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Full Description
Examines the resilience of Islamic banking during the global financial crisis and lessons for risk management.
Do Islamic financial institutions perform better than their conventional counterparts during periods of financial stress? To what extent do systems for managing risk have to be adapted for Islamic financial institutions, given the unique characteristics of their assets and liabilities and the need for shari'ah compliance? These issues have come to prominence since the global financial crisis of 2007-8 and the subsequent recession, and are addressed in this book. The challenges for Islamic financial institutions are explored in an international post Basel II system where banks are required to have more capital and liquidity. Governance issues are also examined, given their influence on client and investor perceptions and their ultimate implications for institutional stability and sustainability.
Offers an in-depth assessment of how Islamic banks weathered the financial crisis and what lessons can be learnt. Asks whether Islamic banks are inherently more stable than conventional banks during periods of economic stress. Examines how Islamic banks manage risk, focusing on liquidity risk and the use of forward contracts to mitigate currency risk. Appraises the work of internal shari'ah audit units and the use of shari'ah reports to reduce non-compliance risks. Features case studies from the Gulf, Malaysia, the UK, Pakistan, Turkey and GCC countries.
Contents
List of Figures; List of Tables; List of Contributors; 1 Reflecting on Islamic Banking and Financial Crisis: Risks, Reputation and Stability, Habib Ahmed, Mehmet Asutay and Rodney Wilson; 2 Reshaping the Islamic Finance Industry: Applying the Lessons Learnt from the Global Financial Crisis, Rafe Haneef and Edib Smolo; 3 Assessing the Resilience of Islamic Banks: An Empirical Analysis, Rania Abdelfattah and Ahmed Badreldin; 4 Stability of Islamic Banks: A Comparison of Conventional and Islamic Banks, Matthias Verbeet;5 Islamic Banks' Financing Behaviour: A Pilot Study, Mohd Afandi Abu Bakar, Hjh Radiah Abdul Kader and Roza Hazli Zakaria; 6 Risk Management Practices of Islamic Banks: International Evidence, Romzie Rosman and Abdul Rahim Abdul Rahman; 7 Liquidity Risk Evidence Management and Financial Performance of Islamic Banks: Empirical Evidence, Noraini Mohd Ariffin and Salina Hj. Kassim; 8 Risk Management and Islamic Forward Contracts, Sherin Kunhibava; 9 Enhancing Governance, Accountability and Transparency in Islamic Financial Institutions: An Examination into Sharīʿah Internal Control Audit, Zurina Shafii and Supiah Salleh; 10 Sharīʿah Report: A Potential Tool for Sharīʿah Non-compliant Risk Management, Abdou Diaw and Irawan Febianto; 11 A Survey of Sharīʿah Governance in Islamic Financial Institutions in Malaysia, GCC Countries, and the UK, Zulkifli Hasan;12 Towards Genuine Sharīʿah Products with Lessons of the Financial Crisis, Abdulazeem Abozaid; Index
