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Islamic Finance: The New Regulatory Challenge, 2nd Edition

by Rifaat Ahmed Abdel Karim, Simon Archer

June 2013

Intermediate to advanced

550 pages

16h 12m

English

Wiley

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1. Introduction2. The Structure of Basel II and Basel III: Supervisory Implications3. The Islamic Financial Services Board4. Contents of This BookNotesReferences
1. The Global Risk Environment2. The Regulatory Environment3. The Implementation Environment (Setting Up a Risk Management Framework in a Bank)4. The Future Risk Environment5. Islamic Banks and the Risk and Regulation Environment
1. Introduction2. Background3. Types of Risks in Islamic Finance and Their Measurement4. Overall Risk of an Islamic Bank and Approaches to Risk Mitigation5. Summary and Policy ConclusionsNotesReferences
1. Introduction2. Functions of Risk3. Dealing with Risk4. The Fundamental Law of Risk5. Islamic Finance6. Functions of Risk in Islamic Finance7. Risk Exchange in Islamic Finance8. Regulatory Implications9. ConclusionNotesReferences
1. Introduction2. Risk and Capital Structure in Islamic Banks3. Risk and Capital Structure in Takaful (Islamic Insurance) Undertakings4. Concluding RemarksReferences
1. Introduction2. Distinctive Risks3. Inherent Risks in Shari’ah-Compliant Products and Services4. ConclusionAppendixNotes
1. Introduction2. Basel III Requirements and Their Implications for Operational Risk Management3. Operational Risk: The Basel Methodology4. Operational Risk in Islamic Banks5. Unique Operational Risks of Islamic Financing/Investment Modes6. Qard7. Concluding RemarksNotes
1. Introduction2. Important Understandings and Facts3. ITS Operational Risk—Business, Documentation, and Legal Issues4. Technical and Functional Clarification for the Imposed Risks5. Concluding RemarksNote
1. Introduction and Overview2. Islamic Jurisprudence in Modern Times3. Enforceability of the Shari’ah4. Enforceability of the Shari’ah: Case Law and Transactional Practice5. Transactional Practice: Legal Opinions6. Sukuk: Capital Markets and Secondary Markets7. Summary and ConclusionAppendixNotes
1. Introduction2. Defining Legal Risk3. Greater Risk from Uncertain and Undeveloped Law and Regulation4. Greater Risk from Poor Documentation5. Greater Risk from Unpredictable Dispute Resolution Processes6. Concluding RemarksNotes
1. Introduction2. Risk from an Islamic Perspective3. The Concept of Shari’ah Compliance4. Shari’ah–Non-compliance Risk and Its Impact5. Dealing with Shari’ah–Non-compliance Risk6. Measuring Shari’ah–Non-compliance Risk7. Fiqh al-Muwazanah8. Rectification of a Shari’ah–Non-compliant Contract9. Mitigation of Shari’ah–Non-compliance Risk10. ConclusionNotes
1. Regulation and Supervision2. Supervisors and Shari’ah3. Lessons of the Crisis and Regulatory Responses4. The Issues for SupervisorsNotes
1. Introduction2. The Evolution of International Capital Standards3. The Risk-Based Financial Regulation Approach4. Globalisation of Financial Regulation?5. The Short-Lived Rise of Contingent Capital Instruments6. ConclusionNotes
1. Introduction2. Why Capital Adequacy?3. Application to Islamic Banks4. Pillar 2 of the Revised Framework and Risk Management5. Concluding RemarksNoteReferences
1. Introduction2. Operational Risk in the Context of Islamic Banks3. Operational Risk Capital under Basel II4. Operational Risk Capital under the IFSB Standard5. Industry Practice and Implementation Issues for Operational Risk MeasurementAppendixNotes
1. Introduction2. The Regulatory Response to Liquidity Risk3. Asset Liquidity4. Trade Finance Assets as Liquidity5. Government Bonds and Liquidity6. Asset-Based Financings and Liquidity7. The International Islamic Liquidity Management Corporation (IILM)8. Liabilities (Deposits) as Liquidity9. Accounting for Liquidity and Fair Value10. Islamic Banks and the Basel III Liquidity Measures11. ConclusionNotes
1. Preface: An Overview of the Sukuk Market2. Securitisation and Sukuk: Some General Remarks3. Market for Securitisation in Islamic Finance4. Securitisation Structures5. Regulatory Framework6. Securitisation: A Growth Driver for Islamic Finance
1. Liquidity and Its Importance to the Islamic Financial System2. Traditional Role of Capital Markets in Providing Liquidity to Financial Systems3. Capital Markets—Structure and Analysis4. Role of Islamic Capital Markets in Providing Liquidity5. Enhancements to the Critical Dimensions of ICM to Improve Its Ability to Provide Liquidity6. Products7. Players8. Infrastructure9. Market Segments10. Current Trends and Work in Progress
1. Introduction2. The Applicability of Universal Principles of Securities Regulation3. Approaches to Regulating ICM4. The Shari’ah Governance Framework5. ConclusionNotesReferences
1. Introduction: Corporate Governance and the Special Case of Banks2. Regulation and the Corporate Governance of Listed Companies3. Basel Pillar 2 and Corporate Governance in Banks4. ConclusionNotes
1. Introduction2. Salient Characteristics of Islamic Banks3. Corporate Governance Issues in Islamic Banks4. Exercising Effective Market Discipline on Islamic Banks5. Regulation of Islamic Banks6. Concluding RemarksNotesReferences
1. Introduction2. Compliance with Pillar 33. Transparency and Market Discipline: Specificities of Islamic Finance4. Concluding RemarksNotes
1. Introduction2. Recruitment, Retention, and Qualification of Personnel3. Support Infrastructure for Islamic Financial Institutions4. Shari’ah-Compliance Issues
1. Introduction2. The Challenge to Financial Sector Industry Regulators and Supervisors3. The Challenge to the Islamic Financial Services Industry Sector4. The Challenge to Governments and Legislative Authorities5. ConclusionsNotes

Content preview from Islamic Finance: The New Regulatory Challenge, 2nd Edition

Index

Accountability

Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI)

establishment of

GSIFI No. 2 (Shari’ah review)

pronouncement on sukuk

role of

standards

Advanced measurement approaches (AMA)

Al-Majallah (Majelle)

Al-mustasni’ (buyer)

Al-sani’ (seller)

Alternative dispute resolution (ADR)

Alternative standardised approach (ASA)

Altman, Edward I.

American Insurance Group (AIG)

Ancillary capital

Asset-backed financing

Asset-backed securities (ABS)

Asset-backed sukuk

Asset-based financing

Asset-based sukuk

Asset-liability mismatch

Asset liquidity

Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI)

Available amount of stable funding (ASF)

Bail-ins

Bank of England

Banking book

Bankruptcy remoteness

Basel Committee for Banking Supervision (BCBS)

background

contingent convertible debt instruments, regulations on

corporate governance guidelines

policy documents

Principles for the Sound Management of Operational Risk

Basel I (1988)

Basel II (2004)

advanced measurement approaches (AMA)

alternative standardised approach (ASA)

basic indicator approach (BIA)

business lines. See Business lines

capital adequacy framework

challenges for Islamic finance

credit risk

market risk

operational risk

overview

pillars of. See Pillar 1; Pillar 2; Pillar 3

risk measurement and disclosure

risk weightings

standardised approach

Basel III (2007)

capital conservation buffer

capital requirements

Capital Requirements Directive (CRD IV)

countercyclical ...

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Publisher Resources

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