Development of Islamic Capital Markets in Offshore Jurisdictions: A Cross-Country Analysis

ISBN/ISSN: 0128-1976 (Printed) | E-ISSN 2289-4365
Pages: 208
Year: 2011

This publication is part of the journal ISRA International Journal of Islamic Finance (English Journal) (2011-2)

It has been observed that a number of jurisdictions are developing their Islamic capital markets by utilising the efficiency provided by Offshore Financial Centres (OFCs) to structure Shari'ah compliant products. While there are a number of research papers discussing mainstream operations of OFCs, literature on the use of offshore jurisdictions for the structuring of Islamic financial transactions is very limited. This research will therefore shed light on the operations of OFCs offering Islamic financial services in terms of: the players involved; their Islamic capital market products and offerings; their development models, legal and regulatory regimes; and, opportunities and challenges faced. Based on the comparative analysis of the case studies, the research will also establish industry best practices that could serve as useful guides to prospective jurisdictions that are considering the development of the Islamic capital markets through their offshore sectors.



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