Download or read book A Critique of Creative Shari ah Compliance in the Islamic Finance Industry written by Ahmad A Alkhamees and published by Martinus Nijhoff Publishers. This book was released on 2017-09-18 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ahmad Alkhamees defines Creative Shari‘ah compliance as compliance with the letter but not the objectives of Shari‘ah. In recent years, Islamic finance industry practises have come under scrutiny, with strong critiques levelled against many institutions that claim to provide Shari‘ah-compliant products and services, which in fact undermine the spirit and the objectives of Shari‘ah. This book significantly contributes to the sphere of Islamic finance in three main ways. First, it critically appraises justifications of creative Shari‘ah compliance practises. Second, it examines how Shari‘ah supervisory board (SSB) governance practises, and the inconsistent fatwas issued by SSBs, contribute to the issue of creative Shari‘ah compliance. Most importantly, it suggests regulatory mechanisms which regulators can employ in Islamic countries such as Saudi Arabia and in secular countries such as the United Kingdom to deal with the issue of creative Shari‘ah compliance.
Download or read book A Critique of Creative Shari u2018 ah Compliance in the Islamic Finance Industry with Reference to the Kingdom of Saudi Arabia and the United Kingdom written by Ahmad Alkhamees and published by . This book was released on 2014 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Critique of Creative Shari ah Compliance in the Islamic Finance Industry written by Ahmad Alkhamees and published by Brill's Arab and Islamic Laws. This book was released on 2017 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: In A Critique of Creative Shari'ah Compliance in the Islamic Finance Industry Ahmad Alkhamees provides a sustained analysis of the gap between the theory and practise of Islamic finance, and suggests a regulatory mechanism for regulators in Islamic and secular countries.
Download or read book Shari ah Governance in Islamic Banks written by Zulkifli Hasan and published by Edinburgh University Press. This book was released on 2012-07-26 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth and insightful study of Shari'ah governance from a theoretical and practical perspective. Shari'ah governance has a profound influence on the day-to-day practice of Islamic Financial Institutions (IFIs) and each jurisdiction has adopted a different approach to developing a governance framework. Hasan Zulkifli reviews these pluralistic approaches and identifies best practice. With examples, case studies and practical discussions based on IFIs in Malaysia, the GCC countries of Bahrain, UAE, Qatar, Kuwait and Saudi Arabia and the UK. Topics covered include; The theory behind corporate and Shari'ah governance; The regulatory framework for Shari'ah governance; Shari'ah governance approaches; The Shari'ah Board's role and how it retains its independence, transparency and competence; The operational procedures of Shari'ah governance; The effectiveness of the Shari'ah Board and how it could be improved
Download or read book Shari ah Non compliance Risk Management and Legal Documentations in Islamic Finance written by Ahcene Lahsasna and published by John Wiley & Sons. This book was released on 2014-04-02 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to one of the key risk management issues in the expanding field of Islamic finance For Islamic financial institutions, Sharia non-compliance is a growing and key risk that must be carefully managed. This book offers a thorough look at non-compliance risk and explains the legal documentation necessary to ensure compliance for professionals in the Islamic finance industry. In addition, the book offers helpful guidance and understanding for the legal departments of Islamic financial institutions, as well as lawyers, legal firms, Shariah advisors, Shariah officers, and students studying Islamic finance. The book covers fundamental concepts, major risk elements, tools and techniques for identifying non-compliance, legal documentation, and the impact of non-compliance, among other vital topics. Offers comprehensive coverage of the growing field of non-compliance risk management in Islamic finance Includes in-depth coverage of legal documentation Written by an expert on the topic who teaches at INCEIF, The Global University for Islamic Finance and IIUM, International Islamic University of Malaysia in Malaysia
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 2015-03-09 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.
Download or read book The Chancellor Guide to the Legal and Shari a Aspects of Islamic Finance written by Humayon A. Dar and published by Harriman House Limited. This book was released on 2012-01-09 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unprecedented economic growth and wealth accumulation in predominately Muslim countries have prompted many financial institutions in the US and Europe to position their investment teams across the Middle East and Asia to be closer to the markets in which they invest, and to take advantage or asset-gathering opportunities. This growth has also encouraged an increasing number of western industrialised countries to adopt legislation that responds to the requirements of the Musli investment community. To be effective in these markets it is essential that professionals have an understanding of how Shari'a legal principles are applied in the financial sector. Failure to do so exposes them and their clients to potential financial, legal and reputational pitfalls. The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance is the first professional reference to focus specifically on the legal dimension of Islamic Finance. The guide brings together nineteen Islamic Finance legal practitioners and advisers to provide a comprehensive yet practical legal perspective on the subject. Each contributor draws on several years' hands-on experience in Islamic Finance product development and advice to leading financial institutions to provide a real-world, contemporary assessment of the key legal issues in Islamic Finance. The guide's hands-on approach and accessible style make it required reading for everyone with a professional interest in Islamic Finance, be they lawyers, accountants, regulators, bankers or investors. It is also a unique reference for academic institutions worldwide.
