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Academic literature on the topic 'Stock exchanges (Islamic law)'

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Published: 4 June 2021

Last updated: 30 July 2024

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Journal articles on the topic "Stock exchanges (Islamic law)"

Alhajri, Thafar M., and Abdullah Alshebli. "The Development of the Stock Exchanges in Saudi Arabia, Kuwait and Qatar from a Legal Perspective." Journal of Law and Sustainable Development 11, no. 12 (December 6, 2023): e2379. http://dx.doi.org/10.55908/sdgs.v11i12.2379.

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Objective: The objective of the article is to trace the historical development of laws relating to trading in securities in countries whose legal system is based on Shariah law and Islamic law principles. Countries such as Saudi Arabia, Kuwait and Qatar base their legal systems on Shariah law but have had to develop their financial markets and stock exchanges in a way that attracts foreign investors and stimulates economic growth. This article sets out how the various legal systems have developed in response to differing circumstances in each country. Method: The authors used a study-analysis method in preparing this article. The article is styled as a historical research paper based on the extensive research and expert opinion of the authors. For the theoretical framework the authors used a comparative legal analysis of the laws enacted by different countries to highlight the different approaches taken in response to financial scandals and abuses. It will show that despite having a common legal framework based on Shariah law, each country has developed at its own pace and in response to its own circumstances. Result: The article highlights the different approaches taken by different countries when enacting laws regulating financial markets and stock exchanges, even though they are based on Shariah law and Islamic legal principles. The article highlights the value of Islamic Law in some instances but also shows that there is no one-size-fits-all approach that can be taken. This article addresses the problems associated with a lack of regulation of financial markets and rapid growth in economic activity in the GCC countries, and how lawmakers have responded to these challenges. Conclusion: The article is unique in its study of various modern laws enacted by countries that apply Sharia law. This article sets out how legal systems based on Shariah law can still develop efficient financial markets and stock exchanges but highlights how the lack of regulation can lead to abuse and financial scandals.

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Aqbar, Khaerul, Sulkifli Herman, and Muhammad Ichvan Mahmud. "Tinjauan Wakaf Saham dalam Perspektif Hukum Islam." BUSTANUL FUQAHA: Jurnal Bidang Hukum Islam 3, no. 1 (April 7, 2022): 100–130. http://dx.doi.org/10.36701/bustanul.v3i1.528.

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This study aims to determine the concept of stock waqf and its law in the view of Islamic law. This research uses descriptive qualitative research (non-statistical) by using library research method (library review) and using normative and juridical normative approaches. The research results found are as follows; first, stock waqf is the same waqf as other types of waqf, except that stock waqf is in the form of securities. Stock waqf has a similar concept to cash waqf. In this case, the waqif may waqf in the form of money and then nazir converts it in the form of stocks or the waqif can waqf directly the stocks he owns. The stocks waqf are stocks that comply with sharia principles. If the stocks to be donated are contrary to sharia, the stocks must first be sold or exchanged for halal stocks or stocks that comply with sharia principles; second, stock waqf is something new in waqf and has enormous benefits. When the stock waqf can really be managed properly, then it is able to improve the economy of Muslims. Therefore, stock waqf is permissible in the view of Islamic law.

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Khan, Muhammad Akram. "Commodity Exchange and Stock Exchange in Islamic Economy." American Journal of Islam and Society 5, no. 1 (September 1, 1988): 91–114. http://dx.doi.org/10.35632/ajis.v5i1.2882.

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IntroductionThe main objective of this paper is to review contemporary practicesin commodity, currency and corporate stock trading in the light of Islamiceconomic framework and to suggest bare outlines of the Islamic alternativesin these areas. Trade in commodities, currencies and stocks involves forwardand htures contracts. Arbitrage, hedging and speculation are also essentialelements of these markets. We shall try to examine these practices to determinetheir compatibility with the Islamic law. We shall also try to find out theexact point where they deviate from the Islamic framework and suggest somemechanism to perform the same economic function in the Islamic economy.Our main conclusions are summarized below:First, by and large the trade in spot and forward markets iscovered by the Islamic law.Second, futures trading is alien to the Islamic law as it involvestrading without actual transfer of the commodity or stock to thebuyer which is explicitly prohibited by the Prophet (SAAS).Third, speculation by itself is not unlawful in Islam but theIslamic economic framework does not allow professional speculatorsto thrive.Fourth, the Islamic condition of transfer of the commoditystock to the buyer is a mechanism to boost the real sector.Fifth, stability in the foreign exchange market can be achievedby cooperation of the international community. It would necessitateabolition of al riba and scrapping of trade restrictions over bordersbesides accepting money as a medium of exchange only, ratherthan a commodity.Sixth, to discourage negative effects of speculation, informationregarding commodities and corporations needs to be widely andfreely disseminated. No amount of restrictive regulations can ...

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Salim, Muhammad Agus, and Ahmad Rodoni. "Analisis Capital Structure dalam Keuangan Islam." JURNAL INDO-ISLAMIKA 7, no. 2 (February 26, 2020): 201–28. http://dx.doi.org/10.15408/idi.v7i2.14822.

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This paper studies the current development of the capital structure theory, to explore the connection between this theory and the Islamic finance, and to investigate the connection between the capital structure and the process of syari`ah (Islamic law) screening in three stock exchanges of syari`ah. Here, this article employs a qualitative approach by delving other scholars’ theories that have studied the capital structure of the Islamic finance. Next, this paper demontates an important finding; that is, limitation is necessary for the use of debt in a company that operates on the basis of Islamic principles. In this regard, as a debt has to have a favor for asset, the company, which operates on the basis of Islamic principles, is not to go beyond the real asset. The difference of the syari`ah screening model in those three stock exchanges is influenced by some crucial factors in the way the company decides its syari`ah screening model. They are, such as the difference of a social structure in a country, its modification of the monetary industry, and its variance of the school of thought adhered by some Muslim learned people.

