Islamic Wealth Management
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Islamic Wealth Management

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, all to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion.
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Chapter 13: Wealth effect of sukuk issuance announcement in two markets

Theory and Practice

Ziyaad Mahomed, Mohamed Ariff and Shamsher Mohamad

Abstract

Debt issuances traditionally attracts a negative sentiment, so the corporation’s shares decline in prices around the time of the issuances. Sukuk being another form of debt, none the less, structured differently from a conventional bond, should have some effect on the shares when sukuk are issued and traded. We explore this aspect in the chapter only to find that the market appears to generally favour sukuk issues as good news, so the share prices go up. However, during the Global Financial Crisis era, sukuk issuances attracted negative sentiments.

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