money Market Instruments
90(3)
4.4 The Pricing of Money Market Instruments
93(2)
4.5 Determining the Yield of a Money Market Instrument
95(1)
4.6 Interest Rates, Yields, and Price of Money Market Instruments
95(2)
4.7 Malaysia Money Market-Trading Performance
97(3)
4.8 The Central Bank, Money Market, and Monetary Policy Operations
100(2)
4.9 Commercial Banks and the Money Market
102(3)
Summary
105(1)
Questions and Problems
106(1)
References and Further Reading
106(1)
Websites
107(2)
Chapter 5 The Islamic Interbank Money Market (IIMM) 109(28)
Introduction and Overview
109(1)
Chapter Topics
109(1)
Chapter Objective
110(1)
Key Terms
110(1)
5.1 Introduction
110(2)
5.2 The Islamic Interbank Money Market
112(1)
5.3 Pricing the Mudarabah Interbank Investment Funds
113(2)
5.4 The Islamic Interbank Cheque Clearing System (IICCS)
115(1)
5.5 Islamic Money Market Instruments
115(1)
5.6 Key Islamic Money Market Instruments
115(7)
5.7 Pricing of Islamic Money Market Instruments
122(1)
5.8 The Islamic Interbank Money Market and Issues of Risk
122(2)
5.9 Trading Performance on IIMM
124(1)
5.10 The Kuala Lumpur Islamic Reference Rate (KLIRR)
125(3)
5.11 The Bursa Suq al Sila (BSaS)
128(1)
5.12 The Commodity Murabahah
129(2)
5.13 The Liquidity Management Centre (LMC)
131(2)
Summary
133(1)
Questions and Problems
134(1)
References and Further Reading
135(1)
Websites
135(2)
Chapter 6 Bonds and Bond Markets 137(34)
Introduction and Overview
137(1)
Chapter Topics
137(1)
Chatter Objective
138(1)
Key Terms
138(1)
6.1 Introduction
138(1)
6.2 Bank Borrowing versus Bond Issuance
139(2)
6.3 Debt versus Equity and Bond Features
141(1)
6.4 Face Value and Par Value
142(3)
6.5 The Pricing of Bonds
145(2)
6.6 Bond Yields and Yield Curves
147(1)
6.7 Yield Curve-and Credit Spreads
148(1)
6.8 What Constitutes a Yield?
149(2)
6.9 Interest Rate Change, Bond Yields, and Duration
151(7)
6.10 Risks Associated with Bonds
158(1)
6.11 Types of Bonds
159(7)
6.12 Bond Ratings
166(1)
6.13 Ratings and Yield/Credit Spreads
167(1)
Summary
168(1)
Questions and Problems
168(1)
References and Further Reading
169(2)
Chapter 7 Sukuk and Sukuk Markets 171(40)
Introduction and Overview
171(1)
Chapter Topics
171(1)
Chapter Objective
172(1)
Key Terms
172(1)
7.1 What Are Sukuk?
172(2)
7.2 Sukuk Fundamentals
174(2)
7.3 Underlying Islamic Contracts for Sukuk
176(2)
7.4 Sukuk Structures
178(8)
7.5 Sukuk Players
186(1)
7.6 Risks Associated with Investing in Sukuk
187(4)
7.7 Sukuk in Malaysia
191(3)
7.8 Sukuk in Malaysia: Growth and Evolution
194(1)
7.9 Underlying Asset and the Structuring of Sukuk
195(6)
7.10 The Pricing of Sukuk
201(6)
Summary
207(1)
Questions and Problems
208(1)
References and Further Reading
209(2)
Chapter 8 Common Stocks and Equity Markets 211(36)
Introduction and Overview
211(1)
Chapter Topics
211(1)
Chapter Objective
212(1)
Key Terms
212(1)
8.1 Introduction
213(1)
8.2 The Evolution of Stocks
214(3)
8.3 Why Companies Choose to List
217(1)
8.4 Rights of Share Ownership
218(1)
8.5 Equity Ownership and Shariah Compliance
219(2)
8.6 The Valuation of Common Stocks
221(8)
8.7 The Market Required Rate of Return
229(1)
8.8 The Required Return and the Stock Price Dynamics
230(1)
8.9 Dividend Growth and the Trade-off with Capital Gains
231(4)
8.10 Stock Market Indices
235(1)
8.11 Schools of Thought on Stock Price Behavior
236(7)
Summary
243(1)
Questions and Problems
244(1)
References and Further Reading
245(2)
Chapter 9 The Islamic Equities Market 247(28)
Introduction and Overview
247(1)
Chapter Topics
247(1)
Chapter Objective
247(1)
Key Terms
248(1)
9.1 Introduction
248(1)
9.2 Components of an Islamic Equities Market
249(1)
9.3 The Screening of Stocks for Shariah Compliance
249(5)
9.4 Components/Products of an Islamic Equities Market
254(13)
9.5 Islamic Equity Indices
267(2)
9.6 The Stock Exchanges of the Islamic World
269(3)
Summary
272(1)
Questions and Problems
273(1)
References and Further Reading
274(1)
Websites
274(1)
Chapter 10 Derivative Instruments: Products and Applications 275(38)
Introduction and Overview
275(1)
Chapter Topics
275(1)
Chapter Objective
276(1)
Key Terms
276(1)
10.1 Introduction
277(1)