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Apik Anitasari Intan Saputri. "Capital Market In Perspective Law Of Sharia Economy." Khuluqiyya: Jurnal Kajian Hukum dan Studi Islam 1, no. 1 (November 2, 2019): 1–19. http://dx.doi.org/10.56593/khuluqiyya.v1i1.19.

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Economic activity is currently experiencing a very rapid development, starting from the development of the market in such a way, penetrating in the field of capital markets which become the traffic of the world economy, connecting between capital owners (investors) and entrepreneurs. Capital markets are a promising investment, entrepreneurs also began to take part in the world of Islamic capital markets which are currently dominated by Islamic countries in the world. With the development of these economic activities, the legislation is not only a rule, but is able to make the implementation of the law directed, protect and make all stakeholders in the world of capital markets have knowledge of the market and how to run it properly without any violations or criminal act in the Capital Market. Legal reform and regulation on the capital market must continue to be enforced. The development of the Islamic capital market in Indonesia is still relatively slow, as a result of the lack of level of knowledge and understanding of market participants and investors, the limited availability of information on the sharia capital market, lack of human resources (professionals) who are experts in the field of Islamic finance, institutional patterns and institutions in the framework of supervision is still considered a "disincentive" by the perpetrators, Lack of "incentives" so that actors tend to issue conventional products, Limited sharia products that can be used as mutual fund portfolios (special constraints for Islamic mutual funds). In accordance with the MUI fatwa, the stock transaction is legalized as long as the company does not conduct a prohibited transaction, the issuer conducts business in accordance with sharia criteria and transactions are conducted at fair market prices. The fair market price of Islamic stocks must reflect the value of the actual conditions of the assets that are the basis for issuing securities in accordance with the regular, fair and efficient market mechanism and not engineered. Sharia capital market activities are some important institutions that are directly involved in supervision and trade activities, namely BAPEPAM, National Sariah Board (DSN), stock exchanges, securities companies, issuers, professions and capital market supporting institutions and other related parties. Especially for surveillance activities will be carried out jointly by BAPEPAM and DSN.

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Ahmad Syaripudin and M. Kasim. "Konsep Dasar Ijmak sebagai Sumber Hukum Islam." BUSTANUL FUQAHA: Jurnal Bidang Hukum Islam 1, no. 1 (April 24, 2020): 28–43. http://dx.doi.org/10.36701/bustanul.v1i1.125.

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This study aimed to describe the basic concept of consensus as source of Islamic law. The description of basic concept of consensus consists of: 1) definition of consensus; 2) status of consensus as a fundament of Islamic knowledge and law; 3) types of consensus; 4) examples of consensus in terms of classical and contemporary Islamic jurisprudence; and 5) law of refutation against consensus. The research applied a qualitative-descriptive approach with library research methods combined with content analysis of a number of books and related articles. The results show that: 1) consensus is an agreement of scholars of mujtahid among the people of Prophet Muhammad saw. on an shari issue that is not obviously found in the Koran and hadis in the period after the Prophet which has specific pillars and conditions; 2) of consensus in its position as a source of knowledge and Islamic law is in the third row after the Koran and hadis; 3) types of consensus include ṣarīh consensus and sukūtī consensus, and some divides it into qat’i consensus and dzanni consensus; 4) some examples of consensus: a) forms of classical Islamic jurisprudence consensus: the agreement of the scholars regarding the prohibition of marrying grandmother and granddaughter, that grandson and son are in one position in terms of inheritance division, that inheritance portion for grandmother is one sixth if there is no mother, and consensus of the companions to codify the Koran owing to benefits that appeared during the caliphate of Abu Bakr al-Shiddiq ra. b) Forms of contemporary Islamic jurisprudence: validity of human organ transplants, brain death, animal and human cloning, joint-stock companies, stock exchanges, globalization, and compliance with international institutions, regulations and laws such as world education organizations and world trade organizations; and 5) law of those who refute consensus in absolute manner (totality) are considered disbelievers.

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Muflikha, Itsna Nur, Sya'roni Sya'roni, Abdualhmeed Alqahoom, and Setya Pramana. "The Investment of Sharia Shares in Indonesia Stock Exchange Representative in Sharia Law Economic Perspective." Demak Universal Journal of Islam and Sharia 1, no. 01 (February 14, 2023): 27–36. http://dx.doi.org/10.61455/deujis.v1i01.25.

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Investment and the sale and purchase of shares are still considered speculative activity and is prohibited by religion because it is the same as gambling for ordinary people. To straighten this out, this study aims to analyze how Islamic stock investment in the Indonesia Stock Exchange from the perspective of Islamic economic law. The research method used is normative juridical with a qualitative approach. This research draws research sources from interviews with several investors and Sharia economic law experts, then documents of laws and regulations, and literature studies related to research. The results show that investing and buying and selling of shares is halal and justified in the teachings of Islam, both Al-Qur'an, the Prophet's Hadith, Kaidah Fiqh, Ijma 'ulama, and the opinions of scholars. Then, from the perspective of Sharia economic law, buying and selling or investing in shares for investment purposes is permitted, because buying and selling with underlying stocks is halal, even recommended because it fulfils investment and asset development of one of the maqasid sharia (Hifdzul maal). In addition, stock transactions from the perspective of Sharia economic law are assessed from the use of the contract. It is known that the contract used is Bai 'Al-Musawamah and the transaction refers to musyarakah or syirkah.

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Wahyudi, Muhammad, Dea Fani, and Indah Pratiwi. "PERSPEKTIF HUKUM EKONOMI SYARIAH DALAM INVESTASI SAHAM SYARIAH DI BURSA EFEK INDONESIA." Jurnal At-Tabayyun 4, no. 2 (December 31, 2021): 87–101. http://dx.doi.org/10.62214/jat.v4i2.69.

