The article discusses different types of capital markets, focusing on debt and equity markets in conventional finance, and stock and asset-linked securities markets in Islamic finance. Debt markets are important for external funding, while stock markets play a central role in Islamic economic systems due to the prohibition on interest-bearing debt. Financial innovations have led to a variety of products for raising funds, with many being variations of traditional debt or equity securities. Islamic capital markets emphasize risk-sharing and stock markets as key components.