Islamic Financeand Economic Development -- Contents -- Preface -- Acknowledgments -- Acronyms -- About the Authors -- PART One Emergence of Modern Islamic Finance -- CHAPTER 1 History and Core Principles of Islamic Finance -- HISTORY REVIEW -- CORE PRINCIPLES -- APPENDIX 1A: STYLIZED BALANCE SHEET OF AN ISLAMIC BANK -- APPENDIX 1B: GLOSSARY OF SELECTED ISLAMIC FINANCE TERMS -- APPENDIX 1B (Continued ) -- APPENDIX 1B (Continued ) -- APPENDIX 1C: GLOSSARY OF ARABIC FINANCE TERMS -- CHAPTER 2 Islamic Finance: Opportunity for Egypt's Development -- MARKET LANDSCAPE: SIGNIFICANT BROAD-BASED PRESENCE -- BEYOND BANKING: S UKUKS , FUNDS -- INSTITUTIONAL INFRASTRUCTURE -- ISLAMIC FINANCE: OPPORTUNITY TO FINANCE EGYPT'S DEVELOPMENT -- Household Finances -- Financing Corporations and Projects -- SME Financing -- REGULATORY CHALLENGES -- Inconsistencies between Conventional Regulation and Islamic Finance Principles -- CONCLUSION -- APPENDIX 2A: SIZE OF ISLAMIC FINANCE IN USD BILLIONS -- APPENDIX 2B: LARGEST GCC ISLAMIC BANKS (USD MILLIONS) -- APPENDIX 2C: ISLAMIC FINANCE IN THE UNITED STATES -- PART Two Managing Systemic Risks -- CHAPTER 3 Risks, Spillovers, and Distress -- FINANCIAL RISKS AND THEIR IMPACT ACROSS CONVENTIONAL AND ISLAMIC FINANCIAL INSTITUTIONS -- SPILLOVERS AND CONTAGION -- CASES OF ISLAMIC BANK DISTRESS -- THE CASE OF TURKEY'S SPECIAL FINANCE HOUSES -- CHAPTER 4 Coping with Crises: Policies, Institutions, and Markets -- PROVISION OF LIQUIDITY AND CRISIS CONTAINMENT -- RECENT EXPERIENCE IN THE GCC COUNTRIES BUILDING PUBLIC CONFIDENCE -- IMPACT OF MONETARY POLICY IN DUAL SYSTEMS -- TOOLS FOR SYSTEMIC LIQUIDITY MANAGEMENT -- SYSTEMIC LIQUIDITY MANAGEMENT: MALAYSIA'S EXPERIENCE -- THE ROAD AHEAD: DEALING WITH SYSTEMIC LIQUIDITY IN ISLAMIC FINANCIAL SERVICES -- DISTRESSED INSTITUTIONS RESOLUTION -- Experiences with Asset Management Corporations.

Relevance of an Asset Management Corporation for Islamic Financial Services -- CONCLUSION -- APPENDIX 4A: TYPES OF INSTRUMENTS IN ISLAMIC INTERBANK MONEY MARKET OF MALAYSIA -- PART Three Regulatory Challenges -- CHAPTER 5 The Dilemma of Tailor-Made versus Mainstream Regulation -- POLICY MAKER AND REGULATOR CHALLENGES -- Managing Systemic Liquidity -- Enabling Regulatory Framework -- Strengthening the Broad Institutional Infrastructure -- MARKET PARTICIPANT CHALLENGES -- Two Strategic Challenges -- Corporate Governance -- Risk Management -- Diversifi cation of Financial Services -- CONCLUSION -- CHAPTER 6 Toward an Enabling Framework -- RATIONALE FOR REGULATING ISLAMIC FINANCE -- ISLAMIC FINANCE PRINCIPLES AND CONVENTIONAL BANKING REGULATION -- Risk Sharing -- Materiality -- No Riba -- OVERCOMING THE CONSTRAINTS: AN ORGANIZATIONAL FRAMEWORK BEYOND BANKS -- CONCLUSION -- PART Four Corporate Governance -- CHAPTER 7 Financial Fiduciary Governance -- PROTECTING STAKEHOLDERS' FINANCIAL INTERESTS: PRACTICE AND SHORTCOMINGS -- Internal Arrangements -- External Arrangements -- Legal and Regulatory Arrangements -- Financial Information Infrastructure -- EMPOWERMENT AND ENABLING REGULATIONS -- Internal Governance: Stakeholders' Empowerment -- Strengthening the External Environment -- FLEXIBLE REGULATORY APPROACH AND PRIVATE INITIATIVES -- ENHANCING FINANCIAL INFORMATION FLOWS -- CONCLUSION -- CHAPTER 8 Corporate Governance and Shari'a Compliance -- INTRODUCTION 1 -- INTERNAL CORPORATE GOVERNANCE ARRANGEMENTS FOR SHARI'A COMPLIANCE -- Internal Arrangements -- Strengthening Internal Arrangements for Shari'a Compliance -- EXTERNAL ARRANGEMENTS FOR S HARI'A COMPLIANCE -- Existing External Arrangements -- Strengthening External Arrangements for Shari'a Compliance -- CONCLUSION.

APPENDIX 8A: MISSION STATEMENTS OF INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES AND INSTITUTIONS OFFERING CONVENTIONAL FINANCIAL SERVICES -- APPENDIX 8B: LEGAL BASIS AND NATURE OF REGULATIONS ON INTERNAL S HARI'A SUPERVISORY BOARDS IN SELECTED COUNTRIES -- APPENDIX 8C: S HARI'A GOVERNANCE DISCLOSURE INDEXES IN 13 IIFSS -- APPENDIX 8D: EXTERNAL SHARI'A CORPORATE GOVERNANCE INSTITUTIONS BY COUNTRY -- CHAPTER 9 Toward a Systemic Shari'a Governance Framework -- BUSINESS RATIONALE FOR AN EFFECTIVE SYSTEMIC SHARI'A GOVERNANCE FRAMEWORK -- DIMENSIONS OF S HARI'A GOVERNANCE: TOWARD AN ANALYTICAL FRAMEWORK -- Criteria for a Shari'a Governance Framework -- Components of S hari'a Governance -- Sources of Governance and SSGF's Criteria -- PREVAILING SHARI'A GOVERNANCE FRAMEWORKS -- Systemic Arrangements -- International Governance -- Market Governance -- TOWARD A SYSTEMIC SHARI'A FRAMEWORK -- CONCLUSION -- APPENDIX Islamic Finance: The International Landscape -- OVERVIEW OF ISLAMIC FINANCIAL ASSETS -- ISLAMIC BANKING ASSETS -- SUKUKS -- FUNDS -- TAKAFUL -- References -- Index.