Islamic Finance: The New Regulatory Challenge [NOOK Book]

Overview

Because it is entirely asset-based or equity-based rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. In the wake of the global financial crisis, this has made Islamic finance highly attractive to institutional investors, asset managers, and hedge funds in search of more stable alternatives to conventional financial products.

With interest in Islamic finance swiftly spreading beyond the Muslim world, ...

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Islamic Finance: The New Regulatory Challenge

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Overview

Because it is entirely asset-based or equity-based rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. In the wake of the global financial crisis, this has made Islamic finance highly attractive to institutional investors, asset managers, and hedge funds in search of more stable alternatives to conventional financial products.

With interest in Islamic finance swiftly spreading beyond the Muslim world, and with the emergence of a new generation of innovative Islamic financial instruments and markets, the need among finance professionals and individual investors has never been greater for timely and authoritative information about the core principles, ethical foundations, and the regulatory constraints governing Islamic finance.

Coedited by two of the world's most respected authorities on the subject—including a former secretary-general of the Islamic Financial Services Board—Islamic Finance, Second Edition satisfies that need.

Thoroughly revised and updated for a post-crisis global economy, it features 80 percent new material, including contributions from an international all-star team of experts. In a series of interconnected essays, such luminaries as Volker Nienhaus, Peter Casey, John Board, and Baljeet Kaur Grewal (KFH Research) provide in-depth coverage of the full range of critical regulatory and related issues surrounding twenty-first century Islamic banking, finance and financial markets, including:

  • Problems for new Islamic financial products posed by traditional regulatory frameworks
  • Potential conflicts between Shari'ah rulings and standardised Islamic banking practices
  • Shortcomings of conventional regulatory frameworks when applied to Islamic financial services
  • The ongoing development of standardised Islamic financial products
  • The role of the Shari'ah boards in creating common rules for financial instruments and markets
  • The growing need for Islamic-based international accounting and auditing standards
  • Various risks involved in Islamic banking
  • How regulators can adapt their regulatory frameworks to the Islamic finance sector
  • Specific corporate governance and supervision issues
  • Regulatory frameworks that can cater to both Islamic and conventional financial markets
  • Sectors in emerging market countries in which Islamic financial services will play a major role

Islamic Finance: The New Regulatory Challenge, Second Edition is an indispensable reference for financial institutions seeking to come to grips with the regulatory issues involved in Islamic finance. It is also a valuable resource for finance professionals and investors interested in capitalising on the many exciting opportunities available now and in the years ahead in the burgeoning Islamic finance sector.

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Product Details

  • ISBN-13: 9781118247082
  • Publisher: Wiley
  • Publication date: 4/17/2013
  • Series: Wiley Finance
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 2
  • Pages: 550
  • File size: 8 MB

Meet the Author

SIMON ARCHER is a Visiting Professor at the ICMA Centre, Henley Business School, University of Reading, UK, with responsibility for Islamic finance. He served as Professor of Financial Management at the University of Surrey and worked as Midland Bank Professor of Financial Sector Accounting at University of Wales, Bangor. Professor Archer studied Philosophy, Politics and Economics at Oxford University, and worked as a Chartered Accountant with Arthur Andersen in London before moving to Price Waterhouse, Paris, where he became a partner in charge of management consultancy services. He has consulted to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB). He has authored many books and academic papers on international accounting and issues in Islamic finance.

RIFAAT AHMED ABDEL KARIM has been the Chief Executive Officer of the International Islamic Liquidity Management since October 2012. He has been Visiting Professor, ICMA Centre, Henley Business School, University of Reading, UK, since 2008. He has played a pioneering role in the development of Islamic finance, while his leadership in drafting accounting, auditing, governance, Shari'ah, and regulatory standards has been instrumental in establishing the position of the Islamic financial services industry in the mainstream of global banking. He was secretary-general of the Islamic Financial Services Board (ISFB) and secretary-general of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). In addition to international recognition of his academic publications, which are mainly in tier-one international journals, in the field of Islamic finance, Professor Karim has garnered numerous accolades for his pioneering work, including the first Euromoney Outstanding Contribution to the Development of Islamic Finance Award.

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Table of Contents

About the Editors xv

About the Contributors xvii

Foreword xxvii

Preface xxix

Acknowledgments xxxi

PART ONE: The Nature of Risks in Islamic Banking 1

CHAPTER 1: Supervision of Islamic Banks: The Regulatory Challenge-Basel II and Basel III 3
Simon Archer and Rifaat Ahmed Abdel Karim

CHAPTER 2: Banking and the Risk Environment 13
Brandon Davies

CHAPTER 3: Risk Characteristics of Islamic Products: Implications for Risk Measurement and Supervision 49
Venkataraman Sundararajan

CHAPTER 4: Risk in a Turbulent World: Insights from Islamic Finance 77
Sami Al-Suwailem

CHAPTER 5: Capital Structure and Risk in Islamic Financial Services 95
Simon Archer and Rifaat Ahmed Abdel Karim

CHAPTER 6: Inherent Risk: Credit and Market Risks 107
John Lee Hin Hock

CHAPTER 7: Operational Risk Exposures of Islamic Banks 133
Simon Archer and Abdullah Haron

CHAPTER 8: Information Technology Risks in Islamic Banks 153
Samir Safa

CHAPTER 9: Law and Islamic Finance: An Interactive Analysis 163
Yusuf Talal DeLorenzo and Michael J. T. McMillen

CHAPTER 10: Legal Risk Exposure in Islamic Finance 225
Andrew White and Chen Mee King

CHAPTER 11: Shari'ah–Non-compliance Risk 237
Mohamad Akram Laldin

CHAPTER 12: Supervisory Implications for Islamic Finance: Post-Crisis Environment 261
Peter Casey

PART TWO: Capital Adequacy 273

CHAPTER 13: Risk and the Need for Capital 275
John Board and Hatim El-Tahir

CHAPTER 14: Measuring Risk for Capital Adequacy: The Issue of Profit-Sharing Investment Accounts 285
Simon Archer and Rifaat Ahmed Abdel Karim

CHAPTER 15: Measuring Operational Risk 299
Sandeep Srivastava and Anand Balasubramanian

CHAPTER 16: Liquidity Risk 325
Richard Thomas

PART THREE: Securitisation and Capital Markets 337

CHAPTER 17: Securitisation in Islamic Finance 339
Baljeet Kaur Grewal

CHAPTER 18: The Role of Capital Markets in Providing Shari'ah -Compliant Liquidity 365
Prasanna Seshachellam

CHAPTER 19: Regulating the Islamic Capital Market 387
Nik Ramlah Mahmood

PART FOUR: Corporate Governance and Human Resources 399

CHAPTER 20: Corporate Governance and Supervision: From Basel II to Basel III 401
Carol Padgett

CHAPTER 21: Specific Corporate Governance Issues in Islamic Banks 417
Simon Archer and Rifaat Ahmed Abdel Karim

CHAPTER 22: Transparency and Market Discipline: Post–Basel Pillar 3 451
Daud Abdullah (David Vicary)

CHAPTER 23: Human Resource Management of Islamic Banks: Responses to Conceptual and Technical Challenges 473
Volker Nienhaus

PART FIVE: Conclusion 493

CHAPTER 24: Concluding Remarks 495
Simon Archer and Rifaat Ahmed Abdel Karim

Index 503

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    Posted April 16, 2014

    Fael

    I saw dem! I cracked up cause dey look just like de real ones.

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