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The Stability of Islamic Finance

Creating a Resilient Financial Environment for a Secure Future

The Stability of Islamic Finance main focus is on the question of the sources of financial instability which seems inherent in the conventional system. As a core component of this focus, the book will consider episodes of turbulence and instability in a historical context recalling the occurrence of such events from mid-19th century to the present. It will present various theoretical explanations along with solutions and alternative financial systems that avoid instability provided by various scholars dating back to mid-19th century to present. The book then will present and discuss the architecture of an Islamic financial system and show that at its core, this system shares many characteristics of an stable financial system proposed by Western scholars throughout history to avoid the inherent instability of the present dominant system. Particular emphasis will be placed on the present financial crisis and its causes as well the financial crisis of the 1997 in Southeast Asia, Russia, and Latin America relating these episodes to the fundamental features of the dominant system. The debt crisis of the low income countries will also be part of this discussion. It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture.

It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture. This new book by a group of four Western-trained Islamic economists is greatly welcomed.

Mapping the Risks and Risk Management Practices in Islamic Banking

Deep, insightful analysis of controversial risk management issues in Islamic banking Mapping the Risks And Risk Management Practices In Islamic Banking is a comprehensive analysis of the current state of risk management practices within the Islamic banking industry, with recommendations for policy makers, bankers, and industry stakeholders. Going beyond the academic, this book presents the opinions and perceptions of industry financiers and bankers, alongside primary information and data collected by Islamic finance professionals to deconstruct and analyze the sector's current risk management practices. You'll get up to date on the latest attitudes and trends, and delve into the current issues surrounding risk management in Islamic banks. With a focus on practical applications, this authoritative guide discusses the unique risks facing Islamic banks, from the perspective of a wide range of practitioners. Risk management is one of the biggest, most controversial issues in Islamic finance, yet it remains under-researched. Many uncertainties exist for which the answers are still unclear, yet will play a large role in shaping the industry's future. This book digs deep into current ideas and practices to discover what's being done, what needs to be done, and what needs to stop happening to keep the future of Islamic finance strong. Explore both Islamic and traditional attitudes toward risk Examine current Islamic risk management practices Understand the latest industry issues and trends Consider the diverse range of risks unique to the Islamic banking sector Effective risk management in Islamic banking deserves priority attention. Unless the industry develops its own genuine risk management architecture, it cannot achieve its full potential and the viability needed for a more resilient financial system than the debunked Wall Street model. Mapping the Risks and Risk Management Practices in Islamic Banking provides a deep, authoritative analysis of where the industry is today and where it needs to develop.

Going beyond the academic, this book presents the opinions and perceptions of industry financiers and bankers, alongside primary information and data collected by Islamic finance professionals to deconstruct and analyze the sector's current ...

Risk Management for Islamic Banks

Recent Developments from Asia and the Middle East

Gain insight into the unique risk management challenges within the Islamic banking system Risk Management for Islamic Banks: Recent Developments from Asia and the Middle East analyzes risk management strategies in Islamic banking, presented from the perspectives of different banking institutions. Using comprehensive global case studies, the book details the risks involving various banking institutions in Indonesia, Malaysia, UAE, Bahrain, Pakistan, and Saudi Arabia, pointing out the different management strategies that arise as a result of Islamic banking practices. Readers gain insight into risk management as a comprehensive system, and a process of interlinked continuous cycles that integrate into every business activity within Islamic banks. The unique processes inherent in Islamic banking bring about complex risks not experienced by traditional banks. From Shariah compliance, to equity participation contracts, to complicated sale contracts, Islamic banks face unique market risks. Risk Management for Islamic Banks covers the creation of an appropriate risk management environment, as well as a stage-based implementation strategy that includes risk identification, measurement, mitigation, monitoring, controlling, and reporting. The book begins with a discussion of the philosophy of risk management, then delves deeper into the issue with topics like: Risk management as an integrated system The history, framework, and process of risk management in Islamic banking Financing, operational, investment, and market risk Shariah compliance and associated risk The book also discusses the future potential and challenges of Islamic banking, and outlines the risk management pathway. As an examination of the wisdom, knowledge, and ideal practice of Islamic banking, Risk Management for Islamic Banks contains valuable insights for those active in the Islamic market.

The efforts by four budding scholars to write on this topic are indeed laudable. This book discusses risk management for Islamic banks in a comprehensive manner and yet makes it easy for readers to understand.

