Islamic capital markets and products : managing capital and liquidity requirements under Basel III

Islamic capital markets and products managing capital and liquidity requirements under Basel III

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...

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Detalles Bibliográficos
Otros Autores: Archer, Simon, author (author), Abdel Karim, Rifaat Ahmed, author
Formato: Libro electrónico
Idioma:Inglés
Publicado: Chichester, West Sussex, England : Wiley 2018.
Edición:1st edition
Colección:Wiley finance series.
THEi Wiley ebooks.
Materias:
Finance > Islamic countries.
Finance > Religious aspects > Islam.
Capital market > Islamic countries.
Financial institutions > Islamic countries.
Financial institutions > Religious aspects > Islam.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009631504706719
Tabla de Contenidos:
  • Cover
  • Title Page
  • Copyright
  • Contents
  • Foreword
  • Acknowledgements
  • About the Editors
  • Chapter 1: Overview of the Islamic Capital Market
  • History of the ICM
  • Geographic Spread
  • Key Principles for Shari'ah-Compliant Financial Instruments
  • Shari'ah-Compliant Instruments
  • Shari'ah-Compliant Investors
  • Shari'ah-Compliant Equity Indices
  • Dow Jones Islamic Indices
  • FTSE Shari'ah-Compliant Indices
  • S&amp
  • P Shari'ah-Compliant Indices
  • MSCI Barra Islamic Indices
  • STOXX Islamic Indices
  • Other Islamic Indices Providers
  • Shari'ah-Compliant Collective Investment Schemes
  • Takaful (Islamic Insurance) Institutions
  • Sukuk
  • Sukuk in 2014
  • Sukuk in 2015
  • International Sukuk Issuance
  • Ijarah
  • Criticisms of Sukuk Issuance Practices
  • Sukuk Indices
  • Sukuk Trust Certificate Programmes
  • Rule 144A and Regulation S
  • International Islamic Liquidity Management Corporation (IILM)
  • Banks: Capital and Regulatory Issues
  • The Definition of Capital
  • The Capital Weights of Banking and Trading Book Assets
  • Market Liquidity: The Outlook for Marketable Assets
  • What is 'Liquidity' in Markets?
  • Why Now?
  • Has Market Liquidity Declined in Recent Years?
  • Could There be a Market Panic?
  • What Liquidity, in the Form of Market Makers' Capital, Can Do and What It Cannot
  • The Current State of Play
  • Should Regulators be Worried?
  • What If This Does Not Work?
  • New Policies
  • Conclusion
  • Chapter 2: Islamic Capital Markets and Islamic Equities
  • Shari'ah Compliance Criteria for Equities
  • Securities, Funds and Markets: Islamic Equities
  • Islamic equity indices
  • Islamic equity indices and performance comparisons with conventional indices
  • Regulatory Aspects: ICM and Basel III Requirements
  • Malaysian ICM regulations and the Basel III Accord
  • Conclusion.
  • Chapter 3: Sukuk - Unlocking the Potential for Economic Development
  • General Characteristics of Sukuk
  • Asset-Backed vs. Asset-Based
  • Volume of Sukuk Issued
  • Originators of Sukuk
  • Sovereign and Quasi-Sovereign
  • Islamic Financial Institutions
  • Commonly Used Contractual Bases and Structures from All Sukuk Issued
  • 'Quasi Fixed-Income' Sukuk vs. Equity-Based Sukuk
  • Asset-backed and Asset-based Sukuk
  • Shari'ah Issues With Asset-Based Sukuk
  • Specificities of Sovereign Sukuk
  • Ratings of Sukuk
  • Issuance of Sukuk and Secondary Markets
  • Demand Side
  • Supply Side
  • Conclusion
  • Bibliography
  • Chapter 4: Islamic Collective Investment Schemes
  • Shari'ah-Compliant Equity Funds
  • Shari'ah Screening of Equities
  • Shari'ah-Compliant Funds - Regulatory Issues
  • Shari'ah-Compliant and Conventional Returns
  • Commodities Funds
  • Islamic Real Estate Investment Trusts (iREITs)
  • Takaful (Islamic Insurance) Institutions
  • Profit-Sharing Investment Accounts
  • Conclusion
  • Bibliography
  • Chapter 5: Legal and Regulatory Considerations Pertaining to Islamic Capital Markets
  • Securities Laws and Regulatory Regimes
  • What is a Security?
