Islamic Finance and Economic Development: Risk, Regulation, and Corporate Governance

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A comprehensive guide to mitigating risk and fostering growth in the Islamic financial sector

Islamic finance, like conventional finance is a business of financial intermediation. Its distinctive features relate to the requirement that it abides by Shari'a rules that promote fairness of contracts and prevention of exploitation, sharing of risks and rewards, prohibition of interests, and tangible economic purpose. Islamic finance should not fund activities considered “haram” or sinful. In Islamic Finance and Economic Development: Risk, Regulation, and Corporate Governance, authors Amr Mohamed El Tiby and Wafik M. Grais expound how these distinctive features bear on the opportunities and challenges facing the Islamic finance industry’s development, risk management, regulation and corporate governance.

An experienced banker with various Middle East banking institutions, notably as former Vice President at UAE Union National Bank and Mashreq bank, Dr. El Tiby offers an informed perspective on corporate finance from within the Islamic finance industry. With a long experience in international development and finance, notably as former Director at the World Bank and Founder and Chairman of a Cairo-based Financial Advisors company, Dr. Grais brings global financial experience on the topics of financial systems assessments, corporate governance, Islamic finance, and public policy.

  • Covers the history and basics of Islamic finance, and provides insight into current conditions and future landscape
  • Explores regulatory framework, including opportunities and challenges for the industry’s development and mainstreaming
  • Presents an approach to developing a systemic Shari'a governance framework to govern operations in the Islamic finance industry
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About the author

AMR EL TIBY earned his B.A in Commerce from Cairo University in 1980, majoring in Business. He earned his Diploma in Finance from Cairo University in 1985 and his MA in Economics from The American University in Cairo in 2003. In 2009, he earned his PhD from The American University in London. Dr. El Tiby has over 30 years of banking experience in the Middle East and the Gulf Region in both conventional as well as Islamic finance. His area of research focuses on banking risk and regulations. He is also the author of Islamic Banking, published by Wiley in 2011.

WAFIK M. GRAIS is senior international adviser on finance, investments and public policy. He was founder and chairman of Viveris Mashrek Financial Advisors. He held senior positions at the World Bank in Washington, DC, where he notably managed country programs on countries of the Middle East and North Africa as well as Europe and Central Asia. He has been published on the subjects of finance, corporate governance, Islamic finance, macroeconomic policy, and energy policies. He holds a PhD in Economics and degrees in Mathematical Economics and Political Science from the University of Geneva.

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Additional Information

Publisher
John Wiley & Sons
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Published on
Apr 10, 2014
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Pages
256
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ISBN
9781118847190
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Language
English
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Genres
Business & Economics / General
Business & Economics / Islamic Banking & Finance
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Content Protection
This content is DRM protected.
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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.

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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.

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For professional and institutional investors, as well as private investors looking for new opportunities, Investing in Islamic Funds offers a much-needed primer on this fast-growing market.

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