{"product_id":"fundamentals-of-islamic-money-and-capital-markets-isbn-9781118503997","title":"Fundamentals of Islamic Money and Capital Markets","description":"\u003cb\u003eThe first comprehensive guide to Islamic financial markets\u003c\/b\u003e \u003cp\u003eBased on the course taught at the International Islamic University Malaysia, this is the first book on Islamic finance to focus exclusively on money and capital markets. Covering basic concepts as well as current practices in Islamic financial markets, the book features case studies from real markets. It outlines the theory of money in terms of value, supply, and demand, while explaining the Islamic capital markets in terms of classifications, types of operations, valuations of securities, Islamic unit trust, ETFs, Islamic stock broking, and much more.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWritten by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance\u003c\/li\u003e \u003cli\u003eThe first guide to Islamic finance focused solely on money and capital markets\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAn excellent introduction to money market principles for students in Islamic banking and finance, as well as researchers and current practitioners, \u003ci\u003eFundamentals of Islamic Money and Capital Markets\u003c\/i\u003e is a vital resource on the subject.\u003c\/p\u003e  \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 An Introduction to Conventional and Islamic Financial Systems 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 1\u003c\/p\u003e \u003cp\u003eIntroduction 2\u003c\/p\u003e \u003cp\u003eThe Roles and Functions of Financial Markets 4\u003c\/p\u003e \u003cp\u003eStructures of Financial Markets 6\u003c\/p\u003e \u003cp\u003eBased on the Instrument 6\u003c\/p\u003e \u003cp\u003eBased on the Issuance of Securities 8\u003c\/p\u003e \u003cp\u003eMethods Used in Secondary Markets 8\u003c\/p\u003e \u003cp\u003eBased on the Maturity 9\u003c\/p\u003e \u003cp\u003eClassification of Financial Markets 9\u003c\/p\u003e \u003cp\u003eThe Money Market 10\u003c\/p\u003e \u003cp\u003eThe Capital Market 12\u003c\/p\u003e \u003cp\u003eTypes of Financial Intermediaries 13\u003c\/p\u003e \u003cp\u003eDepository Institutions 14\u003c\/p\u003e \u003cp\u003eContractual Institutions 15\u003c\/p\u003e \u003cp\u003eInvestments and Finance Institutions 17\u003c\/p\u003e \u003cp\u003eA Brief Overview of the Islamic Financial System 17\u003c\/p\u003e \u003cp\u003eEvolution of Islamic Finance 18\u003c\/p\u003e \u003cp\u003eChapter Summary 20\u003c\/p\u003e \u003cp\u003eChapter Questions 21\u003c\/p\u003e \u003cp\u003eNotes 22\u003c\/p\u003e \u003cp\u003eReferences 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Development of Islamic Capital and Money Markets in Malaysia 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 23\u003c\/p\u003e \u003cp\u003eIntroduction 24\u003c\/p\u003e \u003cp\u003eDevelopment of Islamic Financial Institutions in Malaysia 24\u003c\/p\u003e \u003cp\u003e1960 to 1990: Establishment of Islamic Financial Institutions 24\u003c\/p\u003e \u003cp\u003e1990 to 2000: Conventional Banks Allowed to Offer Islamic\u003c\/p\u003e \u003cp\u003eFinancial Products and Services 26\u003c\/p\u003e \u003cp\u003e2000 to 2010: Islamic