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Investment and The sale and purchase of shares are still considered a speculative activity and is prohibited by religion because it is the same as gambling for ordinary people . To straighten this out , this study aims to analyze how Islamic stock investment in the Indonesia Stock Exchange from the perspective of Islamic economic law . The research method used is normative juridical with a qualitative approach . This research draws research sources from interviews with several investors and sharia economic law experts , then documents of laws and regulations , and literature studies related to research . The results show that investing and buying and selling of shares is halal and justified in the teachings of Islam , both Al - Qur'an , the Prophet's Hadith , Kaidah Fiqh , Ijma ' ulama , and the opinions of scholars . Then , from the perspective of sharia economic law , buying and selling or investing in shares for investment purposes is permitted , because buying and selling with underlying stocks is halal , even recommended because it fulfills investment and asset development of one of the maqasid sharia ( Hifdzul maal ) . In addition , stock transactions from the perspective of sharia economic law are assessed from the use of the contract . It is known that the contract used is Bai ' Al - Musawamah and the transaction refers to musyarakah or syirkah

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Pajrianor, Muhammad, Parman Komarudin, and Umi Hani. "Analisis Praktik Trading Saham Syariah Dalam Perspektif Hukum Ekonomi Syariah Studi Kasus IDX Kalimantan Selatan." Jurnal Penegakan Hukum Indonesia 3, no. 3 (December 19, 2022): 319–35. http://dx.doi.org/10.51749/jphi.v3i3.86.

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This study aims to analyze the practice of Islamic stock trading in the perspective of Islamic economic law, the case study of the Indonesia Stock Exchange (IDX) in South Kalimantan. Using a qualitative research method with a field research approach, the author goes directly to the field to conduct observations and interviews related to the Islamic stock trading system at Indonesia Stock Exchange (IDX) South Kalimantan. The object of this research is Sharia Stock Trading Practice. The results of this study are that the mechanism for trading in Indonesian sharia shares uses Sharia Online Trading System (SOTS), namely the omission of the Margin Trading and Short Selling features and the shares traded may only be shares included in the Sharia Securities flat. Even though using the Sharia Online Trading System (SOTS) system, it turns out that several transaction activities that are prohibited by Fatwa of the National Sharia Council of the Indonesian Ulema Council include fake demand/supply, pump and dump, cornering, heading behavior and fear of missing out. In the perspective of sharia economic law, the practice of trading sharia shares in a trading mechanism has been declared to be in accordance with the findings of several prohibited practices, which can make the practice of trading sharia shares inconsistent with the principles of sharia economic law.

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Bima Pangestu. "Tinjauan Hukum Islam Terhadap Terjadinya Fluktuasi Harga Saham dan Pengaruh Pada Perusahaan Perbankan." Istidlal: Jurnal Ekonomi dan Hukum Islam 5, no. 2 (November 16, 2021): 152–59. http://dx.doi.org/10.35316/istidlal.v5i2.311.

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Islam recommended that all people work and earn a living to meet the needs of themselves and their families. Working for a living in Islam was likened to or equated with people who jihad in the way of Allah. Sharia law strongly recommends investing in halal profit. One form of investment was the sale and purchase of shares, which was a form of cooperation with other parties to obtain profits. Stocks were commodities or assets that can be traded on the stock exchange. Buying and selling shares was nothing new in this country. Transactions such as the stock exchange were regulated and the system was well organized. Buying and selling shares were one of the various types of trading transactions. Buying and selling in an Islamic economy was a business activity that can be seen in many ways, such as fiqh mu'amalah (Islamic economic law). Buying and selling securities showed that someone had ownership of the assets of a company was certainly allowed as long as it is following sharia principles, excluding elements of maysir and so on.

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Dissertations / Theses on the topic "Stock exchanges (Islamic law)"

Gheeraert, Laurent. "Financial systems: essays on the cultural determinants and the relevance for economic development." Doctoral thesis, Universite Libre de Bruxelles, 2009. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210212.

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The thesis analyzes macro-economic determinants and roles of financial sector development.

The literature argues that the size and efficiency of both banking systems and financial markets - the two major components of a financial system - matter for economic development. In the same vein, the quality of financial institutions and regulations are instrumental in the construction of a strong financial system.

We study several aspects of financial sector development in relation to three recent phenomena, namely, the rise of Islamic banking and finance, the increasing interest for emerging stock markets, and the growing remittance flows.

This thesis is made up of three essays.

The first essay extends the literature on the determinants of financial sector development, from the angle of culture. We show that, on average, Islamic finance favors the development of the banking sector in Muslim countries. We provide evidence that several countries have indeed been successful in launching a new, Shariah-compliant, banking system, while not harming the existing, conventional, banking sector. Our empirical analysis uses a newly-constructed original database on the size and performance of Islamic deposit banks globally over the period 2000 to 2005.

The second essay focuses on stock markets, in particular, the less-studied emerging equity markets. We confirm traditional literature findings on unconditional stock returns, over a panel of 53 Major and Frontier markets. Mainly, volatility is high, big surprises happen, and return correlations with the rest of the world are low but have been rising over the last decades. In spite of large differences in market size and liquidity, Frontier market returns are qualitatively similar to Major markets', except correlations, which are lower in Frontier markets. At current correlation levels, the latter continue to bring substantial diversification benefits to international investors.

The last essay examines the relationship between remittances and economic growth. It confirms that remittances are important for developing countries as they stimulate domestic investment. It then demonstrates, theoretically and empirically, that improving the access to bank deposit accounts is crucial to channel remittances to more productive uses. This is even more true when the access to international borrowing is costly.

The 2008-2009 financial crisis has propelled the improvement of financial systems to the top of policymakers' agendas. Our work contributes to a better understanding of the importance of finance in economic outcomes. It also brings a novel perspective on the determinants of financial systems./

Notre thèse a pour objet l'étude des déterminants et des rôles macro-économiques des secteurs financiers dans le monde.

