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Islamic Banking and Finance in the European Union

A Challenge

As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume. The ideas, insights and practical issues addressed in the informed papers that compose the book should be valuable for academics and students of finance, and to those who provide legal and financial services. The book will be helpful also to European regulators who have yet to appreciate the importance of Islamic finance and its potential contribution to financial globalization as well as to European economic growth. Abbas Mirakhor, Former Executive Director, International Monetary Fund, US This timely book examines the authorization of Shari ah-compliant intermediaries as either credit institutions or as investment companies in the European Union. The contributing authors explore the key topics of this area through differing yet parallel perspectives for example, comparing economic and legal standpoints, looking at both European and national levels and considering both academic and technical approaches. The book discusses the common origin of Islamic and Western traditions in commercial and banking transactions, reviewing a period in which the Italian merchants and their organizations drove the rebirth of post-medieval society in trade and law. The editors investigate whether the Islamic banking and financial model complies with the European framework, spelling out the different experiences in single Member States (Germany, France, Italy, and the United Kingdom). Notwithstanding the obstacles to being authorized as domestic credit institutions, they conclude that the access of Islamic intermediaries is suitable and may have positive effects on European integration, as well as increasing the competition among the stand-still operators and evoking the ethical dimension of banking and finance. The book also highlights how Islamic banking would make the industry more inclusive. This multidisciplinary book will appeal greatly to economics and legal scholars with an interest in European and international banking and financial law, as well as postgraduate students in international law and banking law. Practitioners and regulators will also find this book an invaluable resource.

As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume.

Governance Risk Management and Financial Product Development in Islamic Financial Institutions

Master's Thesis from the year 2010 in the subject Business economics - Investment and Finance, grade: 1,7, Maastricht University (School of Business and Economics), course: -, language: English, abstract: 1.1 General Introduction to the Topic Islamic finance is on the march. The underlying logic is simple: All investments and services are consistent with the principles of Islamic law, called Shari’ah, which literally means ‘a clear path to be followed and observed’ (Hourani, 2004a). This clear path is followed only if profit does not stem from interest (riba), speculation (gharrar) or sectors that are considered sinful according to the Qur’an (haraam), namely everything that involves alcohol, tobacco, entertainment, gambling or pork, just to name a few. The high potential of Islamic finance is clear for three reasons. The first reason relates to the emergence of a new consumer type, as there is increased demand for a Shari’ah-compliant way of investing that stems from increased globalization. The middle class from emerging markets rose from one third to 56 percent between the 1990s and 2006 (The Economist, 2009). Many Muslim countries can be found in the list of emerging markets, such as Egypt, Pakistan and Indonesia. With the Muslim population of the world exceeding 1.5 billion people (about 21 percent of the world population) and due to the fact that it is the fastest growing religion, it becomes clear why the general conditions for Islamic finance are so favourable (Central Intelligence Agency, 2009). The second reason relates to the global trend for sustainable investment; the fact that Islamic finance is an ethical way of investing which does not invest in harmful businesses and instead donates purified gains to charity is becoming more and more attractive among non-Muslim investors as well (Global Finance, 2007). The Shari’ah aspect makes Islamic financial products an alternative to socially responsible investments (Khan, 2009). The last reason is a matter of trust; in the face of the financial crisis that began shattering the world in 2007, many investors lost confidence in the traditional banks and their practices (Reuters, 2008; CNN, 2009). Today even the Holy See states that ‘the ethic principles on which Islamic finance is based may bring banks closer to their clients and to the spirit which should mark every financial service’ (Bloomberg, 2009). According to recent estimates, IFIs could increase their assets under management from roundabout $700 billion to over $1.6 trillion in 2012 (Reuters, 2009). WICHTIG: Sämtliche Recherchetätigkeiten wurden bei in den Vereinigten Arabischen Emiraten ansässigen islamischen Banken vor Ort durchgeführt.

Master's Thesis from the year 2010 in the subject Business economics - Investment and Finance, grade: 1,7, Maastricht University (School of Business and Economics), course: -, language: English, abstract: 1.1 General Introduction to the ...

Islamic Financial Institutions and Products in the Global Financial System

Key Issues in Risk Management and Challenges Ahead

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 Home Financing

Analysis of Shariah and Legal Issues in BBA and Musharakah Mutanakisah

The Muslim population in many parts of the world has been growing significantly over the years. The demand for home loans has increased and Many Muslims by the day are turning their attention to Shariah compliant Home financing. In the case of Malaysia, Islamic home financing was first offered in 1983 with the establishment of Bank Islam Malaysia Berhad. The home financing scheme at that time was based On BBA or deferred payment sale. Ever since, BBA has become popular with Muslims in Malaysia, wanting to buy property through shariah compliant Financing. As a result the BBA concept accounts for the largest share of Islamic Home Financing offered by Islamic Banks presently. Nevertheless over the last few years there has been a lot of controversy surrounding BBA in Malaysia especially after the high court ruling In July2008wherein the application of the BBA contracts in the case of Arab Malaysian Finance Berhad V Taman Ihsan Jaya & Others (2008) was rendered to be contrary to the Islamic Banking Act 1983 (IBA). As a result opponents of BBA have suggested the use of Musharakah Mutanakisah as a viable alternative to BBA home financing. A few banks in Malaysia have started implementing the concept of Musharakah Mutanakisah for Home Financing. In this thesis the researcher aims at ascertaining whether the present practice of Musharakah Mutanakisah serves as a viable alternative to BBA. In doing so, the researcher has scrutinized the legal documentation of BBA and MM form various banks and raised all possible shariah issues pertaining to the legal documentation. A survey has been conducted in order to evaluate the students' perception of BBA and Musharakah Mutanakisah. In light of all shariah issues raised in the legal documentation of BBA and Musharakah Mutanakisah, the researcher fmally proposes a few solutions to the issues raised .

In the case of Malaysia, Islamic home financing was first offered in 1983 with the establishment of Bank Islam Malaysia Berhad. The home financing scheme at that time was based On BBA or deferred payment sale.

Economic Integration in South Asia

Issues and Pathways

Economic Integration in South Asia: Issues and Pathways is one of the volumes of the series titled, Imagine a New South Asia, presented by ActionAid International Asia.

From the Great Recession to Labour Market Recovery

Issues, Evidence and Policy Options

This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.

This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries.

Basic Management Skills

Basic Management Skills for managers, supervisors and team leaders is powerful and guaranteed method to become an effective modern leader and it gives you all the tools to get started and to stay on top of the pile.

Basic Management Skills for managers, supervisors and team leaders is powerful and guaranteed method to become an effective modern leader and it gives you all the tools to get started and to stay on top of the pile.

Ketuntasan belajar dalam pembelajaran PAI di masa SMA

Ketuntasan belajar dalam pembelajaran PAI di masa SMA