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Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services
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Book Synopsis Corporate Governance in Institutions Offering Islamic Financial Services by : Wafik Grais
Download or read book Corporate Governance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by World Bank Publications. This book was released on 2006 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information.
Book Synopsis Islamic Banking Regulation and Supervision by : Mr.In Song
Download or read book Islamic Banking Regulation and Supervision written by Mr.In Song and published by International Monetary Fund. This book was released on 2014-12-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
Book Synopsis Corporate Governance in Islamic Financial Institutions by : Muhammad Umer Chapra
Download or read book Corporate Governance in Islamic Financial Institutions written by Muhammad Umer Chapra and published by . This book was released on 2002 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Research in Corporate and Shari'ah Governance in the Muslim World by : Toseef Azid
Download or read book Research in Corporate and Shari'ah Governance in the Muslim World written by Toseef Azid and published by Emerald Group Publishing. This book was released on 2019-05-20 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.
Book Synopsis Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services by : Wafik Grais
Download or read book Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by World Bank Publications. This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.
Book Synopsis Corporate Governance in Islamic Financial Institutions by : Hussein Elasrag
Download or read book Corporate Governance in Islamic Financial Institutions written by Hussein Elasrag and published by Hussein Elasrag. This book was released on with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is one of few papers that highlight the importance of studying corporate governance for institutions offering Islamic financial services. The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the Shari'ah Supervisory board and its functionality. One of the objectives of this paper is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders. The paper gives particular attention to the mechanisms for corporate governance, including the Board of Directors, Senior Management, shareholders, depositors, and regulatory and supervisory authorities.
Book Synopsis An Overview of Islamic Finance by : Mr.Mumtaz Hussain
Download or read book An Overview of Islamic Finance written by Mr.Mumtaz Hussain and published by International Monetary Fund. This book was released on 2015-06-02 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
Book Synopsis Regulation and Supervision of Islamic Banks by : Aledjandro Lopez Mejia
Download or read book Regulation and Supervision of Islamic Banks written by Aledjandro Lopez Mejia and published by International Monetary Fund. This book was released on 2014-12-12 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and differences of IBs with conventional banks (CBs) and reviews whether the IBs are more stable than CBs. Given the risks faced by IBs, the paper concludes that they need a legal, corporate and regulatory framework as much as CB does. The paper also argues that it is important to ensure operational independence of the supervisory agency, which has to be supported by adequate resources, a sound legal framework, a well designed governance structure, and robust accountability practices.
Book Synopsis Foundations of Shari'ah Governance of Islamic Banks by : Karim Ginena
Download or read book Foundations of Shari'ah Governance of Islamic Banks written by Karim Ginena and published by John Wiley & Sons. This book was released on 2015-04-06 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide for robust sharī'ah governance of the Islamic banking industry Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions, and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following: Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures; Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists; Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide. Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.
Book Synopsis Handbook of Research on Theory and Practice of Global Islamic Finance by : Rafay, Abdul
Download or read book Handbook of Research on Theory and Practice of Global Islamic Finance written by Rafay, Abdul and published by IGI Global. This book was released on 2019-12-27 with total page 888 pages. Available in PDF, EPUB and Kindle. Book excerpt: As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance.
Book Synopsis Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services by : Wafik Grais
Download or read book Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by . This book was released on 2016 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.
Download or read book Islamic Finance written by Tina Harrison and published by Springer. This book was released on 2016-09-20 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demonstrates how the global market for Islamic financial services has shown strong growth in recent years and shown remarkable resilience during the global financial crisis. Drawing on a range of international perspectives from the Gulf Cooperation Council countries, Malaysia, Pakistan, Australia and Europe, this book explores the characteristics and performance of Islamic finance and banking and discusses future prospects. It offers a comprehensive theoretical framework for Shariah governance in Islamic financial institutions, explores Shariah-compliant equities, as well as issues in productivity, technology and efficiency. It includes a number of comparative studies on Islamic and conventional banks, Islamic and conventional unit trusts, and Islamic and conventional banks’ product mixes. The challenges and opportunities for the expansion of Islamic finance and banking into Europe are explored through the contexts of the UK, Germany and Italy.
