By Ioannis Akkizidis, Sunil Kumar Khandelwal
These days in ecu, American and so much westernized markets, monetary associations reminiscent of credits Swiss, Deutsche financial institution, HSBC, the Islamic financial institution of england and so forth, are supplying extra services of Islamic finance. additionally, a good number of monetary associations in GCC (Gulf Cooperation Council) international locations and Asia are dealing with money of over US$300 billion, and are inspired from their markets to supply Islamic monetary items. as a result of development industry of Islamic finance, the call for for threat administration for Islamic monetary services and products is turning into a truly scorching factor for either westernized and Islamic monetary markets.This publication offers a standard framework on the right way to successfully deal with the dangers confronted, via picking out the place the Islamic monetary services and products are threat uncovered, to successfully minimise the general measure of Islamic monetary dangers. Case stories and examples supply strong knowing of the abovementioned concerns, and so forth, in addition to on how you can essentially enforce the stairs of probability administration framework for the Islamic monetary institutes. probability administration for Islamic banking monetary services and products is likely one of the maximum demanding situations that many westernized in addition to Islamic Banks are phasing these days. for that reason, this ebook can be a useful advisor for those who are engaged on either non-Islamic and Islamic finance.
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Extra resources for Financial risk management for Islamic banking and finance
The valuation of assets using discounted cash flows is generally not acceptable in Islamic finance, since, according to Islamic finance, there is no debt-related time value of money. The concept that ‘a dollar today is worth more then a dollar tomorrow’ does not find much support in Islamic finance. This is in line with the prohibition of Riba, as it mainly represents the time value of money. Islamic finance can use the method popularly known as ‘current cash equivalent method’. Along with other reports, due to the calculation of the Zakat, the Income and Expenditure Account as well as Balance Sheet are also emphasised.
The analysis is supported with examples from real life. Murãbaha is the most popular type of Islamic financing contract. Popularly known as ‘cost-plus’ financing, it has been the instrument of choice for Islamic banks. Due to limited risk exposures, as compared to other contract types, Murãbaha has been in use for a long time and has contributed maximally to the total Islamic business (for a detailed analysis of risks related to Murãbaha, please refer to chapter 2). Murãbaha is most commonly used for financing consumer goods, real estate, machinery, and equipment.
After the late eighties, the shift was on developing marketable, consumer-friendly, Shariah-compliant Islamic financial products. Several innovative products were introduced, with more and more banks coming up with unique solutions for Islamic financing. At the same time, the need was felt for standardisation and good governance. Efforts to develop International Accounting Standards for Islamic financial services gathered momentum. Organisations such as Islamic Financial Services Board (IFSB) and Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) had been working in the direction of providing standards for the Islamic financial industry.