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Fundamentals of Islamic Money and Capital Markets. Wiley Finance Description:

Praise for Fundamentals of Islamic Money and Capital Markets A comprehensive guide to understanding Islamic money and Islamic capital market principles and practices "What distinguishes this book is its focus on the applied dimension of Islamic capital markets. The emphasis is placed on the operationalization of Islamic capital market ideas in Malaysia, the most dynamic and best regulated financial market in the Muslim world. The book has succeeded in making accessible the knowledge of Islamic financial instruments in simple language. Therefore, it is a very useful source for those seeking practical knowledge of Islamic capital and money market instruments in the current configuration of the Islamic finance industry." Abbas Mirakhor, Holder of the INCEIF Chair in Islamic Finance "Professors Omar, Abduh, and Sukmana have done an excellent job in highlighting contemporary issues in their book Fundamentals of Islamic Money and Capital Markets. They discuss Islamic derivatives, structured products, exchange–traded funds, sukuk, and Islamic mutual funds with numerous examples. Their treatment of these Islamic finance issues makes this book friendly to students and researchers. It is a must–read for those who want to embark on further studies in Islamic money and capital markets, a relatively new area in the Islamic finance space." Professor Dr. M. Kabir Hassan, University of New Orleans, USA "Congratulations to the authors for a well–written and comprehensive book on Islamic financial and derivative markets. The coverage of the subject matter and the structure of the book reflect the vast experience of the authors in explaining complex concepts in a simplified fashion an art that is hard to master. This is a first–of–its–kind book on the topic that is a must–read for students, academia, and practitioners interested in understanding the complexities of this emerging market. Each chapter exhibits a balanced blend of theory and practice with suitable real–life examples and case studies. The authors have done a great service by contributing a valuable volume to the literature on Islamic finance. " Zamir Iqbal, Principal Financial Officer, The World Bank

Contents:

Preface xiii Acknowledgments xv 1 An Introduction to Conventional and Islamic Financial Systems 1 Learning Outcomes 1 Introduction 2 The Roles and Functions of Financial Markets 4 Structures of Financial Markets 6 Based on the Instrument 6 Based on the Issuance of Securities 8 Methods Used in Secondary Markets 8 Based on the Maturity 9 Classification of Financial Markets 9 The Money Market 10

The Capital Market 12 Types of Financial Intermediaries 13 Depository Institutions 14 Contractual Institutions 15 Investments and Finance Institutions 17 A Brief Overview of the Islamic Financial System 17 Evolution of Islamic Finance 18 Chapter Summary 20 Chapter Questions 21 Notes 22 References 22 2 Development of Islamic Capital and Money Markets in Malaysia 23 Learning Outcomes 23 Introduction 24 Development of Islamic Financial Institutions in Malaysia 24 1960 to 1990: Establishment of Islamic Financial Institutions 24 1990 to 2000: Conventional Banks Allowed to Offer Islamic Financial Products and Services 26 2000 to 2010: Islamic Subsidiaries and the International Integration of the Islamic Banking System 27 Islamic Capital Markets in Malaysia 29 Sukuk 30 Islamic Collective Investments 31 Islamic Stock Broking 32 Malaysia International Islamic Financial Centre (MIFC) 33 Chapter Summary 34 Chapter Questions 36 Notes 36 References 36 3 Regulators and Transactions Platform for Capital and Money Markets 37 Learning Outcomes 37 Introduction 38 Bank Negara Malaysia (BNM) 38

Role and Functions 39 BNM Administered Legislation 40 Role of BNM on ICM Development 42 The Securities Commission (SC) 42 Role of SC on ICM Development 42 Bursa Malaysia (BM) 45 Role of BM on ICM Development 45 Shariah–Compliant Stocks and ETF 46 Islamic Equity Indices 46 Islamic REITs and Sukuk Market 47 Chapter Summary 47 Chapter Questions 48 Notes 48 References 48 Websites 48 4 Islamic Money Market 49 Learning Outcomes 49 Introduction 50 Money Market Participants 50 Functions of the Islamic Money Market 51 Differences between Islamic and Conventional Money Markets 52 Components of the Malaysian Islamic Money Market 53 Islamic Interbank Market 53 Mudarabah Interbank Investment 54 Profit Calculation for Mudarabah Interbank Investment 55 Example: Mudarabah Interbank Investment (MII) 56 Commodity Murabahah 56 Example: Commodity Murabahah Interbank Investment 58 Wakalah Investment 58 Trading of Islamic Money Market Instruments 59 Government Investment Issue (GII) 60

