by: Zamir Iqbal, Hennie van Greuning
Islamic finance is emerging as a rapidly growing part of the
financial sector in the Islamic world and is not restricted to Islamic
countries, but is spreading wherever there is a sizable Muslim
community. According to some estimates, more than 250 financial
institutions in over 45 countries practice some form of Islamic
finance, and the industry has been growing at a rate of more than 15
percent annually for the past several years. The market's current
annual turnover is estimated to be $70 billion, compared with a mere $5
billion in 1985, and is projected to hit the $100 billion mark by the
turn of the century. Since the emergence of Islamic banks in the early
1970s, considerable research has been conducted, mainly focusing on the
viability, design and operations of a 'deposit-accepting'
financial institution, which operates primarily on the basis of profit
and loss partnerships rather than interest.
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. This approach emphasizes the accountability of key players in
the corporate governance process in relation to the management of
different dimensions of Islamic financial risk.
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