IMF Provides Overview of Islamic Financial Instruments

12th May 2015

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IMF – Handbook on Securities Statistics 2015

Article Overview

1 IMF – Handbook on Securities Statistics 2015
- 1.1 Islamic Securities
- 1.2 Download

A Handbook on Securities Statistics released by the International Monetary Fund has defined common Islamic financial instruments.

The objective of the Handbook is to improve information on securities markets. It develops a conceptual framework for presenting statistics on different types of securities. It develops a conceptual framework for presenting statistics on different types of securities. The methodology is based on the System of National Accounts 2008 (2008 SNA) and the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6).

Islamic Securities

Islamic Securities are covered from page 117, and the following overviews are provided:

Sukuk
Criteria for Distinguishing Islamic Debt Securities and Equity Securities
Sukuk Securitization and Structures
Islamic Debt Securities Classification
Sharī’ah-Compliant Equity Securities
Islamic Collective Investment Scheme
Islamic Index

The 2008 SNA classification scheme for financial instruments can provide additional detail to include special categories for statistics on Islamic financial instruments. The Monetary and Financial Statistics Manual (MFSM) suggests that Islamic debt securities consist of various investment participation certificates that have the characteristics of negotiable securities and are not investments in the permanent capital of the issuer. Included in this category are the most negotiable investment certificates, which are recorded as liabilities of the issuer. The MFSM also indicates that Islamic shares and other equity include various investment participation certificates that are part of the permanent capital of a financial institution, or are clearly representative of a partnership between an investor and a financial corporation.