Introducing Islamic Banks into Conventional Banking Systems / Juan Sole.

Format:

Book

Government document

Author/Creator:

Solé, Juan.

Series:

IMF Working Papers; Working Paper ; No. 2007/175

IMF Working Papers

Language:

English

Subjects (All):

Banks and banking--Islamic countries.

Banks and banking.

Financial institutions--Islamic countries.

Financial institutions.

Physical Description:

1 online resource (28 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2007.

Language Note:

English

Summary:

Over the last decade, Islamic banking has experienced global growth rates of 10-15 percent per annum, and has been moving into an increasing number of conventional financial systems at such a rapid pace that Islamic financial institutions are present today in over 51 countries. Despite this consistent growth, many supervisory authorities and finance practitioners remain unfamiliar with the process by which Islamic banks are introduced into a conventional system. This paper attempts to shed some light in this area by describing the main phases in the process, and by flagging some of the main challenges that countries will face as Islamic banking develops alongside conventional institutions.

Contents:

Contents; I. Introduction; II. Preliminaries Before Introducing Islamic Banks; Shariah Compliance; Segregation of Funds; Accounting and Auditing Standards; Awareness Campaigns; III. Phases in the Introduction of Islamic Banks; A. Offering Selected Islamic Financial Products; Setting Up Islamic Windows; Islamic Investment Banking; B. Licensing Full-Fledged Islamic Banks; List of Boxes; 1: The Use of Tawarruq to Make the Transition from Conventional to Islamic Balance Sheets; C. Introducing Non-Bank Islamic Financial Institutions and Instruments; D. Full Islamization of the Financial System?

2: The Introduction and Development of Islamic Finance in MalaysiaIV. The Role of the Supervisory Authorities; A. Prudential Supervision; B. Industry Development; 3: The Emergence of Bahrain as an Islamic Financial Center; V. Building a Supporting (Islamic) Financial Infrastructure; A. Deposit Takaful (Insurance); B. Islamic Interbank Money Market; C. Islamic Sovereign Securities; VI. Concluding Thoughts; VII. Bibliography

Notes:

"July 2007."

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613831026

9781462344727

1462344720

9781451988321

145198832X

9781283518574

1283518570

9781451911923

1451911920