Book description
From the world's foremost authorities on the subject, the number-one guide to Islamic finance revised and updated for a post-crisis world
Because it is entirely equity-based, rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. Especially now, in the wake of the global financial crisis, this has made them increasingly 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, the need among finance and investment professionals has never been greater for timely and authoritative information about the rules governing Islamic finance. This thoroughly updated and revised second edition of the premier guide to regulatory issues in Islamic finance satisfies that need.
Addresses the need for banks to develop common Islamic-based international accounting and auditing standards
Clearly explains the key differences between Shari'ah rulings, standardization of acceptable banking practices, and the development of standardized financial products
Explores the role of the Shari'ah Boards in establishing common rules regarding the permissibility of financial instruments and markets
Offers guidance for regulators seeking to adapt their regulatory frameworks to the needs of the fast-growing Islamic finance sector
Table of contents
- Cover
- Contents
- Title
- Copyright
- Dedication
- About the Editors
- About the Contributors
- Foreword
- Preface
- Acknowledgments
-
Part One: The Nature of Risks in Islamic Banking
- Chapter 1: Supervision of Islamic Banks: The Regulatory Challenge—Basel II and Basel III
- Chapter 2: Banking and the Risk Environment
- Chapter 3: Risk Characteristics of Islamic Products: Implications for Risk Measurement and Supervision
- Chapter 4: Risk in a Turbulent World: Insights from Islamic Finance
- Chapter 5: Capital Structure and Risk in Islamic Financial Services
- Chapter 6: Inherent Risk: Credit and Market Risks
- Chapter 7: Operational Risk Exposures of Islamic Banks
- Chapter 8: Information Technology Risks in Islamic Banks
-
Chapter 9: Law and Islamic Finance: An Interactive Analysis
- 1. Introduction and Overview
- 2. Islamic Jurisprudence in Modern Times
- 3. Enforceability of the Shari’ah
- 4. Enforceability of the Shari’ah: Case Law and Transactional Practice
- 5. Transactional Practice: Legal Opinions
- 6. Sukuk: Capital Markets and Secondary Markets
- 7. Summary and Conclusion
- Appendix
- Notes
- Chapter 10: Legal Risk Exposure in Islamic Finance
-
Chapter 11: Shari’ah–Non-compliance Risk
- 1. Introduction
- 2. Risk from an Islamic Perspective
- 3. The Concept of Shari’ah Compliance
- 4. Shari’ah–Non-compliance Risk and Its Impact
- 5. Dealing with Shari’ah–Non-compliance Risk
- 6. Measuring Shari’ah–Non-compliance Risk
- 7. Fiqh al-Muwazanah
- 8. Rectification of a Shari’ah–Non-compliant Contract
- 9. Mitigation of Shari’ah–Non-compliance Risk
- 10. Conclusion
- Notes
- Chapter 12: Supervisory Implications for Islamic Finance: Post-Crisis Environment
-
Part Two: Capital Adequacy
- Chapter 13: Risk and the Need for Capital
- Chapter 14: Measuring Risk for Capital Adequacy: The Issue of Profit-Sharing Investment Accounts
- Chapter 15: Measuring Operational Risk
-
Chapter 16: Liquidity Risk
- 1. Introduction
- 2. The Regulatory Response to Liquidity Risk
- 3. Asset Liquidity
- 4. Trade Finance Assets as Liquidity
- 5. Government Bonds and Liquidity
- 6. Asset-Based Financings and Liquidity
- 7. The International Islamic Liquidity Management Corporation (IILM)
- 8. Liabilities (Deposits) as Liquidity
- 9. Accounting for Liquidity and Fair Value
- 10. Islamic Banks and the Basel III Liquidity Measures
- 11. Conclusion
- Notes
-
Part Three: Securitisation and Capital Markets
- Chapter 17: Securitisation in Islamic Finance
-
Chapter 18: The Role of Capital Markets in Providing Shari’ah-Compliant Liquidity
- 1. Liquidity and Its Importance to the Islamic Financial System
- 2. Traditional Role of Capital Markets in Providing Liquidity to Financial Systems
- 3. Capital Markets—Structure and Analysis
- 4. Role of Islamic Capital Markets in Providing Liquidity
- 5. Enhancements to the Critical Dimensions of ICM to Improve Its Ability to Provide Liquidity
- 6. Products
- 7. Players
- 8. Infrastructure
- 9. Market Segments
- 10. Current Trends and Work in Progress
- Chapter 19: Regulating the Islamic Capital Market
-
Part Four: Corporate Governance and Human Resources
- Chapter 20: Corporate Governance and Supervision: From Basel II to Basel III
- Chapter 21: Specific Corporate Governance Issues in Islamic Banks
- Chapter 22: Transparency and Market Discipline: Post–Basel Pillar 3
- Chapter 23: Human Resource Management of Islamic Banks: Responses to Conceptual and Technical Challenges
- Part Five: Conclusion
- Index
Product information
- Title: Islamic Finance: The New Regulatory Challenge, 2nd Edition
- Author(s):
- Release date: June 2013
- Publisher(s): Wiley
- ISBN: 9781118247044
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