ISLAMIC CAPITAL MARKET.

(MFA 3053)

" PROJECT GROUP ASSIGNMENT "

LECTURER NAME : Dr. Hamdi Hakim

LECTURE/ TUTORIAL: KME / TME 3

TITLE : Characteristics of Islamic Capital Market.

NO. GROUP MEMBERS MATRIC

NUMBER

1. MUHAMMAD LUKMAN AIMAN BIN RUHAIZAD 1190810

2. MUHAMMAD FAUZI BIN NGATRI 1190809

3. MUHAMMAD AL HAKIM BIN MOHD ZULKIFLI 1190891

4. MUHAMMAD ARIFF HAKIMI BIN AZMI HELMI 1190896

5. MUHAMMAD HAZIMI SYAQIR BIN MOHD HASHIM 1190899

 INTRODUCTION

The Islamic financial services industry, comprising Islamic banking, Islamic insurance
(takaful) and the Islamic capital market, is an area that has grown to become an increasingly
substantial segment within the global financial market and has gained considerable interest as
a viable and efficient alternative model of financial intermediation. Growing awareness of
and demand for investing in accordance with Shariah principles on a global scale have been
the catalyst towards making the Islamic financial services industry a flourishing industry.
This is also a reflection of the increasing wealth and capacity of investors, both Muslim and
non-Muslim, to seek and invest in new investment products that serve their needs.

Islamic financial products also represent a class of investment products, which may appeal to
those looking for socially responsible or ethical investments, as these products must comply
with strict Shariah rules that have religious as well as ethical underpinnings. Indeed, the pace
of Islamic financial market development has gathered such momentum that various
international Islamic organisations have been established with the view towards formulating
appropriate standards for the Islamic financial services industry. These international bodies
include the Islamic Financial Chapter 1: Introduction 2 Services Board (IFSB)1 and the
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

While Islamic banking is the most developed part of the Islamic financial system, there is
great potential for the Islamic capital market as the industry matures and holdings of financial
assets gradually transfer from the Islamic banking sector to the Islamic capital market. As has
been the experience with nascent fast-growing markets, various regulatory issues need to be
assessed on a timely basis. Thus, in this report, we will discuss the area of the Islamic capital
market in order to gain a better understanding of its specific attributes. This is to ensure that
the Islamic capital market is appropriately regulated and that any gaps in regulation are
identified early to safeguard investor interest and at the same time pave the way for the
industry to evolve in an orderly manner.
 CHARACTERESTIC ISLAMIC CAPITAL MARKET

Nowadays, there is a diverse range of Islamic capital market products and services available
to fulfil the demands of those seeking to invest in accordance with Shariah principles.
Shariah-compliant stocks, Islamic bonds, Islamic funds, and Islamic risk management
products are examples of these. The Islamic capital market has expanded, and Islamic forms
of product structuring, project finance, stockbroking, asset management, and venture capital
services are becoming more widely available.

On general, the Islamic capital market refers to longer-term securities that are traded in the
market, whether they are based on debt or equity. The nature of the market is quite similar to
that of a conventional capital market, but the primary difference is that the operation and
financial instruments presented must be Shari'ah compliant. As a result, its role should not
violate the fundamental Shari'ah principles of interest, prohibited commodities, and
uncertainty. Fundamentally, the Islamic capital market is divided into two parts which first
is the Islamic debt market, which includes Sukuk, and the second is Islamic equity market,
which includes Shari'ah-compliant companies. The Islamic debt securities are intended to
finance long-term infrastructures, and the risks associated with these securities can be spread
out.

Islamic capital must adhere to Shariah law, which, unlike common law, is concerned with the
moral or ethical worth of commercial transactions. It is commonly known that Muslims stick
to the laws and regulations governing halal and haram foods and sustenance. Earnings from
the manufacturing and sale of alcoholic beverages and pig products are also prohibited under
Shari'ah. It also forbids usury or interest, gambling, hoarding, and misleading purchases and,
financial transactions involving the operation and management of a casino, as well as sexual
and immoral conduct, are prohibited.

