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The Legal And Regulatory Aspects Of Islamic Banking

Author: Abdul Karim Aldohni
Publisher: Routledge
ISBN: 1136703152
Size: 56.89 MB
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During the last ten years the Islamic banking sector has grown rapidly, at an international level, as well as in individual jurisdictions including the UK. Islamic finance differs quite substantially from conventional banking, using very different mechanisms, and operating according to a different theory as it is based on Islamic law. Yet at the same time it is always subject to the law of the particular financial market in which it operates. This book takes a much-needed and comprehensive look at the legal and regulatory aspects which affect Islamic finance law, and examines the current UK and international banking regulatory frameworks which impact on this sector. The book examines the historical genesis of Islamic banking, looking at how it has developed in Muslim countries before going on to consider the development of Islamic banking in the UK and the legal position of Islamic banks within English law. The book explores company, contract, and some elements of tax law and traces the impact it has had on the development of Islamic banking in the UK, before going on to argue that the current legal and regulatory framework which affects the Islamic banking sector has on certain occasions had an unintended adverse impact on Islamic banking in the UK. The book also provides an overview of the Malaysian experience in relation to some of the main legal and regulatory challenges in the context of Islamic banking and finance.

Financial Stability And Prudential Regulation

Author: Alison Lui
Publisher: Routledge
ISBN: 1317480228
Size: 35.18 MB
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Financial stability is one of the key tenets of a central bank’s functions. Since the financial crisis of 2007-2009, an area of hot debate is the extent to which the central bank should be involved with prudential regulation. This book examines the macro and micro-prudential regulatory frameworks and systems of the United Kingdom, Australia, the United States, Canada and Germany. Drawing on the regulator frameworks of these regions, this book examines the central banks’ roles of crisis management, resolution and prudential regulation. Alison Lui compares the institutional structure of the new ‘twin-peaks’ model in the UK to the Australian model, and the multi-regulatory US model and the single regulatory Canadian model. The book also discusses the extent the central bank in these countries, as well as the ECB, are involved with financial stability, and argues that the institutional architecture and geographical closeness of the Bank of England and Financial Policy Committee give rise to the fear that the UK central bank may become another single super-regulator, which may provide the Bank of England with too much power. As a multi-regional, comparative study on the importance and effectiveness of prudential regulation, this book will be of great use and interest to students and researchers in finance and bank law, economics and banking.

Competition Law And Financial Services

Author: David Harrison
Publisher: Routledge
ISBN: 113409079X
Size: 27.33 MB
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Competition law underpins the market economy by prohibiting anti-competitive agreements and practices, and the abuse of dominant positions in the market. Until the financial crisis it was widely assumed that the financial services industry was highly competitive. This book explores the extent to which this is the case. By analysing crisis and pre-crisis competition law cases and examples from the UK, the EU and around the world, David Harrison asks whether there exists good reason for financial services to be treated differently from the rest of the market economy. The theory of market efficiency is not borne out in practice. He particularly draws upon John Maynard Keynes in examining the differences between price mechanisms in product markets for "normal" goods, and price mechanisms in financial and investment markets where expectations of the future tend to play a greater role, leading to greater price fluctuations. In this evaluation, the book examines aspects of the practical functioning of capital markets such as the phenomenon of herding behaviour by financial participants, how short-term behaviour by intermediaries can be to the disadvantage of savers and productive investment, the relationship between investment markets and product markets and the extent to which the same competition rules apply to undertakings involved in both. The book will be invaluable to students, researchers and practitioners of banking and finance law, and commercial and competition law. .

Redefining The Market State Relationship

Author: Ioannis Glinavos
Publisher: Routledge
ISBN: 1136014802
Size: 65.84 MB
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This book offers an interdisciplinary overview of the role of law in modern capitalism in the context of financial crisis. In this work, the reader will find a discussion of key issues relevant to the crisis that have occupied the pages of the financial press since 2007 including an assessment of the meltdown of the sub-prime mortgage market, the credit crunch, the European debt crisis and the turmoil in Greece, plus a series of theoretical contributions that are aimed to challenge perceptions of the market-state relationship and the place of law within it. The book includes a methodological defence of the state-market dichotomy, a critique of the tenets of neoclassical economics, and an evaluation of what the financial crisis heralds for the future of the political economy of western democracies. Ioannis Glinavos argues that it is a mistake to associate markets with freedom and states with oppression, and suggests that more choice for consumers can -and does- mean less choice for citizens. The book suggests that a new social contract is needed to ensure the survival of both capitalism and democracy. In contributing a unique, legal perspective to the underlying dynamics of the financial crisis, this book will be valuable to scholars and students of regulation, financial markets and economic development.

