Islamic Capital Markets and Products

Foreword

Professor Simon Archer and Professor Datuk Rifaat Ahmed Abdel Karim are very well known in the field of Islamic finance, to which they have made great contributions over the years. In this new book, they lead a team of expert contributors who write on the subject of Islamic Capital Markets and Products, with a particular emphasis on that important aspect of it which concerns managing capital and liquidity requirements under Basel III. They are uniquely qualified to do this, Prof. Rifaat having been CEO of the International Islamic Liquidity Management Corporation (the IILM), which is headquartered in Malaysia, between 2012 and 2016, and Prof. Archer having consulted for the major bodies in Islamic finance over a range topics.

These are technical requirements under Basel III that benefit from clear expositions by a number of practising professionals, but the book valuably traverses a wider terrain. In particular, there are numerous case studies particularly on sukuk issues which bring together practical information on particular issues. Although the focus is on sukuk, there are contributions on Islamic equities, collective investment schemes, and collateralisation, the latter being an important prerequisite of liquidity. The focus is also on Malaysia, the authors pointing to the consistent support from the authorities as explaining why, for example, Malaysia continues to dominate the global sukuk market, though other important players are not neglected, there being ...