FINN45215: Islamic Capital Markets

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• To explore, at an advanced level, the impact of Shariah compliance on the development of Islamic capital market and structuring of products;
• To advance students understanding of Islamic capital markets products, their models and working mechanism;
• To explore, at an advanced level, Shariah screening and portfolio management processes;
• To critically explore and examine Shariah compliancy issues with various Islamic capital markets asset and debt instruments.

• Developments, Trends and Rationale
• Issues in Islamic Capital Markets (Market Penetration, Corporate Earnings, Market Liquidity, and Limited Listings)
• Shariah-compliant Asset Classes
• Shares and Equities
• Islamic Funds
• Sukuk: Models and Operational Mechanism
• Islamic Derivatives, Futures and Hedging
• Portfolio Management, Indexing, Screening Methodologies
• Shariah Compliancy Issues

Subject-specific Knowledge:

• On completion of this module, students should have:
• A detailed knowledge of various types of Shariah compliant Islamic capital markets and products;
• An advanced knowledge of the models and working mechanism of the products in Islamic capital market;
• A critical appreciation of screening and indexing methods in portfolio management and the related Shariah compliancy issues.

Subject-specific Skills:

• On completion of this module, students should have:
• The ability to recognise and analyse Islamic capital market products and their relevant models;
• The ability to use their understanding of Islamic capital market to analyse the working mechanism of different instruments;
• The ability to use their understanding of Islamic finance principles to develop a comprehensive and integrated approach to the complexity of Islamic capital markets;
• The ability to identify the Shariah compliancy issues arising in different instruments of Islamic capital markets.

Key Skills:

• Independent learning within a defined framework at an advanced level;
• Cognitive skills of critical thinking, analysis and synthesis;
• Self-awareness, openness and sensitivity to diversity in terms of people, cultures, business and management issues;
• Effective written communication skills;
• Skills of independent learning within a defined framework of study at an advanced level;
• The ability to seek out and use relevant data sources, including electronic and bibliographic sources

• Lectures convey the subject-specific knowledge and provide students with an opportunity to learn new concepts, principles and philosophies;
• Seminars enable students to consolidate, extend and apply this knowledge through exchanging views and ideas, thus developing their subject-specific skills and key skills.
• Summative assessment is by a 60-minute in-class exam and a 90-minute written exam. The 60-minute exam will test the students' critical judgement and problem-solving technical skills. The 90-minute exam tests students depth of understanding and their analytical skills.

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