Search
31 March 2020: Coronavirus Update. The situation is fast moving and we are continuing to monitor the global situation and its impact on our members, staff, exam candidates, students and the profession. More information for Members and Students in My CIMA.

Islamic capital markets and instruments: study guide three

Learning outcomes

Chapter 1: Overview of global Islamic capital market developments

  • Describe the role of the Islamic capital market (ICM).
  • Identify essential components of Islamic capital markets.
  • Explain the development phases of ICM.

Chapter 2: Islamic capital markets and instruments

  • Identify and describe features and  types of Islamic capital markets and instruments.

Chapter 3: Growth and development of Islamic capital markets

  • Explain factors that contribute to the growth and development of Islamic capital markets.
  • Explain the role(s) of international agencies in the global Islamic capital market.

Chapter 4: Essential Shari'ah principles governing the Islamic capital market (1)

  • Explain the purpose of Islamic capital markets in meeting Shari'ah requirements.
  • Identify and explain Shari'ah governing principles of Islamic capital market instruments.

Chapter 5: Essential Shari'ah principles governing the Islamic capital market (2)

  • Describe Shari'ah governance structures and mechanisms based on relevant frameworks or guidelines.
  • Identify and apply relevant Shari'ah standards and guidelines on Islamic capital market products.

Chapter 6: Islamic bonds

  • Describe the process of securitisation and its various types.
  • Identify the features, types and mechanism of Islamic bonds.
  • Explain the features of Islamic bonds as practiced in Malaysia.

Chapter 7: Islamic Sukuks

  • Describe the features, types and mechanism of Sukuks.
  • Explain recent trends of Sukuks.

Chapter 8: Islamic asset-backed securities

  • Explain the salient features, types and mechanism of Islamic asset-backed securities.
  • Explain and distinguish underlying contracts of Islamic asset-backed securities.
  • Identify issues pertaining to the issuance and trading of Islamic bonds and Sukuk.

Chapter 9: Islamic equity screening criteria

  • Explain investing through Islamic equity.
  • Describe the principles governing  Shari'ah stock screening.
  • Describe the cleaning mechanisms for tainted income. 
  • Explain various Islamic indices for equity market.

Chapter 10: Islamic mutual funds/unit trusts: an overview

  • Describe the features and types of conventional mutual funds/unit trusts.
  • Explain the legal structure of mutual funds/unit trusts.
  • Identify the basic structure of Islamic mutual funds/units trusts.

 

Chapter 11: Islamic mutual funds /unit trusts: contracts and products

  • Identify appropriate structures for Islamic mutual funds / unit trusts.
  • Describe  other appropriate forms of Islamic funds.

Chapter 12: Islamic real estate investment trusts

  • Explain the rationale and benefits of Islamic real estate investment trusts (IREITs).
  • Describe the features, types and mechanisms of  IREITs.
  • Identify appropriate structures for  IREITs.

 

Chapter 13: Islamic structured products and derivatives

  • Identify relevant financial risks in Islamic finance.
  • Explain the need for Islamic structured products / Islamic derivatives.
  • Describe the features and  function of forwards, futures, options and swaps from an Islamic perspective.

 

 

Chapter 14: Principles and contracts underlying Islamic structured products

  • Describe the principles pertaining to commonly used contracts in Islamic structured products/derivatives  – 'Urbun, Salam and Wa'd.
  • Identify challenges facing Islamic structured products/derivatives.