Overview

Examines the resilience of Islamic banking during the global financial crisis and lessons for risk management. Do Islamic financial institutions perform better than their conventional counterparts during periods of financial stress? To what extent do systems for managing risk have to be adapted for Islamic financial institutions, given the unique characteristics of their assets and liabilities and the need for shari'ah compliance? These issues have come to prominence since the global financial crisis of 2007-8 and the subsequent recession, and are addressed in this book. The challenges for Islamic financial institutions are explored in an international post Basel II system where banks are required to have more capital and liquidity. Governance issues are also examined, given their influence on client and investor perceptions and their ultimate implications for institutional stability and sustainability. Offers an in-depth assessment of how Islamic banks weathered the financial crisis and what lessons can be learnt. Asks whether Islamic banks are inherently more stable than conventional banks during periods of economic stress. Examines how Islamic banks manage risk, focusing on liquidity risk and the use of forward contracts to mitigate currency risk. Appraises the work of internal shari'ah audit units and the use of shari'ah reports to reduce non-compliance risks. Features case studies from the Gulf, Malaysia, the UK, Pakistan, Turkey and GCC countries.

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9780748647613

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Reviews

'This book furthers the literature comparing Islamic and conventional banking during and after the most recent crisis. However, it also moves beyond that explicitly comparative method. Although there are a host of similarities between Islamic banking and its conventional counterpart, there are also differences without which the claim to being distinctive and distinctively Islamic would fall away. As a result the chapters in this collected volume comprise original innovation thereby advancing the existing literature.' -- Scott Morrison, Akita University, Journal of Islamic Studies 'This book furthers the literature comparing Islamic and conventional banking during and after the most recent crisis. However, it also moves beyond that explicitly comparative method. Although there are a host of similarities between Islamic banking and its conventional counterpart, there are also differences without which the claim to being distinctive and distinctively Islamic would fall away. As a result the chapters in this collected volume comprise original innovation thereby advancing the existing literature.' -- Scott Morrison, Akita University, Journal of Islamic Studies

'This book furthers the literature comparing Islamic and conventional banking during and after the most recent crisis. However, it also moves beyond that explicitly comparative method. Although there are a host of similarities between Islamic banking and its conventional counterpart, there are also differences without which the claim to being distinctive and distinctively Islamic would fall away. As a result the chapters in this collected volume comprise original innovation thereby advancing the existing literature.' --Scott Morrison, Akita University Journal of Islamic Studies

'This book furthers the literature comparing Islamic and conventional banking during and after the most recent crisis. However, it also moves beyond that explicitly comparative method. Although there are a host of similarities between Islamic banking and its conventional counterpart, there are also differences without which the claim to being distinctive and distinctively Islamic would fall away. As a result the chapters in this collected volume comprise original innovation thereby advancing the existing literature.' -- Scott Morrison, Akita University, Journal of Islamic Studies

Author Information

Habib Ahmed is Sharjah Chair in Islamic Law and Finance at Durham University. Mehmet Asutay is Senior Lecturer in Political Economy at the University of Durham. Rodney Wilson was founder of the Islamic Finance Programme at Durham University. He is now an Emeritus Professor in Durham and Visiting Professor at the Qatar Faculty of Islamic Studies.

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