More than $1.2 trillion in global assets are currently under management according to Islamic financial reports. Driven in no small part by the 2008 global credit crisis and its aftershocks, that figure has been growing steadily over the past few years. Because they are entirely equity-based, rather than credit-based, the Islamic capital markets are immune to the speculative bubbles and runaway volatility typical of the Wall Street casinos, making them increasingly attractive to institutional investors, asset managers, and hedge funds in search of more stable alternatives to conventional financial products. With interest in Islamic finance swiftly spreading beyond the Muslim world, the need among finance and investment professionals for timely and authoritative information on the Islamic capital markets has never been greater. Islamic Capital Markets satisfies that need. Written by economist Dr. Noureddine Krichene, an internationally recognized expert in Islamic finance, this book provides a comprehensive overview of the Islamic capital markets, their principles and practices, chief institutions and instruments, and the regulatory framework within which they operate.

Dr. Krichene also delves deeply into a range of key issues concerning money, central banking and economic growth as they relate to the question of Islamic versus conventional capital markets. Going well beyond the realm of abstraction, Dr. Krichene also supplies priceless insights and guidance on an array of topics of practical concern to finance and investment professionals, including: Emerging trends in the chief Islamic capital markets Sukuks and stocks--with an emphasis on pricing, valuation and P/E ratios Key analytical tools of the Islamic capital markets Risk-return tradeoffs of various Islamic financial instruments Duration, convexity, immunization, and yield curves Portfolio diversification Hedging and risk management Derivatives markets Arbitrage and replication Forward rates, swaps, and risks Timely, comprehensive, and authoritative, Islamic Capital Markets is an indispensable source of information, analysis, and instruction for finance professionals interested in the vast untapped potential of the Islamic capital markets.