Download or read book The Edinburgh Companion to Shari ah Governance in Islamic Finance written by Syed Nazim Ali and published by EUP. This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a group of prominent shari'ah scholars, academics and practitioners in the field of Islamic finance, this book contains 17 in-depth case studies of shari'ah governance practices and experiences as well as critical analysis of these practices. It serves as a standalone comprehensive reference work on shari'ah governance, containing an overview of its Islamic legal foundations, its evolution and development over the years, current practices and debates on shari'ah governance standards and future prospects for shari'ah governance in the global Islamic finance market.
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 456 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.
Download or read book Exploring Legal Regulatory and Shari ah Compliance Issues in Islamic Financial Instruments written by Muhammad Umer Rattu and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In general derivatives, futures, options and swaps are considered against the principles of shari'ah for various reasons, such as the absence of asset-backed deals, dealing in prohibited transaction of debt, presence of element of gharar (uncertainty), gambling, absence or non-existence of subject matter, Short-Selling, sale of subject-matter without prior acquiring of possession or constructive possession, ghabn (market price manipulation), 'ina (sale and buy-back), tawarruq (multiple buy-back sales involving no actual asset transfer), amongst others. In the recent past there have been attempts to find and explore Islamic hedging products having same functions as that of derivatives having link with real economy growth. Financial transactions either linked with economic activities or they are pure financial instruments known as 'synthetic' transactions having no contribution to the real economy. Due to Muslim investors' demand and excess saving due to oil wealth in the Gulf Cooperation Council, there is a demand for Islamic financial transactions. Therefore, derivatives in compliance with shari'ah principles were developed. Sukuk are fine and popular example of such financial products and emerged as a strong substitute to conventional derivative products. Sukuk are considered shari'ah compliant but at the same time ethical and hence fits into the requirements of financial products to overcome the adverse effects of the financial crisis. This research, hence, explores and analyses sukuk as an Islamic securitization product. In addition, this research also investigates whether or not sukuk meet the standards and criteria of conventional securitization structures in order to safeguard the interests of different parties involved in it and the public at large. Furthermore, this research examines sukuk structures whereby it identifies further shari'ah and ethical underlying principles for further product development, design under shari'ah. In responding to the research aims, this research attempted to peruse through original sources of both shari'ah and English Common law on sukuk and the application of wa'ad (undertaking) particularly in the context of sukuk and derivatives. While discussing the identified research aims in terms of determining the key legal, regulatory and shari'ah compliance issues in the development of sukuk, the focus remained on the United Kingdom (UK), which attempts to become one of the leading centers of Islamic finance. After foundational and exploratory research, this study concludes and answered the research questions that: (i) sukuk are based on shari'ah principles; (ii), derivatives are allowed under shari'ah; (iii) sukuk as Islamic derivative instruments are as efficient as that of conventional derivative products and apply the similar securitization principles; (iv) wa'ad has the same authority as that of 'aqd (contract) and can be compared with 'promise' and 'promissory estoppel' in Common law; (v) use of wa'ad in equity-based sukuk is against the shari'ah; (vi) usage of wa'ad in derivatives like Foreign Currency Forward Options, Total Return Swaps and Short-Selling is inappropriate, and (vii) UK is an attractive country for promotion and growth of sukuk. For this purpose the results of the sub-research questions were: (a) UK has sufficient legislative and regulative infrastructure to entertain shari'ah compliant products such as sukuk in the future (b) UK so far is impartial in the debate on shari'ah compliance approval process of products (c) there is confusion about whether sukuk are categorised as debt instruments or Collective Investment Schemes. This study came with an extensive research and analysed growth of sukuk and its structures in UK with legislative and regulatory developments and concludes UK is a place where development of sukuk is phenomenal for the strategic significance of London Stock Exchange in the global market. Though not many sukuk are being issued in UK but it is a place where most of the sukuk are listed.
