Features of institutional and legal regulation of Islamic securities markets

Authors

  • Nataliia Kravchuk Ternopil National Economic University
  • Mariana Verbitska Ternopil National Economic University

DOI:

https://doi.org/10.35774/app2018.03.087

Keywords:

Islamic market of securities, institutional and legal regulation, international legal standards of functioning of the Islamic stock market, Shariat Advisory Council.

Abstract

The article provides a comparative analysis of the principles of functioning and features of the institutional and legal regulation of the Islamic securities markets, their functional purpose in the modern geo-financial space has been revealed. The role of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in developing international legal standards for the global Islamic finance industry and the Sharia Advisory Council (SAC) has been described, which focuses on research and analysis of Sharia principles that can be used to introduce new financial products and instruments into the Islamic securities market. The problematic aspects of the development of the Islamic securities markets have been singled out and the necessity of creating a single Islamic stock market with unified international legal standards for its functioning has been substantiated.

References

Alyautdinov Sh. Rynok akciy v islame. Available at: https://umma.ru/rynok-aktsij-v-islame/ [in english].

Yeskarayeva K. T. Mezhdunarodnyye islamskiye finansovyye organizaciyi: rol’ I mesto // Delovaya nedelya. - № 31 (1056). S. 5. [in Russian].

Onaltayev O. D. Islamskiy fondovyy rynok: sovremennoye sostoyaniye i perspektivy razvitiya. Available at: https://articlekz.com/article/15436 [in Russian]

Snyezhko Ye. Den’gi po zakonam shariata. Pomogut li religioznyye normy, deystvuyuschiye v islamskom banking, navesti poryadok v mirovykh finansah? // Investgazeta. – 2009. – 16-22 marta. – S. 25. [in Russian].

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Published

2018-09-28

Issue

No. 3 (2018): ACTUAL PROBLEMS OF LAW

Section

CIVIL LAW AND CIVIL PROCESS. FAMILY LAW. INTERNATIONAL PRIVATE LAW. COMMERCIAL LAW. COMMERCIAL-PROCEDURAL LAW.

How to Cite

Kravchuk, Nataliia, and Mariana Verbitska. “Features of Institutional and Legal Regulation of Islamic Securities Markets”. Actual Problems of Law, no. 3, Sept. 2018, pp. 87-92, https://doi.org/10.35774/app2018.03.087.