TY  - BOOK
AU  - Archer,Simon
AU  - Karim,Rifaat Ahmed Abdel
TI  - Islamic Capital Markets and Products: Managing Capital and Liquidity Requirements under Basel III
T2  - Wiley Finance Series
SN  - 9781119218814
AV  - HG3368.A6 .A734 2018 
U1  - 332.0415092 
PY  - 2017///
CY  - Newark
PB  - John Wiley & Sons, Incorporated
KW  - Capital market-Islamic countries
KW  - Electronic books
N1  - 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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