3. Kuwait,

4. Oman,

5. Qatar,

6. Saudi Arabia,

8. It was established with the political systems based on Islamic beliefs, joint destiny and common objectives.

10. Member Countries Contribution

11. DOES OIL ECONOMIES NEED SYNTHETIC PRODUCTS ?

12. Capital Market Structure

13. Present Scenario of Capital Market in GCC

14. EQUITYMARKET

15. EQUITYSTOCKEXCHANGES

19. Contract –Market Maker(Forsa Fund ) & Buyer (Trader).

20. To achieve stable return.

22. Trading has to be done with the same broker who executed the original deal.

24. Forwards/Future ContractIn Dubai Market Premium + 40% of the underlying stock value Market Maker Buyer X Gives the share to KSE KSE If there is loss & the buyer refuses to pay the 60% then the shares go back to the market maker.

25. Futures Similar to Forward Contracts The basic difference is Forwards are traded after market hours (i.e. 12:45 to 1:15) while Futures are traded during market hours(i.e. 9:30 to 12:15)

26. Forward Contract In Indian Market Long Position Short Position Buyer Mr. X Seller Mr. Y Exchange an Asset In Future @ Today’s Pre-agreed price at a particular period. If there is a loss of seller, he can cancel the agreement & Vice Versa. Hence, there is no obligation in this particular contract .

27. Limitations of GCC Capital Market

29. Uncertainty (gharar) in a contract is prohibited

30. Competence

32. Any money demanded or received by the lender in addition to his original capital is riba

33. Giving and receiving as well as witnessing are all prohibited.

34. There is no interest on deposits, but capital is guaranteed.

35. Lending and investing are treated differently; loans are interest-free but carry a service charge, while investing is on a profit-and-loss-sharing (mudaraba) basis.

38. More number of Participants from Institutional Investor.

39. Draft Regulatory Frame work.

40. Length and Depth of capital market.

41. Reduce the brokerage, clearing & settlement fees .

43. THANK YOU