Subsidiaries and the International Integration of the Islamic Banking System 27\u003c\/p\u003e \u003cp\u003eIslamic Capital Markets in Malaysia 29\u003c\/p\u003e \u003cp\u003eSukuk 30\u003c\/p\u003e \u003cp\u003eIslamic Collective Investments 31\u003c\/p\u003e \u003cp\u003eIslamic Stock Broking 32\u003c\/p\u003e \u003cp\u003eMalaysia International Islamic Financial Centre (MIFC) 33\u003c\/p\u003e \u003cp\u003eChapter Summary 34\u003c\/p\u003e \u003cp\u003eChapter Questions 36\u003c\/p\u003e \u003cp\u003eNotes 36\u003c\/p\u003e \u003cp\u003eReferences 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Regulators and Transactions Platform for Capital and Money Markets 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 37\u003c\/p\u003e \u003cp\u003eIntroduction 38\u003c\/p\u003e \u003cp\u003eBank Negara Malaysia (BNM) 38\u003c\/p\u003e \u003cp\u003eRole and Functions 39\u003c\/p\u003e \u003cp\u003eBNM Administered Legislation 40\u003c\/p\u003e \u003cp\u003eRole of BNM on ICM Development 42\u003c\/p\u003e \u003cp\u003eThe Securities Commission (SC) 42\u003c\/p\u003e \u003cp\u003eRole of SC on ICM Development 42\u003c\/p\u003e \u003cp\u003eBursa Malaysia (BM) 45\u003c\/p\u003e \u003cp\u003eRole of BM on ICM Development 45\u003c\/p\u003e \u003cp\u003eShariah-Compliant Stocks and ETF 46\u003c\/p\u003e \u003cp\u003eIslamic Equity Indices 46\u003c\/p\u003e \u003cp\u003eIslamic REITs and Sukuk Market 47\u003c\/p\u003e \u003cp\u003eChapter Summary 47\u003c\/p\u003e \u003cp\u003eChapter Questions 48\u003c\/p\u003e \u003cp\u003eNotes 48\u003c\/p\u003e \u003cp\u003eReferences 48\u003c\/p\u003e \u003cp\u003eWebsites 48\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Islamic Money Market 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 49\u003c\/p\u003e \u003cp\u003eIntroduction 50\u003c\/p\u003e \u003cp\u003eMoney Market Participants 50\u003c\/p\u003e \u003cp\u003eFunctions of the Islamic Money Market 51\u003c\/p\u003e \u003cp\u003eDifferences between Islamic and Conventional Money Markets 52\u003c\/p\u003e \u003cp\u003eComponents of the Malaysian Islamic Money Market 53\u003c\/p\u003e \u003cp\u003eIslamic Interbank Market 53\u003c\/p\u003e \u003cp\u003eMudarabah Interbank Investment 54\u003c\/p\u003e \u003cp\u003eProfit Calculation for Mudarabah Interbank Investment 55\u003c\/p\u003e \u003cp\u003eExample: Mudarabah Interbank Investment (MII) 56\u003c\/p\u003e \u003cp\u003eCommodity Murabahah 56\u003c\/p\u003e \u003cp\u003eExample: Commodity Murabahah Interbank Investment 58\u003c\/p\u003e \u003cp\u003eWakalah Investment 58\u003c\/p\u003e \u003cp\u003eTrading of Islamic Money Market Instruments 59\u003c\/p\u003e \u003cp\u003eGovernment Investment Issue (GII) 60\u003c\/p\u003e \u003cp\u003eExample: Calculation of GII price 61\u003c\/p\u003e \u003cp\u003eMalaysian Islamic Treasury Bills (MITB) 61\u003c\/p\u003e \u003cp\u003eExample: Calculation of Proceeds on MITB 62\u003c\/p\u003e \u003cp\u003eBank Negara Monetary Notes (BNMN) 62\u003c\/p\u003e \u003cp\u003eSukuk Bank Negara Malaysia Ijarah (SBNMI) 63\u003c\/p\u003e \u003cp\u003eIslamic Negotiable Instruments (INI) 63\u003c\/p\u003e \u003cp\u003eNegotiable Islamic Debt Certificate (NIDC) 63\u003c\/p\u003e \u003cp\u003eExample: Calculation of Price of NIDC of Less Than