Selon la littérature scientifique, la taille et l'efficacité des systèmes bancaires et des marchés financiers - les deux composantes principales d'un système financier - sont importantes pour le développement économique. Il apparaît également que la qualité des institutions et des régulations financières contribuent à la création d'un système financier fort.

Au travers de trois essais, nous examinons plusieurs aspects du développement du secteur financier, qui sont en relation avec trois phénomènes récents; à savoir: la croissance de la finance islamique, l'intérêt grandissant pour les marchés boursiers émergents, et l'augmentation des flux de transferts de fonds des migrants.

Dans le premier essai, nous nous intéressons aux facteurs culturels comme déterminants des secteurs financiers et, en particulier, au rôle de la religion musulmane. Nous montrons que, en moyenne, la finance islamique favorise le développement du secteur bancaire dans les pays musulmans. Plusieurs pays ont en effet réussi à développer un nouveau secteur bancaire compatible avec la Shariah, sans porter ombrage au secteur bancaire non islamique avec lequel il co-existe. Notre analyse empirique est fondée sur une base de données nouvelle et originale. Celle-ci a pour intérêt de fournir des indicateurs de taille et de performance des banques islamiques de dépôt dans le monde, pour la période 2000-2005.

Dans le deuxième essai, nous explorons les rendements inconditionnels obtenus sur les marchés boursiers, en particulier les marchés émergents d'actions. Notre analyse d'un large panel de 53 marchés émergents "Majeurs" et "Frontières" confirme les résultats traditionnellement observés dans la littérature. Ainsi, pour l'essentiel, les deux types de marchés sont volatils et émaillés d'événements extrêmes. De plus, les rendements des marchés émergents sont faiblements corrélés avec ceux du reste du monde, même si ces corrélations ont augmenté au cours des derniers décennies. Malgré d'importantes différences en terme de taille et de liquidité, les rendements sur marchés "Frontières" sont qualitativement similaires à ceux des marchés "Majeurs", à l'exception des corrélations. Ces dernières sont en effet actuellement plus faibles dans les marchés "Frontières", qui continuent dès lors à offrir d'importants bénéfices de diversification aux investisseurs internationaux.

Dans le dernier essai, nous examinons la relation entre les transferts d'argent des migrants et la croissance économique. Nous confirmons l'idée que les transferts de fonds des migrants sont importants pour les pays en voie de développement. Mais surtout, nous démontrons, de manière théorique et empirique, qu'il est crucial de faciliter dans ces pays l'accès aux comptes de dépôt bancaires, afin de transformer une plus grande part des transferts des migrants en investissements productifs. Ceci est d'autant plus vrai quand l'accès aux autres sources de capitaux internationaux est coûteux.

En conclusion, la crise financière de 2008-2009 a fait de l'amélioration des systèmes financiers la priorité de nombreuses politiques économiques. Dans cette perspective, notre travail apporte une contribution à une compréhension plus fine de l'importance de la finance pour l'économie, ainsi qu'une vision novatrice des déterminants des systèmes financiers.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

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Olkkonen, Sanna. "The Law of One Price : Evidence from Three European Stock Exchanges." Thesis, Linköping University, Department of Management and Engineering, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-53114.

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For the last decades the Efficient Market Hypothesis (EMH) has had a vital role in the financial theory. According to the theory assets, independent of geographic location, always are correctly priced due to the notion of information efficiency across financial markets. A consequence of EMH is the Law of One Price, hereafter simply the Law, which is the main concept of this thesis. The Law extends the analysis by stating that in a perfectly integrated and competitive market crosstraded assets should trade for the same common-currency price in every country. This becomes a fact due to the presence of arbitrageurs’ continuous vigilance in the financial markets, where any case of mispricing is acted upon in a matter of seconds by buying the cheaper asset and selling it where the price is higher in order to make a profit from the price gap.

Past research reveals that mispricing on cross-traded assets does exist, indicating that there exists evidence of violations of the Law on financial markets. However, in the real world most likely only a few cases of mispricing equal arbitrage opportunities due to the fact that worldwide financial markets are not characterized by the perfect conditions required by Law. Consequently, it is of relevance to include factors that may have an impact on mispricing when implementing a validation test of the Law on cross-traded assets, as these may as well eliminate the assumed arbitrage opportunities.

In this study the author implements a validation test of the Law by examining the degree of mispricing on 19 cross-traded assets in three European stock exchanges. Consequently, from the prevalent theoretical point of view, the author maps and analyzes the possible impact of market imperfections on the detected mispricings.

The major finding of this study is that mispricing does exist to significant degree on the considered markets. However, by examining the possible impact of market imperfections, the author cannot disregard the fact that these may explain a considerable part of the detected price discrepancies. The final conclusion of this study is that the main focus when discussing mispricing should revolve round analyzing its underlying causes, rather than resting on tenacious financial theories, in order to be able to draw more comprehensive and fair conclusions about mispricing on cross-traded assets.

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Luff, John Alfred. "A critical review of the present securities & futures compensation arrangements in Hong Kong." Thesis, View the Table of Contents & Abstract, 1991. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13028388.

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Ko, Sai-hong, and 高世康. "An analysis of the legal framework relating to the securities and futures sector of the Hong Kong SAR: a devicefor protecting market participants." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B43894082.

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Ibnrubbian, Abdullah K. "Effect of regulation, Islamic law and noise traders on the Saudi stock market." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/6546.

