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Islamic Capital Markets: A Comparative Approach Second Edition [Pehme köide]

4.20/5 (5 hinnangut Goodreads-ist)
(Inceif, The Global Univ Islamic Finiance, Malaysia), (International Centre For Education In Islamic Finance (Inceif) University, Malaysia)
  • Formaat: Paperback / softback, 392 pages
  • Ilmumisaeg: 17-Apr-2019
  • Kirjastus: World Scientific Publishing Co Pte Ltd
  • ISBN-10: 9811204012
  • ISBN-13: 9789811204012
Teised raamatud teemal:
Islamic Capital Markets: A Comparative Approach Second EditionSuurem pilt
  • Formaat: Paperback / softback, 392 pages
  • Ilmumisaeg: 17-Apr-2019
  • Kirjastus: World Scientific Publishing Co Pte Ltd
  • ISBN-10: 9811204012
  • ISBN-13: 9789811204012
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9789811204012.html
Märksõnad:
Islamic Capital Markets: A Comparative Approach (2nd Edition) looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each 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, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate.Ideal for both students and current practitioners, the second edition of the highly successful Islamic Capital Markets: A Comparative Approach fills a large gap in the current literature on the subject, featuring case studies from Malaysia, Indonesia, Europe, and the Middle East. One of the few comprehensive, dedicated guides to the subject available, the book offers comprehensive and in-depth insights on the topic of Islamic finance for students and professionals alike.
List of Figures
xi
List of Tables
xv
List of Boxes
xvii
About the Authors xix
Preface xxi
Acknowledgements xxiii
Chapter 1 Founding Thoughts: Adam Smith, Capitalism, and Islamic Finance
1(22)
1.1 The Roots: The Economy, Real and Financial Sectors, Rusk and Islamic Finance
2(1)
1.2 Uncertainty and Risk
2(1)
1.3 Why Do Uncertainty and Risk Exist?
3(1)
1.4 Types of Risk
3(1)
1.5 Risk in Real and Financial Sectors
4(1)
1.6 Financial System of Capitalism: The Foundations
5(1)
1.7 Smith and Arrow
5(1)
1.8 Smith and Ethical Rules
6(1)
1.9 An Arrow-Debreu Economy
7(1)
1.10 What Happened to Smith-Arrow Risk-Sharing Ideal?
8(1)
1.11 Can Economics Explain a Positive Predetermined Rate of Interest?
8(2)
1.12 Islamic Finance: The Foundations
10(1)
1.13 Islamic Rules Governing Exchange
11(5)
1.14 Islamic Financial Market and Instruments
16(1)
1.15 Islamic Finance Industry at the Present
17(2)
Questions and Problems
19(1)
Bibliography
20(2)
Endnotes
22(1)
Chapter 2 Capital Markets: Introduction and Overview
23(26)
2.1 Introduction
24(3)
2.2 Key Trends in Capital Market Development
27(4)
2.3 Stock Exchanges of the Islamic World
31(6)
2.4 Debt Markets
37(2)
2.5 Money Markets
39(1)
2.6 Derivatives Market
39(2)
2.7 Risks in Capital Markets
41(3)
2.8 Economic Indicators and their Role in Capital Markets
44(2)
Summary
46(1)
Questions and Problems
47(1)
Bibliography
48(1)
Websites
48(1)
Endnotes
48(1)
Chapter 3 Islamic Finance: Underlying Philosophy, Contracts, Instrument Design, and Requisites
49(14)
3.1 Introduction
50(1)
3.2 Underlying Themes and Fundamentals of Fiqh Mu'amalah
51(1)
3.3 Requirements for Islamic Capital Market Instruments/Transactions
52(1)
3.4 Shari'ah-BasQd Contracts for Financial Transactions
53(6)
3.5 International Institutions for Islamic Finance
59(1)
Summary
60(1)
Questions and Problems
61(1)
Bibliography
62(1)
Websites
62(1)
Chapter 4 The Interbank Money Markets
63(20)
4.1 Introduction
64(2)
4.2 Money Market: Components
66(4)
4.3 The Pricing of Money Market Instruments
70(1)
4.4 Determining the Yield of a Money Market Instrument
71(1)
4.5 Interest Rates, Yields and Price of Money Market Instruments
