FINAL EXAMINATION
SEMESTER II, ACADEMIC SESSION 2014l2015
DATE : JUNE -JULY 2015 DURATION : 2 HOURS 30 MINUTES
LAB41 22
PASARAN MODAL ISLAM
INSTRUCTIONS TO CANDIDATES:
1. This paper contains five (5) questions.
2. Answer any three (3) questions using the answer booklet provided and question number one (1) is compulsory.
3. All answers must be written in English.
4. All answers must be clearly written and readable.
5. Candidates are not allowed to take the question papers out of the examination hall.
6. Please complete your particulars in Borang H.
DO NOT OPEN THIS QUESI'ION PAPER UNTIL YOU ARE INSTRUCTED TO DO SO r ~ h iquestion paper has two (2) printed pages excluding this cover s
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HAKCIPTA TERPELIHARA USlM
(a) The Malaysian government intends to develop new mass railway transportation (IWRT) for the public in Kuala Lumpur as one of the Entry Point Projects (EPP) in the Economic Transformation Program (ETP). The total cost of the project is estimated at RIW1.5 billion and the Government is seeking an lslamic financial instrument for the funding. As a Shariah expert in the lslamic capital market area, advise the Government on the most viable lslamic capital market instrument to be applied in the proposed project. Draw a diagram on your proposed instrument's structure, and explain the operational framework and salient features of the structure.
(25 marks) (b) Explain the major characteristics of lslamic equity market. Provide relevant
evidences from Shariah legal sources to support the formation of each character.
(1 5 marks)
(a) One of the functions of lslamic capital market is to facilitate liquidity management in way that does not contradict to the Shariah principles. Explain the meaning of liquidity management and discuss the Shariah view on it.
(1 5 marks) (b) What is shares? What are the characteristics of shares compare to other capital
market instruments? Explain.
(1 5 marks)
(a) Perak Airline Berhad is a public listed company in Bursa Malaysia applying for the Shariah-compliant status. The major activity of this company is related to airline services. The company however serves a great deal of liquor and alcoholic beverages in its international flights. As a member of Shariah Advisory Council of the Securities Commission, give your opinion, together with the basis of your view, on the viability of this company to get the Shariah-compliant status.
(1 5 marks) (b) Explain in detail stock screening process undertaken by the Shariah Advisory Council (SAC) of the Securities Commission of Malaysia (SC) to determine the Shariah-compliant status of a listed company.
(15 marks)
(a) Financial ratio benchmark is one of the criteria in stock screening process employed by the Securities Commission Malaysia. Explain in details this benchmark.
(1 5 marks)
HAKCIPTA TERPELIHARA USlM 1
(b) Explain two (2) of the following concepts. Discuss the definition and the application of these concepts in Islamic capital market sector in Malaysia.
i. Tawarruq ii. Bay' a/-Dayn iii. Murabahah iv. ljarah
(1 5 marks)
(a) English proverb "don't put all your eggs into one basket" makes a very good sense in managing risks that may occur in today's investment practices. Discuss the relevancy of the proverb to the Islamic unit trust investment fund by emphasizing the aspect of diversification as one of the special characteristics of the fund.
(1 5 marks) (b) Scholars differed on the issue of purification of Islamic unit trust by the means of zakat. Discuss the point of divergence between the scholars, and what is your view on the matter?
(1 5 marks)
END OF QUESTION
Dicetak oleh:
Unit Peper~ksaan dan Pengijazahan Bahagian Pengurusan Akademik
Universiti Sains Islam Malaysia
HAKCIPTA TERPELIHARA USIM 2