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Saudi stock market (SSM) has witnessed various market regulations and transformations taking place over the past decade. However, the impact of these reforms on market efficiency has not been addressed in the literature. Furthermore, idiosyncratic features of the market can play an important role on the market performance, yet these features have not been fully investigated. The aim of this thesis is to tackle these issues by empirically examining the market efficiency hypothesis and volatility behaviour of the Saudi stock market. Specifically, in order to better understand the relationship between stock returns and prohibition of interest (riba), both conditional and unconditional volatilities are investigated in the context of Islamic law and herd behaviour of noise traders. In Chapter 2 the efficient market hypothesis is tested on the basis of various market efficiency models. Results of both parametric and non-parametric tests reveal that despite the evidence of improved efficiency in the Saudi stock market the weak form of efficient market hypothesis theory is still generally rejected. Chapter 3 considers two types of the generalised autoregressive conditional heteroscedasticity (GARCH) model, a univariate and multivariate GARCH. Specifically, the univariate GARCH model is used to test the seasonality effect of the Ramadan month on each of the five stock market sectors. The multivariate GARCH is used instead to investigate the effect of interest (riba) prohibition in Islam on the volatility of the Saudi stock market. A distinction is made between stocks that are in agreement with Islamic Sharia’a law and interest paying stocks that are not allowed to devoted Muslim investors. The result demonstrates that the Islamic compliant sectors are more volatile than non-Islamic compliant ones. Further, Ramadan seasonality is more significant for non-Islamic compliant stocks. Chapter 4 investigates market inefficiency by considering two anomalies: investors’ herd behaviour and structural breaks in the Saudi stock market. The herd behaviour is investigated by estimating a nonlinear asymmetric cross-sectional absolute deviation model, whereas structural shifts are modelled by estimating a Markov regime switching model. The volatility models considered confirm that both Islamic law and immature behaviour of investors are important factors that contribute to informational imperfectness in the Saudi stock market.

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Muroyiwa, Brian. "Identifying the interdependence between South Africa's monetary policy and the stock market." Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1002716.

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This study estimates the interdependence between South Africa‟s monetary policy and stock market performance, utilising structural vector autoregression (SVAR) methodology. The study finds that a stock price shock which decrease stock prices by 100 basis points leads to 5 basis points decrease in interbank rate. A monetary policy shock that increases the interbank rate by l percent leads to decrease in real stock prices by 1 percent. This result for South Africa is similar to the result by Bjornland and Leteimo (2009) which earlier concluded that there was a high interdependence between interest rate setting and stock prices. However the magnitude of the relationship is relatively lower for South Africa compared to that of the United States of America (USA). The result of the current study is also very much consistent with the argument that the South African stock market is resource-based and so is influenced by external shocks, meaning monetary policy shock does not have as much impact on stock market in South Africa as in the USA. However the SARB may have to consider watching movements in stock prices so that booms in stock markets do not defeat central bank monetary policy thrusts. The stock price market is an essential source of information for monetary policy in South Africa.

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Alhomaidi, Asem. "Social norms and stock trading." ScholarWorks@UNO, 2017. http://scholarworks.uno.edu/td/2373.

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The dissertation consists of two essays. In the first essay we compare the performance of Islamic and conventional stock returns in Saudi Arabia in order to determine whether the Saudi market exhibits characteristics that are consistent with segmented markets and investor recognition effects. We sample the daily stock returns of all Saudi firms from September 2002 to 2015 and calculate important measures, including idiosyncratic volatility (Ang et al, 2006), market integration (Pukthuanthong and Roll, 2009), systematic turnover (Loughran and Schultz, 2005), and stock turnover and liquidity (Amihud, 2002). Integration tests report that Islamic stocks are more sensitive to changes in global and local macroeconomic variables than conventional stocks, supporting the hypothesis that the Islamic and conventional stock markets are segmented in Saudi Arabia. In addition, our results show that Islamic stocks have larger number of investors, lower idiosyncratic risk, higher systematic turnover, and more liquid than conventional stocks, which supports the investor recognition hypothesis. Our results provide new evidence on asset pricing in emerging markets, the evolving Islamic financial markets, and the potential impact of other implicit market barriers on global financial markets. In the second essay we examine the effects of shared beliefs and personal preferences of individual investors on their trading and investment decisions. We anticipate that the process of classifying stocks into Shariah compliant (Islamic) and non-shariah compliant (conventional) has an effect on investibility and acceptance of the stock especially by unsophisticated or individual investors. The wide acceptance of Islamic stocks between individual investors promote and facilitate the circulation of firm-specific information between certain groups of investors. Our results indicate that stock classification has an effect on the stock price comovement through increased stock trading correlation between the groups of Islamic investors. The commonality in preferences between Islamic stocks’ holders generate commonality in trading activity and in stock liquidity. We find that classifying a stock as an Islamic stock increases its price comovement with other Islamic stocks and also increases its commonality in liquidity.

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BRANDI, JAY THOMAS. "STATE SUBSTANTIVE SECURITIES REGULATION: AN EMPIRICAL INVESTIGATION OF EFFICIENCY AT THREE LEVELS OF STRINGENCY (INVESTMENT, RETURNS, RISK)." Diss., The University of Arizona, 1985. http://hdl.handle.net/10150/187973.

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Theoreticians and practitioners consider regulation of the capital marketplace to be an important area of concern due to the potential effects of such regulation on capital resource allocation, investment decision-making, and market efficiency. It is hypothesized that if the level of issue quality required by a state prior to public sale supplies investor benefits, such benefits should take the form of excess returns and/or less variation in return in relation to issues complying with lower standards of quality. The study utilizes an Analysis of Variance and, an analysis of average and cumulative average residuals. Both investigations provide findings that merit regulation is beneficial to new investors increased market efficiency.

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Papadima, Raluca. "La convergence en matière de droit applicable aux sociétés cotées de l’Union européenne : qui s'assemble se ressemble." Thesis, Paris 2, 2017. http://www.theses.fr/2017PA020038.

