Islamic Finance : The New Regulatory Challenge.
Rifaat Ahmed Abdel. Karim
Bok Engelsk 2013 · Electronic books.
| Omfang | 1 online resource (546 pages)
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| Utgave | 2nd ed.
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| Opplysninger | Intro -- Islamic Finance: The New Regulatory Challenge -- Copyright -- Contents -- About the Editors -- About the Contributors -- Foreword -- Preface -- Preface to the Second Edition -- Acknowledgments -- Part One: The Nature of Risks in Islamic Banking -- Chapter 1: Supervision of Islamic Banks: The Regulatory Challenge-Basel II and Basel III -- 1. Introduction -- 2. The Structure of Basel II and Basel III: Supervisory Implications -- 3. The Islamic Financial Services Board -- 4. Contents of This Book -- Part One: The Nature of Risks in Islamic Banking -- Part Two: Capital Adequacy -- Part Three: Securitisation and Capital Markets -- Part Four: Corporate Governance and Human Resources -- Part Five: Conclusion -- Notes -- References -- Chapter 2: Banking and the Risk Environment -- 1. The Global Risk Environment -- 2. The Regulatory Environment -- 2.1: Pillar 1-Minimum Capital Requirements -- 2.2: Pillar 2-Supervisory Review -- 2.3: Pillar 3-Market Discipline -- 2.4: Liquidity Risk -- 2.5: Leverage Ratio -- 2.6: The Basel III Liquidity Regime: The Liquidity Coverage Ratio (LCR) -- 2.7: The Basel III Liquidity Regime: The Net Stable Funding Ratio (NSFR) -- 2.8: The Basel III Liquidity Regime: The Treatment of Shari'ah-Compliant Banks -- 2.9: The Impact of Basel III Implementation -- 2.10: Timeline -- 2.11: Stress Testing -- 3. The Implementation Environment (Setting Up a Risk Management Framework in a Bank) -- 3.1: Models for the Grading of Credits and Establishing a Credit VaR -- 3.2: Connections between Risk Categories -- 3.3: Economic Capital -- 4. The Future Risk Environment -- 5. Islamic Banks and the Risk and Regulation Environment -- 5.1: Capital -- 5.2: Liquidity -- 5.3: Trade Transactions as Liquidity? -- Chapter 3: Risk Characteristics of Islamic Products: Implications for Risk Measurement and Supervision -- 1. Introduction.. - 2. Background -- 3. Types of Risks in Islamic Finance and Their Measurement -- 3.1: Mudarabah Risk -- 3.2: Credit Risks in Sales-Based Contracts -- 3.3: Equity Risks in Mudarabah and Musharakah Facilities -- 3.4: Market Risks and Rate of Return Risks -- 3.5: Liquidity Risk -- 3.6: Operational Risk -- 3.7: Mix of Risks by Type of Product -- 4. Overall Risk of an Islamic Bank and Approaches to Risk Mitigation -- 4.1: Accounting Definitions -- 4.2: Measuring Risks in Investment Accounts and Risk Sharing -- 5. Summary and Policy Conclusions -- Notes -- References -- Chapter 4: Risk in a Turbulent World: Insights from Islamic Finance -- 1. Introduction -- 2. Functions of Risk -- 3. Dealing with Risk -- 4. The Fundamental Law of Risk -- 4.1: Fallacy of Composition -- 4.2: Risk Concentration -- 4.3: Interconnectedness -- 4.4: Risk and the Global Financial Crisis -- 4.5: Self-Defeating Strategy -- 4.6: Toxic Assets -- 4.7: Risk Appetite -- 4.8: Swings in Attitudes towards Risk -- 5. Islamic Finance -- 5.1: Prohibition of Excessive Risk-Taking and Gambling -- 5.2: Balance of Rights and Obligations -- 5.3: Profits and Liability -- 6. Functions