Islamic Capital Market Products by Salman Syed Ali

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Top 20 FREQUENT WORDS

sukuk 252 islamic 211 shari 155 markets 122 financial 120 ijarah 120 assets 111 products 89 companies 87 risk 85 development 82 asset 78 stock 78 investment 70 countries 67 pakistan 61 finance 60 certificates 59 mudarabah 59 bahrain 57


DOCUMENT KEY POINTS

  • foreword capital markets and interest free financial products are integral part of islamic financial system and also important for the growth of other islamic financial institutions
  • financial markets in a number of idb member countries are growing fast while other member countries are also actively trying to develop vibrant capital markets
  • very informative discussions were held with mister muhammad yasin lakhani and mister muhammed yacoob memon respectively the chairman and the general manager of karachi stock exchange as well as with mister etrat h
  • the opinions expressed in the paper reflect the views of the author which does not necessarily reflect the opinion and views of irti or idb
  • this is done with the purpose to understand how to enhance the proportion of islamic products in the capital markets of the idb member countries
  • it is a source of stability if the set of shari ah compliant stocks is large but a source of instability if it is small
  • successful product development requires tax neutrality across products managerial incentives management of adverse selection and favorable selection of issuers of the new product and timing with the state of economic and financial market conditions
  • it will also put them into a complementary role with the market to the extent the banks intermediate through the market
  • introduction the issue of development of islamic capital market is not separate from the issue of development of capital market in general
  • it can include a variety of aspects such as the state of regulatory system and possible approaches for further development market micro structure and practices product range and product development nature and preferences of market players identification and development of support institutions market performance evaluation cost benefit analysis of market expansion and integration designing of incentive and corporate governance system evaluation of the nature and role of islamic capital markets in the overall islamic financial system and many other dimensions
  • the fourth section just to give an example from kruger the net capital inflows to emerging markets were under us billion in about
  • provides short case studies of product innovations from bahrain malaysia pakistan and sudan highlighting the successes and challenging issues
  • the concluding section summarizes the paper with recommendations and directions for the future
  • however the guidance provided in the quran and hadith on the moral rules and behavior along with the well defined boundaries of prohibitions and compulsory obligations narrow down this debate and these are fundamental to the concept of justice and welfare in islam
  • therefore if capital markets are not growing to allow for increase in wealth and economic growth or if the growth is skewed resulting in concentration of wealth then it is an indication of some weakness which needs correction
  • these current issues include i product development to cover wider range of maturity structures and risk return spanning possibilities by shari ah compatible products ii product standardization and fiqh convergence iii measures to decrease market segmentation and their consequences iv contract enforcement and protection of investors v designing capital market products for participation of islamic financial institutions in the capital markets vi designing of infrastructure institutions to support shari ah compatible products and shari ah confirming market practices
  • market capitalization can increase by i increase in stock prices ii increase in new capital formation economic investment through stock markets and iii by increase in flow of financial capital towards stock markets asset substitution ie increase in savings held in the form of stocks
  • market liquidity a second complementary measure we report is the turnover ratio which is the ratio between number of securities transacted daily divided by total number of outstanding securities in each market
  • this is true both in terms of the proportion of listed companies out of the total newly registered private limited companies and in terms of percentage of new listings to the stock of existing total listed companies
  • companies in the total listed companies bahrain new companies listed total number of listed companies percentage of new listed
  • table number and proportion of new listings panel a main sample country description of variable pakistan new companies listed r total number of listed companies r percentage of new listed
  • in the later decades of s and s the creation of many islamic banks investment companies and takaful companies gave rise to the need of products for their liquidity management requiring more structured involvement of islamic finance in financial markets
  • in malaysia such moves started in the s while in bahrain pakistan and some other countries in early s
  • we also propose new structures in sukuk and propose introduction of islamic depository receipts as means to expand market and bring convergence in product standards shari ah rulings and regulatory structures
  • in the following section we discuss in some details two key products in islamic capital markets equity and sukuk