  • Enforcement
  • Offerings and Disclosure
  • Capital Markets Access
  • Financial Intermediaries
  • Collective Investment Schemes
  • Secondary Markets
  • Securitisations (Including Sukuk)
  • True Sales
  • Substantive Consolidation (Non‐Consolidation)
  • Sukuk
  • Regulatory Regimes for Asset Securitisations
  • Systemic Aspects of Legal Regimes
  • Different Legal and Regulatory Frameworks
  • Different Modes of Analysis
  • Enforceability in Purely Secular Jurisdictions
  • Legal Opinions in Financing Transactions
  • The 'Enforceability' or 'Remedies' Opinion
  • Specific Substantive Legal Opinions
  • Legal Infrastructure in Shari'ah‐Incorporated Jurisdictions
  • Conclusion
  • Bibliography.
  • Chapter 6: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements
  • Eligible Capital and Capital Instruments
  • Common Equity Tier 1
  • Additional Tier 1 Capital
  • Tier 2 Capital
  • Shari'ah-Compliant Instruments and Basel III Capital Components
  • Additional Tier 1 Capital and Loss Absorbency for IIFS
  • Tier 2 Capital and Loss Absorption for IIFS
  • Liquidity Risk Management and High Quality Liquid Assets (HQLA)
  • Funding Liquidity, Market Liquidity and HQLA
  • Criteria for HQLA
  • HQLA and Credit Quality
  • HQLA and Price Stability
  • HQLA and Liquidity (Market-Related) Characteristics
  • Alternative Liquidity Arrangements and Shari'ah-Compliant HQLA
  • Chapter 7: Shari'ah Foundations of Islamic Equity Investment Criteria and Purification of Investments
  • The Islamic Equity Investment Criteria
  • Judgement Is Based on the Majority not the Minority
  • The Rule of One-Third
  • Rule of Dependence
  • The Maxim of What May Not Be Allowed Initially May Be Tolerated in Continuity
  • Total Assets or Market Value
  • Falling Out of the Criteria
  • Components of the Programme
  • The First Screen: Business of the Company
  • The Second Screen: Financial Ratios
  • Third Screen: Prohibition of Financial Instruments
  • The Limited Applicability of the Screens
  • Purification
  • The Meaning of Purification
  • Shari'ah Basis for Purification
  • The Issues
  • Profit from Borrowed Funds
  • Net or Gross
  • Purification vs. Screening
  • Deduct or Inform
  • Methods of Purification
  • First Method
  • Second Method
  • Third Method
  • Our Recommendation
  • Conclusion
  • Chapter 8: Collateralisation in Islamic Capital Markets
  • The Development of Shari'ah-Compliant Collateralisation Arrangements Related to the Need for, and Current Dearth of, HQLA to Meet the Changed Regulatory Environment for Islamic Banks.
