This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy – which has gained important impetus in recent years – are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.
This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry.
The provision and use of financial services and products that conform to Islamic religious principles pose special challenges for the identification, measurement, monitoring, and control of underlying risks. Effective and efficient risk management in Islamic financial institutions has assumed particular importance as they endeavor to cope with the challenges of globalization. This requires the development of not only a more suitable regulatory framework, but also new financial instruments and institutional arrangements to provide an enabling operational environment for Islamic finance. The recent establishment of the Islamic Financial Services Board, facilitated by the IMF, addresses these needs.
The provision and use of financial services and products that conform to Islamic religious principles pose special challenges for the identification, measurement, monitoring, and control of underlying risks.
Islamic finance is founded on principles that constitute the guidelines governing any Islamic economic or financial dealings. Innovative financial engineering today constitutes one of the most critical needs of Islamic financial institutions. It represents the forces that will drive Islamic finance toward continuous growth and efficiency. The structuring of new financing and Shariah-complaint instruments plays an important role in the enhancement of Islamic financial markets, and Islamic risk management practices, combining basic Shariah-complaint financial instruments within Shariah structures to precise identified needs. The financial engineering process in Islamic finance is a process that is very sensitive and complex. It requires multidisciplinary considerations, involving deep knowledge of finance, economy, Shariah law and commercial law. Divergence of opinions among different Shariah scholars and boards, as well as the absence or lack of effectiveness of a central regulatory body, is perceived as an obstacle to the growth of investment confidence in Islamic finance. Hence, innovation, along with greater uniformity, is essential to make Islamic finance an international financial system and to attract a greater number of customers. This book addresses the main issues of concern within Islamic banking, namely the development of conceptual framework, the viability of interest-free banking, and the assessment of its performance and future. In a world where conventional interest-based finance is the dominant framework, Islamic banking faces many challenges that must be addressed. This book discusses these issues and challenges and will be of great interest to both researchers and practitioners. It analyses the past experiences of Islamic banks worldwide, and provides an objective assessment of their successes and failures.
This book addresses the main issues of concern within Islamic banking, namely the development of conceptual framework, the viability of interest-free banking, and the assessment of its performance and future.
The provision and use of financial services and products that conform to Islamic religious principles pose special challenges for the identification, measurement, monitoring, and control of underlying risks. Effective and efficient risk management in Islamic financial institutions has assumed particular importance as they endeavor to cope with the challenges of globalization. This requires the development of not only a more suitable regulatory framework, but also new financial instruments and institutional arrangements to provide an enabling operational environment for Islamic finance. The recent establishment of the Islamic Financial Services Board, facilitated by the IMF, addresses these needs.
The provision and use of financial services and products that conform to Islamic religious principles pose special challenges for the identification, measurement, monitoring, and control of underlying risks.
A complete, detailed guide to modern Islamic banking fundamentals Modern Islamic Bankingprovides a comprehensive, up-to-the-minute guide to the products, processes and legal doctrines underlying Islamic banking. Written by a pioneering practitioner in the field, this book provides thorough guidance and expert-level perspective on the principles and applications of this alternative-banking model. You'll begin by learning the fundamentals, vocabulary and key concepts of Islamic banking, then explore key products including istisna'a, murabaha, musharaka, ijara, sukuk, and salam. Coverage then moves into practical applications of Islamic products to a variety of contexts including asset management, treasury, risk management, venture capital, SME finance, micro-finance and taxation. Regulatory frameworks are discussed in detail, including extensive coverage of post-financial crisis Islamic bank valuation. Islamic banking has experienced rapid growth over the past decade, a trend that is set to continue given the sector's successful weathering of the financial crisis. This book brings you up to speed on this alternative way of banking, and shows you how it applies within your own current practices. Understand the principles of Islamic banking and finance Learn the products, vocabulary and key concepts of the field Consider the applications in a variety of financial contexts Explore the regulatory frameworks and valuation of Islamic banks Islamic banking practices differ from Western banking in fundamental ways — it's these differences that shielded the sector during the global crisis, but they also require practitioners to understand a whole new set of rules, products and practices. Modern Islamic Banking gives you a solid understanding of the fundamentals and expert insight into modern practical applications.
This book brings you up to speed on this alternative way of banking, and shows you how it applies within your own current practices.
This book provides a systematic overview of the current trends in research relating to the use of artificial intelligence in Islamic financial institutions (IFIs), across all organization of Islamic cooperation (OIC) countries. Artificial Intelligence and Islamic Finance discusses current and potential applications of artificial intelligence (AI) for risk management in Islamic finance. It covers various techniques of risk management, encompassing asset and liability management risk, credit, market, operational, liquidity risk, as well as regulatory and Shariah risk compliance within the financial industry. The authors highlight AI’s ability to combat financial crime such as monitoring trader recklessness, anti-fraud and anti-money laundering, and assert that the capacity of machine learning (ML) to examine large amounts of data allows for greater granular and profound analyses across a variety of Islamic financial products and services. The book concludes with practical limitations around data management policies, transparency, and lack of necessary skill sets within financial institutions. By adopting new methodological approaches steeped in an Islamic economic framework (e.g., analysing FinTech in the context of Shariah principles and Islamic values), it devises practical solutions and generates insightful knowledge, helping readers to understand and explore the role of technological enablers in the Islamic finance industry, such as RegTech and artificial intelligence, in providing better and Shariah-compliant services to customers through digital platforms. The book will attract a wide readership spanning Shariah scholars, academicians, and researchers as well as Islamic financial practitioners and policy makers.
