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.
Sample Chapter(s)
Preface
Chapter 1: Founding Thoughts: Adam Smith, Capitalism, and Islamic Finance
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Contents:
- Founding Thoughts: Adam Smith, Capitalism, and Islamic Finance
- Capital Markets: Introduction and Overview
- Islamic Finance: Underlying Philosophy, Contracts, Instrument Design, and Requisites
- The Interbank Money Markets
- The Islamic Interbank Money Market
- Bonds and Bond Markets
- Sukuk and Sukuk Markets
- Issues in Sukuk Design and Trading
- Common Stocks and Equity Markets
- The Islamic Equities Market
- Derivative Instruments: Products and Applications
- Shari'ah-Compliant Derivative Instruments
- Exchange Rates and the Foreign Exchange Market
- Capital Markets and Government Policy
- Potential Role of Capital Markets in Reducing Income and Wealth Inequality
Readership: Students and professionals interested in Islamic Banking, Islamic Investments and Islamic Capital Markets.
Prior to joining INCEIF, Professor Obiyathulla Ismath Bacha has held several key positions at the International Islamic University Malaysia, including as Director of the university's Management Center. He began his working career as a Credit Officer at Maybank Berhad. 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 won the Allen E Beckwith Award for Excellence in Teaching. Professor Obiyathulla has also conducted Executive training programs at several Malaysian institutions. Internationally, he has conducted programs in Islamic Capital Markets at the University of Luxembourg, The Chinese University of Hong Kong, and Waseda University, Japan, among others. He has published scholarly articles in numerous local and international journals, and has presented papers at several international and Islamic finance conferences. He is a member of the Shari'ah panels of Great Eastern Life Assurance, Malaysia, Five Pillars Singapore, and SABANA, Singapore's only Islamic REIT. He received his Doctoral degree in Finance, Master of Business Administration (High Honours) and Master of Arts (Economics) from Boston University, USA. His Bachelor's degree is from Universiti Sains Malaysia, Penang. He won the Chicago Mercantile Exchange (CME) Research Award in 1994 for work emanating from his doctoral thesis.
Dr Abbas is a graduate of the Kansas State University, USA, where he received his Bachelor, Master, and PhD Degrees in Economics. In 1968, he started his academic career with University of Alabama, USA. With the exception of a two-year stint at the AzZahara University in Tehran, Iran, throughout his academic career, Dr Abbas has worked as a Professor of Economics at the University of Alabama, Alabama A&M University, and the Florida Institute of Technology. In 1984, he joined the IMF in Washington DC as an economist. He spent 24 years with the IMF, serving as the organisation's Executive Director and Dean of the Executive Board, retiring in 2008.
Dr Abbas was conferred the "Order of Companion of Volta" for service to Ghana by the President of Ghana in 2005. In 2003, he received the Islamic Development Bank Annual Prize for Research in Islamic Economics, which he shared with Dr Mohsin Khan, another well-known economist at the IMF. The President of Pakistan conferred him the "Quaid-e Azam" star for service to Pakistan in 1997. He has published books, papers, and research articles on a wide range of areas including microeconomic theory, mathematical economics, and Islamic economics.