  • The Key Stakeholders in the Development of the Collateralisation Element of ICM and Their Notable Developments in Regularising Collateralisation in ICM Across the 'Value Chain'
  • The 'Islamic Repo' and the Need for, and Current Dearth of, HQLA to Meet the Changed Regulatory Environment for Islamic Banks
  • Developing Market Practice and Identifying and Mitigating Risk in Collaterals, Guarantees and Collateral Management
  • Risks Specifically Associated with Islamic Collateralisation in ICM
  • Disclosure Risk, IOSCO Core Principle 16 and International Debt Disclosure Principles
  • Further Aspects of Risks Specifically Associated with Islamic Collateralisation in ICM
  • Conclusion
  • Chapter 9: Eligible Capital and Capital Instruments
  • Flaws in the Basel II Regime
  • The Definition of Capital
  • Quality of Capital Under Basel III
  • Hybrid Debt Instruments
  • Deductions from Capital
  • Deferred Tax Assets and Minority Interest Assets
  • Provisions
  • Quantity of Capital
  • Capital Weights
  • Pillar 2 Capital
  • Effect of Basel III on Total Capital
  • Stress Testing
  • Resolution
  • Value at Risk vs. Expected Shortfall
  • Leverage Ratio
  • Basel III Capital and Islamic Banks - Further Considerations
  • TLAC Capital
  • Islamic Banks' Competitive Position
  • Conclusion
  • The Definition of Capital
  • The Capital Weights of Banking and Especially Trading Book Assets
  • Stress Testing
  • Resolution
  • Basel III
  • Chapter 10: Regulatory Aspects of the Islamic Capital Market and Basel III Requirements - Shari'ah-Compliant Bank Capital Instruments
  • Bank Capital Requirements: Basel II vs. Basel III
  • Basel III-Compliant Common Equity Tier 1 (CET1) Instruments
  • Qualifying Requirements for Basel III-Compliant CET1 Instruments
  • Basel III-Compliant Additional Tier 1 Capital (AT1) Instruments.
  • Qualifying Requirements for Basel III-Compliant AT1 Instruments
  • Case Study: Abu Dhabi Islamic Bank (ADIB) USD1 billion, Perpetual Reg S Additional Tier 1 Mudaraba Sukuk
  • Case Study: Dubai Islamic Bank PJSC (DIB) USD1 billion Reg S Perpetual Tier 1 Capital Sukuk
  • Basel III-Compliant Tier 2 Capital (T2) Instruments
  • Qualifying Requirements for Basel III-Compliant T2 Instruments
  • Case Study: Hong Leong Islamic Bank Berhad (HLISB) MYR400 Million Ten-Year Ijarah Basel III-Compliant Tier 2 Capital Sukuk
  • Case Study: Maybank Islamic Berhad (MIB) MYR10 billion, up to 20 years, Basel III-Compliant Tier 2 Murabaha Sukuk Programme
  • Conclusion
  • Chapter 11: Liquidity Risk Management and High Quality Liquid Assets
  • Liquidity Risk Challenges - Funding Liquidity and Market Liquidity
  • High Quality Liquid Assets (HQLA)
  • Instruments That Qualify As HQLA: A Hierarchy
  • Liquidity Risk Management and HQLA in Islamic Banks
  • Shari'ah‐Compliant HQLA: The IILM Sukuk
  • Conclusion
  • Chapter 12: Malaysia's Islamic Capital Markets - A Case Study
  • The Beginnings of an Islamic Capital Market
  • Components of Malaysia's Islamic Capital Market
  • The Islamic Interbank Money Market (IIMM)
  • Bursa Suq Al‐Sila
  • Shari'ah‐Compliant Equities
  • Shari'ah‐Compliant Derivatives
  • Malaysian Sukuk and Sukuk Markets
  • Why Malaysia Dominates - Incentives for Sukuk Issuance
  • Malaysian Sukuk Issuance - Innovation, A Key Driver
  • Conclusion
  • Bibliography
  • Chapter 13: Bahrain's Islamic Capital Markets - A Case Study
  • The Rationale for Capital Market Development
  • The Path to a Sound Market
  • The Economic Outlook
  • The Emergence of the Modern Financial Market
  • Bahrain Bourse
  • Market Capitalisation
  • Introduction of an Islamic Finance Index
  • Bahrain Financial Exchange (BFX)
  • Access to Government Debt
  • Islamic Money Market Instruments.
  • Islamic Asset Management.

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