Knowledge Sharing Session with October’s Researcher of the Month, Prof Obiyathulla Ismath Bacha

Kuala Lumpur, 26 Oct 2017 – The Knowledge Management Centre jointly with Research Management Centre today kicked off its series of ‘Knowledge Sharing Session’ featuring published works of faculty members and students, with  a book review session. The featured author is October’s Researcher of the Month, Prof Dr Obiyathulla Ismath Bacha.

In the session attended by students and staff on campus, Prof Obiyathulla highlighted the topics on Islamic Interbank Money Market and Sukuk from his book which he co-authored with INCEIF First Holder of Islamic Finance Chair Prof Abbas Mirakhor, Islamic Capital Market: A Comparative Approach.

This book begins with an introductory chapter of founding thoughts of markets, asset prices, risk, uncertainty, and risk sharing. The risk-sharing philosophy runs throughout the book. The role of government in developing capital markets, specifically, Islamic capital markets are also examined.

The book explains each particular topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets (ICM), processes, and instruments. In addition to a full explanation of Islamic products, this approach also ensures a holistic understanding of the dual markets within which Islamic capital markets operate. Ideal for both students and current practitioners, the book fills a large gap in the current literature on the subject. Whereas most books in this field cover the topic only superficially, this book offers the depth of coverage and academic rigor needed by professionals and serious students.

What is unique about this book is the combined coverage of both the conventional and Islamic version of instruments. Chapter 4, for example, discusses the conventional money markets while Chapter 5 touches on the area of Islamic interbank money market. In similar fashion, the bond market is covered in Chapter 6, while in Chapter 7 it covers the market for sukuk. This arrangement not only enables easy comparison for readers, but more importantly provides students with a complete picture of capital markets. This is important because ICM does not operate in isolation or exclusively. In most countries, ICM operates with or complements conventional capital markets.

Prof Obiyathulla, who is a Subject Matter Expert on Islamic Capital Markets, thanked all – students, fellow faculty members and the management and support staff of INCEIF – for their help in making the book a reality.

“Most of you who are familiar with my published works would know that they are not heavy on theory, academic or mathematical stuffs. I try to write on topics which are relevant to the industry and real life. In this particular book, we talk about how the markets function, what’s happening etc.

“For future published works, I want to do more with students, both ours and those from other universities. They have many ideas and their inputs certainly contribute to a better output,” Prof Obiyathulla added.

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