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Critical Issues on Islamic Banking and Financial Markets

Islamic Economics, Banking, and Finance, Investments, Takaful, and Financial Planning

Felicia Wainwright has it all—beauty, education, talent and a handsome, successful husband who is madly in love with her. To make their lives perfect, she and her husband, Warren, decide to have a baby. Someone close to Felicia wants what she has and tries to sabotage her life. And the consequences turn ugly and violent. Shattered Dreams is a story of love, betrayal, jealousy and revenge.

Felicia Wainwright has it all—beauty, education, talent and a handsome, successful husband who is madly in love with her.

Islamic Banks and Financial Stability

An Empirical Analysis

The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 18 banking systems with a substantial presence of Islamic banking. We find that (i) small Islamic banks tend to be financially stronger than small commercial banks; (ii) large commercial banks tend to be financially stronger than large Islamic banks; and (iii) small Islamic banks tend to be financially stronger than large Islamic banks, which may reflect challenges of credit risk management in large Islamic banks. We also find that the market share of Islamic banks does not have a significant impact on the financial strength of other banks.

Section II provides a short overview of the specifics of Islamic banking from a
prudential perspective, and discusses the associated risks (more details are
provided in Appendix I). Section III discusses the methodology, and introduces
the ...

Islamic Banking and Finance

Islamic banking has grown rapidly over the past decadeand currently continues to grow, while many conventional banks and financial institutions write off $billions ofbad debt. In 30 years Islamic banking has developed fromlocal provision to providers of established international financial products. This book explains the principles of Islamic banking and finance. It then provides a guide to Islamic finance products such as istisna'a, murabaha,musharaka, mudaraba, ijara, sukuk and salam, so that the reader can understand the key concepts and main vocabulary of Islamic finance. It goes on to discuss theapplication of Islamic products to a variety of financialcontexts (e.g. asset management, treasury, riskmanagement, raising finance, tax). It also providesguidance on the regulatory frameworks for Islamicfinance.

In 30 years, Islamic banking has developed from local provision to providers of established international financial products. This book explains the principles of Islamic banking and finance.

Risk Analysis for Islamic Banks

Islamic finance is emerging as a rapidly growing part of the financial sector in the Islamic world and is not restricted to Islamic countries, but is spreading wherever there is a sizable Muslim community. According to some estimates, more than 250 financial institutions in over 45 countries practice some form of Islamic finance, and the industry has been growing at a rate of more than 15 percent annually for the past several years. The market's current annual turnover is estimated to be $70 billion, compared with a mere $5 billion in 1985, and is projected to hit the $100 billion mark by the turn of the century. Since the emergence of Islamic banks in the early 1970s, considerable research has been conducted, mainly focusing on the viability, design and operations of a deposit-accepting financial institution, which operates primarily on the basis of profit and loss partnerships rather than interest. This publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. This approach emphasizes the accountability of key players in the corporate governance process in relation to the management of different dimensions of Islamic financial risk.

TABLE 12.1 Disclosure Practices of Islamic Banks Source: Sundararajan (2004).
conducted by the authors of nine Islamic banks for which balance sheet data
were easily available, one bank did not provide sufficient details as to the division
of ...

Islamic Banking

'People are too inclined to regard their current institutions as the inevitable outcome of a natural evolutionary process. In respect of banking, it is salutary to note that Islamic banking works on a quite different, non-interest-bearing, basis from Western banking; and that several major religions, including Christianity, were in earlier times ethically opposed to interest/usury, but only Islam now keeps that faith. Professor Mervyn Lewis is a highly respected authority on (Western) banking and finance, and Latifa Algaoud is a senior official in Bahrain with a deep knowledge of Islamic banking institutions. Between them they present a highly readable assessment of Islamic banking from both (East/West) viewpoints, with a clear account of its history and principles, and its current position and state.' - Charles Goodhart, London School of Economics, UK 'Islamic banking has become a significant part of global banking. This is a very timely and well written book which successfully links the modern theories of conventional banking and financial intermediation and the theoretical and practical aspects of Islamic banking. By linking theory and practice, and setting Islamic banking in a wider analytical framework, the book will be invaluable to anyone with a theoretical, practical or regulatory interest in Islamic banking.' - David T. Llewellyn, Loughborough University, UK the prohibition of interest is the feature of Islamic banking which most distinctly sets it apart from conventional banking. to Western eyes, this seems a strange restriction, but Christian countries themselves maintained such a ban for 1,400 years. Islamic Banking asks why Islam has been able to maintain its stand. the book explores the intricacies of Islamic law and the religious and ethical factors underpinning Islamic banking. It then considers the analytical basis of Islamic banking in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome.

This is a very timely and well written book which successfully links the modern theories of conventional banking and financial intermediation and the theoretical and practical aspects of Islamic banking.

Islamic Financial Economy and Islamic Banking

Islamic Financial Economy and Islamic Banking, is a thorough, deeply conceptual, analytical and applied work in the area of epistemological foundation of Islamic world-system. The book presents a new frontier of original contribution to the theme of generalized-system model of shari’ah. The model, derived from the Qur’an and Sunnah (Prophetic guidance) incorporates a wide analytical coverage of the purpose and objective of the Islamic worldview (maqasid as-shari’ah) in Islamic economics and finance in particular. The author covers issues that contrast with the existing understanding of Islamic economics and finance, including some specific goals defining the field and how they compare in today’s unstable world of financial volatility. A new heterodox thinking in economic theory is outlined. The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari’ah lead the way in this book. Its presentation and analysis, methods and approach, overarch the fields of philosophy of science, rigorous analysis, mathematical and other presentations of the understanding given, and all taken up in the light of the exegesis of the Qur’an and coverage of the Sunnah. The result is a substantive one in the field of scholarship and application; and in analytically proving the universality and uniqueness of the epistemic worldview for the academic and practitioner world at large. The totality of the multiverse diversity of issues and problems reviewed comprise the study of the world-system by the Tawhidi methodological approach. Yet this methodology and its empirical configuration are universally applicable to all users without any need for unnecessary religious overtone.

The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari’ah lead the way in this book.

Islamic Banking and Financial Crisis: Reputation, Stability and Risks

Do Islamic financial institutions perform better than their Western counterparts during periods of financial stress? How do Islamic financial institutions manage risk, given their unique characteristics and the need for shari'ah compliance? Islamic Banking and Financial Crisis looks at the challenges for Islamic financial institutions in an international post-Basel II system where banks are required to have more capital and liquidity. It also examines the influence of governance on client and investor perceptions and their implications for institutional stability and sustainability. It concludes by suggesting how the Islamic financial industry can better fulfil both the legal and social requirements of shari'ah.

Due to the sub-prime financial crisis, and with banks being one of its major
players, many countries have begun to look for more prudent, more transparent
banking models in order to overcome the critical flaws of the conventional and
current ...