72(1)
4.6 Malaysia Money Market - Trading Performance
73(3)
4.7 The Central Bank, Money Market, and Monetary Policy Operations
76(2)
4.8 Commercial Banks and the Money Market
78(2)
Summary
80(1)
Questions and Problems
80(1)
Bibliography
81(1)
Websites
81(2)
Chapter 5 The Islamic Interbank Money Market
83(22)
5.1 Introduction
84(1)
5.2 The Islamic Interbank Market
85(1)
5.3 Pricing the Mudarabah Interbank Investment Funds
85(2)
5.4 The Islamic Interbank Cheque Clearing System
87(1)
5.5 Islamic Money Market Instruments
87(1)
5.6 Key Islamic Money Market Instruments
87(3)
5.7 Pricing of Islamic Money Market Instruments
90(1)
5.8 HMM and Issues of Risk
91(1)
5.9 Trading Performance on HMM
92(1)
5.10 The Kuala Lumpur Islamic Reference Rate
93(2)
5.11 Bursa Suq Al-Sila
95(1)
5.12 Commodity Murabaha
96(1)
5.13 Liquidity Management in Other Jurisdictions
97(4)
Summary
101(1)
Questions and Problems
102(1)
Bibliography
103(1)
Websites
103(1)
Endnotes
103(2)
Chapter 6 Bonds and Bond Markets
105(26)
6.1 Introduction
106(1)
6.2 Bank Borrowing vs Bond Issuance
106(1)
6.3 Debt versus Equity and Bond Features
107(1)
6.4 Face Value and Par Value
108(3)
6.5 The Pricing of Bonds
111(1)
6.6 Bond Yields and Yield Curves
112(1)
6.7 Yield Curve and Credit Spreads
113(1)
6.8 What Constitutes a Yield?
113(2)
6.9 Interest Rate Change, Bond Yields, and Duration
115(6)
6.10 Risk Associated with Bonds
121(1)
6.11 Types of Bonds
122(4)
6.12 Bond Ratings
126(1)
6.13 Ratings and Yield/Credit Spreads
127(1)
Summary
128(1)
Questions and Problems
129(1)
Bibliography
130(1)
Websites
130(1)
Endnotes
130(1)
Chapter 7 Sukuk and Sukuk Markets
131(26)
7.1 What are Sukukl
132(1)
7.2 Sukuk Fundamentals
133(2)
7.3 Underlying Islamic Contracts for Sukuk
135(3)
7.4 Sukuk Structures
138(4)
7.5 Sukuk - Players
142(1)
7.6 Risks Associated with Investing in Sukuk
143(3)
7.7 Sukuk in Malaysia
146(1)
7.8 Sukuk in Malaysia: Growth and Evolution
147(2)
7.9 Underlying Asset and the Structuring of Sukuk
149(5)
Summary
154(1)
Questions and Problems
155(1)
Bibliography
156(1)
Websites
156(1)
Endnote
156(1)
Chapter 8 Issues in Sukuk Design and Trading
157(28)
8.1 Underlying Sukuk Contracts and Risk Profile
158(1)
8.2 Sukuk versus Bond Yields
158(2)
8.3 Exotic Sukuk Structures
160(3)
8.4 Innovations in Sukuk Structure/Design
163(7)
8.5 What the Future Holds - New Sukuk Structures
170(1)
8.6 The Pricing of Sukuk
171(8)
8.7 Sukuk Defaults
179(2)
Summary
181(1)
Questions and Problems
182(2)
Bibliography
184(1)
Websites
184(1)
Endnotes
184(1)
Chapter 9 Common Stocks and Equity Markets
185(28)
9.1 Introduction
186(1)
9.2 The Evolution of Stocks
187(2)
9.3 Why Companies Choose to List
189(1)
9.4 Rights of Share Ownership
190(1)
9.5 Equity Ownership and Shari'ah Compliance
190(2)
9.6 The Valuation of Common Stocks
192(6)
9.7 The Market Required Rate of Return
198(1)
9.8 Required Return and Stock Price Dynamics
198(2)
9.9 Dividend Growth and the Trade-Off with Capital Gains
200(2)
9.10 Stock Market Indices
202(1)
9.11 Schools of Thought on Stock Price Behavior
203(2)
9.12 Regulatory Restrictions on Trading
205(4)
Summary
209(1)
Questions and Problems
210(1)
Bibliography
211(2)
Chapter 10 The Islamic Equities Market
213(30)
10.1 Introduction
214(1)
10.2 Components of an Islamic Equities Market
214(1)
10.3 Screening of Stocks for Shari'ah Compliance
215(4)
10.4 Components/Products of an Islamic Equities Market
219(12)
10.5 Islamic Equity Indices
231(5)
10.6 The Stock Exchanges of the Islamic World
236(3)
Summary
239(1)
Questions and Problems
240(1)
Bibiliography
241(1)
Websites
241(2)
Chapter 11 Derivative Instruments: Products and Applications
243(32)
11.1 Introduction
244(1)
