Islamic Money Markets and Sukuk

Week 1 – Tradability, Structures and Potential of Sukuk

• Chapter Introduction
• Tradability of Sukuk
• Pre-fixed Rate of Return on Sukuk
• Restrictions and Flexibility in Returns
• Other Issues in Sukuk Tradability
• Potential for Sukuk
• Examples of Sukuk Issues in the Islamic World
• Chapter Summary

Week 2 – Development of Islamic Money Markets

• Chapter Introduction
• Limited Scope of Islamic Money Markets
• The Need for Shari’ah-Compliant Sources of Funds
• The Role of an Islamic Money Market
• The Negative Effects of Undeveloped Money Markets
• Legal Amendments to Develop Islamic Money Markets
• Shari’ah Issues in the Development of Islamic Money Markets
• Tax Issues in Developing Islamic Money Markets
• Instruments and Components of an Islamic Money Market
• Trends in Liquidity Management by IFIs
• Interbank Instruments Used by IFIs
• Chapter Summary

Week 3 – Monetary Operations in Islamic Money Markets

• Chapter Introduction
• Credit Facilities Offered by Central Banks
• Central Bank Deposit and Reserves
• Examples of Facilities for IFIs
• Market-based Financing Instruments
• Tradability of Shari’ah-Compliant Instruments
• Supervising Liquidity Management
• Monetary Operations and Public Debt Management
• Factors in the Growth of Islamic Money Markets
• Policy Issues in Islamic Money Markets
• Developing Shari’ah-compliant Money Market Instruments
• Monetary Operations and Public Debt Financing
• Islamic Money and Foreign Exchange Markets
• Chapter Summary

Week 4 – Case Studies in Islamic Money Markets

• Chapter Introduction
• Overview of the Malaysian IIMM
• Market-Based Instruments for Money Operations
• Processes of IIMM Instruments
• Shari’ah-Compliant Alternatives to Forex Swaps
• Overview of Interbank Money Markets in Sudan
• Sudanese Markets and Monetary Operations
• Sudanese Payment Systems, Secondary and Forex Markets
• Overview of Money Markets in Bahrain
• Central Bank Facilities in Bahrain
• Market-Based Instruments in Bahrain
• Bahraini Payment Systems and Secondary and Forex Markets
• Overview of Money Markets in Pakistan
• Pool-Based Placement in the Pakistani Money Market
• Parameters for Pool-Based Placement in Pakistan
• Other Modes of Fund Placement in Pakistan
• Standing Facilities, Payment Systems and Forex Markets
• Chapter Summary