Islamic capital markets: developments and issues |
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| Authors: | McMillen Michael J T |
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| Institution: | Correspondence: * Michael J.T. McMillen is a Partner of the law firm of Dechert LLP, working primarily in the New York and London offices (Michael.McMillen@dechert.com). His practice concentrates on Islamic finance and project finance. He also teaches Islamic Finance at the University of Pennsylvania Law School and the Wharton School of Business. Copyright and all intellectual property rights retained by Michael J.T. McMillen. Views expressed are those of McMillen and not Dechert LLP or the University of Pennsylvania. |
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| Abstract: | The first 150 words of the full text of this article appear below. Key points- As modern Islamic finance continues to develop, thedevelopment and growth of capital markets, including secondarymarkets, for securities and investments that are compliant withthe principles and precepts of Islamic Shari'ah, is being witnessed.
- Thisarticle first considers the nature of Islamic finance, thenlooks at the primary factors influencing the development andgrowth of Islamic capital markets, before looking at the factorsaffecting risk assessment by transactional participants, particularlythose pertaining to certainty, predictability and transparencyof risk factors.
- Capital markets transactions involve bothShari'ah and secular jurisdictions, and legal opinions and choiceof governing law for transactional documentation in each typeof jurisdiction are critical factors in effecting these transactionsand the growth of these markets.
- The article concludes withan overview of the state of the capital markets products.
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1. Introduction
| As modern Islamic finance moves through the second decade ofthe period of ‘transformation . . . Full Text of this Article]
2. Islamic finance
| What is Islamic finance? Shari’ah supervisory boards Composition Roles and Fatawa A few basic (and generalized) Shari’ah principles
3. Forces influencing the development of Islamic capital markets
| Modern islamic finance Interregnum to ‘revival and recovery’ The nominate contracts; custom; English language; practical experience Innovation and transformation: nominates and consensus Multilateral organizations OIC Fiqh Academy AAOIFI: accounting and auditing organization for Islamic financial institutions IDB: Islamic Development Bank IFSB: Islamic Financial Services Board Risk allocation: expectations and responsibilities Risk assessment Standardization and contractual enforceability Market disequilibrium: the assumption of interest
4. Transactional practice: legal opinions on enforceability
| Governing law The continuum from Shari’ah incorporation to purely secular Current transactional practice
5. Enforceability in secular jurisdictions: Shamil Bank v Beximco
| The opinion Some relevant principles
6. Enforceability in incorporated jurisdictions
| Systemic matters Sukuk and capital markets Introduction to sukuk Legal infrastructure: specific legal issues
7. Transactional developments since the late 1990s
| Equities and equity funds Real estate funds Private equity funds Hedge funds Derivatives and derivative funds Factoring Sukuk
8. Conclusion
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