{"product_id":"islamic-finance-and-economic-development-isbn-9781118847268","title":"Islamic Finance and Economic Development","description":"\u003cp\u003e\u003cb\u003eA comprehensive guide to mitigating risk and fostering growth in the Islamic financial sector\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIslamic finance, like conventional finance is a business of financial intermediation.  Its distinctive features relate to the requirement that it abides by  Shari'a rules that promote fairness of contracts and prevention of exploitation, sharing of risks and rewards, prohibition of interests, and tangible economic purpose. Islamic finance should not fund activities considered “haram” or sinful. In \u003ci\u003eIslamic Finance and Economic Development: Risk, Regulation, and Corporate Governance\u003c\/i\u003e, authors Amr Mohamed El Tiby and Wafik M. Grais expound how these distinctive features bear on the opportunities and challenges facing    the Islamic finance industry’s development, risk management, regulation and corporate governance.\u003c\/p\u003e \u003cp\u003eAn experienced banker with various Middle East banking institutions, notably as former Vice President at UAE Union National Bank and Mashreq bank, Dr. El Tiby  offers an informed perspective on  corporate finance from within the Islamic finance industry. With a long experience in international development and finance, notably as former Director at the World Bank and  Founder and Chairman of a Cairo-based Financial Advisors company, Dr. Grais brings global financial experience on the topics of financial systems assessments, corporate governance, Islamic finance, and public  policy.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eCovers the history and basics of Islamic finance, and provides insight into current conditions and future landscape\u003c\/li\u003e \u003cli\u003eExplores regulatory framework, including opportunities and challenges for the industry’s development and mainstreaming\u003c\/li\u003e \u003cli\u003ePresents an approach to developing a systemic Shari'a governance framework to govern operations in the Islamic finance  industry\u003c\/li\u003e \u003c\/ul\u003e  \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eAcronyms xvii\u003c\/p\u003e \u003cp\u003eAbout the Authors xxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE Emergence of Modern Islamic Finance 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 1 History and Core Principles of Islamic Finance 3\u003c\/p\u003e \u003cp\u003eCHAPTER 2 Islamic Finance: Opportunity for Egypt’s Development 19\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO Managing Systemic Risks 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 3 Risks, Spillovers, and Distress 55\u003c\/p\u003e \u003cp\u003eCHAPTER 4 Coping with Crises: Policies, Institutions, and Markets 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Regulatory Challenges 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 5 The Dilemma of Tailor-Made versus Mainstream Regulation 95\u003c\/p\u003e \u003cp\u003eCHAPTER 6 Toward an Enabling Framework 107\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FOUR Corporate Governance 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCHAPTER 7 Financial Fiduciary Governance 123\u003c\/p\u003e \u003cp\u003eCHAPTER 8 Corporate Governance and Shari’a Compliance 145\u003c\/p\u003e \u003cp\u003eCHAPTER 9 Toward a Systemic Shari’a Governance Framework 181\u003c\/p\u003e \u003cp\u003eAPPENDIX Islamic Finance: The International Landscape 205\u003c\/p\u003e \u003cp\u003eReferences 217\u003c\/p\u003e \u003cp\u003eIndex 231\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eAMR EL TIBY\u003c\/b\u003e earned his B.A in Commerce from Cairo University in 1980, majoring in Business. He earned his Diploma in Finance from Cairo University in 1985 and his MA in Economics from The American University in Cairo in 2003. In 2009, he earned his PhD from The American University in London. Dr. El Tiby has over 30 years of banking experience in the Middle East and the Gulf Region in both conventional as well as Islamic finance. His area of research focuses on banking risk and regulations. He is also the author of \u003ci\u003eIslamic Banking,\u003c\/i\u003e published by Wiley in 2011.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eWAFIK M. GRAIS\u003c\/b\u003e is senior international adviser on finance, investments and public policy. He was founder and chairman of Viveris Mashrek Financial Advisors. He held senior positions at the World Bank in Washington, DC, where he notably managed country programs on countries of the Middle East and North Africa as well as Europe and Central Asia. He has been published on the subjects of finance, corporate governance, Islamic finance, macroeconomic policy, and energy policies. He holds a PhD in Economics and degrees in Mathematical Economics and Political Science from the University of Geneva.\u003c\/p\u003e  \u003cp\u003eThe recent financial crisis that gripped the world points to the crucial need for well-planned, effective risk management, along with the requisite international regulatory standards to govern policies and procedures. This is equally true within the realm of Islamic finance.