This collection of essays brings together leading scholars and practitioners to discuss contemporary issues in the rapidly expanding sukuk market, and frankly debates the challenges facing it since the 2008 financial crisis. Highly recommended for practitioners, scholars, and students of Islamic finance. Professor Mohammad Hashim Kamali is the founding chairman and CEO of the International Institute of Advanced Islamic Studies (IAIS) in Malaysia, and is a leading authority in Islamic jurisprudence, Islamic finance, and human rights in Islamic law. A.K. Abdullah is an assistant research fellow at the IAIS.

The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.

Ṣukūk markets have grown significantly worldwide since their emergence— in Islamic jurisdictions as well as conventional jurisdictions including the US, the UK, Germany, China, France and Singapore. The practices of ṣukūk markets, however, have come under close scrutiny. The legal and regulatory risks arising from the existing general legal environment and their impact on those investing and trading in ṣukūk markets has not received adequate attention. The topic of ṣukūk has been subject to extensive research and academic discussion from different perspectives, but the existing literature has not adequately addressed the issues associated with these markets. This book examines the contemporary issues encountered in the foundation and operation of ṣukūk markets by providing an in-depth discussion of the issues facing ṣukūk markets from legal and regulatory perspectives and focusing attention on how soundness can be ensured in the wider context. These issues go to the heart of what the ṣukūk market is really about, as recent debate has recognised in ṣukūk the replication of conventional bonds in ways that are considered unsatisfactory from an Islamic law point of view.

This book explores how, through spirituality and the development of character, Islamic financial institutions and Muslim communities can integrate their businesses with contemporary social responsibility initiatives to produce positive social and environmental impact. From the looming environmental crisis to the divide between mainstream and extremist interpretations of Islam, the book addresses significant questions facing Muslim communities – and humanity – and demonstrates why Islam should sit ‘at the table’ with other faiths and ethical traditions discussing humanity’s great obstacles. Unlike existing literature, this work explores the intersections between classical Islamic ethics and spirituality, contemporary Islamic finance and economic markets, and select sustainability and impact initiatives (such as the Equator Principles and UN Principles of Responsible Investment) designed to make the worlds of business and finance responsible for the environments in which they operate and the communities that support them. Drawing on his years of experience in Islamic banking, Moghul addresses these applications in light of real-world practices and dilemmas, demonstrating how Islamic organizations and Muslim communities should embrace the broad range of stakeholders countenanced by the Shari’ah in conversations that affect them. By situating his exploration of Islamic finance in the light of the much larger critical issues of balance, justice, and moderation in Islamic praxis, Moghul creates an interdisciplinary book that will appeal to academics and researchers in economics, finance, business, government and policy, and law.

The Law Relating to International Banking (Second Edition) addresses the key legal issues associated with international banking and capital markets. Covering choice of law, jurisdiction, sovereign risk, contractual remedies, exchange controls and legal opinions, this new edition provides a detailed analysis of the legal issues relating to the lending of money, whether by way of: - Term loans - Syndicated lending - The transferring of a bank's interest in a loan - Bond issues - Asset backed securitisation In addition, the title also considers Islamic securitisation as well as whole of business securitisation. It also examines derivative contracts along with the contractual issues arising with consideration being given to how to complete the Schedules to the ISDA Master Agreement. Contract guarantees and standby letters of credit are also analysed. The Law Relating to International Banking is essential reading for anyone wishing to gain a perspective on these transactions, including banking lawyers, bankers, academics and post graduate students.

The application of Shariah compliance in business transactions continues to increase. The Asian financial crisis of 1997, global financial crisis of 2007-2008, Enron scandal and other reported ills besieging conventional business transactions have led to advocates of Shariah-compliant business transactions promoting the latter as a credible alternative. However, unlike the banking, commerce and financial sectors, the uptake by the construction sector was sluggish due to limited understanding of Shariah among the practitioners and policymakers compounded by the lack of research and publications on its application for the construction sector.This book is intended for students, researchers, practitioners and policymakers of the construction industry as well as the related upstream and downstream activities. It offers basic theories, challenges current practices, and proposes innovative ideas on Shariah compliance and its application for the construction industry.Related Link(s)

Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.