The world of Islamic finance is fast changing. No one is more convinced about this than a researcher or author trying to document and capture these exciting developments in the form of a text. The Islamic alternative to the conventional financial markets is no longer in a conceptual stage. Successful attempts at implementing many of the concepts have resulted in creation of institutions, such as, Islamic banks and instances of governments and corporate houses raising funds through Islamic securities. On the flip side, a lack of clarity and understanding persists regarding creation and functioning of Islamic markets in debt and equity securities, derivatives and currencies. At the same time, much of what has been achieved here so far is highly controversial, and perhaps unacceptable in Shariah. This book makes a fresh attempt at presenting the concepts backed by the all important consideration of Shariah compliance in the matter of creating a vibrant and Islamic financial market. It transactions and processes taking place in financial markets. It begins with a brief introduction to concerns relating to ethics and efficiency in conventional markets, and follows up with a detailed discussion on major norms of Islamic financial ethics in chapter 2. The subsequent four chapters are devoted to equity markets, debt and money markets, derivatives markets and foreign exchange markets respectively. Readers would also find a somewhat detailed discussion on the issue of risk management in the last two chapters.