Modern Islamic Banking

Products and Processes in Practice

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.

New Issues in Islamic Finance and Economics

Progress and Challenges

New Issues in Islamic Finance & Economics: Progress and Challenges provides a review of the main issues and challenges facing Islamic finance. The application of Islamic finance is currently limited to banking. This book starts with an overview of the factors and motives behind the development of Islamic finance. A critical review of issues facing the industry is provided followed by a detailed analysis of areas where further attention is required. The book offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system.

The book offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system. This volume certainly fills a gap in the Islamic finance literature.

A History of Modern Africa

1800 to the Present

The new, fully-updated edition of the acclaimed textbook covering 200 years of African history A History of Modern Africa explores two centuries of the continent’s political, economic, and social history. This thorough yet accessible text help readers to understand key concepts, recognize significant themes, and identify the processes that shaped the modern history of Africa. Emphasis is placed on the consequences of colonial rule, and the links between the precolonial and postcolonial eras. Author Richard Reid, a prominent scholar and historian on the subject, argues that Africa’s struggle for economic and political stability in the nineteenth century escalated and intensified through the twentieth century, the effects of which are still felt in the present day. The new third edition offers substantial updates and revisions that consider recent events and historiography. Greater emphasis is placed on African agency, particularly during the colonial period, and the importance of the long-term militarization of African political culture. Discussions of the postcolonial period have been updated to reflect recent developments, including those in North Africa. Adopting a long-term approach to current African issues, this text: Explores the legacies of the nineteenth century and the colonial period in the context of the contemporary era Highlights the role of nineteenth century and long-term internal dynamics in Africa’s modern challenges Combines recent scholarship with concise and effective narrative Features maps, illustrations, expanded references, and comprehensive endnotes A History of Modern Africa: 1800 to the Present, 3rd Edition is an excellent introduction to the subject for undergraduate students in relevant courses, and for general readers with interest in modern African history and current affairs.

Islamic learning had a long history across Saharan and northern Africa, but with the advent of colonial rule in ... In Libya, Italian education vied with a Sanusiyya system which promoted Islamic culture and anticolonial resistance.

From Natural Language Processing to Logic for Expert Systems

A Logic Based Approach to Artificial Intelligence

Covers some of the most significant applications of artificial intelligence, namely: natural language processing, speech understanding, expert system design, requirement engineering, machine learning, truth maintenance systems, advanced concepts and methods of logic programming. Together with the previous two volumes edited by Thayse, this completes a comprehensive exposition of the subject of logics applied to AI.

They are , however , only a special case of non - monotonic reasoning , already studied in [ Thayse 88 , Chap . ... The difficulty of processing inheritance networks depends on the restrictions imposed on the nature of legal links and ...

Temporal Logic for Real-time Systems

Providing a framework for modelling, specifying and verifying systems composed of real-time discrete event processes, this text combines a formal framework in computer science with applications in software and control engineering.

details of each legal trajectory . A more abstract method of handling trajectories must thus be found . An important abstraction tool is assertional reasoning , which will be explored in the next chapter . As an introduction to the main ...

Temporal Logic for Real-time Systems

Providing a framework for modelling, specifying and verifying systems composed of real-time discrete event processes, this text combines a formal framework in computer science with applications in software and control engineering.

Providing a framework for modelling, specifying and verifying systems composed of real-time discrete event processes, this text combines a formal framework in computer science with applications in software and control engineering.

Deontic Logic in Computer Science

Normative System Specification

Deontic logic originated from moral philosophy and the philosophy of law as an attempt to formalise normative and legal reasoning. This book draws on the experience of researchers - working in fields as diverse as Artificial Intelligence, linguistics, computer system specification and law - who have discovered the benefits of deontic logic when applied to solving computer science and AI problems. A useful logic in which to specify normative system behaviour, deontic logic has a broad spectrum of possible applications within the field: from legal expert systems to natural language processing, database integrity to electronic contracting and the specification of fault-tolerant software. This book provides a unique and timely assessment of the practical value of deontic logic for computer scientists in AI and law and, more particularly, in such areas as distributed AI and intelligent cooperative information systems.

In The First International Conference on Artificial Intelligence and Law , pages 240-251 . ACM , May 1987 . R.M. Chisholm . ... In C. Walter , editor , Computer Power and Legal reasoning , pages 467-493 . West Publishing Co. , 1985 .