One Year 64\u003c\/p\u003e \u003cp\u003eExample: Calculation of Price NIDC with Maturity of More Than One Year 65\u003c\/p\u003e \u003cp\u003eIslamic Negotiable Instruments of Deposit (INID) 66\u003c\/p\u003e \u003cp\u003eExample: Calculation of Proceeds for an INID 66\u003c\/p\u003e \u003cp\u003eIslamic Accepted Bill (IAB) 67\u003c\/p\u003e \u003cp\u003eImport and Local Purchases 67\u003c\/p\u003e \u003cp\u003eExport\/ Local Trade 67\u003c\/p\u003e \u003cp\u003eExample: Price Calculation of IAB under Bai al-Dayn 68\u003c\/p\u003e \u003cp\u003eSell and Buy Back Agreement (SBBA) 68\u003c\/p\u003e \u003cp\u003eExample: Sell and Buy Back Agreement 69\u003c\/p\u003e \u003cp\u003eCagamas Sukuk 70\u003c\/p\u003e \u003cp\u003eSanadat Mudarabah Cagamas (SMC) 70\u003c\/p\u003e \u003cp\u003eExample: Sanadat Mudarabah Cagamas (SMC) Calculation 71\u003c\/p\u003e \u003cp\u003eSanadat Cagamas 71\u003c\/p\u003e \u003cp\u003eIslamic Corporate Sukuk 72\u003c\/p\u003e \u003cp\u003eChapter Summary 72\u003c\/p\u003e \u003cp\u003eChapter Questions 73\u003c\/p\u003e \u003cp\u003eNotes 73\u003c\/p\u003e \u003cp\u003eReferences 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 An Overview of Sukuk 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 77\u003c\/p\u003e \u003cp\u003eIntroduction 78\u003c\/p\u003e \u003cp\u003eComparing Sukuk, Bonds, and Shares 79\u003c\/p\u003e \u003cp\u003eSukuk Types 81\u003c\/p\u003e \u003cp\u003eSukuk Structures 81\u003c\/p\u003e \u003cp\u003eSukuk al-Ijarah 82\u003c\/p\u003e \u003cp\u003eSukuk al-Musharakah 88\u003c\/p\u003e \u003cp\u003eSukuk al-Mudarabah 94\u003c\/p\u003e \u003cp\u003eSukuk al-Salam 99\u003c\/p\u003e \u003cp\u003eSukuk al-Istisna 102\u003c\/p\u003e \u003cp\u003eSukuk al-Murabahah 106\u003c\/p\u003e \u003cp\u003eSukuk al-Istithmar 110\u003c\/p\u003e \u003cp\u003eSukuk al-Wakala 114\u003c\/p\u003e \u003cp\u003eChapter Summary 117\u003c\/p\u003e \u003cp\u003eChapter Questions 118\u003c\/p\u003e \u003cp\u003eNotes 118\u003c\/p\u003e \u003cp\u003eReferences 119\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Shariah-Compliant Equity 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 121\u003c\/p\u003e \u003cp\u003eIntroduction 122\u003c\/p\u003e \u003cp\u003eThe Structure of Equity Markets 124\u003c\/p\u003e \u003cp\u003eShariah-Compliant Equity Securities 125\u003c\/p\u003e \u003cp\u003eDifferences between Shariah and Non–Shariah-Compliant Equity Markets 128\u003c\/p\u003e \u003cp\u003eShariah-Compliant Stocks Screening 130\u003c\/p\u003e \u003cp\u003eMalaysia Securities Commission 130\u003c\/p\u003e \u003cp\u003eS\u0026amp;P Shariah Indices 131\u003c\/p\u003e \u003cp\u003ePakistan Meezan Islamic Fund 133\u003c\/p\u003e \u003cp\u003eGlobal GCC Islamic Fund Screening 134\u003c\/p\u003e \u003cp\u003eJakarta Islamic Index 135\u003c\/p\u003e \u003cp\u003eChapter Summary 136\u003c\/p\u003e \u003cp\u003eChapter Questions 136\u003c\/p\u003e \u003cp\u003eNote 136\u003c\/p\u003e \u003cp\u003eReferences 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Islamic Mutual Funds 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 139\u003c\/p\u003e \u003cp\u003eIntroduction 140\u003c\/p\u003e \u003cp\u003eClosed and Open-Ended Funds 140\u003c\/p\u003e \u003cp\u003eConventional Mutual Funds 