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Islamic Financial Institutions and Products in the Global Financial System

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  • International Monetary Fund
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    Abstract

    The provision and use of financial services and products that conform to Islamic religious principles pose special challenges for the identification, measurement, monitoring, and control of underlying risks. Effective and efficient risk management in Islamic financial institutions has assumed particular importance as they endeavor to cope with the challenges of globalization. This requires the development of not only a more suitable regulatory framework, but also new financial instruments and institutional arrangements to provide an enabling operational environment for Islamic finance. The recent establishment of the Islamic Financial Services Board, facilitated by the IMF, addresses these needs.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/192.

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    Length: 27
    Date of creation: 01 Nov 2002
    Date of revision:
    Handle: RePEc:imf:imfwpa:02/192

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Islamic banking; Risk management; Financial systems; islamic banks; banking; mudaraba; islamic bank; islamic environment; musharaka; capital adequacy; unrestricted mudaraba; mudaraba contract; ijara; islamic modes; islamic development; mudaraba contracts; islamic framework; islamic finance; restricted mudaraba; islamic principles; islamic banking principles; murabaha; banking risk management; banking risk; bank performance; reserve requirement; islamic shariah; return on investment; islamic jurisprudence; banking framework; islamic research; bank negara malaysia; capital adequacy ratio; banks= balance sheet; banking guarantee; banking practices; banking supervision; bank operations; bank reserves; banking systems; bank governors; islamic ethos; bai ? salam; banking regulations; islamic values; bank balance sheets; benchmark rate; takaful; bank soundness; bank instruments; demand deposit; islamic products; banking system; financial risk; bankers; banks ? balance sheets; banks ? liabilities; banking environment; islamic economy; bank for international settlements; sale of debt; riba; prudential regulation; bank liabilities; bank acts; deposit insurance; islamic law; islamic instruments;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Luca Errico & Mitra Farahbaksh, 1998. "Islamic Banking," IMF Working Papers 98/30, International Monetary Fund.
    2. Abbas Mirakhor & Mohsin S. Khan, 1991. "Islamic Banking," IMF Working Papers 91/88, International Monetary Fund.
    3. International Monetary Fund, 1998. "Monetary Operations and Government Debt Management Under Islamic Banking," IMF Working Papers 98/144, International Monetary Fund.
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    Citations

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    Cited by:
    1. Giorgio Gomel & Angelo Cicogna & Domenico De Falco & Marco Valerio Della Penna & Lorenzo Di Bona De Sarzana & Angela Di Maria & Patrizia Di Natale & Alessandra Freni & Sergio Masciantonio & Giacomo Od, 2010. "Islamic finance and conventional financial systems. Market trends, supervisory perspectives and implications for central banking activity," Questioni di Economia e Finanza (Occasional Papers) 73, Bank of Italy, Economic Research and International Relations Area.
    2. Sandrine KABLAN & Ouidad YOUSFI, 2014. "Performance of Islamic Banks across the world: an empirical analysis over the period 2001-2008," Working Papers 2014-448, Department of Research, Ipag Business School.
    3. Bacha, Obiyathulla I., 2004. "Value Preservation through Risk Management - A Shariah Compliant Proposal for Equity Risk Management," MPRA Paper 12632, University Library of Munich, Germany, revised Apr 2003.
    4. Martin Cihák & Heiko Hesse, 2008. "Islamic Banks and Financial Stability," IMF Working Papers 08/16, International Monetary Fund.
    5. Ahmad M. Mashal, 2012. "Islamic Financial in the Global Financial System," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(1), pages 207-223, March.
    6. Martin Čihák & Heiko Hesse, 2010. "Islamic Banks and Financial Stability: An Empirical Analysis," Journal of Financial Services Research, Springer, vol. 38(2), pages 95-113, December.
    7. Al Ajlouni, Ahmed, 2004. "Developing Strategies for Islamic Banks to Face the Future Challenges of Financial Globalization," MPRA Paper 13581, University Library of Munich, Germany, revised Jul 2007.
    8. El-Hawary, Dahlia & Grais, Wafik & Iqbal, Zamir, 2007. "Diversity in the regulation of Islamic Financial Institutions," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(5), pages 778-800, February.
    9. Mariani Abdul-Majid & David Saal & Giuliana Battisti, 2010. "Efficiency in Islamic and conventional banking: an international comparison," Journal of Productivity Analysis, Springer, vol. 34(1), pages 25-43, August.

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