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1428 2007 -

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Research Abstract
Recent years have witnessed an increase of interest in stock markets
of both the developing and developed countries due to the important role it
plays in the economic life where the greater part of the country resources
are heading to these markets as its considered as the bowel through which
these resources are being directed to the economic activities, so its
necessary to be certain that stock markets works and activities abide by
standards and legal restrictions, otherwise it will turn into a place to waste
the fortune of the country and will give a space for illegal gains.
The research aims at answering many enquiries around how compatible
stock markets activities and dealings with the Islamic law are and to what
extent the practical reality matches the Islamic stock markets work theory.
The theory that was made by Muslim economists and approved by Muslim
scholars in the Islamic world, whether those stock markets could provide
this Islamic environment with investments, or generate financial assets that
were able to attract savings and get profitable financing opportunities in
different economic activities in accordance with Islamic law.
To achieve this goal the researcher studied one of the international bourses
that has applied Islamic law rulings to its dealings which is the Malaysian
Bourse Ltd. and more specifically the Islamic Capital Market. The
researcher tried to compare the practical application to the theory of the
framework in this bourse through three main chapters into which he
reviewed stock markets indicating the most importance of its
characteristics, conditions of its establishments, pillars of success, most
important instruments in circulation, concept of competency and its
conditions in this market. Then comes chapter two to review the main
frame for the working theory of Islamic stock markets by identifying its
concept, operations, most important differences between it and the
traditional markets, most important instruments in circulation and its
related ruling in Islamic jurisprudence. While chapter three represents the
application process and takes the detailed deep study for Malaysian Capital
market, its growth, development, the role of legal control over its dealings,
most important tools in circulation in that market, jurisprudence adaptation
for traditional tools in circulation and the importance of activating the legal
financial instruments in this market.
The research has drawn many conclusions in that the most importance was
achieving the research main goal of finding crucial differences between
theory and application in framework of Islamic stock markets and that can
be ascribed to a group of factors and reasons of which the most important

points are: jurisprudential differences between scholars and contemporary

jurisprudents in terms of legal ruling regarding some of the market dealings
in terms of allowance or banning according to ideas, hypotheses or even
independent opinions that might be wrong in the bases upon which the
ruling towards some circulated financial instruments legitimacy was made,
where it doesnt provide the minimum of what it takes to judge as a legal
financial instrument according to the ruling of Islamic law. The researcher
also concluded that this market cant work in isolation of the economic
environment. It indicates that its dependent and doesnt have the
particularity to practice its work to the end it was made for without
commitment to laws, regulations and the financial policies embracing these
markets and that these markets wouldnt have been developed and
succeeded without the active role played by the legal controlling parties to
make their dealings and instruments in accordance with the Islamic law.
The study recommended to necessarily review and reevaluate some
circulated financial instruments in bourses so that to become more
compatible with the Islamic law. It also recommended the necessity of
coordination and cooperation among the governments of Islamic countries
for the success of Islamic stock market experiment to be the Islamic
competitive model to the international stock markets. Finally the researcher
recommends more search and study in this context to establish this
promising Islamic experiment.


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183

: :
1. Books
1) Badger .E. Ralph , Torgerson .w . Harold, Guthmann. G. harry,
investwent principls and practices 6th edition, Prentichall, 1969.
2) Brigham. F. Eugene, Ehrhardt. C. Michel, Financial Management
Theory & Practice 11th edition, South western, USA, 2005
3) Cooper. S. Kerry, Fraser. R. Donald. The financial marketplace ,
Third edition, , Libracy of cougress, 1990.
4) Delkoui .A, Accounting Theory, Harcaurt Brace Javamorich. INC,
NewYork , 1981.

2. Conference and Seminar Papers

1) Islamic Bonds : Concepts and Practices, Capital Market Workshop
Series, Islamic Capital Market, 23-24 July 2003.
2) The Issues and Prospects of Establishing a Sound Islamic Capital
Market, Lanuan International Summit on Islamic Financial and
Investment Instruments, Financial Park Complex, Labuan, 16-18 June
1997
3) Development of Capital Market Under Islamic Principles,
conference on Managing & Implementing Interest-Free Banking/Islamic
Financial System, Concorde Hotel, Kuala Lumpur, Malaysia, January 2526 1994.
4) Islamic Debt Securities/Bonds, Workshop on Islamic Bonds, Sukuk
and Securitization, at Istana Hotel Kuala Lumpur, Malaysia, on 29 -30
June 2005.

184

5) The Roles of Shariah Supervisory Council and Shariah Decision

Making Process, Seminar on Shariah and Legal Aspects of Islamic
Banking Practice, BIRT Training Centre, Wisma Bandar, Kuala Lumpur,
19 -20 May 1997.