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Les sociétés cotées constituent un monde à part. Il existe environ 5 000 sociétés cotées sur les marchés réglementés des bourses de l’UE. Même si elles représentent moins de 1 % des entreprises européennes, leur capitalisation boursière s’élève à plus de 70 % du PIB. Parce que ces sociétés ont une importance systémique pour l’économie, la compréhension de leur régime juridique s’avère cruciale. Nous traçons d’abord les contours du droit qui leur est applicable, en partant du niveau supranational parce que le droit européen est la plus importante source à la fois de convergence et de divergence. Cette approche nous permet de discuter si le niveau supranational devrait s’investir de nouveaux secteurs ou pousser l’harmonisation dans ceux déjà réglementés et de faire des prédictions quant à la direction probable ou souhaitable des réglementations. Nous analysons ensuite la causalité de la convergence, ce qui fait ressortir trois types de convergence : imposée, par pression et par rapprochement des circonstances factuelles dans lesquelles les sociétés cotées de l’UE exercent leurs activités. Nous concluons qu’il existe à présent une convergence en matière de droit applicable aux sociétés cotées de l’UE en dépit d’une harmonisation seulement partielle opérée au niveau supranational et que cette convergence s’approfondira sous l’impulsion des forces et des facteurs qui en servent de cause. Cette conclusion appuie la systématisation future des droits nationaux en fonction d’une nouvelle summa divisio entre sociétés cotées et sociétés non cotées
Listed companies are a world apart. There are approximately 5 000 companies listed on the regulated markets of the EU stock exchanges. Although they represent less than 1 % of the European businesses, their market capitalization amounts to more than 70 % of GDP. Because they have a systemic importance for the economy, the comprehension of their legal regime is crucial. We first establish the boundaries of the applicable law, starting from the supranational level because EU law represents the most important source of both convergence and divergence. This method allows us to establish if the supranational level should extend to new areas of regulation or push for further the harmonization in the areas already regulated and to make predictions regarding the probable or desirable future directions of the regulations. We then analyze the causality of convergence, which shows three main types of convergence : imposed, by pressure and by approximation of the factual circumstances of the environment in which EU listed companies operate. We conclude that presently there is a convergence of national regulations applicable to EU listed companies despite only partial harmonization at the supranational level and that this convergence will deepen as a result of its forces and factors of causality. This conclusion reinforces the arguments for a reorganization of national laws based on a new summa divisio between listed companies and non-listed companies

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Vignon-Belliard, Anne. "L'apport du droit pénal à la moralisation du marché boursier." Thesis, Paris 2, 2011. http://www.theses.fr/2011PA020034.

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Dans les matières dites techniques, auxquelles se rattachent les règles d'organisation et de fonctionnement du marché boursier, le droit pénal est utilisé comme une discipline accessoire, garantissant l'efficacité de ces réglementations. Cette approche emporte une déformation du droit pénal de fond et un recul de la protection normalement garantie par celui-ci, essentiellement par des atteintes au principe de la légalité criminelle et une instrumentalisation du mécanisme de la responsabilité pénale. Il en résulte que l'apport du droit pénal à la moralisation du marché boursier est limité aux exigences du procès équitable, l'assimilation des sanctions pécuniaires administratives à des peines ayant emporté leur soumission aux principes généraux qui gouvernent la matière pénale. Pourtant, quel que soit le champ de son intervention, le droit pénal demeure porteur de valeurs morales fondamentales. Il ne peut d'ailleurs contribuer à moraliser le marché boursier que dans la mesure où il est normatif. Le recours à la sanction pénale doit dès lors être limité à la répression de la ruse, matérialisée par la création ou l'exploitation d'une situation de déséquilibre entre les individus. Le droit pénal ne doit plus être au service de la régulation des marchés, mais voir son efficacité garantie par celle-ci. Loin d'être étrangère aux préoccupations de concurrence inhérentes au fonctionnement des marchés, cette approche contribuerait à la conciliation de la morale et de l'économie sur ceux-ci
In so-called technical subjects which relate to the rules of organisation and operation of the stock market, criminal law is used as an ancillary discipline, ensuring the effectiveness of these regulations. This approach leads to a distortion at the core of criminal law and adecline in the protection which is normally guaranteed by, essentially, violations of the principle of criminal law and a manipulation of the mechanism of criminal responsibility. As a result, the contribution of criminal law to the morality of the stock market is limited to therequirements of fair trial, the balance between administrative sanctions and penalties that have been achieved through abiding to the general principles that govern the criminal.Yet regardless of the scope of its intervention, the criminal law remains with its fundamentalmoral values. It can only contribute to the morality of the stock market by being normative.The use of the criminal sanctions must therefore be limited to the suppression of the ruse, aswitnessed by the creation or operation of a situation of imbalance between individuals. The criminal law should no longer be at the service of the regulation of markets, but see its efficiency guaranteed by it. Far from being foreign to the concerns of competition inherent tothe key components of the markets, this approach would lead to the reconciliation of morality and the economy of the markets themselves

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Books on the topic "Stock exchanges (Islamic law)"

Qarrī, Muḥammad ibn ʻAlī. Ṣukūk al-tamwīl al-Islāmīyah. al-Riyāḍ: Dār al-Maymān lil-Nashr wa-al-Tawzīʻ, 2019.

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Allāh, Sayyid Ḥasan ʻAbd. al-Aswāq al-mālīyah wa-al-būrṣāt min al-manẓūr al-sharʻī wa-al-qānūnī. Miṣr: Dār al-Kutub al-Qānūnīyah, 2010.

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Duʻmah, Ibrāhīm Murād. تجارة الأسهم والعملات في الميزان. ʻAmmān: Dār al-Nafāʼis lil-Nashr wa-al-Tawzīʻ, 2008.

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al-Tawwāb, Muḥammad Ḥilmī ʻAbd. al-Uṭur al-sharʻīyah wa-al-fannīyah li-būrṣat al-awrāq al-mālīyah wa-ālīyāt al-raqābah al-qānūnīyah ʻalayhā. Madīnat Naṣr, al-Qāhirah: Dār al-Fikr al-ʻArabī, 2012.

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ʻAbd Allāh ibn Muḥammad ibn Ḥamad Razīn. سوق المال. al-Riyāḍ: al-Mamlakah al-ʻArabīyah al-Saʻūdīyah, Wizārat al-Taʻlīm al-ʻĀlī, Jāmiʻat al-Imām ibn Saʻūd al-Islāmīyah, ʻImādat al-Baḥth al-ʻIlmī, 2006.