of Risk in Islamic Finance -- 7. Risk Exchange in Islamic Finance -- 8. Regulatory Implications -- 8.1: Stability is a Collective Endeavour -- 8.2: Finance Should Not Be a Zero-Sum Game -- 8.3: Over-Aversion to Risk Makes It More Likely -- 8.4: Leverage Is Dangerous -- 9. Conclusion -- Notes -- References -- Chapter 5: Capital Structure and Risk in Islamic Financial Services -- 1. Introduction -- 2. Risk and Capital Structure in Islamic Banks -- 2.1: Market Risk Exposures on Islamic Financing Contracts -- 2.2: Capital Impairment Risk on Partnership Forms of Financing -- 2.3: Summary of Asset-Side Risk Specificities and Capital Implications -- 2.4: Profit-Sharing Investment Accounts and Displaced Commercial Risk.. - 2.2: ITS Issues and Concerns -- 3. ITS Operational Risk-Business, Documentation, and Legal Issues -- 3.1: ITS Risk Considerations -- 4. Technical and Functional Clarification for the Imposed Risks -- 4.1: Investment Accounts Based upon Mudarabah -- 4.2: Profit Calculation and Allocation to IAH -- 4.3: Financing Process Operational Issues -- 5. Concluding Remarks -- Note -- Chapter 9: Law and Islamic Finance: An Interactive Analysis -- 1. Introduction and Overview -- 2. Islamic Jurisprudence in Modern Times -- 2.1: Foundations of Islamic Commercial Law -- 2.2: Islamic Commercial Law in Modern Times -- 2.3: The Jurisprudence of Revival and Recovery -- 2.4: Adjusting to Modern Trade and Commerce -- 2.5: The Significance of Contracts -- 2.6: The Nominate Contracts -- 2.7: Academic and Linguistic Factors -- 2.8: A New Stage in the Jurisprudence of Islamic Finance -- 2.9: The Jurisprudence of Transformation and Innovation -- 3. Enforceability of the Shari'ah -- 3.1: Trends in Islamic Finance and the Focus on Enforcing Islamic Shari'ah -- 3.2: Internationalisation and Globalisation -- 3.3: Diversification and Increased Sophistication of Products -- 3.4: Public Law and Private Law in Different Jurisdictions -- 4. Enforceability of the Shari'ah: Case Law and Transactional Practice -- 4.1: Shamil Bank v Beximco: A Recent English Court Decision -- 4.2: Discussion -- 5. Transactional Practice: Legal Opinions -- 5.1: Legal Opinions in Financing Transactions Generally -- 5.2: The "Enforceability" or "Remedies" Opinion -- 5.3: Enforceability Opinions in Specialised Financing Transactions -- 6. Sukuk: Capital Markets and Secondary Markets -- 6.1: Market Functions and Market Factors -- 6.2: Legal Infrastructure: Systemic Factors Pertaining to Enforcement -- 6.3: Legal Infrastructure: Specific Legal Issues -- 6.4: True Sale -- 6.5: Non-Consolidation.. - 2.5: Capital Structure of Islamic Banks -- 2.6: Capital Adequacy -- 2.7: Summary -- 3. Risk and Capital Structure in Takaful (Islamic Insurance) Undertakings -- 3.1: Capital Structure, Risk, and Ancillary Capital -- 3.2: Reinsurance via Re-Takaful -- 3.3: Summary -- 4. Concluding Remarks -- References -- Chapter 6: Inherent Risk: Credit and Market Risks -- 1. Introduction -- 2. Distinctive Risks -- 3. Inherent Risks in Shari'ah-Compliant Products and Services -- 3.1: Credit Risk -- 3.2: Market Risks -- 3.3: Displaced Commercial Risk -- 4. Conclusion -- Appendix -- Notes -- Chapter 7: Operational Risk Exposures of Islamic Banks -- 1. Introduction -- 2. Basel III Requirements and Their Implications for Operational