  • table kinds of capital market products available in various markets bahrain malaysia pakistan sudan ordinary stocks ordinary stocks ordinary stocks ordinary stocks preferred stocks preferred preferred stocks warrants stocks warrants mudarabahs or mudarabah sukuk futures single stock futures index futures contracts if underlying asset is shari ah approved bonds bonds bonds and term finance certificates tfc ijarah sukuk ijarah sukuk ijarah sukuk issued but not available in local market partnership sukuk participation term certificates salam istisna salam istisna salam istisna based sukuk based sukuk based sukuk special gov inv cert
  • central bank musharakah certificates government musharakah certificates mutual funds mutual funds mutual funds islamic islamic islamic conventional conventional conventional discounting products murabaha bonds securitized debt use of spv use of spv use of spv structures use of spv structures to structures to trap to trap liabilities structures to trap trap liabilities liabilities liabilities
  • shares and equities main shari ah issues pertaining to trade in stocks relate to i the business of the company whose stocks are to be traded ii the form of stock share contract and iii shari ah compatibility of trading practices pertaining to stocks
  • the djimi at global level and meezan group in pakistan s markets use screening criteria that screen stocks not only for the permissibility of underlying business of the company using source of income benchmarks requiring information generally found in incomes statement but also apply balance sheet composition bench marks to validate re trading in them
  • mixed activities for companies with activities comprising both permissible and non permissible elements the sac considers two additional criteria a the public perception or image of the company must be good and b the core activities of the company are important and considered maslaha public interest to the muslim ummah nation and the country and the non permissible element is very small and involves matters such as umum balwa common plight and difficult to avoid uruf custom and the rights of the nonmuslim community which are accepted by islam
  • therefore companies with following as their core business activities are excluded financial services based on riba interest gambling manufacture or sale of non halal products or related products conventional insurance entertainment activities that are non permissible according to shari ah manufacture or sale of tobacco based products or related products stockbroking or share trading in shari ah non approved securities and other activities deemed non permissible according to shari ah
  • c the percent benchmark this benchmark is used to assess the level of mixed contributions from the activities that are generally permissible according to shari ah and have an element of maslaha public interest but there are other elements that may affect the shari ah status of these activities
  • screens for acceptable financial ratios after removing companies with unacceptable primary business activities remove companies with unacceptable levels of debts or impure interest income
  • investment in shari ah non compliant activities and income from shari ah non compliant investments the following two conditions will be observed for screening purposes the total investment of the investee company in shari ah noncompliant business should not exceed of the total assets
  • the shari ah screening criteria for equities and other securities is given below equities a shari ah compliant investments in equities would meet the following five criteria which have been researched upon and approved by meezan islamic fund s shari ah adviser
  • after initial screening of the companies on the above criteria mbf will invest in short listed companies which provide opportunity to earn regular income in the form of dividends which have good growth prospects in terms of future expansion or which are liquid so as to provide the ease of entry and exit
  • the shari ah compatibility of the form of share contract there is a general consensus among the scholars on permissibility of ordinary shares as they represent undivided ownership in the business of the company by the share holder
  • for example the management of an islamic fund informed that they participate in stock futures market as seller through salam contract but do not buy futures in stocks because the counter party may not be adhering to the rules of salam in their transactions with others in the futures market which results in increased credit risk for the islamic fund
  • issues in stability of islamic equity and equity index the present approach in some jurisdictions of defining the islamic portion of market as a subset of the larger stock market and leaving this set to develop on its own is not very conducive for its growth
  • during a bull market the islamic index performed better than the all world index however during the bear market its performance was lower than that of all world index
  • another point to note with the current criteria is that with the present approach the shares of islamic banks if any remain out of the shari ah admissible set due to high concentration of murabaha receivables on the asset side of islamic banks
  • however there is no direct role of shriah conscious investors in bringing them into the set as these investors do not invest in them until these stocks qualify for admissible set either by exogenous rise in price or by a change in the financial structure of the firm
  • the idea of ijarah sukuk in the form of asset ijarah bonds was first proposed by monzer kahaf in his various writings culminating in his important paper the use of assets ijarah bonds for bridging the budget gap published in islamic economic studies as well as in ahmed and khan edited islamic financial instruments for public sector resource mobilization
  • it provides flexibility of sale and ownership of the underlying asset without affecting its ijarah contract independence from synchronization of usufruct and payment flows flexibility in setting the rent its term combination with other contracts and initiation of the contract without the asset in place