10.2 What Are Derivative Instruments?
277(1)
10.3 Common Derivative Instruments
278(1)
10.4 The Evolution of Derivative Instruments
279(1)
10.5 Forward Contracts
280(1)
10.6 The Need for Futures Contracts
280(2)
10.7 The Need for Options
282(1)
10.8 Options: Key Features and Trade-offs
283(1)
10.9 Payoffs and Risk Profiles of Option Positions
284(7)
10.10 Interest Rate Swaps (IRSs)
291(3)
10.11 The Main Players in Derivative Markets
294(1)
10.12 Commodities versus Financial Derivatives
295(1)
10.13 Derivative Markets and the Role of the Clearinghouse
296(1)
10.14 Applications: Using Derivatives to Manage Risk
297(6)
10.15 What Derivative to Use?
303(1)
10.16 Overview of Global Derivatives Trading
303(5)
Summary
308(1)
Questions and Problems
309(1)
References and Further Reading
310(1)
Websites
311(2)
Chapter 11 Shariah-Compliant Derivative Instruments 313(20)
Introduction and Overview
313(1)
Chapter Topics
313(1)
Chapter Objective
314(1)
Key Terms
314(1)
11.1 Introduction
314(1)
11.2 Necessary Features for Islamic Financial Instruments
315(1)
11.3 Islamic Finance Instruments with Features of Derivative Instruments
315(6)
11.4 The Islamic Profit Rate Swap (IPRS)
321(2)
11.5 How Is the IFI Hedged?
323(1)
11.6 Sukuk with Embedded Options
323(1)
11.7 Contemporary Derivative Instruments-How Shariah Compliant Are They?
324(4)
11.8 Shariah-Compliant Instruments for Managing Exchange Rate Risk
328(1)
Summary
329(1)
Questions and Problems
330(1)
References and Further Reading
331(1)
Website
331(2)
Chapter 12 Exchange Rates and the Foreign Exchange Market 333(32)
Introduction and Overview
333(1)
Chapter Topics
333(1)
Chapter Objective
334(1)
Key Terms
334(1)
12.1 Introduction
334(1)
12.2 What Is an Exchange Rate?
335(2)
12.3 Exchange Rate Risk
337(4)
12.4 The Foreign Exchange Market
341(4)
12.5 Foreign Exchange Market Players
345(2)
12.6 Spot and Forward Markets
347(1)
12.7 Bid-Ask Spreads
348(1)
12.8 Cross Rates
349(1)
12.9 The Forward Market for Exchange Rates
350(1)
12.10 Forward versus Spot Rates
350(1)
12.11 Forward Market Players
351(4)
12.12 Nominal versus Real Exchange Rates
355(1)
12.13 Shariah-Compliant Techniques for Managing Currency Exposure
356(4)
Summary
360(1)
Questions and Problems
361(2)
References and Further Reading
363(1)
Websites
363(2)
Chapter 13 Capital Markets and Government Policy 365(38)
Introduction and Overview
365(1)
Chapter Topics
365(1)
Chapter Objective
365(1)
Key Terms
366(1)
13.1 Risk Sharing
366(11)
13.2 Islamic Finance and Risk Sharing: Role of Public Policy
377(14)
Questions and Problems
391(1)
References and Further Reading
392(11)
Index 403
PROFESSOR DR. OBIYATHULLA ISMATH BACHA is currently Professor of Finance and the Head of the Graduate Studies Department at the International Centre for Education in Islamic Finance ("INCEIF"), a post graduate university specialising in Islamic Finance, established by Bank Negara Malaysia. Prior to joining INCEIF, he was the Director of the International Islamic University Malaysia Management Center. Professor Obiyathulla began his working career as a Credit Officer at Maybank. Subsequent to completing his doctoral studies he was appointed an Assistant Professor of Finance at Boston University, where he taught at both the MBA and undergraduate levels and was awarded the Allen E. Beckwith Award for Teaching.

Professor Obiyathulla is currently President of the Malaysian Finance Association. He has also been a trainer at several institutions such as the Securities Commission of Malaysia and the Central Bank of Malaysia. Internationally, he has conducted training programs in Islamic Capital Markets at the University of Luxembourg, The Chinese University of Hong Kong, Waseda University, Japan, IDB Jeddah and elsewhere. He has published scholarly articles in numerous local and international journals and has presented papers at several international and Islamic finance conferences

.Professor Obiyathulla is a member of the Shariah panels of Great Eastern Assurance Corp. Malaysia , HSBC Amanah, Malaysia and Five Pillars, Singapore. He received his Doctor of Business Administration (Finance), Master of Business Administration (High Honours) and Master of Arts (Economics) from Boston University and Bachelor of Social Science from the Science University of Malaysia in Penang. DR ABBAS MIRAKHOR, born in Tehran, Islamic Republic of Iran, attended Kansas State University, where he received his PhD in economics in 1969. From 1969 to 1984, he taught in various universities in the U.S. and Iran. From 1984 until 1990, he served on the staff of the IMF, and from 1990 to present; he has been the Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, and Tunisia. Dr Mirakhor is the coeditor of Essays on Iqtisad: Islamic Approach to Economic Problems (1989), and Theoretical Studies in Islamic Banking and Finance (1987). He has received several awards including "Order of Companion of Volta" for service in Ghana, conferred by the President of Ghana in 2005; Islamic Development Bank Annual Prize for Research in Islamic Economics, shared with Mohsin Khan in 2003, and "Quaide Azam" star for service to Pakistan, conferred by the President of Pakistan in 1997. He is currently the First Holder of the Chair of Islamic Finance in INCEIF.