Fundamentals of Islamic Money and Capital Markets

Häftad, Engelska, 2013

AvAzmi Omar,Muhamad Abduh,Raditya Sukmana

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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. Covering basic concepts as well as current practices in Islamic financial markets, the book features case studies from real markets. It outlines the theory of money in terms of value, supply, and demand, while explaining the Islamic capital markets in terms of classifications, types of operations, valuations of securities, Islamic unit trust, ETFs, Islamic stock broking, and much more. Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic financeThe first guide to Islamic finance focused solely on money and capital marketsAn excellent introduction to money market principles for students in Islamic banking and finance, as well as researchers and current practitioners, Fundamentals of Islamic Money and Capital Markets is a vital resource on the subject.

Produktinformation

Utgivningsdatum2013-04-12
Mått180 x 245 x 17 mm
Vikt576 g
FormatHäftad
SpråkEngelska
SerieWiley Finance
Antal sidor256
FörlagJohn Wiley & Sons Inc
ISBN9781118503997

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Finansiering inom Ekonomi och Ledarskap
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Mohd Azmi Omar, PhD, is the Director General of the Islamic Research & Training Institute (IRTI), Islamic Development Bank. He was formerly the Deputy Rector (Deputy Vice-Chancellor) in charge of academics and research at the International Islamic University Malaysia (IIUM). He obtained his bachelor's and master's degrees in finance from Northern Illinois University, USA, and his PhD from Bangor University, United Kingdom.Muhamad Abduh is the Head of Research of IIUM's International Institute of Islamic Business and Finance (IIiBF) and the editor-in-chief of its official journal, the Journal of Islamic Finance.Dr. Raditya Sukmana is an Assistant Professor in the Department of Islamic Economics, Airlangga University, Surabaya, Indonesia. He obtained his BA in finance from Airlangga University; an MS in economics from Georgia State University, USA; and a PhD in Islamic finance from International Islamic University Malaysia in 2010.

