This book is the second publication of the Islamic Finance Project. It includes a selection of 12 papers presented at the Seventh Harvard University Forum on Islamic Finance on the topic, "Integrating Islamic Finance into the Mainstream: Regulation, Standardization, and Transparency." Followed by a preface by the Editor and an Introduction by Ibrahim Warde, the book is divided into four parts. The first part concerns regulator dilemmas. The second part discusses religious, legal, economic, and political perspectives, covering retail finance in Europe as well. The third section is about the sukuk phenomenon. Lastly, the fourth part addresses the way forward for Islamic finance including controversies. The book includes a guide to the contributors, as well as a glossary of terms at the end.
Part I – Regulatory Dilemmas
The Impact of Regulation on the Future of Islamic Finance / Nasr-Eddine Benaissa; Xavier Jopart; Melanie Maddux; Ozgur Tanrikulu; and Fenton Whelan
Basel and Corporate Governance in Islamic Banks / M. Kabir Hassan and Mehmet F. Dicle
Convergence of Corporate Governance and the Islamic Financial Services Industry: Toward an Islamic Financial Services Securities Market / Ali Adnan Ibrahim
Regulation, Supervision, and Their Role in the Development of Efficient Islamic Insurance Markets / Philipp Wackerbeck
Part II – Religious, Legal, Economic, and Political Perspectives
Shari’a, Economics, and the Progress of Islamic Finance: The Role of Shari’a Experts / M. Nejatullah Siddiqi
The Tension between Legal Values and Formalism in Contemporary Islamic Finance / Abdurrahman Habil
Islamic Retail Finance in Europe: Market Potential and Legal Challenges / Kilian Bälz
Islamic Finance and the International System: Integration without Colonialism / Robert R. Bianchi
Part III – The Sukuk Phenomenon
Sukuk (Islamic Bonds and Securitizations): Toward a Viable Capital (Including Secondary) Market / Michael J. T. McMillen
Regulating Sukuk in Indonesia: Challenges for Implementation / Reza Djojosugito
Part IV – The Way Forward: Perspectives and Controversies
The Road Ahead for Islamic Finance / Jay Collins
A Simple Fiqh-and-Economics Rationale for Mutualization in Islamic Financial Intermediation / Mahmoud A. El-Gamal