  • restriction on liability for maintenance maintenance expenditures related to the basic characteristics of the asset are the responsibility of the owner while maintenance expenses related to its operation are to be taken care of by the lessee
  • para in the case of negotiable sukuk it is permissible for the issuer to undertake through the prospectus of issue to purchase at market value after the completion of the process of issue any certificate that may be offered to him however it is not permissible for the issuer to undertake to purchase the sukuk at their nominal value
  • exchange of asset at an exercise price assets spv originator sukuk price issuer rent price rent investors assets leased
  • figure structure of a generic ijarah sukuk put option with investors
  • further the construction project is broken into several portions segments phases with separate istisna and the ijarah contracts for each portion under a master agreement which generates an early income stream for sukuk holders and also enables the secondary market tradability of the sukuk as the project leased assets whose ownership was with the idb at the time of sale of the asset pool to the spv
  • activity however this is true after receipt of the value of sukuk the closing of subscription and the employment of funds received for the purpose for which the sukuk were issued
  • certificates of ownership of usufruct i of existing assets ii of described future assets iii of services of specified party iv of described future services
  • this is a logical outcome of the facts that in almost all cases i the rents payable to sukuk holders are not necessarily generated from the use of sukuk assets but from general revenues and other earnings of the state enterprises and ii therefore what matters is the aggregate payback capacity of the government given its existing obligations political stability and commitment to pay
  • in order to provide a wider shari ah acceptance to this issue malaysia did not structure it on the usual murabaha or bay bi saman ajil bba principles commonly used in malaysian domestic market but used the ijarah structure
  • of s p a bse m libor land europe offshore us bahrain a june usd years luxembourg
  • east bma lubuan se saxony anhalt state euribor s p aaa properties june euro years fitch aa govt europe govt
  • fixed years s p a bse oversubscribed by bma government m libor s p a bse of malaysia june usd years govt
  • fixed years not rated bma total number of sukuk source liquidity management centre website with amendments and corrections by the author
  • figure term structure of sovereign ijarah sukuk rate of return months to maturity the figure shows pseudo term structure of sovereign ijarah sukuk
  • that all sovereign sukuk are available for investment to global investors
  • except for the idb sukuk ample zone malaysia sukuk and ingress malaysia sukuk none have been internationally rated and still all of them were oversubscribed
  • corporate ijarah based sukuk so far there has been eleven issues of ijarah sukuk by corporate and nongovernment sector institutions amounting to us
  • table corporate ijarah based sukuk issue size issue size source margin or issuer issue date us mm tenor rating listing comments currency return equivalent mm s p aaa idb corporate april usd fixed rate years st stage of bn program fitch aa bahrain financial march april harbour usd tba years not rated corporate durrat al bahrain m libor january usd
  • years not listed ijarah sukuk irr initially the issue was for us mm and then increased to mm
  • fixed years uk tabreed not rated january usd fixed years corporate uae luxembourg se initially issue was for us mm and s p aaa then has been increased to us mm fitch aa idb corporate july usd
  • fixed years lubuan of sukuk placed in uae fi s a luxembourg se others included central banks of saudi bahrain pakistan qatar kuwait malaysian global floating first guthrie co
  • investment banking and other service providers in sukuk most of the investment banking underwriting lead managing and book making services for the sukuk are currently provided by islamic banks in cooperation with conventional banks that have investment banking arm and islamic window operations
  • therefore an alternate way to create a secondary market in ijarah sukuk is to increase its distribution to a wider class of investors by creating a special sukuk class for ordinary investors which the banks are not allowed to hold
  • in case of flexible rate ijarah suku where the returns are tied to libor an increase in the benchmark rate will increase the payment obligations of the originator which may or may not be a genuine shari ah compatible flexible rent contract is essentially periodic revision or re contract with revised rents combined with an exit opportunity to the lessee and the lessor which ever is the effected party
  • he classified risk according to its source as market risk comprising of rate of return risk foreign exchange risk price risk credit risk and other risks such as liquidity risk shari ah compliance risk and infrastructure rigidity risks
  • therefore if appropriate assets are isolated for securitization through ijarah sukuk it can without loss of its use to the originator serve as a tool for streamlining the balance sheet by matching the assets and liabilities of the originator to minimize risk in maturity mismatch currency mismatch risk liquidity risk etc
  • because as opposed to commodity murabaha that in vibrant metals and commodity market can be initiated at the will of the islamic bank the ijarah sukuk route has to wait until an issue is offered by the issuer
  • with development of sukuk markets specialized issuers for different kinds of sukuk in different kinds of asset contract pools will emerge which will again lower the cost of funding
