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Islamic finance: regulatory framework – challenges lying ahead


  • Christos Alexakis
  • Alexandros Tsikouras


Purpose - The purpose of this paper is to provide an overview of the regulatory framework and key regulatory institutions and industry associations in Islamic finance today and highlight areas that merit increased attention. Design/methodology/approach - A wide range of bibliography was reviewed, with particular focus on the standards published by the Islamic Financial Services Board and the Accounting and Auditing Organization for Islamic Financial Institutions. Regulatory topics of particular interest in the Islamic financial world are reviewed. An overview of the main Islamic regulatory institutions is provided. The paper ends with a set of hypotheses requiring further research. Findings - The paper finds that the growth of the Islamic finance sector may be impacted by the: increased involvement in Islamic finance by Western regulators, as well as credit rating agencies; existence of sound accounting procedures; increased protection of stakeholders of Islamic Financial Institutions. Originality/value - This paper provides useful information on the current status of the regulatory framework in Islamic finance and highlights areas for further research for academics and professionals alike.

Suggested Citation

  • Christos Alexakis & Alexandros Tsikouras, 2009. "Islamic finance: regulatory framework – challenges lying ahead," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 2(2), pages 90-104, June.
  • Handle: RePEc:eme:imefpp:v:2:y:2009:i:2:p:90-104

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    Cited by:

    1. OPREA Raluca Ioana, 2016. "The Place Of Shari'Ah In The Global Financial Architecture Islamic Finance In The Uae," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 68(2), pages 56-68, September.
    2. Jill Johnes & Marwan Izzeldin & Vasileios Pappas, 2012. "A comparison of performance of Islamic and conventional banks 2004 to 2009," Working Papers 12893801, Lancaster University Management School, Economics Department.


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