For example, in Malaysia, shariah compliance companies such as Nestle, Spritzer and Farm
Fresh involved in producing a halal foods and beverages to customers meanwhile Carlsberg
group and Heineken NV involved in producing beer or alcohol which clearly impermissible
in shariah law. In principle, the Islamic equity market is distinguished by the lack of interest-
based transactions, suspicious transactions, and illegal stocks of companies that engage in
non-Shar'ah compliance activities or goods. Its market operations must be free of any
unethical or immoral characteristics.
Furthermore, the objective or foundation of the Islamic Capital Market is to allow Islamic
enterprises and Muslim countries to raise capital in a Halal manner while adhering to Shariah
principles, channel funds from surplus unit income to deficit unit revenue and to optimally
allocate resources. This occurs in two ways, which by selling equity in the form of stocks and
debt in the form of Sukuk. Islamic capital markets are also based on Islamic economics,
which is derived from the Quran and Sunnah.

Meanwhile, in conventional capital market, the profit motive or private ownership are granted
limitless authority to make economic decisions which their authority is not governed by any
rules. If there are any restrictions, they are established by humans and are always subject to
change by democratic legislation that accepts no authority from any supreme force.
Profiteering without restraint also creates monopolies, which either block or inhibit the
natural operation of market forces. All this happen because the conventional capital market is
based on conventional economics, that derived from human concepts, research, philosophies,
and applications.

Aside from that, the organisations or institutions that oversee the operation of the Islamic
capital market differ from those who regulate the operation of the conventional capital
market. In Malaysia, for example, we have a special institution known as the Shari'ah
Advisory Council, which was established to ensure that the implementation of the Islamic
capital market adhered to Shariah principles and to advise the Commission on all matters
related to the comprehensive development of the Islamic capital market, as well as to serve as
a reference guide for all Islamic capital market issues. It is also in charge of conducting
research and developing Islamic capital market products in the stocks, debt, and derivative
sectors, as well as analysing publicly traded firms' securities.

Furthermore, risk exposure in the Islamic capital market differs from the conventional market
since Islamic principles of economics and finance forbid the use of interest and speculation in
economic transactions at any level and in any form. Along with credit risk, operational risk,
and others, Islamic capital market also face with a unique risk that specialised for Islamic
capital market such as shariah compliance risk and displaced commercial risk. No instrument
in Islamic capital market is regarded Shariah compliant unless the return is linked to the risk,
thus risk sharing is very essential to promote transparency and provide security to Muslim
peoples. Unlike Islamic, conventional market did not care about the risk that will be faced by
peoples as long they able to maximize their wants.
 ISLAMIC CAPITAL MARKET INSTRUMENT FEATURES

I. Islamic Mutual Funds

A mutual fund is a corporation that collects money from multiple investors and invests it in
stocks, bonds, and short-term loans. The portfolio of a mutual fund is its collection of
investments that were purchased by investors and for each share represents an investor's
portion of the fund's ownership and revenue. Professional money managers manage mutual
funds, allocating assets and attempting to generate capital gains or income for the fund's
investors. The portfolio of a mutual fund is built and managed to meet the investment
objectives indicated in the prospectus. The Islamic Mutual Fund were operated similarly to
conventional funds, with the exception that they only invest in Shariah-compliant
investments. Shariah-compliant investments are ones that adhere to Islamic standards, such as
being free of Riba (interest) and Gharar (speculation). The mutual fund company's worth is
determined by the performance of the securities it purchases. When you purchase a mutual
fund unit or share, you are purchasing the portfolio's performance or, more accurately, a
portion of the portfolio's value. Investment in mutual fund shares differs from stock investing.
Mutual fund shares, unlike stock, do not offer their owners voting rights. Instead of a single
holding, a mutual fund share represents investments in a variety of stocks (or other
securities).