\u003c\/p\u003e \u003cp\u003eAmr Mohamed El Tiby and Wafik M. Grais team up to bring together the concepts of risk, regulation, and corporate governance in their seminal work on Islamic finance and economic development.\u003c\/p\u003e \u003cp\u003eBroken down into four distinct parts, \u003ci\u003eIslamic Finance and Economic Development: Risk Management, Regulation, and Corporate Governance\u003c\/i\u003e opens with a primer to Islamic finance and its history. This includes an analysis of recent developments, along with an overview of the present state of Islamic finance within the larger context of the global financial system. Part Two moves beyond the background information to provide details on risk, contagion, and distress. This section provides an overview of how global financial crises can affect Islamic finance, providing a real-world look at recent events.\u003c\/p\u003e \u003cp\u003eIn Part Three, the authors bring you an overview of the regulatory framework for Islamic banking, including a discussion of challenges and opportunities for bankers, regulators, and policy makers. Part Four of the book is dedicated entirely to governance issues in Islamic finance, including discussions of financial Fiduciary Governance and Shari’a Fiduciary Governance, along with the presentation of an approach to the development of a systemic Shari’a governance framework for Islamic finance activities.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePraise for Islamic Finance and Economic Development\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“The authors have succeeded in producing a much appreciated, valuable, and constructive contribution in the field that deserves serious consideration by policy makers, financial practitioners, and those interested in accessing a readable, balanced, and competent view of the present and evolving new financing method. Applying the recommendations of the book is sure to produce a more resilient finance and allow smoother transition to the ideal Islamic finance.”\u003cbr\u003e —Professor Abbas Mirakhor, PhD, First Holder of INCEIF’s Chair in Islamic Finance, former IMF Executive Director and Dean of the Board\u003c\/p\u003e \u003cp\u003e“Significance of regulatory environment and lapses in governance were highlighted as the key factors contributing to the financial crisis. This volume by Dr. El Tiby and Dr. Grais is very timely since both of these factors have direct relevance to Islamic financial industry. This volume reflects the authors’ vast experience and deep understanding of issues concerning regulations and governance of Islamic financial industry and offers valuable perspectives for the regulators and policy makers. Although others have dealt with the issue of governance, this volume provides an alternative and practical approach. The authors deserve congratulations on this valuable contribution.”\u003cbr\u003e —Zamir Iqbal, PhD, Lead Investment Officer with the Quantitative Strategies, Risk and Analytics department in the Treasury of the World Bank, Washington, DC\u003c\/p\u003e \u003cp\u003e\u003ci\u003e“Islamic Finance and Economic Development\u003c\/i\u003e is a great addition to a library on this growing alternate mode of investment and banking. The book has unique features including in-depth analysis of the present state of Islamic finance industry; the role of International Islamic Infrastructure institutions in the orderly development of the industry; new perspectives on regulatory arrangements; as well as approaches to corporate governance. It touches also on episodes of stress experienced by the industry. The book is a useful and timely addition to the literature on Islamic finance. I am confident it will be of great benefit to its readers.”\u003cbr\u003e —Ijlal Ahmed Alvi, CEO, International Islamic Financial Market\u003c\/p\u003e \u003cp\u003e“This book addresses some of the most current and pressing topics of regulation and governance that are peculiar to any Islamic financial institution. Being seasoned bankers, the authors have their fingers on the pulse of the industry and are able to discuss how the industry should respond to the changing needs, and how the regulation should assist in steering its further growth. I believe the book will benefit the industry significantly.”\u003cbr\u003e —Adnan Ahmed Yousif, President and CEO of Al Baraka Banking Group\u003c\/p\u003e \u003cp\u003e“I wish to welcome this seminal addition to the library of Islamic Finance and Risk Management books. The book gives clear perspectives about the development, modes, and philosophical basis for Islamic finance. I found the narrative to be very clear and analytical. The book explains well issues of risk management in Islamic financial institutions.”\u003cbr\u003e —Professor Ali Soliman, PhD, Economics, British University in Egypt, former CEO of the Islamic Corporation for the Development of the Private Sector (ICD)\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989481668837,"sku":"NP9781118847268","price":85.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118847268.jpg?v=1761784276","url":"https:\/\/k12savings.com\/products\/islamic-finance-and-economic-development-isbn-9781118847268","provider":"K12savings","version":"1.0","type":"link"}