ISLAMIC SECURITIES IN MUSLIM COUNTRIES' STOCK MARKETS AND AN ASSESSMENT OF THE NEED FOR AN ISLAMIC SECONDARY MARKET

Abdul Rahman Yousri Ahmed
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Abdul Rahman Yousri Ahmed: Professor and Head of the Economics Department,, Postal: Faculty of Commerce, University of Alexandria, Egypt

Islamic Economic Studies, 1995, vol. 03-1, 1-37

Abstract: Despite certain differences between the modern Islamic activities and the conventional ones prevailing in Islamic countries in the areas of banking, investment and trade, Islamic activities have gradually taken a foothold in terms of both form and effect, and have extended their roots across conventional barriers, and even to the non-Islamic world. The continuing progress of the Islamic economic activity requires the tapping of all possible means through which such activity can be encouraged. It is imperative to explore all possible approaches that can enhance the process of mobilizing Islamic financial resources and expanding shari'ah compatible investment outlets for utilizing such resources. The present paper investigates the functioning of Islamic securities and examines the possibilities of their development within the existing regulations and economic determinants in Islamic countries. The paper also examines the need for an Islamic secondary stock market and the conditions for its emergence.

Date: 1995
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