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Islamic Banking and Financial Crisis

Reputation, Stability and Risks

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.

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.

The Islamic Republic of Iran

Report on Public Financial Management, Procurement, and Expenditure Systems in Iran

This review aims to describe, and to the extent possible, analyze public expenditure management systems in Iran, including those involved in budget formulation and execution, financial management, procurement, and oversight (but not the management of the civil service). As such, it contains elements of a Public Expenditure Review, a Country Financial Accountability Assessment, and a Country Procurement Assessment Report. The report stops short of recommending additional or different reforms or action programs, pending further collaborative work within the agreed multiyear program. This report presents a baseline of understanding, bolstered by selected analytical and comparative diagnoses, on which the Bank can begin to tailor its work with Iran in the area of public financial management. The main chapters of the report thus summarize the size, structure, and functioning of the Iranian budget system, covering public spending performance, resource allocation, and expenditure execution. The final chapter contains a framework for assessing public financial risk in Iran, which summarizes the salient risk characteristics of the Iranian system and efforts to attenuate them. This framework could provide an agenda for future discussions on follow-up work.

This review aims to describe, and to the extent possible, analyze public expenditure management systems in Iran, including those involved in budget formulation and execution, financial management, procurement, and oversight (but not the ...

Risk Management in Islamic Financial Institutions

Islamic finance (Capital Markets, Banking and Insurance) has emerged from a niche financial market to the mainstream of finance. The geographic market, clientele served, products base and volume of funds have grown significantly. Furthermore, the players have increased and now include not only pure Islamic institutions but also hybrid players (conventional bank with Islamic Finance windows). Therefore, not understanding the unique risks of the Islamic Finance model (risk sharing and risk pooling) can cause a failure of the model igniting a financial crises with a ripple effect on the Islamic faith. Hence, managing these unique risks is extremely important.

Islamic finance (Capital Markets, Banking and Insurance) has emerged from a niche financial market to the mainstream of finance.

Handbook of Islamic Banking

The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same time, it seeks to bring the current research agenda and the main issues on Islamic banking before a wider audience. Islamic banking offers, as an alternative to conventional interest-based financing methods, a wide variety of financial instruments and investment vehicles based on profit-and-loss sharing arrangements. These are all explored in detail along with other subjects such as governance and risk management, securities and investment, structured financing, accounting and regulation, economic development and globalization. M. Kabir Hassan, Mervyn Lewis and the other contributors have created an authoritative and original reference work, which will contribute to a wider understanding of Islamic banking as well as provoking further discussion and research. It will be invaluable to all scholars, researchers and policymakers with an interest in this subject.

Each of these segments requires different marketing strategies , and a certain percentage of annual revenue should be set ... financial institutions employ classical marketing tools encompassing the four Ps of marketing - mix ( product ...

The Oxford Handbook of Philosophy of Economics

The Oxford Handbook of Philosophy of Economics is a cutting-edge reference work to philosophical issues in the practice of economics. It is motivated by the view that there is more to economics than general equilibrium theory, and that the philosophy of economics should reflect the diversity of activities and topics that currently occupy economists. Contributions in the Handbook are thus closely tied to ongoing theoretical and empirical concerns in economics. Contributors include both philosophers of science and economists. Chapters fall into three general categories: received views in philosophy of economics, ongoing controversies in microeconomics, and issues in modeling, macroeconomics, and development. Specific topics include methodology, game theory, experimental economics, behavioral economics, neuroeconomics, computational economics, data mining, interpersonal comparisons of utility, measurement of welfare and well being, growth theory and development, and microfoundations of macroeconomics. The Oxford Handbook of Philosophy of Economics is a groundbreaking reference like no other in its field. It is a central resource for those wishing to learn about the philosophy of economics, and for those who actively engage in the discipline, from advanced undergraduates to professional philosophers, economists, and historians.

Contributions in the Handbook are thus closely tied to ongoing theoretical and empirical concerns in economics. Contributors include both philosophers of science and economists.

A Modern Guide to Philosophy of Economics

This insightful Modern Guide offers a broad coverage of questions and controversies encountered by contemporary economists. A refreshing approach to philosophy of economics, chapters comprise a range of methodological and theoretical perspectives, from lab and field experiments to macroeconomics and applied policy work, written using a familiar, accessible language for economists.

This insightful Modern Guide offers a broad coverage of questions and controversies encountered by contemporary economists.