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Business. 23. Katsiampa, P. (2017), “Volatility estimation for Bitcoin: A comparison of GARCH models”, Economics Letters, Vol. 158, pp. 3-6. 24. Kristoufek, L. (2015), “What Are the Main Drivers of the Bitcoin Price?, Evidence from Wavelet Coherence Analysis”, PLoS ONE, Vol. 10, No. 4. 25. Lim, S. J., Masih, M. (2017), “Exploring portfolio diversification opportunities in Islamic capital markets through bitcoin: evidence from MGARCH-DCC and Wavelet approaches”, MPRA Paper, 79752. 26. Madaleno, M., Pinho, C. (2012), “International stock market indices comovements: a new


framed by cutting-edge knowledge of blockchain, fintech and, to a considerable extent, the digital economy. This is not an easy task to accomplish, unless the authors are exceptionally articulate in explaining these concepts. They have proven themselves to be masters in this field of knowledge and practice. This book is equally informative with regard to Islamic finance, covering aspects of the Islamic capital markets, Islamic investment, retail banking, takaful, trade financing and sukuk. I would like to believe that this is the most striking contribution of


Benefits and Evolution of Blockchain-Based Smart Contracts  142 Applications of Smart Contracts  143 Islamic Trade Financing  144 Blockchain-Based Trade Finance  145 Enablers to Blockchain-Based Trade Financing  147 Current Challenges  148 Takaful (Islamic Insurance) on the Blocks  149 A Model for a Blockchain-Based Takaful  151 Blockchain-Based Islamic Capital Markets  154 Payments and Settlements  156 Sukuk on the Blockchain  158 Distributed Ledger Technology and the Over-the-Counter Market  160 Media Rights, Intellectual Property, and Trademark

sharia authority; instead, the central bank of Qatar appoints scholars on a case-by-case basis. The Report, Qatar (Oxford Business Group, 2012), p. 56. In addition, the Ministry of Awqaf has a national sharia board known as the Supreme Council. K. Hassan, Islamic Capital Markets: Products and Strategies , chapter 15 (John Wiley & Sons Limited, 2011). Qatar has four Islamic banks that specialise in sharia-compliant financing. The first Islamic bank, Qatar Islamic Bank, opened in 1982. From 2011, Qatar brought an end to Islamic units in the conventional banking

Siti Raihana Hamzah Chapter 11: Analysis of the Risk of Failure in Sukuk Portfolios 1 Introduction The rapid growth of Islamic capital markets intrinsically related to inception of sukuk. These Islamic bonds differ from conventional ones in two main aspects: They abide by the principle of riba prohibition and offer risk-sharing modes to issuers and sover- eigns alike. Sukuk transactions prioritize the ownership stake of the underlying asset and require the income to be generated from the underlying asset rather than pro-rata ownership of assets for a pre

’a. And since there is no common interpretation of the law, the innovation of such new Islamic financial services will be continuously debated and con- tested. Yet, lack of innovation will be a serious economic constraint for the development of Islamic capital markets. Some Islamic banks are slowly expanding into long-term investment based on Islamic contracts, but still a very important part of Islamic business is in debatable short-term finances, such as mark-up and leasing. To some extent this is because mark-up, which presents the lowest risk of all methods of

conventional operations. The eager participation by the conventional banks in opening Islamic windows, more popularly known as “Skim Perbankan Tanpa Faedah” (“SPTF”),2 since 1993 contributed to the tremendous growth in the Islamic banking business, both in terms of asset size and deposits. As a complement to the banking sector, Malaysia started to introduce its Islamic capital market sector (equity, debt and money markets) to facilitate the demand of the growing Islamic banking and financial services providers, as well as the general investing public. This was the

PhD in Banking and Finance from the University Wales in the UK and a Masters of Economics in International Business and Economy from the Kyushu University Japan. He is also a charter holder and member of the CFA Institute. Dr. Ashraf has also worked in the banking industry in Canada and Pakistan. Dr. Ashraf’s research interests are in portfolio management, banking, corpo- rate finance, Islamic capital markets, and Islamic banking with special focus on the interaction of incentive structure and risk-taking behavior of financial institutions. Dr. Ashraf’s research is