The mutual fund company's worth is determined by the performance of the securities it
purchases. When we purchase a mutual fund unit or share, we are purchasing the portfolio's
performance or, more accurately, a portion of the portfolio's value. Investment in mutual fund
shares differs from stock investing. Mutual fund shares, unlike stock, do not offer their
owners voting rights. Instead of a single holding, a mutual fund share represents investments
in a variety of stocks (or other securities). Because of this, the price of a mutual fund share is
referred to as the net asset value (NAV) per share, or NAVPS. The NAV of a fund is
calculated by dividing the entire value of the portfolio's securities by the total number of
shares outstanding. All shareholders, institutional investors, and corporate officers or insiders
own outstanding shares. Mutual fund shares are normally purchased or redeemed at the fund's
current NAV, which, unlike stock prices, does not change during market hours and is settled
at the conclusion of each trading day. As a result, when the NAVPS is settled, the price of a
mutual fund is likewise changed.
According to studies of University of Darussalam, the difference between Islamic mutual
funds and conventional mutual funds lies in two stages of the process that must be completed:
screening and filtering of investment instruments based on Sharia guidelines. Furthermore,
the cleansing process is intended to cleanse income derived from illegal activities according
to Sharia guidelines. From the concept to the prospect of Islamic mutual funds, the most
important thing that must happen is that every transaction (sale and purchase) of shares must
be with the intention and purpose of obtaining additional capital, obtaining liquid assets, and
expecting dividends by holding them until maturity, so that it becomes halal if its business is
not illegitimate. In general, the function of an Islamic mutual fund is like that of a capital
market. Mutual funds, as well as the capital market, play an important role in a country's
economy.

Islamic mutual funds serve two purposes, the economic purpose that provider viding facilities
or vehicles that bring two interests together, namely those with excess funds (investors) and
those in need of funds. Facilitating direct participation of capital owners in achieving
investment benefits. Assist entrepreneurs or public companies in obtaining additional capital
to stabilize their companies' liquidity levels through the sale of shares via IPO procedures or
debt securities Facilitating various companies' efforts to increase their financial capacity in
the context of business expansion. For financial operations the fund owners can earn money
by investing in financial instruments such as stocks, bonds, mutual funds, and others. As a
result, businesses or communities can allocate funds based on the characteristics of each
instrument's benefits and risks. As a result, it is expected that the existence of the capital
market will increase economic activity because the capital market is a funding alternative for
companies to increase company revenues, ultimately providing prosperity for the larger
community.
 II. Sukuk.

Sukuk are Islamic securities that adhere to Islamic law and investment principles, which
forbid the charging or payment of interest. Investors in sukuks receive a pass-through of
income generated by the underlying assets. A Sukuk is a type of Islamic bond that represents
proportionate beneficial ownership of the underlying asset. The asset is then leased to the
client using Ijarah or Diminishing Musharakah, or sold to the client using a trade-based
Islamic mode of financing such as Salam or Murabaha or manufactured using the Islamic
mode of Istisna. The return on the Sukuk for the certificate holders is determined by the asset
leased or sold. The return can be fixed or variable, but it must not be interesting for the sole
purpose of lending money.

Sukuk are certificates of equal value that represent common title to shares and rights
intangible assets, usufructs, and services, or equity of a given project or equity of special
investment activity (after closing subscription, receipt of the value of the certificates and
putting it to use as planned). Sukuk holders are entitled to share revenues generated by Sukuk
assets as well as proceeds from the realization of Sukuk assets, which is a distinguishing
feature of Sukuk. Based on AAOIFI, Sukuk defines as certificates of equal value representing
undivided shares in the ownership of tangible assets, usufructs and services or in the
ownership of the assets of particular projects or special investment activity” (AAOFI,2008).
Sukuk is an Islamic bond that is based on the securitization concept. It is an Islamic
alternative for asset monetization, syndicate project financing, asset-backed securitization
financing, and public financing.

Sukuk can be of many types depending on the type of Islamic modes of financing and trades
used in the structure. The most important and common among those are Ijarah Musharakah,
Mudarabah, hybrid, Salam, Murabaha and Istisna’.