4. Journals and Articles :

1) Capital Market Development in Malaysia : History and
Perspectives, Securities Commission, Kuala Lumpur, Malaysia.
2) Capital Market Masterplan Malaysia - Executive Summary,
Malaysian Securities Commission, February 2001.
3) Development and Regulation of the Islamic Capital Market : Issues
and Challenges, The quarterly Bulletin of the Securities Industry
Development Centre (SIDC), August 2004.
4) Growth of The Islamic Capital Market, The Quarterly Bulletin of
The

Securities

Industry

Development

Centre

(SIDC)

Securities

Commission, November 2004.

5) Information on Islamic Capital Market in Malaysia, Securities
Commission of Malayisa, June 2004.
6) Islamic Capital Market in Malaysia, Securities Commission of
Malaysia, 2004.
7) Islamic Private Debt Securities : Issue & Challenges, March 2002,
Rating Agency Malaysia Berhad.
8) Malaysian Capital Market: Current Situation and Prospects, in
Bank Negara Malaysia (BNM), Central Banking in an Era of Change,
Landmark Speeches, BNM, Kuala Lumpur, Malaysia 1989.

185

5. Pamphlets :
1) Broacher "Become an Educated Investor : Read The Prospectus",
Securities Commission of Malaysia.
2) Pamphlet "Bond Basics", Securities Industry Development Centre
(SIDC), Securities Commission, Kuala Lumpur, Malaysia, 2001.
3) Pamphlet: Development in the Malaysian Islamic Capital market,
Securities Commission, 2005.
4) Pamphlet: Understanding the Islamic Capital market Concept,
Securities Industry Development Centre (SIDC), Securities Commission
of Malaysia, 2004
5) Pamphlet; The Malaysian Islamic Capital Market, Securities
Industry Development Centre (SIDC), Securities Commission of
Malaysia, 2004.
6) Pamphlet; Understanding Call Warrants, Securities Commission of
Malaysia.
7) Pamphlet: List of Shariah- Compliant Securities by the Shariah
Advisory Council of the Securities Commission, Securities Commission
of Malaysia, 28 October 2005.
8) Pamphlet: Malaysian Equities, Module 6:Stock Market and
Securities

Law,

Examination

Study

Guide,

Securities

Industry

Development Centre (SIDC), Securities Commission, Kuala Lumpur,

Malaysia, Second Edition, 2000.
9) Pamphlet: Malaysian Futures and Options, Module1:Regulations,
Examination Study Guide, Securities Industry Development Centre
(SIDC),Securities Commission of Malaysia, 1999, Revised 2004.

186

10) Pamphlet: Malaysian Futures and Options, Module 2 : Futures,

Examination Study guide, Securities Industry Development Centre
(SIDC),Securities Commission of Malaysia, Revised 2005.
11) Pamphlet: Resolutions of the Securities Commission Syariah
Advisory Council, Securities Commission of Malaysia, second print,
October 2003

6. Guidelines:
1) Guidelines on The Offering of Islamic Securities, Securities
Commission of Malaysia, 26 July 2004.
2) Guidelines On the Offering of Private Debt Securities, Securities
Commission of Malaysia, Revised Edition 26 July 2004.

7.Reports:
1) Bank Negara Malaysia Annual Report 1993
2) Bank Negara Malaysia Annual Report 1995.
3) Bank Negara Malaysia Annual Report 2003.
4) Bank Negara Malaysia Annual Report 2004.
5) Securities Commission Annual Report 2001
6) Securities Commission Annual Report 2002
7) Securities Commission Annual Report 2003
8) Securities Commission Annual Report 2004.
9) Securities Commission Annual Report 2005.

8. Websites:
1)

http://www.klse.com.my

2)

http://en.wikipedia.org/wiki/Bursa_Malaysia

3)

http://www.isegs.com

187

4)

http://asia nbondsonline.adb.org

5)

http://rmbond.bnm.my/wwwbis/fbdevelop.html

6)

http://www.min.com.my/html/penerbitan.html

7)

http://www.mdex.com.my

8)

http://www.bnm.gov.my

9)

http://staf.uum.edu.my/alib/wb3053/icm.pdf

10) http://www.sc.com.my
11) http://fatwa.saaid.net
12) http://www.iimm.bnm.gov.my/index.php
13) http://www.islamic-finance.net/journals/journal2/art1.pdf
14) http://www.bernama.com/events/idb/newsarab.php
15) http://slconf.uaeu.ac.ae/prev_conf/2005/research.htm
16) http://lfxsys.lfx.com.my/index.asp
17) http://www.lofsa.gov.my/lofsa5/index.htm

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