141\u003c\/p\u003e \u003cp\u003eActive and Passive Management 143\u003c\/p\u003e \u003cp\u003eAdvantages of Mutual Funds 143\u003c\/p\u003e \u003cp\u003eDisadvantages of Mutual Funds 144\u003c\/p\u003e \u003cp\u003eFees and Expenses 145\u003c\/p\u003e \u003cp\u003eIslamic Mutual Funds 146\u003c\/p\u003e \u003cp\u003eBasic Concept of Islamic Mutual Funds 147\u003c\/p\u003e \u003cp\u003eShariah Stock Screening 147\u003c\/p\u003e \u003cp\u003ePurification of Income 148\u003c\/p\u003e \u003cp\u003eTypes of Islamic Mutual Funds 149\u003c\/p\u003e \u003cp\u003eThe Role of the Shariah Advisory Board in Islamic Mutual Funds 151\u003c\/p\u003e \u003cp\u003eCalculating NAV in the Islamic Mutual Funds 151\u003c\/p\u003e \u003cp\u003eOrganisation of Islamic Mutual Funds 153\u003c\/p\u003e \u003cp\u003eThe Process of Investing in Islamic Mutual Funds 154\u003c\/p\u003e \u003cp\u003eIslamic Ethical Investment and Ethical Investment 156\u003c\/p\u003e \u003cp\u003eChapter Questions 158\u003c\/p\u003e \u003cp\u003eNotes 158\u003c\/p\u003e \u003cp\u003eReferences 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Islamic Real Estate Investment Trusts (I-REITs) 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 161\u003c\/p\u003e \u003cp\u003eIntroduction 162\u003c\/p\u003e \u003cp\u003eIslamic Real Estate Investment Trusts (I-REITs) 165\u003c\/p\u003e \u003cp\u003eShariah-Permissible Investments for I-REITs 166\u003c\/p\u003e \u003cp\u003eI-REITs Structure 169\u003c\/p\u003e \u003cp\u003eCase Study: Al-’Aqar KPJ REIT 171\u003c\/p\u003e \u003cp\u003eCase Study: Al-Hadharah Bousted REIT 174\u003c\/p\u003e \u003cp\u003eDifference between Conventional and Islamic REITs 176\u003c\/p\u003e \u003cp\u003eChapter Summary 177\u003c\/p\u003e \u003cp\u003eChapter Questions 178\u003c\/p\u003e \u003cp\u003eNotes 178\u003c\/p\u003e \u003cp\u003eReferences 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Islamic Exchange-Traded Funds 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 179\u003c\/p\u003e \u003cp\u003eIntroduction 180\u003c\/p\u003e \u003cp\u003eOpen- and Closed-End Funds, and Unit Trust Funds 180\u003c\/p\u003e \u003cp\u003eOpen-End Funds 180\u003c\/p\u003e \u003cp\u003eClosed-End Funds 181\u003c\/p\u003e \u003cp\u003eUnit Trust 181\u003c\/p\u003e \u003cp\u003eExchange-Traded Funds (ETFs) 181\u003c\/p\u003e \u003cp\u003eIslamic Exchange Trade Funds (I-ETFs) 185\u003c\/p\u003e \u003cp\u003eSecurity Borrowing and Lending in Malaysia 190\u003c\/p\u003e \u003cp\u003eIslamic ETFs in Other Countries 195\u003c\/p\u003e \u003cp\u003eChallenges in Promoting I-ETFs 195\u003c\/p\u003e \u003cp\u003eChapter Summary 196\u003c\/p\u003e \u003cp\u003eChapter Questions 197\u003c\/p\u003e \u003cp\u003eNotes 197\u003c\/p\u003e \u003cp\u003eReferences 197\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Islamic Derivatives Market 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearning Outcomes 199\u003c\/p\u003e \u003cp\u003eIntroduction 200\u003c\/p\u003e \u003cp\u003eDerivative Securities in the Conventional Market 200\u003c\/p\u003e \u003cp\u003eRisk Profile 202\u003c\/p\u003e \u003cp\u003eMain Players in the Derivative Markets 203\u003c\/p\u003e \u003cp\u003eHedging with a Forward Contract 204\u003c\/p\u003e \u003cp\u003eHedging with Future