A case study on waqf reporting practices for governance, performance and socio-economic impact in Malaysia. ... The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in ...
Islamic Banking and Finance in South-East Asia by Angelo M Venardos has been a “must read” since its first edition in 2005 and has already been translated to Arabic. Now in its 3rd edition, the book offers important updates you can look forward to, starting with the foundations of Islamic banking, developments and issues. The reader is then treated to a timely survey of Islamic banking in five South-east Asian countries. Most of these chapters have been completely revamped from the last edition. One additional chapter has been added on Islamic Succession Planning, which introduces an increasingly essential aspect of Muslim life — that of managing one's wealth now and in the afterlife. Whether you are new to the topic or a practitioner in the industry, you will appreciate the accessible way in which the book is written. According to the Asian Journal of Comparative Law, the book gives a broad overview yet “manages to achieve this in a rather slim volume while providing depth of analysis at the same time”. Contents:Islamic HistoryShari'ah Law and Islamic JurisprudenceIslamic Commerical LawIslamic Financial ProductsIssues and Challenges of Islamic Banking TodayIslam in South-East AsiaColonial Legacies: Islam and State Law in South-East AsiaMalaysia: A Leading Islamic Finance JurisdictionIndonesia: An Islamic Banking Giant AwakensLabuan: A Growing Niche in Islamic FinanceBrunei: Size Really Doesn't MatterSingapore: Small But SignificantAn Overview of Islamic Succession PlanningConclusion Readership: Investors; bankers; financial industry players; upper-level undergraduates and post graduate students in Islamic studies, banking and finance. Keywords:Islamic;Banking;Finance;South-East AsiaKey Features:The first book of its kind to explain to lay persons, Muslims and non-Muslims, the mystique surrounding Islamic banking and financeDepicts clearly how the market has developed in South-East AsiaProvides a timely survey of Islamic banking in five South-East Asian countriesReviews:“The book provides essential insights on the development of Islamic finance in South-east Asia. Its analysis of Islamic finance enables the reader to comprehend the growing importance of Islamic finance that transcends cultural and religious diversities within this region.”Dato' Dr Nik Norzrul Thani Chairman Zaid Ibrahim & Co “The author's timely update to his work reflects the increasing importance of Islamic finance in the world today and the significant role South-east Asia continues to play in its development. Angelo Venardos' insightful analysis provides a very helpful guide to understanding the salient building blocks of the industry and guides the reader towards what to expect in the future.”Daud Vicary Abdullah, CIFP Global Islamic Finance Leader Deloitte Corporate Advisory Services Sdn Bhd “The book is well researched, with materials well arranged and supported by research to ensure the book is easily understood by readers at all levels. The book has the potential to be a comprehensive reference for the research community in understanding the issues behind Islamic finance.”Dr Aimi Zulhazmi Abdul Rashid Managing Director Draz9 Advisory Services Bhd “Specialist in Shariah Incline Offshore Trusts” Review of the Second Edition: “… his insightful elucidation on the subject has nevertheless drawn widespread acclaim from critics all over the world. The first book of its kind to lay bare the mystique surrounding Islamic banking and finance, this highly-regarded book has even attracted interest from a leading Islamic university in the Middle East, an extraordinary feat considering he is a relative outsider compared to the many Arabs who have commented on the topic.”BusinessCraft Reviews of the First Edition: “This volume will be of value to anyone interested in the history, methods, and rules of Islamic finance in Southeast Asia. It is written by a non-Muslim who views the subject through a different prism, which makes the book unique.”Choice “The author has done an excellent job of taking the reader through a variety of linked elements as they relate to Islam, e.g., history, law, economic development, culture, finance, banking … which have then been described within a variety of countries in the South-east Asian region.”Charles F Steilen Hawaii Pacific University, Honolulu “Very well-written and informative … The author succeeds where most writers on this subject fail. He has produced a balanced and well-written study, which at no point in the text slips into value judgement. In this sense, he sets a standard for future studies of this ever-changing field. Angelo M Venardos's book is about a mature modern banking system and the challenges of adapting to a changing business environment characterized by the globalization of the financial industry and the increasing sophistication of banking business.”Mamouda Mbemap Editor Journal of Restructuring Finance “Readers will appreciate the accessible and readily comprehensible way in which the book is written. The author seeks to give a broad overview of the landscape of Islamic banking in Southeast Asia. To his credit, he manages to achieve this in a rather slim volume while providing depth of analysis at the same time.”Asian Journal of Comparative Law “It provides an excellent background, not only to the development of Shari'a banking principles, but also with reference to the history of Islam in South East Asia … This is a much needed guide for those interested in the evolution of Islamic banking and finance in South East Asia. It outlines not only the intricacies of a technically complex area of the financial markets in this important region.”Step Avanti
Islamic Banking and Finance in South-East Asia by Angelo M Venardos has been a “must read” since its first edition in 2005 and has already been translated to Arabic.Now in its 3rd edition, the book offers important updates you can look ...