Risk Management -- 2.1: New Capital Buffer -- 2.2: New Leverage Ratio, Liquidity Cover Ratio, and Net Stable Funding Ratio -- 2.3: SIFIs -- 2.4: Stress Testing -- 3. Operational Risk: The Basel Methodology -- 3.1: The Basic Indicator Approach (BIA) -- 3.2: The Standardised Approach (SA) -- 3.3: Advanced Measurement Approaches (AMA) -- 4. Operational Risk in Islamic Banks -- 4.1: Operational Risk Exposures in Islamic Banks -- 4.2: Capital Requirements for Operational Risk in Islamic Banks -- 4.3: Risk Management Guidelines -- 5. Unique Operational Risks of Islamic Financing/Investment Modes -- 5.1: Murabahah -- 5.2: Salam and Parallel Salam -- 5.3: Istisna'a and Parallel Istisna'a -- 5.4: Ijarah and Ijarah Muntahia Bittamleek -- 5.5: Musharakah -- 5.6: Mudarabah -- 5.7: Sukuk Securitisation -- 5.8: Real Estate Investment -- 6. Qard -- 6.1: Wakalah -- 6.2: Impacts of Current Regulatory Development on Operational and Other Aspects of Risk Management -- 7. Concluding Remarks -- Notes -- Chapter 8: Information Technology Risks in Islamic Banks -- 1. Introduction -- 2. Important Understandings and Facts -- 2.1: Fundamental Principles.. - 4.5: The Impact of the New Standards Architecture.. - 6.6: Bankruptcy Remoteness -- 6.7: Collateral Security Structure -- 6.8: Enforceability of Documents -- 6.9: Choice of Law -- 6.10: Enforceability of Judgements and Awards -- 6.11: Observations -- 7. Summary and Conclusion -- Appendix -- Notes -- Chapter 10: Legal Risk Exposure in Islamic Finance -- 1. Introduction -- 2. Defining Legal Risk -- 3. Greater Risk from Uncertain and Undeveloped Law and Regulation -- 4. Greater Risk from Poor Documentation -- 5. Greater Risk from Unpredictable Dispute Resolution Processes -- 6. Concluding Remarks -- Notes -- Chapter 11: Shari'ah-Non-compliance Risk -- 1. Introduction -- 2. Risk from an Islamic Perspective -- 3. The Concept of Shari'ah Compliance -- 3.1: Planning Stage -- 3.2: Execution Stage -- 3.3: Documentation Stage -- 4. Shari'ah-Non-compliance Risk and Its Impact -- 5. Dealing with Shari'ah-Non-compliance Risk -- 5.1: Critical Defect -- 5.2: Remediable Defect -- 6. Measuring Shari'ah-Non-compliance Risk -- 7. Fiqh al-Muwazanah -- 8. Rectification of a Shari'ah-Non-compliant Contract -- 8.1: Correction -- 8.2: Purification of Income -- 9. Mitigation of Shari'ah-Non-compliance Risk -- 10. Conclusion -- Notes -- Chapter 12: Supervisory Implications for Islamic Finance: Post-Crisis Environment -- 1. Regulation and Supervision -- 2. Supervisors and Shari'ah -- 2.1: The Supervisor's Role in Shari'ah Matters -- 2.2: Shari'ah and Conventional Governance -- 2.3: Shari'ah-Non-compliance Risk -- 3. Lessons of the Crisis and Regulatory Responses -- 3.1: Macroprudential and Systemic Issues -- 3.2: Capital and Liquidity -- 3.3: Recovery and Resolution -- 3.4: The Scope of Regulation -- 3.5: The International Standards Architecture -- 4. The Issues for Supervisors -- 4.1: Common Ground between Islamic and Conventional Finance -- 4.2: Strategy and Governance -- 4.3: Capital and Liquidity -- 4.4: Group Supervision.. - 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.
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| Emner | |
| Sjanger | |
| Dewey | |
| ISBN | 9781118247082
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