Contracts 205\u003c\/p\u003e \u003cp\u003eHedging with Swap Contracts 206\u003c\/p\u003e \u003cp\u003eDerivative Securities in the Islamic Perspective 211\u003c\/p\u003e \u003cp\u003eIslamic Forward and Future Contract 213\u003c\/p\u003e \u003cp\u003eIslamic Option Contract 216\u003c\/p\u003e \u003cp\u003eIslamic Cross-Currency Swap 218\u003c\/p\u003e \u003cp\u003eIslamic Profit Rate Swap 220\u003c\/p\u003e \u003cp\u003eIslamic Structured Product 222\u003c\/p\u003e \u003cp\u003eChapter Summary 225\u003c\/p\u003e \u003cp\u003eChapter Questions 226\u003c\/p\u003e \u003cp\u003eNotes 226\u003c\/p\u003e \u003cp\u003eReferences 227\u003c\/p\u003e \u003cp\u003eBibliography 229\u003c\/p\u003e \u003cp\u003eAbout the Authors 233\u003c\/p\u003e \u003cp\u003eIndex 235\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eMohd Azmi Omar, PhD,\u003c\/b\u003e is the Director General of the Islamic Research \u0026amp; Training Institute (IRTI), Islamic Development Bank. He was formerly the Deputy Rector (Deputy Vice-Chancellor) in charge of academics and research at the International Islamic University Malaysia (IIUM). He obtained his bachelor's and master's degrees in finance from Northern Illinois University, USA, and his PhD from Bangor University, United Kingdom.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMuhamad Abduh\u003c\/b\u003e is the Head of Research of IIUM's International Institute of Islamic Business and Finance (IIiBF) and the editor-in-chief of its official journal, the \u003ci\u003eJournal of Islamic Finance\u003c\/i\u003e.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDr. Raditya Sukmana\u003c\/b\u003e is an Assistant Professor in the Department of Islamic Economics, Airlangga University, Surabaya, Indonesia. He obtained his BA in finance from Airlangga University; an MS in economics from Georgia State University, USA; and a PhD in Islamic finance from International Islamic University Malaysia in 2010.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePraise for \u003ci\u003eFundamentals of Islamic Money and Capital Markets\u003c\/i\u003e\u003cbr\u003e A comprehensive guide to understanding Islamic money and Islamic capital market principles and practices\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e —\u003cb\u003eAbbas Mirakhor\u003c\/b\u003e, Holder of the INCEIF Chair in Islamic Finance\u003c\/p\u003e \u003cp\u003e\"Professors Omar, Abduh, and Sukmana have done an excellent job in highlighting contemporary issues in their book \u003ci\u003eFundamentals of Islamic Money and Capital Markets\u003c\/i\u003e. 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.\"\u003cbr\u003e —\u003cb\u003eProfessor Dr. M. Kabir Hassan\u003c\/b\u003e, University of New Orleans, USA\u003c\/p\u003e \u003cp\u003e\"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. \"\u003cbr\u003e —\u003cb\u003eZamir Iqbal,\u003c\/b\u003e Principal Financial Officer, The World Bank\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989260943589,"sku":"NP9781118503997","price":88.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118503997.jpg?v=1761783421","url":"https:\/\/k12savings.com\/products\/fundamentals-of-islamic-money-and-capital-markets-isbn-9781118503997","provider":"K12savings","version":"1.0","type":"link"}