TOWARDS AN ISLAMIC STOCK EXCHANGE IN A TRANSITIONAL STAGE

Hmad Abdel Fattah El-Ashkar
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Hmad Abdel Fattah El-Ashkar: Islamic Research & Training Institute, Postal: Ahmad Abdel Fattah El-Ashkar was Research Officer at IRTI, IDB

Islamic Economic Studies, 1995, vol. 03-1, 79-112

Abstract: The paper deals with the structure and operation of an Islamic stock exchange. Several issues have been discussed. The first of these is related to speculation. Though speculation is often blamed for the volatility of share prices, the paper contends that a reasonable degree of speculation is still required in an Islamic stock exchange. To regulate speculation in an Islamic stock exchange, an aim that the paper advocates, several methods have been suggested. The second major question which has been addressed in the paper is related to price mechanism. Although some writers have suggested price ceiling in an Islamic stock exchange, the paper argues that price fixation should be avoided. The paper also discusses the organizational structure of an Islamic stock market and the code of conduct appropriate to it.

Date: 1995
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