The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets
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More About This Title The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets

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Get up to speed quickly on the world's fastest growing financial sector

The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is the definitive report for the Islamic finance industry. Written by the industry's leading practitioners, the book provides a country-by-country breakdown of the current state of the Islamic market, including league tables by region and by country. Relevant case studies are used throughout to illustrate the practical aspect of the information presented. Organized for easy navigation, each chapter features sub-sections that allow instant comparison between countries in a specific area of interest.

The Islamic finance industry is the world's fastest growing sector, valued at over U.S. $1.3 trillion by the UK Islamic Finance secretariat, with an annual growth of 24% for the past five years. To compete globally, practitioners need a true understanding of key markets within the industry. The Islamic Finance Handbook paints a clear picture of where each country stands in its development and role within the market, and provides a straightforward comparison between markets. Features include:

  • Current macroeconomic and microeconomic conditions
  • Regulatory and political situations
  • Recent transactions, key participants, and the investor climate
  • Real-world cases, as opposed to speculative scenarios

The book places a clear focus on current conditions versus past performance, and on practical applications versus theoretical speculation. Each chapter is authored by a leading practitioner from within each country, allowing a true glimpse inside the day-to-day workings of the Islamic markets. For finance professionals who need to get up to speed on this rapidly growing sector, The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is a clear, comprehensive guide.

English

REDMONEY is a publishing and events company focusing purely on the global Islamic finance market. The company was started in mid-2004 in Kuala Lumpur, Malaysia, by Andrew Morgan and Andrew Tebbutt, and initially rolled out two products: Islamic finance training and Islamic finance news. Since then, a range of other products have been introduced including conferences, print media, and consulting.

English

Foreword ix

Preface xiii

Introduction 1
Daud Vicary Abdullah, President and Chief Executive Officer, INCEIF—The Global University of Islamic Finance Mohd-Pisal Zainal, Director of Research and Publication, INCEIF—The Global University of Islamic Finance

CHAPTER 1 Australia 11
Michael T. Skully, Professor of Banking, Department of Banking and Finance, Monash University

CHAPTER 2 Bahrain 23
Hatim El-Tahir, Director, Islamic Finance Group, Deloitte & Touche (Middle East)

CHAPTER 3 Bangladesh 43
Mohammad Abdul Mannan, Managing Director and Chief Executive Officer, Islami Bank Bangladesh Limited

CHAPTER 4 Brunei 59
Muhd Jamil Abas bin Abdul ’Ali, Legal Advisor, Abrahams, Davidson & Co. Tan Thiam Swee, Partner, Abrahams, Davidson & Co. Lee Yun Chin, Partner, Lee & Raman

CHAPTER 5 Canada 77
Jeffrey Graham, Partner, Borden Ladner Gervais LLP

CHAPTER 6 China 93
Wang Yongbao Ahmed Musa, Associate Professor, Xi’an International Studies University

CHAPTER 7 Egypt 119
Walid S. Hegazy, Managing Partner, Hegazy & Associates in association with Crowell & Moring Hussein M. Azmy, Associate, Hegazy & Associates in association with Crowell & Moring

CHAPTER 8 Hong Kong 129
Anthony Chan, Chief Executive Officer, New Line Capital Investment, Ltd. Jess Lee, Legal and Project Development Manager, New Line Capital Investment, Ltd.

CHAPTER 9 India 141
H. Jayesh, Founder and Partner, Juris Corp

CHAPTER 10 Indonesia 155
Rifki Ismal, Assistant Director, Islamic Banking, Bank Indonesia

CHAPTER 11 Iran 175
Farhad Nili, Director, Monetary and Banking Research Institute, Central Bank of Iran

CHAPTER 12 Japan 213
Etsuaki Yoshida, Adjunct Research Fellow, Center for Finance Research and Waseda Graduate School of Finance, Accounting and Law, Waseda University

CHAPTER 13 Jordan 227
Khawla Al Nobani, Specialist in Islamic Financial Advisory Services

CHAPTER 14 Kazakhstan 239
Yerlan Alimzhanuly Baidaulet, Member of Executive Directors Board, Islamic Development Bank Group

CHAPTER 15 Kenya 251
Rahma Hersi, Director and Founder, Awal Consulting Limited

CHAPTER 16 Kuwait 261
Issam Al Tawari, Chairman and Managing Director, Rasameel Structured Finance Company

CHAPTER 17 Luxembourg 287
Bishr Shiblaq, Head, Dubai Representative Office, Arendt & Medernach Florence Stainier, Partner, Arendt & Medernach

CHAPTER 18 Malaysia 303
Wan Abdul Rahim Kamil, Consultant, Islamic Capital Market, Securities Commission Malaysia

CHAPTER 19 Maldives 337
Aishath Muneeza, Deputy Minister, Ministry of Islamic Affairs, Maldives

CHAPTER 20 Nigeria 355
Auwalu Ado, Internal Shari’ah Auditor, Jaiz Bank

CHAPTER 21 Oman 369
Azmat Rafique, Head, Islamic Banking, Al Yusr Arab Bank

CHAPTER 22 Pakistan 385
Mohammad Shoaib, CFA, Chief Executive, Al Meezan Investment Management Limited

CHAPTER 23 Qatar 413
Steve Troop, Advisor to the Chairman and Board of Directors, Barwa Bank

CHAPTER 24 Saudi Arabia 421
Nabil Issa, Partner, King & Spalding James Stull, Senior Associate, King & Spalding

CHAPTER 25 Singapore 433
Lee Ka Sing, Head, Debt Capital Markets, Maybank Kim Eng Securities Pte. Ltd. Ian Yeo Tian Chiang, Senior Associate, Debt Capital Markets, Maybank Kim Eng Securities Pte. Ltd.

CHAPTER 26 South Africa 443
Amman Muhammad, Chief Executive Officer, Islamic Banking Division, First National Bank

CHAPTER 27 Sri Lanka 461
Reyaz Mihular, Managing Partner, KPMG

CHAPTER 28 Tanzania 477
Uwaiz Jassat, Acting Head, Absa Islamic Banking, and Head, Absa Takaful

CHAPTER 29 Thailand 485
S. M. Aamir Shamim, Senior Vice President and IB Specialist, Treasury and Investment Group, Islamic Bank of Thailand

CHAPTER 30 Turkey 505
Eser Sagar, Expert, Capital Markets Board of Turkey Atila Yanpar, Expert, Capital Markets Board of Turkey

CHAPTER 31 United Arab Emirates 521
Shaikh Dr. Hussain Hamed Hassan, Chairman, Sharia Board, Dubai Islamic Bank, Managing Director, Dar Al Sharia Legal & Financial Consultancy

CHAPTER 32 United Kingdom 533
Fara Mohammad, Legal Consultant

CHAPTER 33 United States 547
Andrew M. Metcalf, Partner, Middle East and Islamic Finance Practice Group, King & Spalding Isam Salah, Senior Partner and Global Head, Middle East and Islamic Finance Practice Group, King & Spalding

About the Editors 559

List of Contributors 561

Index 563

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