Overview

In today's ever expanding financial environment the expansion of compliance and regulatory changes has broadened over the years to influence not just domestic but also the international. The multinational approach taken by many financial organisations has resulted in financial institutions having to function under the influence of multiple regulatory bodies. This picture is further complicated for Islamic financial services organisations as they have to operate under not just the umbrella of the multitude of the regulatory bodies but also within the constraints of Shari'ah standards including those presented by the AAOIFI and the IFSB. The desire to meet these standards is however often tempered by the legal constraints placed upon these organisations to comply with existing legislation. There are calls within Islamic financial services for a standardisation of approach to product definition, accounting and regulatory reporting and it is with this in mind that this book examines the options for establishing if standardisation within Islamic financial services is achievable. The book starts by exploring previous research on centralised standards examining work undertaken by the World Bank, the IMF and others to help define the current modes of thinking and activity taken so far. This book then examines the role of external regulators and accounting standards bodies exploring the role of the numerous Islamic standards setting bodies. Key analysis includes an examination of the role of those within the industry including Shari'ah Supervisory Bodies to help illustrate the challenges, the constraints and the likelihood for achieving the ultimate goal of centralised standards within Islamic finance.

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9781490391755

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Prior to undertaking his MA, David was The Interim Head of Projects at the Bank of London Middle East and previously the Senior Vice President of Business Change and Process Re-Engineering at Bank of America. Currently David is a member of two professional bodies: The Chartered Management Institute (FCMI - Fellow) and the Institute of Engineering and Technology (MIET, MIEE - Member). David's academic qualifications include an MA Islamic Banking Finance and Management from the University of Gloucestershire, Postgraduate qualifications in Senior Management and Strategy from the Open University MBA program and certifications in Islamic Banking, Insurance and Commercial Law from the Charted Institute of Management and Accounting (CIMA). In addition to his formal studies, David has achieved professional qualifications including Six Sigma Black Belt, MCSD, CNE, MCSE, and CCNA. David's career has been centred upon the financial services industry working for key institutions including Bank of America, HBC, Morgan Stanley and the Bank of Ireland. Outside of financial services David was the Head of Software Development for Microsoft Operations and Vodafone Ireland. During his career David has delivered and driven many key programs and projects centred upon CRM and compliance strategies including the recent FATCA and Basel initiatives with key wins in the fields of KYC, AML, client fulfilment and servicing. David nowadays focuses his professional studies upon Islamic and conventional finance integration providing papers and discussions to various industry experts. David has authored various published papers in international journals on parallel compliance and regulatory regimes and cross-purpose international regulatory standards.

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