Islamic Capital Markets: A Comparative Approach (Third Edition)

This textbook looks at the similarities and differences between Islamic capital markets and conventional capital markets. It explains each particular topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments.

In addition to a full explanation of Islamic products, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate. Ideal for both students and current practitioners, it fills a large gap in the current literature on the subject. Whereas most books in this field cover the topic only superficially, this book offers the depth of coverage and academic rigor needed by professionals and serious students. Unlike competing texts that focus mainly on Shariah and qualitative issues of capital markets, this book has the right blend of qualitative and quantitative material. It covers all key areas of a conventional capital markets text but infuses the Islamic/Shariah aspects.

Professor Dr Obiyathulla Ismath Bacha is currently a Professor of Finance and the Head of the Graduate Studies Department at the International Centre for Education in Islamic Finance (INCEIF) University, a postgraduate institution specializing in Islamic finance, established by Bank Negara Malaysia. He received his Doctor of Business Administration (Finance), MBA and MA in Economics from Boston University. His undergraduate degree was from the Science University of Malaysia. Currently president of the Malaysian Finance Association, Prof. Obiyathulla has published extensively in academic journals and has authored a textbook in Financial Derivatives. His most recent work is a co-authored textbook on Islamic Capital Markets.

Dr Hengchao Zhang, also known as Dr Ali Zhang, is an Assistant Professor at INCEIF University, specializing in Islamic finance. He earned his PhD in Islamic Banking and Finance from the International Islamic University Malaysia (IIUM) in 2021, supported by a scholarship from the Islamic Development Bank. Currently, he serves as the Head of the MSc in Islamic Finance program at INCEIF and is the Co-Editor of the International Journal of Islamic Finance and Sustainable Development.

Dr Zhang's research focuses on financial economics, fintech, sustainable economic development, and the Islamic capital market. He has published extensively in top academic journals and is a sought-after speaker at international conferences. Additionally, he consults for major financial institutions and investment firms in China.

Dr Mirzet Šeho is a Senior Lecturer in Finance at Monash University Malaysia. With nearly 15 years of experience in both academia and industry, he has held leadership roles such as Head of Financial Controlling at multinational corporations and Executive Director at medium-sized companies. He has also worked as a Product Manager in a startup, focusing on innovation and product development.

Dr Šeho is a multi-award-winning researcher and educator, known for his contributions to Islamic finance, fintech, and corporate finance. He has pioneered fintech courses at Monash University Malaysia, integrating practical insights with academic rigor. His research interests include financial economics, banking, and sustainable development, and he has published extensively in these areas.