Advances In Islamic Finance Marketing And Management

Author: Dilip Mutum
Publisher: Emerald Group Publishing
ISBN: 1786358999
Size: 11.84 MB
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4.7. Money Laundering in the Light of Islam -- 4.8. Conflicting Concepts of Conventional Profit Maximization and Hoarding in Light of Islam -- 4.9. Discrepancy in Policy and Practice -- 5. Conclusion -- 6. Limitation and Future Research Directions -- References -- Appendix -- Chapter 8 Structural Mix of Credit Portfolios in Islamic Banking System: Evidence from a South Asian Economy -- 1. Introduction -- 2. Literature Review -- 2.1. Comparative Analysis of IBs AND CBs -- 2.2. Credit Portfolios -- 2.2.1. Sources of funding for banks -- 2.2.2. Significance of a dynamic credit mix for an emerging market -- 2.2.3. Nature of credit portfolios in banking sector -- 2.2.4. Classifications of credit portfolios -- Banking Sector of Pakistan -- 3. Research Methodology -- 4. Findings -- 5. Conclusion -- References -- Appendix -- Section II: Islamic Marketing -- Chapter 9 Islamic Marketing: Compatibility with Contemporary Themes in Marketing -- 1. Introduction -- 2. The Evolution of Marketing -- 3. Sustainability, Ethics, and Islamic Marketing -- 4. Conclusion and Recommendations -- References -- Chapter 10 Profiling Islamic Banking Customers: Does Product Awareness Matter? -- 1. Introduction -- 2. Literature Review -- 2.1. Overview of Islamic Banking -- 2.2. Islamic Banking Products/Services -- 2.3. Awareness of Islamic Banking Products -- 2.4. Demographic Variables and Awareness of Islamic Banking Products -- 2.4.1. Gender -- 2.4.2. Age -- 2.4.3. Religion and ethnicity -- 2.4.4. Education -- 2.4.5. Occupation -- 2.4.6. Income -- 3. Methodology -- 4. Analysis and Results -- 4.1. Demographic Profile of the Respondents -- 4.2. Awareness of Islamic Banking Products -- 4.3. Hypothesis Testing -- 5. Conclusion -- 6. Implications, Limitations and Future Research -- References

Islamic Banking And Finance In The European Union

Author: M. Fahim Khan
Publisher: Edward Elgar Publishing
ISBN: 1849803412
Size: 21.36 MB
Format: PDF
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As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume. The ideas, insights and practical issues addressed in the informed papers that compose the book should be valuable for academics and students of finance, and to those who provide legal and financial services. The book will be helpful also to European regulators who have yet to appreciate the importance of Islamic finance and its potential contribution to financial globalization as well as to European economic growth. Abbas Mirakhor, Former Executive Director, International Monetary Fund, US This timely book examines the authorization of Shari ah-compliant intermediaries as either credit institutions or as investment companies in the European Union. The contributing authors explore the key topics of this area through differing yet parallel perspectives for example, comparing economic and legal standpoints, looking at both European and national levels and considering both academic and technical approaches. The book discusses the common origin of Islamic and Western traditions in commercial and banking transactions, reviewing a period in which the Italian merchants and their organizations drove the rebirth of post-medieval society in trade and law. The editors investigate whether the Islamic banking and financial model complies with the European framework, spelling out the different experiences in single Member States (Germany, France, Italy, and the United Kingdom). Notwithstanding the obstacles to being authorized as domestic credit institutions, they conclude that the access of Islamic intermediaries is suitable and may have positive effects on European integration, as well as increasing the competition among the stand-still operators and evoking the ethical dimension of banking and finance. The book also highlights how Islamic banking would make the industry more inclusive. This multidisciplinary book will appeal greatly to economics and legal scholars with an interest in European and international banking and financial law, as well as postgraduate students in international law and banking law. Practitioners and regulators will also find this book an invaluable resource.

Islamic Finance Instruments And Markets

Author: Bloomsbury Publishing
Publisher: Bloomsbury Publishing
ISBN: 1849300399
Size: 50.31 MB
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Islamic Finance: Instruments and Markets looks at the application of Sharia law to the world of banking and finance. It provides you with an understanding of the rationale behind the instruments and the rapidly developing Islamic financial markets. Coverage includes in-depth analysis of the financial instruments within the Sharia framework and how they are applied in various sectors including insurance, investment and capital markets. Regulatory issues are also discussed both from the role of the Sharia board to reporting financial risk to legal bodies. It addresses issues such as bringing a New Ethical Dimension to Banking through to The International Role of Islamic Finance and provides you with a range of checklists from Business Ethics in Islamic Finance to The Role of the Shariah Advisory Board in Islamic Finance and Regulatory and Capital Issues under Shariah Law.

Islamic Finance

Author: Hans Visser
Publisher: Edward Elgar Publishing
ISBN: 178100174X
Size: 74.11 MB
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¾Islamic Finance is essential reading for students of economics, finance and Islamic studies. Moreover, a detailed examination of both financial products and fiscal and monetary policies ensures that it will also appeal to banking staff, financial jour

Institutional Structure Of Financial Regulation

Author: Robin Hui Huang
Publisher: Routledge
ISBN: 131791063X
Size: 66.90 MB
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In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.