Preface xiiiAcknowledgments xv1 An Introduction to Conventional and Islamic Financial Systems 1Learning Outcomes 1Introduction 2The Roles and Functions of Financial Markets 4Structures of Financial Markets 6Based on the Instrument 6Based on the Issuance of Securities 8Methods Used in Secondary Markets 8Based on the Maturity 9Classification of Financial Markets 9The Money Market 10The Capital Market 12Types of Financial Intermediaries 13Depository Institutions 14Contractual Institutions 15Investments and Finance Institutions 17A Brief Overview of the Islamic Financial System 17Evolution of Islamic Finance 18Chapter Summary 20Chapter Questions 21Notes 22References 222 Development of Islamic Capital and Money Markets in Malaysia 23Learning Outcomes 23Introduction 24Development of Islamic Financial Institutions in Malaysia 241960 to 1990: Establishment of Islamic Financial Institutions 241990 to 2000: Conventional Banks Allowed to Offer IslamicFinancial Products and Services 262000 to 2010: Islamic Subsidiaries and the International Integration of the Islamic Banking System 27Islamic Capital Markets in Malaysia 29Sukuk 30Islamic Collective Investments 31Islamic Stock Broking 32Malaysia International Islamic Financial Centre (MIFC) 33Chapter Summary 34Chapter Questions 36Notes 36References 363 Regulators and Transactions Platform for Capital and Money Markets 37Learning Outcomes 37Introduction 38Bank Negara Malaysia (BNM) 38Role and Functions 39BNM Administered Legislation 40Role of BNM on ICM Development 42The Securities Commission (SC) 42Role of SC on ICM Development 42Bursa Malaysia (BM) 45Role of BM on ICM Development 45Shariah-Compliant Stocks and ETF 46Islamic Equity Indices 46Islamic REITs and Sukuk Market 47Chapter Summary 47Chapter Questions 48Notes 48References 48Websites 484 Islamic Money Market 49Learning Outcomes 49Introduction 50Money Market Participants 50Functions of the Islamic Money Market 51Differences between Islamic and Conventional Money Markets 52Components of the Malaysian Islamic Money Market 53Islamic Interbank Market 53Mudarabah Interbank Investment 54Profit Calculation for Mudarabah Interbank Investment 55Example: Mudarabah Interbank Investment (MII) 56Commodity Murabahah 56Example: Commodity Murabahah Interbank Investment 58Wakalah Investment 58Trading of Islamic Money Market Instruments 59Government Investment Issue (GII) 60Example: Calculation of GII price 61Malaysian Islamic Treasury Bills (MITB) 61Example: Calculation of Proceeds on MITB 62Bank Negara Monetary Notes (BNMN) 62Sukuk Bank Negara Malaysia Ijarah (SBNMI) 63Islamic Negotiable Instruments (INI) 63Negotiable Islamic Debt Certificate (NIDC) 63Example: Calculation of Price of NIDC of Less Than One Year 64Example: Calculation of Price NIDC with Maturity of More Than One Year 65Islamic Negotiable Instruments of Deposit (INID) 66Example: Calculation of Proceeds for an INID 66Islamic Accepted Bill (IAB) 67Import and Local Purchases 67Export/ Local Trade 67Example: Price Calculation of IAB under Bai al-Dayn 68Sell and Buy Back Agreement (SBBA) 68Example: Sell and Buy Back Agreement 69Cagamas Sukuk 70Sanadat Mudarabah Cagamas (SMC) 70Example: Sanadat Mudarabah Cagamas (SMC) Calculation 71Sanadat Cagamas 71Islamic Corporate Sukuk 72Chapter Summary 72Chapter Questions 73Notes 73References 745 An Overview of Sukuk 77Learning Outcomes 77Introduction 78Comparing Sukuk, Bonds, and Shares 79Sukuk Types 81Sukuk Structures 81Sukuk al-Ijarah 82Sukuk al-Musharakah 88Sukuk al-Mudarabah 94Sukuk al-Salam 99Sukuk al-Istisna 102Sukuk al-Murabahah 106Sukuk al-Istithmar 110Sukuk al-Wakala 114Chapter Summary 117Chapter Questions 118Notes 118References 1196 Shariah-Compliant Equity 121Learning Outcomes 121Introduction 122The Structure of Equity Markets 124Shariah-Compliant Equity Securities 125Differences between Shariah and Non–Shariah-Compliant Equity Markets 128Shariah-Compliant Stocks Screening 130Malaysia Securities Commission 130S&P Shariah Indices 131Pakistan Meezan Islamic Fund 133Global GCC Islamic Fund Screening 134Jakarta Islamic Index 135Chapter Summary 136Chapter Questions 136Note 136References 1367 Islamic Mutual Funds 139Learning Outcomes 139Introduction 140Closed and Open-Ended Funds 140Conventional Mutual Funds 141Active and Passive Management 143Advantages of Mutual Funds 143Disadvantages of Mutual Funds 144Fees and Expenses 145Islamic Mutual Funds 146Basic Concept of Islamic Mutual Funds 147Shariah Stock Screening 147Purification of Income 148Types of Islamic Mutual Funds 149The Role of the Shariah Advisory Board in Islamic Mutual Funds 151Calculating NAV in the Islamic Mutual Funds 151Organisation of Islamic Mutual Funds 153The Process of Investing in Islamic Mutual Funds 154Islamic Ethical Investment and Ethical Investment 156Chapter Questions 158Notes 158References 1588 Islamic Real Estate Investment Trusts (I-REITs) 161Learning Outcomes 161Introduction 162Islamic Real Estate Investment Trusts (I-REITs) 165Shariah-Permissible Investments for I-REITs 166I-REITs Structure 169Case Study: Al-’Aqar KPJ REIT 171Case Study: Al-Hadharah Bousted REIT 174Difference between Conventional and Islamic REITs 176Chapter Summary 177Chapter Questions 178Notes 178References 1789 Islamic Exchange-Traded Funds 179Learning Outcomes 179Introduction 180Open- and Closed-End Funds, and Unit Trust Funds 180Open-End Funds 180Closed-End Funds 181Unit Trust 181Exchange-Traded Funds (ETFs) 181Islamic Exchange Trade Funds (I-ETFs) 185Security Borrowing and Lending in Malaysia 190Islamic ETFs in Other Countries 195Challenges in Promoting I-ETFs 195Chapter Summary 196Chapter Questions 197Notes 197References 19710 Islamic Derivatives Market 199Learning Outcomes 199Introduction 200Derivative Securities in the Conventional Market 200Risk Profile 202Main Players in the Derivative Markets 203Hedging with a Forward Contract 204Hedging with Future Contracts 205Hedging with Swap Contracts 206Derivative Securities in the Islamic Perspective 211Islamic Forward and Future Contract 213Islamic Option Contract 216Islamic Cross-Currency Swap 218Islamic Profit Rate Swap 220Islamic Structured Product 222Chapter Summary 225Chapter Questions 226Notes 226References 227Bibliography 229About the Authors 233Index 235