Islamic Finance: The New Regulatory Challenge (Wiley Finance 2nd Revised edition)

Islamic Finance: The New Regulatory Challenge (Wiley Finance 2nd Revised edition)

By: Simon Archer (author), Rifaat Ahmed Abdel Karim (author)Hardback

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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

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About 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.


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

Product Details

  • publication date: 18/06/2013
  • ISBN13: 9781118247044
  • Format: Hardback
  • Number Of Pages: 550
  • ID: 9781118247044
  • weight: 930
  • ISBN10: 1118247043
  • edition: 2nd Revised edition

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