Download or read book Applicability of Church Autonomy and Religious Question Doctrines to the Shari Ah Board in Islamic Financial Institutions written by Haroun Rahimi and published by . This book was released on 2015 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shari'a is the divine law of Islam. The Islamic Finance Industry provides financial products in accordance with Shari'ah, i.e. Shari'ah-compliant products. In 2010, financial experts estimated the worth of Shari'ah-compliant assets at almost 1 trillion dollar globally. Islamic finance practice is not limited to Sharia-based legal systems. UK is ranked as 9th country in holding Shari'ah-compliant assets while United States is home of at least nine financial institutions that provide Shari'ah-compliant products. It means that a large portion of Islamic finance transactions is conducted in a non-Islamic legal environment. Hence, Islamic financial institutions use a business model which is based on reference to Islamic legal norms that are not enforced as the law of the state. Under this model, a Shari'ah board -- consisting of Islamic scholars -- verifies compliance of the financial products with Shari'ah, and its verification is a required condition prior to the contract. However, since Shari'ah is arguably a governing law of the contract-- along with a law of financial centers e.g. New York or London -- the contract can be challenged on the ground that it does not comply with Shari'ah before a court; a concept referred to as “Sharia risk”. This paper examines the interplay between the ex-ante determination of compliance of an Islamic finance transaction by Shari'ah board and its ex-post determination by a court in the United States where the religious question and church autonomy doctrine bar the court from adjudicating a religious question.
Download or read book Usury Unbound written by Wasim A Ismail and published by Iron Heart Publishing. This book was released on 2023-12-25 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a world driven by complex economic instruments, where conventional banking systems reign supreme, Muslims are confronted with the dire need to delve deep into the heart of Islamic finance to illuminate the concept of Ribā and its profound implications on our way of life in search for Sharī'ah Compliance. The concept of Usury lies at the very core of Islamic financial principles. This book journeys through centuries of wisdom and understanding, exploring how Usury affects the principles of equity, justice, and social responsibility inherent in Islamic economics. As we face a complex and ever-evolving global financial landscape, the need to comprehend this concept becomes more pressing than ever. This book offers an insightful analysis of how Usury corrupts and disrupts the balance of fairness and ethics, and its impact on society at large. As we stand at the crossroads of economic morality, the need for an indispensable guide becomes pronounced, to navigate the intricate relationship between Islamic principles and contemporary banking practices. It is a timely call to reevaluate our financial systems, envision a more just economic system, and embark on a path toward financial integrity. The fundamental question remains... How do we, caught in this perpetual tempest of Usury, navigate the sea of modern finance and economics?
Download or read book A Mini Guide to Shari ah Audit for Islamic Financial Institutions A Primer written by Syed Alwi Mohamed Sultan and published by CERT Publications Sdn Bhd. This book was released on 2007 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Maqasid Al Shari ah in the Prohibition of Riba written by Monzer Kahf and published by . This book was released on 2015-06-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance was revived at institutional level with the establishment of Islamic banks during the last quarter of the 20th century. Along with the new institutions of Islamic banks, Islamic insurance companies and other Islamic finance companies came about new "financing" practices of a few classical contracts. This book re-visits, from the angle of modern finance, the objectives of Shari'ah in regard to the prohibition of Riba and examining the consistency of such Fatawa with these objectives and whether there are any Shari'ah-intrinsic alternatives that satisfy the same finance purposes which such Fatawa thought to achieve.
Download or read book Foundations of Shari ah Governance of Islamic Banks written by Karim Ginena and published by . This book was released on 2015 with total page 408 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 ...
Download or read book Belief and Rule Compliance written by Hazik Mohamed and published by Academic Press. This book was released on 2018-09-20 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belief and Rule Compliance: An Experimental Comparison of Muslim and Non-Muslim Economic Behavior uses modern behavioral science and game theory to examine the behavior and compliance of Muslim populations to Islamic Finance laws and norms. The work identifies behaviors characterized by unexpected complexity and profound divergence, including expectations for sharing, cooperation and entrepreneurship gleaned from studies. Adopting a unique set of recent empirical observations, the work provides a reliable behavioral foundation for practitioners seeking to evaluate, create and market Islamic financial products. - Covers the economic behavior of Muslims and non-Muslims - Indicates when, and if, economic behavior confirms/opposes rational self-interest assumptions - Links rule compliance with risk sharing concepts in Islamic Finance - Applies game theory to understand behavioral rules compliance regarding Islamic Finance laws - Explores behavioral implications for creating and marketing new financial products
Download or read book Reference to Shari ah Advisory Council in Islamic Finance written by Nurauliani Jamlus Rafdi and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
