ISBN-10:
0748639969
ISBN-13:
9780748639960
Pub. Date:
03/22/2011
Publisher:
Edinburgh University Press
Islamic Asset Management: An Asset Class on Its Own?

Islamic Asset Management: An Asset Class on Its Own?

by Natalie Schoon

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Product Details

ISBN-13: 9780748639960
Publisher: Edinburgh University Press
Publication date: 03/22/2011
Series: Edinburgh Guides to Islamic Finance Series
Pages: 184
Product dimensions: 5.40(w) x 8.40(h) x 0.60(d)
Age Range: 18 Years

About the Author

Natalie Schoon is Head of Product Development at the

Table of Contents

Acknowledgements viii

List of figures ix

List of boxes x

List of tables xi

Introduction 1

1 Characteristics of Islamic finance 3

1.1 Principles of Islamic ethics 3

1.2 The application of Islamic ethics to business transactions 6

1.3 Major prohibitions 8

1.4 Prohibited industries 15

1.5 Prohibitions and economics at a glance 16

1.6 Sharia'a and asset management 16

2 Contracts and structures for Islamic asset management 19

2.1 The definition of a fund 19

2.2 The definition of a Sharia'a-compliant fund 21

2.3 Islamic fund management structures 23

2.4 Diversification and the risk-free asset 26

2.5 Sharia'a-compliant product types 28

3 The Islamic asset management market place 49

3.1 The Islamic fund market 50

3.2 Fixed income funds 53

3.3 Lease funds 59

3.4 Commodity funds 62

3.5 Real estate funds 62

3.6 Equity funds 63

3.7 Exchange traded funds 85

3.8 Hedge funds 86

4 Fund operations 91

4.1 Asset management company structure 91

4.2 Functions and roles 93

4.3 Operations 101

4.4 Corporate governance 102

5 Processing 113

5.1 Prior to incorporation 113

5.2 Subscriptions, redemptions, switches and transfers 120

5.3 Investment process 125

5.4 Payments and receipts 130

5.5 Settlement, accounting and reporting 132

5.6 Net asset value calculation 135

5.7 Prospecting and marketing 139

5.8 Liquidity management 140

5.9 Risk management 144

6 Sharia'a supervisory board 151

6.1 Roles of the Sharia'a supervisory board 152

6.2 Social responsibilities 159

6.3 Corporate governance 160

6.4 Structures and variations of Sharia'a supervisory boards 162

6.5 Challenges facing Sharia'a supervisory boards 165

6.6 Sharia'a supervisory boards in asset management 166

6.7 Non-compliant investments 167

7 Case studies 169

7.1 Fixed Income Fund: The BLME $ Income Fund 170

7.2 Equity Fund: SWIP Islamic Global Equity-Fund 177

7.3 Fund of Funds: Al Rajhi fund range 183

7.4 Exchange Traded Fund: i-VCAP - MyETF-DJIM25 189

7.5 Concluding remarks 193

8 Summary and concluding remarks 195

Glossary 203

Bibliography 209

Index 213

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