Among the advantages of Sukuk are the following Sukuk is a tradable capital market product
that offers fixed or variable rates of return over the medium to long term. It is evaluated and
rated by international rating agencies, which investors use as a guideline when evaluating the
risk or return parameters of a Sukuk issue. It has regular periodic income streams during the
investment period, easy and efficient settlement, and the possibility of Sukuk capital
appreciation. Sukuk is a liquid instrument that can be traded on the secondary market. There
is a potential marketing benefit for issuers active in Islamic markets, should they be seeking
investments in those markets. In addition, there is the possibility of expansion into other
niche financial markets, such as the broader ethical investment market, which could provide a
reputational benefit.

There has been much discussion about whether Sukuk instruments are similar to traditional
debt or equity financing. This is due to the fact that there are two types of Sukuk which are
Asset-based Sukuk and Asset-backed Sukuk. Asset-based Sukuk is a type of financing in
which the principal is covered by the asset's capital value but the returns and repayments to
Sukuk holders are not directly financed by the asset. Asset-backed Sukuk is a type of Sukuk
in which the principal is covered by the asset's capital value but the returns and repayments to
Sukuk holders are directly financed by the asset. Sukuk, depending on whether it is asset-
backed or asset-based, can be more similar to bonds or shares, so we explain the structure of
both.

Sukuk is a type of financial instrument similar to a bond or stock that is used to fund trade or
the production of tangible assets. Sukuks, like bonds, have a maturity date, and the holder of
some of them will receive a regular income over time as well as a final payment at the
maturity date. While the price of traditional bonds is determined solely by the issuer's
creditworthiness, the price of a Sukuk is determined by both the issuer's creditworthiness and
the asset's value. Sukuk is similar to stocks in that it represents ownership and there is no
guarantee of a fixed return (at least theoretically and in the standard model of Sukuk), but
stocks do not have a maturity date. Sukuk must also be tied to a particular asset, project, or
service.

Sukuk is a new financial instrument designed to be a Shariah-compliant alternative to

traditional bonds. However, there has been much debate about the instrument's nature,
particularly in cases of default, where Sukuk holder designation has been confused with
equity holders and debtors. There are numerous reasons for the misunderstanding; however,
some argue that Sukuk is an equity investment rather than a bond. Despite the fact that a
Sukuk can be structured using a debt-based model such as Ijarah or Murabaha, certificate
holders remain owners of the underlying asset that is leased to the beneficiary. So, whether
the Sukuk is structured on an equity basis, where Sukuk holder partner with the originator in
a brand new venture or an existing business, or on a debt basis, Sukuk holders are always and
certainly equity holders, not debtors
III. Islamic Real Estate Investment Trust

Malaysia became the world's first developer of an Islamic Real Estate Investment Trust in
August 2006, adhering to the Shariah standard. The Malaysia Securities Commission
published rules that facilitated the establishment of Islamic REITs. These recommendations
set a new global standard for the creation of Islamic REITs, highlighting Malaysia's essential
role in promoting the growth and development of the Islamic market in the International
Financial Community.

In Malaysia, a REIT works by pooling the capital of multiple investors to form a single
investment fund. After that, it owns, sells, or operates some type of income-generating
property in the real estate market. Simply described, it's a collective investment vehicle for
gathering funds and gaining access to better investment opportunities, but exclusively for real
estate. There are few categories of REITs for people able to invest such as in commercial,
retail, industrial, hospitality and healthcare depend on their property preferences.

REITs allow investors to diversify and invest their portfolios in listed real estate assets such
as those mentioned above. The owner of one REIT unit is simultaneously purchasing a piece
of a managed pool of real estate. This pool of real estate then generates money through
renting, leasing, and selling property and distributes it on a regular basis to the REIT. As a
result, an investor may get returns in the form of dividends or capital gains over the duration
of the asset ownership.

