Capital Markets: Conventional Versus Islamic

Syed Aun R. Rizvi, Obiyathulla Bacha and Abbas Mirakhor
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Abbas Mirakhor: International Centre for Education in Islamic Finance (INCEIF)

Chapter Chapter 3 in Public Finance and Islamic Capital Markets, 2016, pp 45-63 from Palgrave Macmillan

Abstract: Abstract Since early 1990’s, financial systems have been classified in three distinct forms: capital market-based, government credit-based and institutional credit-based. This chapter, owing to the nature of the book, focuses purely on the first system ofcapital markets. The chapter explores why the capital markets have become essential for the survival of an economy, through their role in savings and resource allocation. Then the salient features of capital markets are discussed, along with the sub-classifications like equity markets, debt markets and so forth. The chapter further takes the discussion into a comparative form by introducing the basics of the Islamic version of the capital markets and explores their role and functions in the financial system.

Keywords: Islamic capital markets; Equity markets; Sukuk market; Islamic derivatives (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-1-137-55342-3_3

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DOI: 10.1057/978-1-137-55342-3_3

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