  • new potential sukuk structures credit enhancing structured ijarah sukuk for project financing as known and in practice ijarah sukuk can be issued by a sovereign country on the basis of its own capacity to meet the obligations of rent and the commitment to buy back the asset
  • another way for a country to raise funds through sukuk is to use a third party guarantee of another country or a multilateral institution like islamic development bank idb to enhance the credit rating
  • an alternative proposal for financing specific development projects in a member country is to use some good assets of the member country requesting finance along with some assets of the idb to form the asset pool of a spv
  • some degree of standardization is needed in the underlying assets its valuation process rating process shari ah approval process and in the documentations that are required at each stage
  • it is however the trust law the law that covers the issuance and relation of the spv with the originator which is often chosen to be governed under english law as implemented in the jurisdiction of issue which in most cases is a foreign market
  • a c in the context of currently available legal infrastructure for sukuk it may be noted that many steps involved in ijarah sukuk are covered by local laws in many of the jurisdictions that have issued sukuk
  • and give feedback to iifm prior to meet issuer arranger iifm secretariat fatawa signed fatawa signed ssc meeting endorsement certificate endorsement signed certificate signed approved not approved iifm invoice payments correct revert back to issuer submit arranger through iifm docs
  • figure iifm shariah authentication process sukuk issue sukuk issue documents documents shari a supervisory committee ssc ssc members will receive docs
  • the purpose of spv in conventional securitization involving private sector business is to create i a limited liability device for the investors who will provide funds and ii a commitment device for the company that it will use the funds in the particular way it has announced
  • other kinds of commitment devices such as constitutional amendments curtailment of executive powers and enhancement of judiciary s authority and independence enhancement of collective decision making etc are the right commitment devices in case of governments
  • since the spv is creation and dependent of the government itself therefore it is obliged to exercise the option of selling the asset to the government at face value even if the market price of the asset at maturity date were higher than its face value
  • to see this suppose we drop the spv and let the government sell a mundane asset like a barren mountain a garbage dump or a barren piece of small land at inflated price to the public and offer to lease it back on a inflated rent which can be tied to libor with periodic revisions on each extension of the lease
  • i the amount of rental payment by the lessor into the transaction account is defined in the contract as the amount what is equal to the amount of periodic distribution to certificate holder from the transaction account
  • such shari ah issues in the existing sukuk structures are a source of legal uncertainty needing the attention of finance professionals and shari ah scholars
  • table summary of risk characteristics of sukuk types of description of sukuk credit risk rate of return fx risk price risk other risks sukuk structure interest rate risk zero coupon istisna murabaha debt unique basis of credit very high due to if all other price risk relates to liquidity riskis sukuk certificates a non tradable risks exist see khan fixed rate remains conditions are the prices of the serious as far as the and ahmed for the entire similar fx risk will underlying non tradable sukuk maturity of the issue be the same for all commodities and are concerned
  • issuer is an usufructs and earns fixed makes credit risk more for the entire sukuk which are ijara sukuk are most important risk rent a tradable serious maturity of the issue liquid or which are exposed to this as underlying sukuk as floating securitized ijara certificate default on rent exists only within the relatively short term the values of the compared to rate ijara holder owns part of asset or payment floating rate time of the floating in nature will be less underlying assets traditional fixed sukuk usufructs and earns floating makes default risk lesser period normally exposed
  • a depository receipt is a negotiable and transferable instrument that is traded on the this situation restricts the utilization of economies of scale and scope that are otherwise possible in larger markets increases the operational costs and restricts the benefits of the infrastructure institutions created at global level for islamic finance
  • thus the listing in domestic market takes place of the dr and not of the underlying stock of the foreign firm which are however backed by foreign assets
  • the drs are traded in domestic market under domestic trading rules and any change in material information about the underlying asset is reported by the domestic broker in the domestic market
  • a c if the transparency and trading requirements in y country market is stronger than in the x country market the firm can signal to local xcountry investors that it is a better quality risk by having its idrs traded in the y country market
  • advantages for the domestic y country investor a c investor can diversify his portfolio of assets by tapping into equities and sukuk in other markets a c investor can hold and trade using his own country trading system and rules with which he is more familiar
  • advantage for the system and development of islamic capital markets there are multiple advantages in idr for the development of islamic capital markets if such instruments are strategically used
  • a consequence of idr will be that the jurisdictions with better investor protection laws better run stock exchanges and better reputation for shari ah compliance will be rewarded by attracting more trade