The distinction between conventional shares and i-REITs is that i-REIT investors possess
units in a trust and are investing in the trust's returns. Unlike conventional REITs, Islamic
REITs can only invest in real estate whose tenants engage in Shariah-compliant
operations. Islamic REIT property dealings are reviewed to ensure that income from tenants
engaged in unethical activities such as deals with alcohol, tobacco, gambling, and non-halal
food goods does not exceed 20% of total revenue or total turnover of the Islamic
REIT. Hence, there is an additional party in the structure of an Islamic REIT, and this is the
Shariah committee whose function is to provide advice on Shariah-related matters and to
ensure that the operations and activities of the Islamic REIT comply with Shariah principles.

The reason why i-REITs is one of the best instruments for investor to invest is because the
when people invest in a REIT, the risk of investing in a single property is spread out among a
pool of properties. REITs also enable individual investor to able afford investing in a large
asset with affordability price and it have a good liquidity which easily for investor to buy and
sell at any time during the day. REITs investor also able enjoy tax transparency, tax-
exemption treatment and a steady income which similar to dividend. However, the risks
linked with i-REITs should also need to be considered by investors such as returns are not
guaranteed, market fluctuation and change in interest rates.

In Bursa Malaysia, we can see company such as KLCC REIT, Al-'Aqar Healthcare REIT and
Axis REIT had been one of the top companies that involve in this instrument and also
consistent show a good performance in term of generate income or provide high dividend to
investors. For example, KLCC REIT reported generate a net profit of RM 70.33 million for
the fourth quarter ended Dec 31, 2021, its revenue increase 14.3% to RM348.17 million from
RM304.71 million and provide dividend of 6.83 cent for investors which can be assumed
high despite affected by pandemic covid 19. Meanwhile, Axis Reit’s net income also
increased 41% year of year, to RM200.36 million and also announced a second interim
income distribution per unit (DPU) of 2.4 cent, including a non-taxable portion of 0.51 cent
to investors.
IV. Exchange Traded Fund

Exchange Traded Fund

According to Securities Commission Malaysia’s Exchange-Traded Funds Guidelines,

Exchange Traded Fund (ETF) is defined as “a listed index-tracking fund structured as a unit
trust scheme or any other approved structures whose primary objective is to achieve the
returns that correspond to the performance of a particular index”. In other word, ETF is like
unit trust that listed and traded through stock exchange. Generally, the objective of ETF is to
recreate the performance of market index in two ways which are by full replication (investing
all) of strategic sampling (investing substantially all) in the securities.

An i-ETF tracks merely benchmark index with the Shariah-compliant companies like as in
the guidelines by the Shariah board of SC. It brings out the different with the conventional
ETF whereas it has no restriction benchmark index including from non-shariah compliant
stocks. The same goes to the management of i-ETF has to be aligned with the Shariah
principles and investment guidelines. The undertaking of i-ETF is governed by a Shariah
board and advisor like Shariah Advisory Council (SAC) by then would conduct Shariah-
compliant audits and reviews.

Furthermore, to be listed in securities as i-ETF, the fund must pass a comprehensive Shariah
screening in accordance to the methodology and guidelines as it specified by the Shariah
board, committee or advisor, the regulatory body and the fund itself. Shariah screening is
performed at the time of investment choice and then periodically during the investment
period to guarantee continued Shariah compliance. Any company moves such as mergers and
acquisitions, delisting, or bankruptcy are taken into consideration by the periodic Shariah
compliance monitoring. As a result, the i-ETF is periodically cleaned by detecting,
segregating, and distributing to charity any Shariah non-compliant revenue.
Bursa Malaysia has stated some reasons for investing in i-ETF. It benefits the investors to
enlarge and diversify their exposure which getting immediate exposure to the companies that
make up the monitored index by purch asing one unit of i-ETF. The management fee of i-
ETF is very minimal because of the passive management of the fund. As a result, the i-ETF is
a cost-effective long-term investment.

Likely stocks, i-ETF also listed in the main market on Bursa Malaysia and can be traded in a
single transaction by its current market price. Investors can simply do the transaction online
or through their stockbrokers. Other features within i-ETF is the transparency of the
information, investors can keep engaging and updated about the i-ETF like fund value and
manager report that can be acquired from the fund manager website.

