The book aims to provide readers interested in the international financial services and their regulation with an in-depth evaluation of recent developments in the Islamic banking system. It addresses the need for banks to develop common Islamic international accounting and auditing standards that harmonise the differences between Syariah rulings, standardization of acceptable banking practices, the development of standardized financial products, and the role of the Syariah Boards in establishing common rules regarding the permissibility of financial instruments and markets.
Book Details:
- Author: Rifaat Ahmed Abdel Karim
- ISBN: 9781118390443
- Year Published: 2007
- Pages: 208
- BISAC: BUS112000, BUSINESS & ECONOMICS/Islamic Banking and Finance
About the Book and Topic:
The book aims to provide readers interested in the international financial services and their regulation with an in-depth evaluation of recent developments in the Islamic banking system. It addresses the need for banks to develop common Islamic international accounting and auditing standards that harmonise the differences between Syariah rulings, standardization of acceptable banking practices, the development of standardized financial products, and the role of the Syariah Boards in establishing common rules regarding the permissibility of financial instruments and markets.
The Islamic practice of business and banking has a long history. In recent time, it has emerged as a new frontier in international financial markets. In the last four decades, while theoretical advances have been rapid, the practice of Islamic banking has also experienced unprecedented growth with a current market size exceeding $250 billion, spanning more than sixty countries. This rapid growth is a manifestation of the great demand and commitment of Muslims to conduct business transactions according to the principles of Islam and a western demand for more ethical investing practices.
One of the hottest topics in modern finance. As investors look for a more ethical system of finance, the Islamic system of Syariah law offers widespread appeal. Banks such as HSBC and Citibank have announced plans for major expansion of their Islamic Finance coverage. Dr Rifaat is the Secretary-General of the Islamic Financial serves Board and as such, has direct impact on new regulation. He is acknowledged as one of the foremost experts on the subject. An essential book for any financial institute that wishes to understand the regulatory issues involved in Islamic Finance. A comprehensive collection of essays from the worlds leading authorities on Islamic Finance.
About the Author
Rifaat Ahmed Abdel Karim is the Secretary-General of the Islamic Financial Services Board. Prior to his current position, Professor Rifaat was the Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a post he held for more than 8 years. He is a member of the Standards Advisory Council of the International Accounting Standards Board (IASB), and a member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board. Professor Rifaat is the co-author of Business and Accounting Ethics in Islam and Islamic Finance, and The Euromoney bestseller book on Islamic Finance: Innovation and Growth. He is also the author of many academic and professional papers on accounting, governance and finance issues in Islamic banking and finance. Simon Archer is Professor of Financial Management at the University of Surrey, England. Previously, he was Midland Bank Professor of Financial Sector Accounting at the University of Wales, Bangor. After studies in Philosophy, Politics and Economics at Oxford University, he qualified as a Chartered Accountant with Arthur Andersen in London and then moved to Price Waterhouse in Paris, where he became Partner in charge of Management Consultancy Services in France and Scandinavia. In addition to being co-editor of Islamic Finance: Innovation and Growth, Professor Archer is co-author of the Miller International Accounting Standards Guide, co-editor of the Miller European Accounting Guide, and the author of a considerable number of academic papers on international accounting and on accounting and finance issues in Islamic financial institutions. He also supervises research students in these areas, and has been an invited speaker at numerous conferences and seminars, including Euromoneys Islamic Finance Summit