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Islamic Capital Markets and Products. Managing Capital and Liquidity Requirements Under Basel III. Wiley Finance

  • ID: 3787640
  • Book
  • 328 Pages
  • John Wiley and Sons Ltd
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Praise for Islamic Capital Markets and Products

"This new book is a further step in the relentless efforts of Prof. Datuk Rifaat and Prof. Simon Archer to further Islamic finance by making it compatible with the tenors of the conventional financial framework. This integration will offer investors who wish to abide by the rules of Islam a broader choice of financial products, thereby supporting financial inclusion in the Muslim world. The wider pool of savings will also contribute to a wider risk diversification, thereby contributing to the stability of the international financial systems. The objectives and aims of this comprehensive work remind me of the symbols on the euro banknotes: bridges spanning diversity and windows signalling openness."
—Yves Mersch, Executive Board Member, European Central Bank

"The authors, Professors Simon Archer and Rifaat Abdel Karim, have succeeded in creating greater awareness about the importance and implications of Basel III and other global prudential regulation requirements for the Islamic capital markets. The implementation of these requirements by Islamic financial institutions will ensure the sustainability of this fastest growing segment of Islamic finance. Their book Islamic Capital Markets and Products is a welcome addition to Islamic finance."
—Dr. Zeti Aziz, Former Governor, Bank Negara Malaysia (2000–2016)

"The importance of Islamic finance in the financial world is growing exponentially. The regulations which have to be provided must keep pace with the growth in its importance. This book makes a significant contribution to advancing knowledge and understanding of this regulation. It should ensure the greatest success for Islamic finance. I therefore congratulate its authors, Professors Archer and Karim, on what they have achieved and hope the book receives the success and attention it deserves. Islamic Capital Markets and Products is a much–needed authority on Islamic finance."
—Harry Woolf, Former Lord Chief Justice of England and Wales (2000–2005)

"Islamic Capital Markets and Products co–authored by Professors Simon Archer and Rifaat Ahmed Abdel Karim is coming in time with the next phase of the growth of the fastest growing sector of the Islamic financial services industry – the sukūk sector. Both authors have brought their academic and practical background and experience to address the new developments covered by Basel III in the field of global prudential regulations and their implications for Islamic capital markets. The authors have stamped indelible footprints in global regulatory standard setting initiatives for the nascent Islamic financial services industry from the time of Prof. Rifaat at the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) to the Islamic Financial Services Board (IFSB) and finally at the International Islamic Liquidity Management Corporation (IILM). With this unique combination of practice and academia from the authors, this new book is a welcome addition for students, practitioners, Shari′ah scholars and regulators of Islamic finance in general and Islamic capital markets in particular."
—Muhammad Sanusi II, Emir of Kano; Former Governor, Central Bank of Nigeria (2009–2014)

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Foreword

Acknowledgments

About the Authors

Chapter 1: Overview of the Islamic Capital Market
By Simon Archer, Brandon Davies and Rifaat Ahmed Abdel Karim

Chapter 2: Islamic Capital Markets and Islamic Equities
By Nor Rejina Abdul Rahim

Chapter 3: Sukuk – Unlocking the Potential for Economic Development
By Dr. Sayd Farook and Redha Al Ansari

Chapter 4: Islamic Collective Investment Schemes
By Simon Archer and Brandon Davies

Chapter 5: Legal And Regulatory Considerations Pertaining to Islamic Capital Markets
By Michael J.T. McMillen

Chapter 6: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements
By Musa Abdul–Basser

Chapter 7: Shari′ah Foundations of Islamic Equity Investment Criteria and Purification of Investments
By Mohamed A. Elgari

Chapter 8: Collateralisation in Islamic Capital Markets
By Richard Thomas

Chapter 9: Eligible Capital and Capital Instruments
By Brandon Davies

Chapter 10: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements – Shariah–compliant Bank Capital Instruments
By Rafe Haneef

Chapter 11: Liquidity Risk Management and High Quality Liquid Assets
By Simon Archer and Rifaat Ahmed Abdel Karim

Chapter 12: Malaysia’s Islamic Capital Markets – A Case Study
By Obiyathulla Ismath Bacha and Daud Vicary Abdullah

Chapter 13: Bahrain’s Islamic Capital Markets – A Case Study
By Dr Hatim El–Tahir

Chapter 14: Sukuk Issued as Regulatory Capital Instruments for Basel III Compliance – A Case Study
By Abdullah Haron

Chapter 15: Concluding Remarks
By Simon Archer and Rifaat Ahmed Abdel Karim

Appendix A: Nominate Contracts Employed as a Basis for Shari’ah Compliant Financial Transactions

Appendix B: A Note on Market Index Providers

Index

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Simon Archer
Rifaat Ahmed Abdel Karim
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