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Islamic vs. Conventional Banking : Business Model, Efficiency and Stability

Beck, Thorsten; Demirgüç-Kunt, Asli; Merrouche, Ouarda
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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57.26%
This paper discusses Islamic banking products and interprets them in the context of financial intermediation theory. Anecdotal evidence shows that many of the conventional products can be redrafted as Sharia-compliant products, so that the differences are smaller than expected. Comparing conventional and Islamic banks and controlling for other bank and country characteristics, the authors find few significant differences in business orientation, efficiency, asset quality, or stability. While Islamic banks seem more cost-effective than conventional banks in a broad cross-country sample, this finding reverses in a sample of countries with both Islamic and conventional banks. However, conventional banks that operate in countries with a higher market share of Islamic banks are more cost-effective but less stable. There is also consistent evidence of higher capitalization of Islamic banks and this capital cushion plus higher liquidity reserves explains the relatively better performance of Islamic banks during the recent crisis.

Risk Analysis for Islamic Banks

Van Greuning, Hennie; Iqbal, Zamir
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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57.32%
This publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. The Islamic financial system is not limited to banking; it also covers capital formation, capital markets, and all types of financial intermediation and risk transfer. Islamic finance was practiced predominantly in the Muslim world throughout the middle ages, fostering trade and business activities with the development of credit. The growth of Islamic finance coincided with the current account surpluses of oil-exporting Islamic countries. The Middle East saw a mushrooming of small commercial banks competing for surplus funds. The Islamic Republics of Iran, Pakistan, and Sudan announced their intention to make their financial systems compliant with Shariah.

Realizing the Potential of Islamic Finance

Mohieldin, Mahmoud
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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47.25%
Islamic finance has been growing rapidly in recent years. Motivated by a heightened interest in financial instruments that emphasize risk sharing, it has been attracting greater attention in the wake of the recent financial crisis. This class of instruments appears to have avoided many of the most severe consequences of the crisis. Several features underpin the expansion and performance of Islamic finance. Addressing key regulatory and governance issues will be essential for Islamic finance to achieve its full potential. Several multilateral development institutions, including the World Bank, have longstanding programs to support the development of the industry and have used Islamic instruments, to varying extents, to tap capital markets. In the coming years, Islamic finance could account for a substantial share of financial services in several countries, meeting the preferences of significant numbers of people, enhancing financial inclusion and intermediation, and contributing more broadly to financial stability and development.

Regulating Islamic Financial Institutions: The Nature of the Regulated

El-Hawary, Dahlia; Grais, Wafik; Iqbal, Zamir
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
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46.92%
More than 200 Islamic financial institutions (IFIs) operate in 48 countries. Their combined assets exceed $200 billion, with an annual growth rate between 12 percent and 15 percent. The regulatory regime governing IFIs varies significantly across countries. A number of international organizations have been established with the mandate to set standards that would strengthen and harmonize prudential regulations as they apply to IFIs. The authors contribute to the discussion on the nature of prudential standards to be developed. They clarify the risks that IFIs are exposed to and the type of regulations that are needed to systematically manage them. They consider that the industry is still in a development process whose eventual outcome is the convergence of the practice of Islamic financial intermediation with its conceptual foundations. The authors contrast the risks and regulations needed in the case of Islamic financial intermediation operating according to core principles and current practice. They outline implications for approaches to capital adequacy...

Financial Sector Assessment Program : Malaysia - Basel Core Principles for Effective Banking Supervision

World Bank; International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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47.23%
Bank Negara Malaysia (BNM) employs a very well developed risk-focused regulatory and supervisory regime, consisting of a hands-on and comprehensive program of onsite supervision and extensive off-site macro, and micro, surveillance that is well integrated with its on-site supervision. This assessment of the current state of compliance with the Basel Core Principles (BCPs) in Malaysia has been undertaken as part of a joint International Monetary Fund (IMF)-World Bank Report on the Observance of Standards and Codes (ROSC) mission. The assessment was conducted from 4 April till 20 April 2012. It reflects the banking supervision practices of the BNM as of the end of March 2012 for the supervision of commercial banks. The assessment is based on several sources: (i) a detailed and comprehensive self-assessment prepared by the BNM ; (ii) detailed interviews with the BNM staff; (iii) review of laws, regulations, and other documentation on the supervisory framework and on the structure and development of the Malaysia financial sector; and (iv) meetings with individual banks...

