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Islamic Financial Institutions and Products in the Global Financial System; Key Issues in Risk Management and Challenges Ahead

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  • International Monetary Fund

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.

Suggested Citation

  • International Monetary Fund, 2002. "Islamic Financial Institutions and Products in the Global Financial System; Key Issues in Risk Management and Challenges Ahead," IMF Working Papers 02/192, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:02/192
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    References listed on IDEAS

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    1. Luca Errico & Mitra Farahbaksh, 1998. "Islamic Banking; Issues in Prudential Regulations and Supervision," 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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