Continuation
The Islamic capital
market is an integral part of the Islamic financial system.
It enables:
-
the efficient
mobilisation of resources
-
and an optimal
allocation thereof
thereby
complementing the financial intermediary role of Islamic institutions in the
investment process.
Although this
market functions similarly to the conventional capital market.
Any financial arrangement
it facilitates has to be in line with the Shari’ah principles summarised
earlier.
At present:
-
Islamic equity
-
Islamic bonds
(sukuk)
-
Islamic funds
-
and Islamic real
estate investment trusts (REITs)
are offered as
alternatives to conventional instruments.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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