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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
Contents
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