11.2 What Are Derivative Instruments?
245(1)
11.3 Common Derivative Instruments
245(1)
11.4 The Evolution of Derivative Instruments
245(1)
11.5 Forward Contracts
246(1)
11.6 The Need for Futures Contracts
247(1)
11.7 The Need for Options
248(1)
11.8 Options: Key Features and Trade-offs
248(1)
11.9 Payoff and Risk Profile of Option Positions
249(7)
11.10 Interest Rate Swaps
256(2)
11.11 The Main Players in Derivative Markets
258(1)
11.12 Commodity versus Financial Derivatives
259(1)
11.13 Derivative Markets and the Role of the Clearinghouse
260(1)
11.14 Applications: Using Derivatives to Manage Risk
260(5)
11.15 What Derivative to Use?
265(1)
11.16 Overview of Global Derivatives Trading
266(5)
Summary
271(1)
Questions and Problems
272(1)
Bibliography
273(1)
Websites
273(2)
Chapter 12 Shari'ah-Compliant Derivative Instruments
275(18)
12.1 Introduction
276(1)
12.2 Necessary Features of Islamic Financial Instruments
276(1)
12.3 Islamic Finance Instruments with Features of Derivative Instruments
277(4)
12.4 The Islamic Profit Rate Swap
281(1)
12.5 How is the IH Hedged?
282(1)
12.6 Sukuk with Embedded Options
283(1)
12.7 Derivative Instruments - How Shari'ah Compliant Are They?
284(3)
12.8 Shkuk `ah-Compliant Instruments for Managing Exchange Rate Risk
287(2)
Summary
289(1)
Questions and Problems
290(1)
Bibliography
291(1)
Websites
291(2)
Chapter 13 Exchange Rates and the Foreign Exchange Market
293(28)
13.1 Introduction
294(1)
13.2 What is an Exchange Rate?
294(2)
13.3 Exchange Rate Risk
296(2)
13.4 The Foreign Exchange Market
298(5)
13.5 Foreign Exchange Market Players
303(1)
13.6 Spot and Forward Markets
303(1)
13.7 Bid-Ask Spreads
304(3)
13.8 Cross Rates
307(1)
13.9 The Forward Market for Exchange Rates
307(1)
13.10 Forward versus Spot Rates
308(1)
13.11 Forward Market Players
308(3)
13.12 Nominal versus Real Exchange Rates
311(1)
13.13 Shari'ah Compliant Techniques for Managing Currency Exposure
312(5)
Summary
317(1)
Questions and Problems
318(2)
Bibliography
320(1)
Websites
320(1)
Chapter 14 Capital Markets and Government Policy
321(24)
14.1 Risk Sharing
321(9)
14.2 Islamic Finance and Risk Sharing: Role of Public Policy
330(11)
Summary
341(1)
Questions and Problems
341(1)
Bibliography
342(2)
Endnotes
344(1)
Chapter 15 Potential Role of Capital Markets in Reducing Income and Wealth Inequality
345(18)
15.1 Introduction
346(1)
15.2 Mainstream Economics and Inequality
346(1)
15.3 Questioning the Axioms of the Mainstream Framework
347(1)
15.4 Theory of Contracts
348(1)
15.5 How Did We Get Here?
349(2)
15.6 Destructive Effects of Inequality
351(2)
15.7 What Can Be Done: Proposed Solutions
353(4)
15.8 Inequality, Risk-Sharing Islamic Finance, and Capital Market
357(1)
Summary
358(1)
Questions and Problems
358(1)
Bibliography
359(2)
Endnotes
361(2)
Index 363