Book Synopsis Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services by : Wafik Grais
Download or read book Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.
Book Synopsis Islamic Fintech by : Sara Sánchez Fernández
Download or read book Islamic Fintech written by Sara Sánchez Fernández and published by Routledge. This book was released on 2021-03-29 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The implementation of new technologies is expected to boost the development of Islamic Finance by increasing accessibility to banking and other financial services in Islamic communities and democratizing access to investment opportunities. At the same time, new technologies will increase financing opportunities and facilitate asset management for Sharia-compliant businesses. This collection of essays from selected experts in the field comprise some of the most topical issues on Islamic Fintech, combining a business focus with legal insights. The book takes as a point of departure the role that Islamic Fintech can play in promoting sustainability. The social vision of welfare improvement and justice is already embedded in Sharia’s economic rules, which makes Islamic Finance particularly well suited to bridge the gap between sustainability and funding. Although it is not without challenges for the industry, technology will help unleash its potential. With a holistic approach to Islamic Fintech, the contributing authors address the application of new technologies to Islamic Finance, including robo-advisory, crowdfunding and digital ledger technology (both in the issuance of bitcoin and the registration of securities in tokenized form) and in certain sectors such as takaful (takaful-tech) and health (e-health). Finally, they explore the challenges posed by anti-money laundering (‘AML’) in the specific realm of Islamic Fintech. The book combines theoretical analysis with a practical focus, both through case studies and directly through the experiences of leading entrepreneurs. In addition, it provides insights on legal and regulatory aspects, which are key in a field that is still in its infancy and needs support from lawmakers and regulators. It is, thus, a reference for academics, legal practitioners, policymakers, entrepreneurs and the Islamic Finance community.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1484303016 Total Pages :102 pages Book Rating :4.4/5 (843 download)
Book Synopsis Multi-Country Report by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Multi-Country Report written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2017-06-21 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This background paper, which is a supplement to the board paper on “Ensuring Financial Stability in Countries with Islamic Banking (IB) Sectors”, presents country experiences with reforms to strengthen regulatory oversight of the IB sector. It reviews experiences with and the progress made in adapting prudential, safety nets and resolution frameworks to the specifics of IB. The selection of several countries from a range of regions with different levels of development and approaches to IB was designed to provide a representative sample of country experiences so as to enrich the policy conclusions. Such a multiplicity of experiences can help to identify common challenges that countries face in reforming their regulatory frameworks and to distill best practices. The countries, for which detailed case studies have been undertaken, are: Bahrain, Djibouti, Indonesia, Kenya, Kuwait, Malaysia, Nigeria, Pakistan, Sudan, Turkey and the United Kingdom.
Book Synopsis Risk Analysis for Islamic Banks by : Hennie van Greuning
Download or read book Risk Analysis for Islamic Banks written by Hennie van Greuning and published by World Bank Publications. This book was released on 2008 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance is emerging as a rapidly growing part of the financial sector in the Islamic world and is not restricted to Islamic countries, but is spreading wherever there is a sizable Muslim community. According to some estimates, more than 250 financial institutions in over 45 countries practice some form of Islamic finance, and the industry has been growing at a rate of more than 15 percent annually for the past several years. The market's current annual turnover is estimated to be $70 billion, compared with a mere $5 billion in 1985, and is projected to hit the $100 billion mark by the turn of the century. Since the emergence of Islamic banks in the early 1970s, considerable research has been conducted, mainly focusing on the viability, design and operations of a deposit-accepting financial institution, which operates primarily on the basis of profit and loss partnerships rather than interest. This publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. This approach emphasizes the accountability of key players in the corporate governance process in relation to the management of different dimensions of Islamic financial risk.
Book Synopsis Islamic Finance in Europe by : Valentino Cattelan
Download or read book Islamic Finance in Europe written by Valentino Cattelan and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other. The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society. Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.
