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Islamic Capital Markets and Products: Managing Capital and Liquidity Requirements Under Basel III

ISBN: 978-1-119-21880-7
328 pages
November 2017
Islamic Capital Markets and Products: Managing Capital and Liquidity Requirements Under Basel III (1119218802) cover image

Description

Ensure Basel III compliance with expert analysis specific to Islamic Finance

Islamic Capital Markets and Products provides a thorough examination of Islamic capital markets (ICM), with particular attention to the products that they offer and the legal and regulatory infrastructure within which they operate. Since Islamic banks act as asset managers, attention is paid to the regulatory challenges which they face in the light of Basel III, as regards both eligible capital and liquidity risk management. The authors of the chapters are professionals and practitioners, and write from experience. The editors also contributed to some of the chapters.

The markets and products covered include Islamic equities, Islamic investment certificates (Sukūk) which are Shari'ah compliant alternatives to conventional bonds, and Islamic Collective Investment Schemes. The coverage of legal and regulatory issues includes an examination of the implications for ICM of securities laws and regulations and of Basel III, as well as collateralisation issues. Shari'ah compliance aspects, in terms both of the selection criteria for Islamic equities and of the 'purification' of impermissible components of income, are also examined in some detail, as are the implications of Basel III for eligible capital in general and for Shari'ah compliant capital instruments in particular. A similar analysis is also made of the implications of the Basel III requirements for liquidity risk management and high quality liquid assets (HQLA), including Shari'ah compliant HQLA.

The book concludes with three case studies, two describing the ICM in Malaysia and Bahrain and a third which describes Sukūk issued as Shari'ah compliant capital instruments, followed by brief concluding remarks by the editors.

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Table of Contents

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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