SIMON ARCHER is a visiting professor at the ICMA Centre, the ground-breaking collaboration between the securities industry and Henley Business School, University of Reading (also UK). In addition to teaching, he has served as a consultant to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). In 2010, the Central Bank of Bahrain and Kuwait Finance House - Bahrain presented Professor Archer with a special award to recognise his contributions to the field of Islamic Finance. In addition to being co-editor of Takaful Islamic Insurance: Concepts and Regulatory Issues and co-author of Islamic Finance: The New Regulatory Challenge, Second Edition (published by Wiley), Professor Archer is also co-author of the CCH International Accounting/Financial Reporting Standards Guide and the author of a considerable number of academic papers on international accounting and on accounting, finance, and related issues in Islamic financial institutions. RIFAAT AHMED ABDEL KARIM was previously the CEO of the International Islamic Liquidity Management Corporation (IILM). He is a globally respected pioneer in the development of Islamic finance, and served as the inaugural Secretary General at both the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). Professor Karim received the 2016 Malaysian Royal Award for Islamic Finance. In addition to international recognition of his academic publications, which are mainly in tier-one international journals in the field of Islamic finance, he has garnered numerous accolades for his pioneering work, including the inaugural Euromoney Outstanding Contribution to the Development of Islamic Finance Award (2004) and the Islamic Development Bank Award for Islamic Banking and Finance (2010). He is the co-author of Islamic Finance: The New Regulatory Challenge, Second Edition and co-editor of Takaful Islamic Insurance: Concepts and Regulatory Issues. Professor Karim is adjunct research professor at the International Centre for Education in Islamic Finance (INCEIF), The Global University of Islamic Finance, Malaysia. He is also a visiting professor at the ICMA Centre, Henley Business School, University of Reading, UK.

• ForewordAcknowledgmentsAbout the AuthorsChapter 1: Overview of the Islamic Capital MarketBy Simon Archer, Brandon Davies and Rifaat Ahmed Abdel KarimChapter 2: Islamic Capital Markets and Islamic EquitiesBy Nor Rejina Abdul RahimChapter 3: Sukuk – Unlocking the Potential for Economic DevelopmentBy Dr. Sayd Farook and Redha Al AnsariChapter 4: Islamic Collective Investment SchemesBy Simon Archer and Brandon DaviesChapter 5: Legal And Regulatory Considerations Pertaining to Islamic Capital MarketsBy Michael J.T. McMillenChapter 6: Regulatory Aspects of the Islamic Capital Market and Basel III RequirementsBy Musa Abdul-BasserChapter 7: Shari'ah Foundations of Islamic Equity Investment Criteria and Purification of InvestmentsBy Mohamed A. ElgariChapter 8: Collateralisation in Islamic Capital MarketsBy Richard ThomasChapter 9: Eligible Capital and Capital InstrumentsBy Brandon DaviesChapter 10: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements – Shariah-compliant Bank Capital InstrumentsBy Rafe HaneefChapter 11: Liquidity Risk Management and High Quality Liquid AssetsBy Simon Archer and Rifaat Ahmed Abdel KarimChapter 12: Malaysia’s Islamic Capital Markets – A Case StudyBy Obiyathulla Ismath Bacha and Daud Vicary AbdullahChapter 13: Bahrain’s Islamic Capital Markets – A Case StudyBy Dr Hatim El-TahirChapter 14: Sukuk Issued as Regulatory Capital Instruments for Basel III Compliance – A Case StudyBy Abdullah HaronChapter 15: Concluding RemarksBy Simon Archer and Rifaat Ahmed Abdel KarimAppendix A: Nominate Contracts Employed as a Basis for Shari’ah Compliant Financial TransactionsAppendix B: A Note on Market Index ProvidersIndex

SIMON ARCHER is a visiting professor at the ICMA Centre, the ground-breaking collaboration between the securities industry and Henley Business School, University of Reading (also UK). In addition to teaching, he has served as a consultant to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). In 2010, the Central Bank of Bahrain and Kuwait Finance House - Bahrain presented Professor Archer with a special award to recognise his contributions to the field of Islamic Finance. In addition to being co-editor of Takaful Islamic Insurance: Concepts and Regulatory Issues and co-author of Islamic Finance: The New Regulatory Challenge, Second Edition (published by Wiley), Professor Archer is also co-author of the CCH International Accounting/Financial Reporting Standards Guide and the author of a considerable number of academic papers on international accounting and on accounting, finance, and related issues in Islamic financial institutions. RIFAAT AHMED ABDEL KARIM was previously the CEO of the International Islamic Liquidity Management Corporation (IILM). He is a globally respected pioneer in the development of Islamic finance, and served as the inaugural Secretary General at both the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). Professor Karim received the 2016 Malaysian Royal Award for Islamic Finance. In addition to international recognition of his academic publications, which are mainly in tier-one international journals in the field of Islamic finance, he has garnered numerous accolades for his pioneering work, including the inaugural Euromoney Outstanding Contribution to the Development of Islamic Finance Award (2004) and the Islamic Development Bank Award for Islamic Banking and Finance (2010). He is the co-author of Islamic Finance: The New Regulatory Challenge, Second Edition and co-editor of Takaful Islamic Insurance: Concepts and Regulatory Issues. Professor Karim is adjunct research professor at the International Centre for Education in Islamic Finance (INCEIF), The Global University of Islamic Finance, Malaysia. He is also a visiting professor at the ICMA Centre, Henley Business School, University of Reading, UK.