Islamic Finance and Financial Inclusion : Measuring Use of and Demand for Formal Financial Services among Muslim Adults

Demirguc-Kunt, Asli; Klapper, Leora; Randall, Douglas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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In recent years, the Islamic finance industry has attracted the attention of policy makers and international donors as a possible channel through which to expand financial inclusion, particularly among Muslim adults. Yet cross-country, demand-side data on actual usage and preference gaps in financial services between Muslims and non-Muslims have been scarce. This paper uses novel data to explore the use of and demand for formal financial services among self-identified Muslim adults. In a sample of more than 65,000 adults from 64 economies (excluding countries where less than 1 percent or more than 99 percent of the sample self-identified as Muslim), the analysis finds that Muslims are significantly less likely than non-Muslims to own a formal account or save at a formal financial institution after controlling for other individual- and country-level characteristics. But the analysis finds no evidence that Muslims are less likely than non-Muslims to report formal or informal borrowing. Finally, in an extended survey of adults in five North African and Middle Eastern countries with relatively nascent Islamic finance industries...

On the Sustainable Development Goals and the Role of Islamic Finance

Ahmed, Habib; Mohieldin, Mahmoud; Verbeek, Jos; Aboulmagd, Farida
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
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47.19%
The Sustainable Development Goals, the global development agenda for 2015 through 2030, will require unprecedented mobilization of resources to support their implementation. Their predecessor, the Millennium Development Goals, focused on a limited number of concrete, global human development targets that can be monitored by statistically robust indicators. The Millennium Development Goals set the stage for global support of ambitious development goals behind which the world must rally. The Sustainable Development Goals bring forward the unfinished business of the Millennium Development Goals and go even further. Because of the transformative and sustainable nature of the new development agenda, all possible resources must be mobilized if the world is to succeed in meeting its targets. Thus, the potential for Islamic finance to play a role in supporting the Sustainable Development Goals is explored in this paper. Given the principles of Islamic finance that support socially inclusive and development promoting activities...

Islamic Banking, Riba-Verbot und die Etablierung eines zinsfreien Bankwesens in arabischen Ländern

El Maghraoui, Abdelaali
Fonte: Universidade de Tubinga Publicador: Universidade de Tubinga
Tipo: Masterarbeit
Português
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66.9%
Diese Arbeit setzt sich als Ziel, das islamische Zinsverbot darzustellen und dessen Rolle bei der Entwicklung des islamischen Bankwesens, welches unter der englischen Bezeichnung Islamic Banking besser bekannt ist, zu erörtern. Zudem werden die wichtigsten Finanztechniken, die von den Theoretikern des Islamic Banking als Ersatzgrößen zu konventionellen Finanzgeschäften vorgeschlagen worden sind, sowohl unter religionsrechtlichen Gesichtspunkten als auch in Hinblick auf ihre Bedeutung für ausgewählte islamische Banken untersucht. Die Arbeit bietet ferner eine Verbindung zwischen Islamwissenschaft und Wirtschaftwissenschaften.

Islamic Finance in Europe

WILSON, Rodney
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Outros Formato: application/pdf; digital
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47.22%
Islam all too often resonates negatively in Europe, with a great part of non-Muslim public opinion uncomfortable with Islamic culture and values. Secular and Christian opinion is at best suspicious of shariah, Islamic law, and indeed often antagonistic. The notion of wanting to apply shariah principles to banking and finance is treated with scepticism if not outright hostility, especially as there is no concept of Christian or Jewish banking, even if there are some parallels between shariah financial principles and the teaching of the Old Testament. Yet Islamic finance is thriving in Europe, and many major European banks perceive it as a profitable opportunity to generate new business rather than as a threat to existing business. Although Islam is sometimes viewed as prescriptive and concerned with restricting choice, Islamic finance is about widening choice, and in particular about providing alternatives to interest based finance. The aim is to develop financial products that are seen as ethical and within the realm of socially responsible investment. The approach in this research is largely thematic and institutional rather than geographical, with the subject viewed from a European rather than an Islamic world perspective. It is perhaps appropriate to start by examining the role of Islamic finance in Euro-Arab banking relations. Much of the focus is on shariah compliant asset management...