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Islamic Research and Training Institute and Islamic Development Bank, eds. Athar duyūn wa nuqūd al-sharikah aw al-miḥfaẓah ʻalā́ tadāwul al-as-hum wa-al-ṣukūk wa-al-waḥadāt al-istithmāriyah: Al-mushkilah wa-al-ḥulūl; dirāsah fiqhiyah. Jeddah: al-Maʻhad al-Islāmī lil-Buḥūth wa-al-Tadrīb, 2003.

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Muḥammad al-Amīn wuld ʻĀlī al-Ghalāwī Shinqīṭī. al-Ijtihād wa-taṭbīqātuhu al-muʻāṣirah fī majāl al-aswāq al-mālīyah. Bayrūt, Lubnān: Dār Ibn Ḥazm, 2008.

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Fayyāḍ, ʻAṭīyah. Sūq al-awrāq al-mālīyah fī mīzān al-fiqh al-Islāmī: Dirāsah muqāranah bayna al-fiqh al-Islāmī wa-al-qānūn al-waḍʻī. al-Qāhirah: Dār al-Nashr lil-Jāmiʻāt, 1998.

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Qarrī, Muḥammad ibn ʻAlī. Buḥūth fī al-tamwīl al-Islāmī. al-Riyāḍ: Dār al-Mīmān lil-Nashr wa-al-Tawzīʻ, 2020.

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Ḥusām al-Dīn Khalīl Faraj Muḥammad. al-Ṣukūk al-istithmārīyah wa-aḥkāmahā fī al-fiqh al-Islāmī: Dirāsah taʼṣīlīyah. Bayrūt: Maktabat Ḥasan al-ʻAṣrīyah, 2018.

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Book chapters on the topic "Stock exchanges (Islamic law)"

Alshebli, Abdullah. "Stock Exchanges." In Comparative Securities Law, 49–64. London: Routledge, 2022. http://dx.doi.org/10.4324/9781003301875-5.

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Mallat, Chibli. "Insolvency, Banking, the Stock Market." In The Normalization of Saudi Law, 295—C13.P142. Oxford University PressNew York, 2022. http://dx.doi.org/10.1093/oso/9780190092757.003.0013.

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Abstract Normalization through statutes drives the three business fields that the chapter focuses on: insolvency/bankruptcy, banking, and the stock market. I‘sar (indigence) and iflas (bankruptcy) are discussed in the context of statutory arrangements from the LCC of 1931 through to the Law of bankruptcy of 2018, which reorganized the field in a comprehensive manner. In banking, the issue of interest and its application in daily transactions and in court disputes is clarified, together with the limits on Islamic banking in the Kingdom. Tadawul, the stock exchange established in 2007, is then presented and discussed in light of an important set of cases decided by the Committee for the resolution of securities disputes (CRSD) and its appellate committee (ACRSD).

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Sean M, Schneider. "Part III UK Derivatives, Money, and Debt Markets, 9 London Stock Exchange: Regulation of the Main Market and Alternative Investment Market (AIM)." In Financial Markets and Exchanges Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0009.

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This chapter focuses on the London Stock Exchange (LSE), which took its origins from the early days of trading in London's coffee houses. It talks about John Castaing, who began issuing a list of stock and commodity prices called “The Course of the Exchange and other things” in 1698 at Jonathan's Coffee House. It also mentions that trading occurred on an informal and unregulated basis until the aftermath of the South Sea Bubble, in which afterwards a new “Stock Exchange” was established in 1773. This chapter talks about the Financial Services and Markets Act 2000 (FSMA) that includes the bulk of the UK's current regulatory framework, the statutory basis for the regulation of the LSE. It points out the exemption of investment exchanges, such as the LSE, from the “General Prohibition” on the undertaking of financial services activities when they are subject to a recognition order by the Financial Conduct Authority (FCA).

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Peter, Casey. "Part VII International Securities, Including Markets and Clearing Systems, 24 Islamic Capital Markets." In Financial Markets and Exchanges Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0024.

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This chapter focuses on Islamic finance, which refers to financial activities conducted through a variety of financial contracts that comply with Shar?ah rules and principles as derived from primary and secondary sources. It explains the primary sources are the Quran, the Holy Book of the Muslims, and the Sunnah, the way of life prescribed as normative in Islam. It also mentions the secondary sources, which refer to the conclusions of legal reasoning by approved techniques and competent scholars. This chapter discusses modern Islamic finance, which can be seen as a product of the end of the colonial era. It notes that the first Islamic bank, a savings association, was established in Egypt in 1961 and the first modern commercial Islamic bank, Dubai Islamic Bank, was established in the United Arab Emirates in 1975.

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Cally, Jordan. "Part IV Market Institutions And International Capital Markets, 11 Stock Exchanges—An Endangered Species." In International Capital Markets, edited by Golden Jeffrey. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198849001.003.0011.

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This chapter explores stock exchanges, which are the most visible and vocal among capital market institutions. Despite the waves of demutualization and consolidation, exchanges remain idiosyncratic institutions. Even where similar structural reorganizations have occurred, the underlying factors prompting such moves, and potentially the on-going operations of the exchanges, are often quite different. As capital markets grew in importance, the role of exchanges extended beyond that of a trading venue. The modern exchange also serves political masters, acting as a national symbol in some cases, and thus eliciting regulatory responses not based on market considerations alone. More importantly, exchanges are imbued, implicitly or explicitly, with a ‘public interest’ due to their impact on the related issues of economic growth, systemic financial stability, and investor protection. The chapter then considers high frequency trading, which drove institutional investors off the exchanges and into the ‘dark pools’, creating concerns over exchange liquidity, transparency, and price-discovery.

