基本情報/Basic Information

遠隔授業（授業回数全体の半分以上）の場合は、科目名の先頭に◆が付加されています（2023年度以降）

開講科目名 ／Course	Islamic Capital Markets／Islamic Capital Markets
時間割コード ／Course Code	E2F22001_E1
開講所属 ／Course Offered by	経済学研究科／Graduate School of Economics
ターム・学期 ／Term・Semester	2024年度／Academic Year　　第3クォーター／3Q
曜限 ／Day, Period	火／Tue　3
開講区分 ／Semester offered	後期／the latter term
単位数 ／Credits	2.0
学年 ／Year	1,2
主担当教員 ／Main Instructor	Nabil Maghrebi／Nabil Maghrebi
科目区分 ／Course Group	_
授業形態 ／Lecture Form	講義
教室 ／Classroom	西２号館Ｅ１０４／E104
開講形態 ／Course Format
ディプロマポリシー情報 ／Diploma Policy	要件所属 ／Course Name ディプロマポリシー ／Diploma Policy DP値 ／DP Point 経済学研究科 高度な専門性と研究力 5 経済学研究科 協働性と倫理性 3 経済学研究科 地域への関心とグローバル視点 2

担当教員情報/Instructor Information

教員名 ／Instructor	教員所属名 ／Affiliation
Nabil Maghrebi／Nabil Maghrebi	経済学部（教員）

授業の概要・ねらい ／Course Aims	Islamic capital markets are playing an increasingly pivotal role in global finance. Reference to MSCI Japan Islamic Index, Dow-Jones Shariah Index, FTSE Global Equity Shariah Index is reflective of the increasing interest in investment portfolios in compliance with Islamic law. As noted by the S&P Global Ratings in its Islamic Finance Outlook 2021 that despite the challenging environment, there are also opportunities for more integrated and transformative growth. The growth potential is driven by the integration of financial technology (fintech) and the increased awareness about the importance of risk sharing and the social role played by Islamic finance. There is greater focus on the issuance of Sukuk, which require, unlike conventional bonds, the existence of underlying assets and on the adoption of Public-Private Partnerships. These capital raising instruments represent an important source of funding for large infrastructure projects in health, education, and transportation networks, as well as for micro enterprises green and ethical investment. The aim of this series of lectures is to explain the raison d’être of Islamic capital markets and introduce its salient features. This specialized knowledge is important for the development of reliable human resources to serve the long-term needs of Japanese financial markets and institutions.
到達目標 ／Course Objectives	Students are expected to improve financial knowledge and critical skills needed for the development of knowledgeable human resources for the Japanese finance and banking industry, including: 1. the use of fundamental knowledge in Islamic capital markets to understand its contents and its relationship with conventional capital markets 2. the construction of critical perspectives about the properties of Islamic capital markets 3. the improvement of communication skills adapted to a multicultural work environment
成績評価の方法・基準 ／Grading Policies/Criteria	Problem sets, reports, and participation: 50% Final examination: 50%
教科書 ／Textbook	Course materials are not based on one textbook only and the reference books cited below are recommended for further reading.
参考書・参考文献 ／Reference Book	Islamic Capital Markets: A Comparative Approach, Obiyathulla Ismath Bacha and Abbas Mirakhor, John Wiley & Sons, 2013 Intermediate Islamic Finance, Nabil Maghrebi, Zamir Iqbal, and Abbas Mirakhor, John Wiley & Sons, 2016 Islamic Capital Markets and Products: Managing Capital and Liquidity Requirements Under Basel III, Simon Archer, and Rifaat Ahmad AbdelKarim, John Wiley & Sons, 2017 Handbook of Analytical Studies in Islamic Finance and Economics, Nabil ElMaghrebi, Tarik Akin, Zamir Iqbal, and Abbas Mirakhor (editors), De Gruyter Publishing House, 2020
履修上の注意 ・メッセージ ／Notice for Students	Please note that all lectures will be conducted in English.
履修する上で必要な事項 ／Prerequisite	In order to better understand the essential features of Islamic capital markets, it is preferable to take the series of lectures in association with lectures on Finance Theory, as well as Islamic Finance and Banking, Islamic Law of Transactions, and Islamic Political Economy in particular.
履修を推奨する関連科目 ／Related Courses	These lectures are important for students interested in the specialized programs on "Islamic Finance and Economics" and "Energy Analytics and Policies".
授業時間外学修についての指示 ／Instructions for studying outside class hours	Students are required to review the contents of previous lectures, and solve some problem-sets, which serve to improve their level of knowledge and understanding.
その他連絡事項 ／Other messages	Lectures will be held on the basis of in-person classes, and using Moodle and Teams depending on the number of students.
授業理解を深める方法 ／How to deepen your understanding of classes	To increase knowledge and understanding, students are encouraged to develop the critical thinking abilities by raising questions and examine research issues on Islamic capital markets.
オフィスアワー ／Office Hours	Monday 12:30-13:00 Faculty of Economics Maghrebi Research Office 425
科目ナンバリング ／Course Numbering	E07064J11109E515，E07064J11109I515，E07064J11109G515

No.	回（日時） ／Time (date and time)	主題と位置付け（担当） ／Subjects and instructor's position	学習方法と内容 ／Methods and contents	備考 ／Notes
1	1回目	Overview of Islamic capital markets	Introduction to Islamic capital markets
2	2回目	Critical Issues in Structured Finance (I)	Readings in related research and explanation of key concepts
3	3回目	Critical Issues in Structured Finance (II)	Presentation and critical discussion
4	4回目	Sukuk Markets (I)	Readings in related research and explanation of key concepts
5	5回目	Sukuk Markets (II)	Presentation and critical discussion
6	6回目	Risk Diversification in Islamic Capital Markets	Readings in related research and explanation of key concepts
7	7回目	Risk Hedging and Derivatives Markets (I)	Readings in related research and explanation of key concepts
8	8回目	Risk Hedging and Derivatives Markets (II)	Presentation and critical discussion
9	9回目	Regulatory Issues in Islamic Capital Markets (I)	Readings in related research and explanation of key concepts
10	10回目	Regulatory Issues in Islamic Capital Markets (II)	Presentation and critical discussion
11	11回目	Empirical Issues in Islamic Capital Markets (I)	Empirical data and model analysis
12	12回目	Empirical Issues in Islamic Capital Markets (II)	Review of empirical results
13	13回目	Empirical Issues in Islamic Capital Markets (III)	Presentation and critical discussion
14	14回目	Review of Issues in Islamic Capital Markets (I)	Review of main issues and critical discussion
15	15回目	Review of Issues in Islamic Capital Markets (II)	Review of main issues and critical discussion