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Islamic Finance: Regulatory Perspectives

V. Subbulakshmi (Editor)
Synopsis As the Islamic banking industry grows, challenges faced by it also grow at a faster pace. Many public policy issues have been raised in the jurisdictions in which they operate and at the international organizations, international standard setters, national regulatory authorities, policymakers, and academia to examine various aspects of Islamic financial intermediation, each from their own perspective. The main objective is to build uniform risk management practices and arrive at a standard regulatory framework governing them. The establishment of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), International Islamic Rating Agency (IIRA), Islamic Financial Services Board (IFSB), and the Liquidity Management Center was aimed at achieving this objective. The main issues of concern are: the divergence between theory and practice, need for Islamic financial institutions to adapt to their environment to compete with conventional counterparts, combination of each institution’s Shariah board and local legal tradition and interpretations with the market’s competitive pressure to shape the activity of each Islamic financial institution, need for IFIs to comply with the regulations governing conventional financing, etc. Shariah compliance and PLS depositors’ protection are two important special Islamic features. Hence the corporate governance issues take a special place in Islamic banks. The role of Islamic promoters is mainly to design, support, implement, discuss, monitor and evaluate Shariah compliant alternatives to conventional banking. We hope this book would be helpful for the readers to obtain the necessary insight into the prudential regulatory norms that are currently available and the necessary changes that need to be brought about in future.
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About the author

V. Subbulakshmi

V. Subbulakshmi is a computer science engineer from College of Engineering, Guindy, Chennai and a Chartered Financial Analyst from the Institute of Chartered Financial Analysts of India (ICFAI). She is a regular contributor of articles to various magazines in the area of Finance and Banking. She has also co-authored two articles in “Treasurers’ Handbook” published by Treasury Management International (TMI), UK. She is a member of banking research group of the ICFAI University and is currently working as a faculty member at ICFAI Books, an affiliate of the ICFAI University. She has already edited a few books published by the ICFAI University Press.

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Bibliographic information

Title Islamic Finance: Regulatory Perspectives
Format Softcover
Date published: 01.01.2004
Edition 1st ed.
Publisher 101 Moments
Language: English
isbn 8178813211
length xiv+152+14p., Figures; Tables; Index; 23cm.