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Cally, Jordan. "Part III Beyond the Transatlantic Corridor, 8 China and Hong Kong—Competition and Symbiosis." In International Capital Markets, edited by Golden Jeffrey. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198849001.003.0008.

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This chapter assesses Chinese capital markets. The starting point of modern Chinese capital markets can be identified as 1978, but momentum only gradually developed in the 1990s with the reintroduction of stock exchanges and the adoption of, first, companies legislation and then a securities act. As capital markets institutions and practices appeared in China, regulatory frameworks, imported primarily from the United States, the United Kingdom, and Hong Kong, arose around them. One of the secret ingredients to the dynamism of Chinese capital markets has been Hong Kong. Rather than an all-out competitive model, symbiosis marks the relationship between the mainland Chinese exchanges and HKEx. Indeed, there are continued endeavours to encourage integration between the Shenzhen Stock Exchange (SZSE), the Shanghai Stock Exchange (SSE), and HKEx.

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Philip, Treleaven, and Sfeir-Tait Sally. "Part V New Financial Technology in Financial Markets and Infrastructure, 15 Impact on Regulation of Financial Markets." In Financial Markets and Exchanges Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0015.

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This chapter considers the impact of fintech and regtech from a macro perspective. It demonstrates the depth of the changes and importance to consider in all the elements that are converging to create a new reality and a new economy. It also adopts the meaning of the term “fintech” as published by the Bank of International Settlements and the Financial Stability Board, which means “technology—enabled innovation in financial services”. This chapter describes the impact of fintech on financial services regulation. It provides a macro analysis on fintech solutions that are tested or implemented in financial services as they are directly applicable to stock markets and exchanges.

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"Part I Financial Markets, 1 Financial Markets and Exchanges." In Financial Markets and Exchanges Law, edited by Walker George. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0001.

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This chapter considers the development and nature of markets and exchanges, including their origin, evolution, expansion, structure, and function of markets and exchanges. It analyses the content and operation of financial markets and instruments, the relationship between capital and stock markets, and other financial markets. It also examines the structural and operational issues of the nature and function of markets and exchanges. This chapter reviews the nature and impact of Financial Technology (FinTech) and Regulatory Technology (RegTech). It refers to the general nature and impact of the global financial crisis and recent Coronavirus crisis, as well the shape and structure of the new international, regional, and national responses.

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Bob, Penn, and Pascal Nadia. "Part II UK Securities Markets, 7 Multilateral Trading Facilities (MTFs) and Organized Trading Facilities (OTFs)." In Financial Markets and Exchanges Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0007.

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This chapter examines the recent growth in the volume and variety of market infrastructure provision. It sets out the legal and regulatory framework governing the operation of multilateral trading facilities (MTFs) and organised trading venues (OTFs) in Europe and the UK. It chapter highlights how information technology has fundamentally changed the way in which trading in financial instruments occurs in the UK. This chapter points out that almost all exchanges, clearers, and other providers of market infrastructure services have moved to an electronic basis for their activities since the introduction of electronic trading by the London Stock Exchange in 1986. It highlights the opportunities that have arisen for the commercial provision of niche infrastructure services to support trading as technology changed the way in which markets are organised and participants execute trades.

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Tontini, Roberta. "Tianfang Sanzijing: Exchanges and Changes in China’s Reception of Islamic Law." In Islamic Thought in China. Edinburgh University Press, 2016. http://dx.doi.org/10.3366/edinburgh/9781474402279.003.0003.

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This chapter examines the implications of the legal discourse set forth by a Chinese primer for Muslims, the Tianfang Sanzijing (Three Character Classic of Islam), regarding notions of Islamic “legitimacy” and “orthodoxy.” Credited to the author of the Tianfang Dianli, Liu Zhi (1662-ca. 1736), and animated by that book’s purpose of reconciling Islamic law with the legal culture of the Qing, Liu’s concise primer on the main tenets of Islam spoke to a broader audience than its textual antecedent. This chapter argues that the Muslim Sanzijing set the ground for an independent development of Islamic law in the Chinese context, one that had the power to detach China from conventional Islamic jurisprudence outside its frontiers while remaining consistent with the overarching legal principles of Sunni Islam.

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Conference papers on the topic "Stock exchanges (Islamic law)"

Trilaksana, Ahmad, and Pudji Astuty. "Changes in Commercial Banks' Operating Profit in The Indonesian Stock Exchange And The Impact of Macroeconomic Factors (Case Studies of Indonesian Islamic Banks)." In Proceedings of the 3rd International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2023, 6 May 2023, Salatiga, Central Java, Indonesia. EAI, 2023. http://dx.doi.org/10.4108/eai.6-5-2023.2333569.

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Đekić, Saša. "ZNAČAJ SIMULACIJE PONAŠANJA DISTRIBUTIVNIH GENERATORA PRI KVAROVIMA U MREŽI." In 36. Savetovanja CIGRE Srbija 2023 Fleksibilnost elektroenergetskog sistema. Srpski nacionalni komitet Međunarodnog saveta za velike električne mreže CIGRE Srbija, 2023. http://dx.doi.org/10.46793/cigre36.1829dj.

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During the current energy crisis, the prices of electricity on the stock exchanges have reached unprecedented values, and the power companies in the region are trying in every way to reduce the consumption of citizens in order to export and sell surpluses on foreign electricity markets, by encouraging the use of renewable sources of electricity (RES). . The largest number of RES is connected to the electric power distribution network (EDM), the so- called. distribution generators (DG). In such circumstances, the exploitation and development of the electric distribution network is conditioned by the consideration of all aspects of EDM operation with a large number of DGs connected dispersively. The purpose of the subject paper is first of all to point out the importance of consistent checking of DG behavior criteria during network failures, as the most critical from the aspect of application of the standard user, the electric distribution company - which is entrusted with the task in question by law. Furthermore, the author's intention is to give a clear theoretical opus of the concept of transient stability of DG through the subject paper. That is, to contribute to the understanding of the issue in question and to enable its application in practice.

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