  • if the investor demand certain degree of corporate governance and certain degree of shari ah compliance in the underlying asset of the idr then those that do not meet the required levels will not benefit
  • an often discussed and lamented aspect in islamic finance is nonstandardized products and procedures as well as varying application of shari ah opinions
  • however the new aspect of the mudarabah companies mco in pakistan is that on one hand they issue mudarabah certificates mc to raise funds which is invested using various islamic modes of finance including musharakah mudarabah this section draws heavily on khan tariqullah modaraba companies of pakistan profile and analysis
  • they face tough market competition from incumbent and new market players such as the leasing companies as well as from established textile and pharmaceutical companies which started offering financial products similar to mudarabahs offered by mco to raise new finance
  • the stock exchange listing and tradability feature of the certificates provided the possibility for the certificate holders of full realization of the value in the form of profits as well as capital gains
  • lessons for product development the principal reasons for less than optimal performance of mcos can be attributed to the following factors which also provide lessons for development of new products
  • the establishment and operations of the mudarabah companies are governed by the modaraba companies and modaraba floatation and control ordinance and the subsequent amendments and guidelines issued by the regulating authority
  • a mudarabah is defined in the ordinance as a a business in which a person participates with his money and another with his efforts or skill or both his efforts and skill and shall include unit trusts and mutual funds by whatever name called
  • the state bank of pakistan sbp has no separate regulations for the mcos or for the floatation of mudarabah but a common prudential regulations for non banking financial institutions which also applies to mcos
  • a c the mco as a manager mudarib will charge not more than percent of total annual profits as its remuneration besides the returns on its capital contribution to the mco
  • a c for initial two years the debt equity proportion of the mudarabah will be thereafter it can be and may be further changed with the consent of the concerned regulatory authorities
  • law centered rather than market centered conceptualization as can be seen from the rules governing the establishment and operations of mco the regulators were focused on traditional structure of mudarabah as found in fiqh literature
  • the dynamics of the evolution of mcos shows the impact of not taking the market centered approach in design and implementation of mudarabah regulations
  • companies in other sectors which neither have shari ah supervision requirement nor restricted in raising funds through alternate sources were able to avoid restrictions in one sector by tapping the benefits of the other sector
  • competition from other market segments mudarabahs are classified as non bank financial institutions nbfis under the regulations and face competition from other nbfis in investment allocation
  • it shows that average capital and average number of shares of mudarabahs are similar to those of leasing companies and investment
  • out of all the mudarabahs listed in the kse in number the top ten mudarabahs constitute more than percent of the sector in terms of paid up capital total assets and total profits
  • the funding sources of most of these mudarabahs is diverse a the funding items include certificates of musharakah com payables on the basis of murabaha and ijarah
  • therefore it is an ideal entity to serve as spv for raising funds through flotation of mcs on mudarabah basis use the funds to finance construction or expansion of plant and then lease or leas to own it
  • box case study fayzan manufacturing mudaraba a relevant case study is fayzan manufacturing mudaraba in pakistan which was exclusively formed to finance ici pakistan s us million polyester fibre psf expansion plans
  • a separate agreement to sell the plant to ici was signed the tenor and pricing of which were determined in consideration of the internal rate of return requirement of the investors
  • ici provided raw materials polymer electricity and packing material to fmm for conversion to psf and fmm manufactured psf under a toll manufacturing arrangement with ici at a fee dependent on the quantity processed
  • level profit is levied on the first pkr million of operating profit that the company would make at a profit rate of of the outstanding principal and level profit levied at of the outstanding principal on each subsequent pkr million operating profit
  • box case study musharaka term finance certificates the sitara group one of the high profile conglomerates in pakistan formally decided to free its balance sheet from all conventional exposures and restructure its balance sheet in line with shariah
  • semi annual profit is made on account payment provisional on the basis of projections irrespective of profit and loss and the final profit payment is determined on the basis of annual audited accounts of the company and adjustments made accordingly
  • cagamas issues debt securities to investors in the form of fixed or floating rate bonds cagamas notes or cagamas murabaha islamic bonds
  • product developmenta case study of malaysia case study of cagamas malaysia from chiquier lo c olivier hassler and michael lea mortgage securities in emerging markets world bank policy research working paper august
  • this set of enterprises formed the underlying asset pool of the author s calculation based on data from sudan financial services company bank of sudan and central bureau of statistics ministry of finance and national economy government of sudan websites