The internationalization of islamic banking and finance: the co-evolution of institutional changes, the supply of financial

Durán, Juan José; García López, María José
Fonte: Canadian Center of Science and Education Publicador: Canadian Center of Science and Education
Tipo: Artigo de Revista Científica
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47.01%
The basis for Islamic finance lies in the Shariah. In this paper we point out the co-evolution of institutional change and the banking expansion in Islamic countries; there are certain parallelism between the quantitative and qualitative developments of the Islamic financing industry and the emergence of supportive institutions. There are certain convergences of Islamic banking products and institutions towards traditional banking functioning but keeping their principles. The Islamic financial institutions are effective instruments towards financial and economic integration at regional and global level. The Islamic economy has also showed a lesser impact of the global crisis than the western economy.

Moral Incentives; Experimental Evidence from Repayments of an Islamic Credit Card

Bursztyn, Leonardo; Fiorin, Stefano; Gottlieb, Daniel; Kanz, Martin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications & Research
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46.87%
This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that “non-repayment of debts by someone who is able to repay is an injustice.” This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally...

Islamic banking financing terrorism or meeting economic demand?

Terrell, Ronald G.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado Formato: x, 81 p. ;
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Approved for public release; distribution is unlimited; This thesis investigates the recent world-wide rise in Islamic banking. In doing so it (1) surveys the underlying religious foundation of Islamic finance, (2) examines the attempts of Islamists to use Islamic banking to Islamize societies, and (3) assesses how countries' use of Islamic banking fit into the international economic system. Drawing on this analysis, Islamic banking is finally examined from a national security perspective -- is this form of finance particularly susceptible to miss-use by terrorist groups? Although there are areas in the industry that need regulating and monitoring, this study ultimately concludes that Islamic banking's ties to terrorism are anecdotal, the expansion is the result of oil revenues and personal piety, and that Islamic banking can be leveraged as a means of moderation and enfranchisement when advanced free of an Islamist agenda.; Outstanding Thesis; US Navy (USN) author.

Corporate governance in the Islamic banking system in Pakistan: the role of the Shari’ah supervisory boards.

Rammal, Hussain G.
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Tese de Doutorado
Publicado em //2010 Português
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57.11%
Since it was launched commercially in the 1970‘s, Islamic finance has grown at a rapid rate. Today Islamic banks are operating in nearly all Muslim countries and many non-Muslim countries. To ensure that Islamic financial institutions comply with the religious requirements, banks are required to utilise the services of a Shari’ah Supervisory Board (SSB). These SSBs consist of a number of Shari’ah (Islamic law) scholars who conduct internal religious audit in Islamic financial institutions and are required to approve the Shari’ah compliance of new financial products before they are launched commercially. This study addresses the issues of accountability and governance in Islamic financial institutions in Pakistan, and investigates the roles and responsibilities of the SSBs and Shari’ah advisors. For the purpose of this study, the field-based case study method was applied and primary data was collected using semi-structured face-to-face interviews that were conducted over a period of five years with individuals from the Pakistani banking sector. Additional information was sourced from historical documents, State Bank of Pakistan directives and relevant court cases that involved the Pakistani Islamic Banking sector. Thematic analysis of the data reveals that there is a worldwide shortage of competent Shari’ah advisors in the Islamic finance sector. The training of new Shari’ah advisors in Pakistan is affected by the lack of educational infrastructure and the lengthy time period required for training in Islamic jurisprudence. This has resulted in banks hiring individuals as Shari’ah scholars who are members of SSBs in more than one banking institution...

Awareness of Islmaic banking products among Muslims: The case of Australia

Rammal, H.; Zurbrugg, R.Y.
Fonte: Palgrave Macmillan Ltd. Publicador: Palgrave Macmillan Ltd.
Tipo: Artigo de Revista Científica
Publicado em //2007 Português
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46.99%
The purpose of this study is to examine the awareness of Muslim Australians of Islamic banking, particularly profit-and-loss sharing agreements. A sample of 300 Australian Muslims were surveyed utilising a short questionnaire containing specific questions relating to the willingness of respondents to purchase profit-and-loss sharing Islamic banking products. The results indicate that the majority of the respondents are interested in purchasing these products, but are not properly informed about how they function. It was common to find respondents who were keen to purchase Islamic banking products, but only if credit facilities were available. This is contrary to Islamic Shari'ah law, and suggests a lack of understanding of the principles of Islamic finance.; Hussain Gulzar Rammal and Ralf Zurbruegg; © Palgrave Macmillan Ltd.