Currently, six i-ETF that listed on Bursa Malaysia

1. MyETF Dow Jones Islamic Market Malaysia Titans 25 (MyETF-DJIM25)

2. MyETF Dow Jones US Titans 50 (MyETF-US50)

3. MyETF MSCI Malaysia Islamic Dividend (MyETF-MMID)

4. MyETF MSCI SEA Islamic Dividend (MyETF-MSEAD)

5. MyETF Thomson Reuters Asia Pacific ex-Japan Islamic Agribusiness (MyETF-

AGRI)

6. Trade Plus Shariah Gold Tracker (GOLDETF)

I. DERIVATIVES
 II. ISLAMIC SECURITIES/EQUITIES

A stock (also known as shares or equity) is a type of security that represents ownership in a
corporation and a claim on a portion of the company's assets and earnings. Furthermore,
stock markets based on Islamic principles are still in their infancy, with the majority of stock
exchanges in Muslim countries resembling Western-style markets that tolerate many practises
that violate Islamic principles.

Because of the limited focus on Islamic finance, there is a scarcity of literature on the roles
and principles of Islamically compliant stock markets. Furthermore, only a few stock
exchanges around the world, such as the Khartoum Stock Exchange (KSE) in Sudan, the
Kuala Lumpur Stock Exchange (KLSE) in Malaysia, and the Tehran Stock Exchange (TSE)
in Iran, accommodate Islamic Laws of stock trading.

Because Islam dictates every aspect of a believer's public and private interests, the shariah
has already established in principle guidelines for stock markets. It is the responsibility of
qualified jurists, as in other areas of Shariah, to extrapolate these principles, derive relevant
rulings based on them, and apply them to market-specific scenarios.

Shariah provides few guidelines for the nature of the company, which focuses primarily on
religious values and social well-being. At the outset, the company's main business must be
accepted (halal) according to Islamic principles. According to Islamic principles, it is not
permissible to acquire stocks of companies that are directly or indirectly related to riba or
interest. Companies that provide financial services on interest, such as interest-based banks,
insurance companies, finance, and leasing companies, and so on, are also prohibited.

According to the Shariah Advisory Council (SAC) of the Securities Commission Malaysia,
mixed types of companies are permitted by Shariah under the following conditions: the core
activities of the companies must be halal, and the haram elements must be minor in
comparison to the core activities; the public perception or image of the companies must be
positive; and the core activities of the companies must have a significant benefit to the
Muslim ummah (nation) and the country, and the haram elements must be minor
 CONCLUSION/SUMMARY

The emergence of Islamic Capital Market was in the late 1990s due to the market demand
and interest garnered from the investors for Shari’ah compliant investments. It was
introduced at a later stage of the Islamic banking and finance development as Islamic finance
gradually moves toward a much more sophisticated area with a wide range of complex
financial products.

Islamoc Capital Market (Placeholder1) has a very crucial role in the process of developing
and widening the scope of overall Islamic financial industry. The vehicle of Islamic finance
will not be able to run without the prevalence of the vibrant and resilient ICM in the system.
The very absolute abolishment of interest by Islamic doctrine in all forms of financing and
business dealings has confined Islamic banks, Takaful and other sectors largely to involve in
the Shari’ah compliant investment. In addition to that, ICM is of the top avenue to invest and
seek financing. Consequently, all Islamic financial institutions have to venture their deposits,
savings and surpluses in the Shari’ah compliant stock market ultimately.

On the other hand, during the recent financial crisis, the world witnessed the superiority of
Islamic shariah-based value-based principles in the banking sector. As a result, the stock
market under the same value-based system can be suggested as a good alternative to the
conventional stock market system for protecting investors' rights. The conventional market
efficiency theory disregards Islamic shariah rules and regulations for the stock market. While
exploring the fundamental Islamic principles of stock market investment, the paper revisits
Shariah norms as well as current practises of Islamic stock markets and indexes around the
world.
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