• ForewordAcknowledgmentsAbout the AuthorsChapter 1: Overview of the Islamic Capital MarketBy Simon Archer, Brandon Davies and Rifaat Ahmed Abdel KarimChapter 2: Islamic Capital Markets and Islamic EquitiesBy Nor Rejina Abdul RahimChapter 3: Sukuk – Unlocking the Potential for Economic DevelopmentBy Dr. Sayd Farook and Redha Al AnsariChapter 4: Islamic Collective Investment SchemesBy Simon Archer and Brandon DaviesChapter 5: Legal And Regulatory Considerations Pertaining to Islamic Capital MarketsBy Michael J.T. McMillenChapter 6: Regulatory Aspects of the Islamic Capital Market and Basel III RequirementsBy Musa Abdul-BasserChapter 7: Shari'ah Foundations of Islamic Equity Investment Criteria and Purification of InvestmentsBy Mohamed A. ElgariChapter 8: Collateralisation in Islamic Capital MarketsBy Richard ThomasChapter 9: Eligible Capital and Capital InstrumentsBy Brandon DaviesChapter 10: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements – Shariah-compliant Bank Capital InstrumentsBy Rafe HaneefChapter 11: Liquidity Risk Management and High Quality Liquid AssetsBy Simon Archer and Rifaat Ahmed Abdel KarimChapter 12: Malaysia’s Islamic Capital Markets – A Case StudyBy Obiyathulla Ismath Bacha and Daud Vicary AbdullahChapter 13: Bahrain’s Islamic Capital Markets – A Case StudyBy Dr Hatim El-TahirChapter 14: Sukuk Issued as Regulatory Capital Instruments for Basel III Compliance – A Case StudyBy Abdullah HaronChapter 15: Concluding RemarksBy Simon Archer and Rifaat Ahmed Abdel KarimAppendix A: Nominate Contracts Employed as a Basis for Shari’ah Compliant Financial TransactionsAppendix B: A Note on Market Index ProvidersIndex

SIMON ARCHER is a visiting professor at the ICMA Centre, the ground-breaking collaboration between the securities industry and Henley Business School, University of Reading (also UK). In addition to teaching, he has served as a consultant to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). In 2010, the Central Bank of Bahrain and Kuwait Finance House - Bahrain presented Professor Archer with a special award to recognise his contributions to the field of Islamic Finance. In addition to being co-editor of Takaful Islamic Insurance: Concepts and Regulatory Issues and co-author of Islamic Finance: The New Regulatory Challenge, Second Edition (published by Wiley), Professor Archer is also co-author of the CCH International Accounting/Financial Reporting Standards Guide and the author of a considerable number of academic papers on international accounting and on accounting, finance, and related issues in Islamic financial institutions. RIFAAT AHMED ABDEL KARIM was previously the CEO of the International Islamic Liquidity Management Corporation (IILM). He is a globally respected pioneer in the development of Islamic finance, and served as the inaugural Secretary General at both the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). Professor Karim received the 2016 Malaysian Royal Award for Islamic Finance. In addition to international recognition of his academic publications, which are mainly in tier-one international journals in the field of Islamic finance, he has garnered numerous accolades for his pioneering work, including the inaugural Euromoney Outstanding Contribution to the Development of Islamic Finance Award (2004) and the Islamic Development Bank Award for Islamic Banking and Finance (2010). He is the co-author of Islamic Finance: The New Regulatory Challenge, Second Edition and co-editor of Takaful Islamic Insurance: Concepts and Regulatory Issues. Professor Karim is adjunct research professor at the International Centre for Education in Islamic Finance (INCEIF), The Global University of Islamic Finance, Malaysia. He is also a visiting professor at the ICMA Centre, Henley Business School, University of Reading, UK.

• ForewordAcknowledgmentsAbout the AuthorsChapter 1: Overview of the Islamic Capital MarketBy Simon Archer, Brandon Davies and Rifaat Ahmed Abdel KarimChapter 2: Islamic Capital Markets and Islamic EquitiesBy Nor Rejina Abdul RahimChapter 3: Sukuk – Unlocking the Potential for Economic DevelopmentBy Dr. Sayd Farook and Redha Al AnsariChapter 4: Islamic Collective Investment SchemesBy Simon Archer and Brandon DaviesChapter 5: Legal And Regulatory Considerations Pertaining to Islamic Capital MarketsBy Michael J.T. McMillenChapter 6: Regulatory Aspects of the Islamic Capital Market and Basel III RequirementsBy Musa Abdul-BasserChapter 7: Shari'ah Foundations of Islamic Equity Investment Criteria and Purification of InvestmentsBy Mohamed A. ElgariChapter 8: Collateralisation in Islamic Capital MarketsBy Richard ThomasChapter 9: Eligible Capital and Capital InstrumentsBy Brandon DaviesChapter 10: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements – Shariah-compliant Bank Capital InstrumentsBy Rafe HaneefChapter 11: Liquidity Risk Management and High Quality Liquid AssetsBy Simon Archer and Rifaat Ahmed Abdel KarimChapter 12: Malaysia’s Islamic Capital Markets – A Case StudyBy Obiyathulla Ismath Bacha and Daud Vicary AbdullahChapter 13: Bahrain’s Islamic Capital Markets – A Case StudyBy Dr Hatim El-TahirChapter 14: Sukuk Issued as Regulatory Capital Instruments for Basel III Compliance – A Case StudyBy Abdullah HaronChapter 15: Concluding RemarksBy Simon Archer and Rifaat Ahmed Abdel KarimAppendix A: Nominate Contracts Employed as a Basis for Shari’ah Compliant Financial TransactionsAppendix B: A Note on Market Index ProvidersIndex