Corporate Governance in Institutions Offering Islamic Financial Services : Issues and Options

Grais, Wafik; Pellegrini, Matteo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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47.03%
This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information.

Corporate Governance and Stakeholders’ Financial Interests in Institutions Offering Islamic Financial Services

Grais, Wafik; Pellegrini, Matteo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.94%
This paper focuses on the corporate governance arrangements of institutions offering Islamic financial services (IIFS) aimed at protecting stakeholders' financial interests. Many IIFS corporate governance issues are common with those of their conventional counterparts. Others are distinctive. In particular they offer unrestricted investment accounts that share risks with shareholders but without a voting right. This paper first reviews internal and external arrangements put in place by IIFS to protect stakeholders' financial interests. It discusses shortcomings notably in terms of potential conflict of interest between shareholders and holders of unrestricted investment accounts. It then suggests a corporate governance framework that combines internal and external arrangements to provide safeguards to unrestricted investment account holders without overburdening IIFS' financial performance. The paper uses a review of 13 IIFS and regulatory information from countries where IIFS have developed the most.

Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services

Grais, Wafik; Pellegrini, Matteo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
46.89%
The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies...

Ethics, Practice, and Future of Islamic Banking and Finance

Montgomery, John
Fonte: Universidade Duke Publicador: Universidade Duke
Formato: 451865 bytes; application/pdf
Português
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56.65%
This paper explores the ethical mandates of Islamic banking and finance (IBF) and then studies the recent performance of IBF on the positive level. The ethical section is divided into four parts: (1) promotion of trade and cooperation, (2) prohibition of ribā and of profiting without risk, (3) prohibition of gharar and maysir, and (4) requirement of charity and altruistic acts. Each of these topics is discussed on the normative level. Subsequently, the performance of IBF is assessed through a comparative study of IBF institutions and conventional banks operating in select Muslim majority countries from 2005 to 2008. The analysis shows that IBF institutions are able to provide competitive returns for their customers while adhering to its ethical injunctions. At the end of the paper, recommendations are offered to make IBF more efficient and transparent.; Honors thesis for graduation with distinction.

Banking on the divine: everyday Islamic banking practices in Malaysia

Muscat, Michaela
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: text
Publicado em /01/2015 Português
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47.34%
Islamic banking, a niche financial sector that has captured the imagination of the financial elite and ordinary consumers alike, is unique in its regulation through the shariah. Primarily, it presents an added-value derived from its prohibition of riba (interest) in favour of profit from trade (al Bay) or leasing (ijarah). This thesis aims to explain Malaysia’s success in promoting Islamic banking products to a critical mass of consumers. More specifically, it seeks to explain the development and growth ineveryday Islamic banking practices amongst the Malay community in Kuala Lumpur. The thesis is based on a sociological framework that does not aim to explain the development and growth of Islamic banking in terms that are principally about religion. I argue that the development of Islamic banking in Malaysia is the result of a top-down strategy driven by the economic and political interests of Malaysia’s ruling elites. Following the crisis of trust in the political-economic model of development deployed up to the crisis of 1997-1998, Islam’s vast repertoire of ideas, language and symbols are a powerful and dexterous foundation of a strategy that simultaneously problematises ‘conventional’ banking and offers an alternative course through Islamic banking. Nevertheless...

Consumer awareness and usage of islamic banking products in South Africa

Saini,Yvonne; Bick,Geoff; Abdulla,Loonat
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2011 Português
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56.95%
This paper investigates the level of consumer awareness and use of Islamic banking products in South Africa. A non-probability sampling method was used whereby a questionnaire was administered to 250 respondents and statistically analysed to determine the factors that are important in the choice between Islamic or conventional banks. It was found that Muslims are aware of Islamic banks, but their rate of use is low, as Muslim customers regard efficiency, lower bank charges, the availability of automatic teller machines and an extensive branch network as important factors when it comes to choosing a bank, rather than religious motivations for compliance with Islamic conventions. It was concluded that, if Islamic banks wanted to attract and retain customers and remain relevant in the South African context, they would have to develop relevant strategies designed to meet customers' needs. Religion as the sole motivation for choosing Islamic banks is inadequate.