伊斯兰货币市场与伊斯兰债券

Islamic Money Markets and Sukuk

Learn about the structure and tradability of Sukuk and the development and role of Islamic money markets.

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伊斯兰研究学院
edX
  • 完成时间大约为 4
  • 初级
  • 英语
注:因开课平台的各种因素变化,以上开课日期仅供参考

你将学到什么

Tradability, Structures and Potential of Sukuk

Development of Islamic Money Markets

Monetary Operations in Islamic Money Markets

Case Studies in Islamic Money Markets

课程概况

This Islamic Finance and Capital Markets course gives an overview of the Tradability of Sukuk, also known as Islamic bonds, and the development of Islamic Money Markets.

You will learn about the different instruments and components of an Islamic Money Market. We will also discuss the role of money markets and the need for Shari’ah-compliant sources of funds.

Additional Topics Include:

Monetary Operations in Islamic Money Markets
Credit Facilities Offered by Central Banks
Monetary Operations and Public Debt Management
Islamic Money and Foreign Exchange Markets

At the end of the course, you will learn about Islamic Money Markets through various Case Studies from Malaysia, Sudan, Pakistan and more.

No previous knowledge is needed.

Why Islamic finance is important for the global financial industry

Islamic finance has grown rapidly, with the trend expecting to continue. Although the concept has been around for much longer, Islamic finance only attained a formal status in Muslim-majority countries in the 1970s. Today, it has become a global phenomenon, eliciting increasing interest around the world, including from non-Muslim countries like the United Kingdom, Luxemburg, Kenya, South Africa, and Hong Kong. Islamic finance has grown into a huge industry with total worldwide assets estimated at about US$2 trillion.

Islamic finance has the potential to contribute to higher and more inclusive economic growth by increasing access of banking services to underserved populations. In addition, it has the potential to promote financial stability due to its risk-sharing feature and its financing being asset-backed and thus fully collateralized. Moreover, Islamic banks offer profit-sharing and loss-bearing accounts that can help mitigate losses and contagion in the event of banking sector distress. These are all indications that Islamic finance is converging to the global finance industry and hence all international finance professionals should be aware of Islamic finance.

课程大纲

Week 1 – Tradability, Structures and Potential of Sukuk  

Chapter Introduction      
Tradability of Sukuk       
Pre-fixed Rate of Return on Sukuk     
Restrictions and Flexibility in Returns  
Other Issues in Sukuk Tradability      
Potential for Sukuk        
Examples of Sukuk Issues in the Islamic World     
Chapter Summary

Week 2 – Development of Islamic Money Markets 

Chapter Introduction      
Limited Scope of Islamic Money Markets      
The Need for Shari’ah-Compliant Sources of Funds 
The Role of an Islamic Money Market 
The Negative Effects of Undeveloped Money Markets       
Legal Amendments to Develop Islamic Money Markets    
Shari’ah Issues in the Development of Islamic Money Markets  
Tax Issues in Developing Islamic Money Markets   
Instruments and Components of an Islamic Money Market       
Trends in Liquidity Management by IFIs       
Interbank Instruments Used by IFIs
Chapter Summary 

Week 3 – Monetary Operations in Islamic Money Markets

Chapter Introduction
Credit Facilities Offered by Central Banks     
Central Bank Deposit and Reserves
Examples of Facilities for IFIs   
Market-based Financing Instruments  
Tradability of Shari’ah-Compliant Instruments       
Supervising Liquidity Management     
Monetary Operations and Public Debt Management
Factors in the Growth of Islamic Money Markets     
Policy Issues in Islamic Money Markets        
Developing Shari’ah-compliant Money Market Instruments
Monetary Operations and Public Debt Financing     
Islamic Money and Foreign Exchange Markets
Chapter Summary 

Week 4 – Case Studies in Islamic Money Markets  

Chapter Introduction      
Overview of the Malaysian IIMM
Market-Based Instruments for Money Operations   
Processes of IIMM Instruments 
Shari’ah-Compliant Alternatives to Forex Swaps     
Overview of Interbank Money Markets in Sudan     
Sudanese Markets and Monetary Operations
Sudanese Payment Systems, Secondary and Forex Markets
Overview of Money Markets in Bahrain
Central Bank Facilities in Bahrain       
Market-Based Instruments in Bahrain 
Bahraini Payment Systems and Secondary and Forex Markets
Overview of Money Markets in Pakistan        
Pool-Based Placement in the Pakistani Money Market      
Parameters for Pool-Based Placement in Pakistan  
Other Modes of Fund Placement in Pakistan 
Standing Facilities, Payment Systems and Forex Markets 
Chapter Summary

预备知识

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