Year
2012
Country
Qatar
Language
English
Abstract
| Over the past four decades the Islamic financial services industry (IFS) has come a long way in offering the needed financial services to the society. The number of countries who are interested in developing the Islamic financial services (IFS) segment of their financial industries is growing, especially after the global financial crisis where the IFS industry was able to survive the crisis with little affect as compared to the adverse effect of the crisis on its conventional counterpart. The countries that are interested in developing the IFS are looking forward to models that can be adapted after a careful appraisal of their own needs and the soundness, efficiency and genuineness of the experiences of other countries. To this end, the present research highlights that three different regulatory and supervisory approaches are being applied to the IFS industry (IFSI all over the world in different jurisdictions. The first approach holds the perspective that there is no difference between the features and risk characteristics of the IFS and the conventional system thereby, subjecting the IFS to the same existing regulatory regime. In the second approach which exists in some jurisdictions, the regulators recognize some unique features and risk characteristics of the IFS and give it considerations, like ensuring tax neutrality. In the third approach which is applied in some jurisdictions, significant unique features and risk characteristics of the IFS are recognized and the development of Islamic financial infrastructure, regulatory support and supervisory oversight is called for to ensure the orderly development, competitiveness and sustainability of the IFS. Within the framework of the third approach which is adopted in Bahrain and Malaysia, this research attempted to derive beneficial lessons for other countries that may be interested in developing the IFSI in their own jurisdictions. However, the research also warns about the proliferation of a number of products especially in the areas of liquidity and risk management that are lesser genuine and need to be avoided or more critically appraised before being replicated. |
English
No. of Pages
180p.
Degree
M.Sc
Select type of work
Institution
CIS Program Old
CIS publications
No
CIS Thesis
Yes
CIS Library Call Number
Thesis QFIS IF 2012/4