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Capital Markets: Conventional Versus Islamic

In: Public Finance and Islamic Capital Markets

Author

Listed:
  • Syed Aun R. Rizvi

    (Lahore University of Management Sciences)

  • Obiyathulla I. Bacha

    (International Centre for Education in Islamic Finance (INCEIF))

  • Abbas Mirakhor

    (International Centre for Education in Islamic Finance (INCEIF))

Abstract

Since early 1990’s, financial systems have been classified in three distinct forms: capital market-based, government credit-based and institutional credit-based. This chapter, owing to the nature of the book, focuses purely on the first system ofcapital markets. The chapter explores why the capital markets have become essential for the survival of an economy, through their role in savings and resource allocation. Then the salient features of capital markets are discussed, along with the sub-classifications like equity markets, debt markets and so forth. The chapter further takes the discussion into a comparative form by introducing the basics of the Islamic version of the capital markets and explores their role and functions in the financial system.

Suggested Citation

  • Syed Aun R. Rizvi & Obiyathulla I. Bacha & Abbas Mirakhor, 2016. "Capital Markets: Conventional Versus Islamic," Palgrave Studies in Islamic Banking, Finance and Economics, in: Public Finance and Islamic Capital Markets, chapter 0, pages 45-63, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-55342-3_3
    DOI: 10.1057/978-1-137-55342-3_3
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