  • third the constraint on issue volume became quickly binding because the commercial bank assets were mostly murabaha receivables which cannot be re traded in the secondary market for a price different from its face value
  • at the expiry of the term ie at maturity the government redeems the gmc on a contractually pre agreed price which normally were the face value of the certificate
  • in a sense gmcs were a kind of protracted or temporary privatization instrument in which the administration and control remain with the government but the ownership and the related financial flows pass in the private hands for a specific term
  • the sfsc becomes owner of the specific assets which it procures from the market or get them manufactured before it sells them on murabaha or rents them out as the case may be while it works as mudarib for the gics holders
  • while at the same time the proceeds from sale of gmc were not necessarily generating income as it were used for financing of current expenditures of the government
  • the government budget deficit has narrowed since last few years due to multiple factors such as rise in tax revenue increase in government income through rise in oil prices increased remittances and financial inflows after
  • to further reduce the risk an additional measure is taken in the form of a binding promise from the mof on behalf of the government that it will utilize through ijarah murabaha and istisna the entire amount raised by gics for a period not less than the maturity of the certificates
  • figure structure of gic trade and leasing relationship mudharabah relationship periodic periodic payments payments price of gic sfsc mof investors ijarah certificates murabaha istisna liquidation payment at maturity secondary mkt
  • subscription years open composition of subscribers of gic the first issue was largely subscribed by foreign individuals and foreign banks about per cent of the issue while bank of sudan was the largest single domestic subscriber per cent
  • an upshot of the discussions made in the above three points is that while care should be exercised in developing the right kind of features of a new product its launch should not be delayed too much for perfection
  • the issuance of fayzan manufacturing mudarabah in pakistan is an example of such case where a big multinational company due to its special financial circumstances found regulatory advantage in issuing mudarabah product see box for details
  • this is possibly due to the fact that interest rates have gone down since then and banks flushed with liquidity are willing to lend on easy ter miss therefore the big businesses who are the potential issuers of participation term finance certificates are finding bank borrowing much cheaper than to use capital market or to innovate a financial product for the market
  • a delicate balance is therefore required in minimizing type i and type ii errors in authentication of the products and setting of the standards
  • the global ijarah bonds from malaysia that were targeted to tap a wider investor base is therefore constructed on the wider acceptable contract of ijarah rather than murabaha or bba concept
  • in countries where some form of active capital markets exist the question of how to increase the share of islamic capital market products in the see for example seelig for diversity of financial development in less developed countries
  • the spectrum ranges from very weak to financially strong banking sector rudimentary to sophisticated electronic payment systems and non existent to vibrant capital markets
  • following are some recommendations and observations for development and enhancement of the share of islamic capital market products
  • table countries where islamic capital market products are offered asia middle east africa europe americas bangladesh bahrain egypt luxembourg canada indonesia dubai south africa uk usa iran jordan sudan malaysia kuwait pakistan qatar singapore saudi arabia siri lanka uae source iosco
  • irti in cooperation with iifm or ifsb can institute an annual risk evaluation surveys of the islamic capital market products and of the markets in order to benefit the industry
  • other players in the market investors issuers and other for profit institutions may not be able to initiate such surveys as neutrally as can be performed by irti iifm or ifsb
  • long run desirable goals not necessarily in control of market players development of a conducive investment climate is very important for capital markets to grow and perform a strong role in economic development
  • many product developments in the conventional finance has come about from efforts to find ways to circumvent the regulations and finding loopholes to create value
  • accounting auditing and governance standards the accounting auditing organization for islamic financial institutions manama bahrain
  • guide to the malaysian bond market rating agency malaysia berhad kuala lumpur malaysia
  • prospectus and offering documents of various sukuk bma ijarah sukuk bma sukuk guthrie property development sukuk darrat sukuk qatar global sukuk pakistan sukuk ample zone berhad proposed sukuk al ijarah
  • managing financial risks of sukuk structures a dissertation submitted in partial fulfilment of the requirements for the degree of masters of science at loughborough university uk
  • regulations of the securities commission syariah advisory council securities commission kuala lumpur malaysia


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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\sukuk islamic


KeyWords

fund islam invest shariah equities asset manage stock index companies global marketability production return risk investor countries sharecropping busi financi


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Number of Pages

101


Published Date

2006-12-27 13:48:13


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