Islamic Capital Markets

Kabir Hassan 지음

Wiley 2011년 09월 13일 출간

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Islamic Finance has experienced rapid growth in recent years, showing significant innovation and sophistication, and producing a broad range of investment products which are not limited to the complete replication of conventional fixed-income instruments, derivatives and fund structures. Islamic Finance represents an elemental departure from traditional interest-based and speculative practices, relying instead on real economic transactions, such as trade, investment based on profit sharing, and other solidary ways of doing business, and aims to incorporate Islamic principles, such as social justice, ecology and kindness, to create investment products and financial markets which are both ethical and sustainable.Products created according to Islamic principles have shown a low correlation to other market segments and are relatively independent even from market turbulences like the subprime crisis. Therefore, they have become increasingly popular with secular Muslims and non-Muslim investors, as highly useful alternative investments for the diversification of portfolios.In Islamic Capital Markets: Products and Strategies, international experts on Islamic Finance and Sharia'a Law focus on the most imminent issues surrounding the evolution of Islamic capital markets and the development of Sharia'a-compliant products. The book is separated into four parts, covering:General concepts and legal issues, including Rahn concepts in Saudi Arabia, the Sharia'a process in product development and the integration of social responsibility in financial communities;Global Islamic capital market trends, such as the evolution of Takaful products and the past, present and future of Islamic derivatives;National and regional experiences, from the world's largest Islamic financial market, Malaysia, to Islamic finance in other countries, including Germany, France and the US;Learning from Islamic finance after the gl

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About the Contributors.Preface.PART I GENERAL CONCEPTS AND LEGAL ISSUES.1 Rahn Concepts in Saudi Arabia: Formalization and a Registration and Prioritization System (Michael J.T. McMillen).1.1 Introduction.1.2 The Mortgage Law.1.3 Conclusion.Notes2 The Shariah Process in Product Development and Approval in ICM (Ahcene Lahsasna and M. Kabir Hassan).&2.1 Introduction.2.2 Product Development, Financial Engineering, and Innovation in Islamic Finance.2.3 The Shariah Framework in Product Development and Approval.2.4 The Types of Product in Islamic Finance.2.5 Process of Product Development in Shariah-Based Products.2.6 Process of Product Development in Shariah-Compliant Products.2.7 The Framework and Process Flow of Product Approval in Islamic Finance.2.8 The Methodology Used in the Approval Process.2.9 Product Approval in Securities in Islamic Capital Markets.2.10 Applying the Shariah Advisory Council Methodology.2.11 Other Methodology of Shariah Screening Process for Securities.2.12 Conclusion.Notes.3 Integration of Social Responsibility in Financial Communities (Sayd Farook and Rafi-Uddin Shikoh).3.1 Introduction.3.2 The Conflicting Ideologues within Islamic Finance.3.3 Core Motivations of Conventional Business Models and Their Social Responsibility Mandates.3.4 Islam, Business, and Social Responsibility.3.5 Case for Broader Social Responsibility Mandate.3.6 Current Challenges and Recommended Approach to Islamic Social Responsibility.3.7 Disclosure as a Means of Accountability.3.8 Lessons from Current Socially Responsible Business Practices.3.8.1 Key Lessons from Current Practices.3.9 Concluding Thoughts.Notes.References.Further Reading.4 The Dispute Resolution Framework for the Islamic Capital Market in Malaysia: Legal Obstacles and Options (Umar A. Oseni and M. Kabir Hassan).4.1 Int

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저자(글) Kabir Hassan

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DR M. KABIR HASSAN is a financial economist with consulting, research and teaching experience in development finance, money and capital markets, Islamic finance, corporate finance, investments, monetary economics, macroeconomics and international trade and finance. He has provided consulting services to the World Bank (WB), International Monetary Fund (IMF), Islamic Development Bank (IDB), African Development Bank (AfDB), USAID, Government of Bangladesh, Organization of Islamic Conferences (OIC), and many private organizations and universities around the world. Dr Hassan received his BA in Economics and Mathematics from Gustavus Adolphus College, Minnesota, USA, and MA in Economics and PhD in Finance from the University of Nebraska-Lincoln, USA respectively. He is now a Professor in the Department of Economics and Finance at the University of New Orleans, Louisiana, USA. He has more than 100 papers published in refereed academic journals to his credit. Dr Hassan supervised 27 doctoral theses, and many of his students are now well placed in the academia, government and private sectors. He is editor of The Global Journal of Finance and Economics and Journal of Islamic Economics, Banking and Finance, International Journal of Islamic and Middle Eastern Finance and Management, and co-editor of Journal of Economic Cooperation and Development. Dr Hassan has edited and published many books along with articles in refereed academic journals. Dr Hassan is co-editor (with M.K. Lewis) of Handbook of Islamic Banking and Islamic Finance and The International Library of Critical Writings in Economics (Edward Elgar, 2007). He is co-author Islamic Entrepreneurship (Routledge UK, 2010), and co-author (with Rasem N Kayed and Umar Oseni) of Islamic Finance (Pearson Publishing Company, 2012 forthcoming). A frequent traveller, Dr Hassan gives lectures and workshops in the US and abroad, and has presented over 100