Example: Calculation of GII price 61 Malaysian Islamic Treasury Bills (MITB) 61 Example: Calculation of Proceeds on MITB 62 Bank Negara Monetary Notes (BNMN) 62 Sukuk Bank Negara Malaysia Ijarah (SBNMI) 63 Islamic Negotiable Instruments (INI) 63 Negotiable Islamic Debt Certificate (NIDC) 63 Example: Calculation of Price of NIDC of Less Than One Year 64 Example: Calculation of Price NIDC with Maturity of More Than One Year 65 Islamic Negotiable Instruments of Deposit (INID) 66 Example: Calculation of Proceeds for an INID 66 Islamic Accepted Bill (IAB) 67 Import and Local Purchases 67 Export/ Local Trade 67 Example: Price Calculation of IAB under Bai al–Dayn 68 Sell and Buy Back Agreement (SBBA) 68 Example: Sell and Buy Back Agreement 69 Cagamas Sukuk 70 Sanadat Mudarabah Cagamas (SMC) 70 Example: Sanadat Mudarabah Cagamas (SMC) Calculation 71 Sanadat Cagamas 71 Islamic Corporate Sukuk 72 Chapter Summary 72 Chapter Questions 73 Notes 73 References 74 5 An Overview of Sukuk 77 Learning Outcomes 77 Introduction 78 Comparing Sukuk, Bonds, and Shares 79 Sukuk Types 81 Sukuk Structures 81

Sukuk al–Ijarah 82 Sukuk al–Musharakah 88 Sukuk al–Mudarabah 94 Sukuk al–Salam 99 Sukuk al–Istisna 102 Sukuk al–Murabahah 106 Sukuk al–Istithmar 110 Sukuk al–Wakala 114 Chapter Summary 117 Chapter Questions 118 Notes 118 References 119 6 Shariah–Compliant Equity 121 Learning Outcomes 121 Introduction 122 The Structure of Equity Markets 124 Shariah–Compliant Equity Securities 125 Differences between Shariah and Non Shariah–Compliant Equity Markets 128 Shariah–Compliant Stocks Screening 130 Malaysia Securities Commission 130 S&P Shariah Indices 131 Pakistan Meezan Islamic Fund 133 Global GCC Islamic Fund Screening 134 Jakarta Islamic Index 135 Chapter Summary 136 Chapter Questions 136 Note 136 References 136 7 Islamic Mutual Funds 139 Learning Outcomes 139 Introduction 140

Closed and Open–Ended Funds 140 Conventional Mutual Funds 141 Active and Passive Management 143 Advantages of Mutual Funds 143 Disadvantages of Mutual Funds 144 Fees and Expenses 145 Islamic Mutual Funds 146 Basic Concept of Islamic Mutual Funds 147 Shariah Stock Screening 147 Purification of Income 148 Types of Islamic Mutual Funds 149 The Role of the Shariah Advisory Board in Islamic Mutual Funds 151 Calculating NAV in the Islamic Mutual Funds 151 Organisation of Islamic Mutual Funds 153 The Process of Investing in Islamic Mutual Funds 154 Islamic Ethical Investment and Ethical Investment 156 Chapter Questions 158 Notes 158 References 158 8 Islamic Real Estate Investment Trusts (I–REITs) 161 Learning Outcomes 161 Introduction 162 Islamic Real Estate Investment Trusts (I–REITs) 165 Shariah–Permissible Investments for I–REITs 166 I–REITs Structure 169 Case Study: Al– Aqar KPJ REIT 171 Case Study: Al–Hadharah Bousted REIT 174 Difference between Conventional and Islamic REITs 176 Chapter Summary 177 Chapter Questions 178 Notes 178 References 178

9 Islamic Exchange–Traded Funds 179 Learning Outcomes 179 Introduction 180 Open– and Closed–End Funds, and Unit Trust Funds 180 Open–End Funds 180 Closed–End Funds 181 Unit Trust 181 Exchange–Traded Funds (ETFs) 181 Islamic Exchange Trade Funds (I–ETFs) 185 Security Borrowing and Lending in Malaysia 190 Islamic ETFs in Other Countries 195 Challenges in Promoting I–ETFs 195 Chapter Summary 196 Chapter Questions 197 Notes 197 References 197 10 Islamic Derivatives Market 199 Learning Outcomes 199 Introduction 200 Derivative Securities in the Conventional Market 200 Risk Profile 202 Main Players in the Derivative Markets 203 Hedging with a Forward Contract 204 Hedging with Future Contracts 205 Hedging with Swap Contracts 206 Derivative Securities in the Islamic Perspective 211 Islamic Forward and Future Contract 213 Islamic Option Contract 216 Islamic Cross–Currency Swap 218 Islamic Profit Rate Swap 220 Islamic Structured Product 222

Chapter Summary 225 Chapter Questions 226 Notes 226 References 227 Bibliography 229 About the Authors 233 Index 235

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