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by Mehmet Asutay, Wael Kamal Eid
Mapping the Risks and Risk Management Practices in Islamic Banking
Cover
Foreword
About the Authors
CHAPTER 1: Introduction
SYSTEMIC IMPORTANCE OF ISLAMIC BANKING AND FINANCE
RESEARCH AIMS, OBJECTIVES AND QUESTIONS
RESEARCH HYPOTHESES
SIGNIFICANCE OF THE STUDY
OVERVIEW OF THE RESEARCH METHODOLOGY
OVERVIEW OF THE RESEARCH
CHAPTER 2: Principles of Islamic Banking and Finance
HISTORICAL BACKGROUND OF ISLAMIC BANKING AND FINANCE
SIZE OF THE INDUSTRY
PRINCIPLES OF ISLAMIC BANKING AND FINANCE
BASIC ISLAMIC FINANCING CONTRACTS
SUKUK: A STEP TOWARD SECURITISATION
ISLAMIC BANKING VERSUS CONVENTIONAL BANKING
INSTITUTIONAL DEVELOPMENTS IN ISLAMIC BANKING AND FINANCE INDUSTRY
CONCLUSION
CHAPTER 3: Risk Management in Islamic Banks
RISK MANAGEMENT: BASIC CONCEPTS AND TECHNIQUES
RISK MANAGEMENT AND THE CREDIT CRUNCH
CLASSIFICATION OF RISKS
RISKS COMMON TO BOTH ISLAMIC AND CONVENTIONAL BANKS
FURTHER RISK AREAS SPECIFIC TO ISLAMIC BANKS
RISK CATEGORIES ARE ENTANGLED
RISK MANAGEMENT ISSUES IN SUKUK
RISK MITIGATION IN ISLAMIC BANKING
SURVEYING RISK MANAGEMENT PRACTICES IN ISLAMIC BANKS: A REVIEW OF EMPIRICAL RESEARCH
CONCLUSION
NOTE
CHAPTER 4: Capital Adequacy for Islamic Banks
SIGNIFICANCE OF CAPITAL IN BANKING
CLASSIFICATION OF CAPITAL
STEPS IN THE BASEL ACCORD
BASEL II AND ISLAMIC BANKS
BASEL III
IFSB PRINCIPLES ON CAPITAL ADEQUACY
CAPITAL ADEQUACY AS A TOOL FOR RISK MITIGATION
CONCLUSION
CHAPTER 5: Islamic Banking and the Financial Crisis
UNDERSTANDING THE CREDIT CRISIS
THE FINANCIAL CRISIS AND THE NEED FOR AN ALTERNATIVE SYSTEM
THE FINANCIAL CRISIS AND ISLAMIC FINANCE AND BANKING AS AN ALTERNATIVE OPTION
DEVIATIONS FROM THE FOUNDATIONAL SHARI'AH PRINCIPLES: EVALUATING THE OPERATIONS OF ISLAMIC FINANCE
HOW TO ACHIEVE THE FULL POTENTIAL OF ISLAMIC FINANCE
CONCLUSION
NOTE
CHAPTER 6: Research Framework and Methodology
RESEARCH QUESTIONS AND OBJECTIVES
RESEARCH HYPOTHESES
RESEARCH METHODOLOGY
RESEARCH DESIGN
RESEARCH STRATEGY
RESEARCH METHOD
DIFFICULTIES AND LIMITATIONS
CONCLUSION
CHAPTER 7: Profiling Perspectives of Risk Dimensions in Islamic Finance
DATA ANALYSIS AND RESULTS
CONCLUSION
CHAPTER 8: Analysing Perceptions of Risk and Risk Management Dimensions and Issues
RISK PERCEPTION
RISK MANAGEMENT AND REPORTING
RISK MEASUREMENT
RISK MITIGATION
ISLAMIC BANKING IN PRACTICE
THE NEXT CHAPTER IN ISLAMIC BANKING
CONCLUSION
CHAPTER 9: Exploring Perceptions of Risk and Risk Management Practices in Islamic Banking
INTERVIEW ANALYSIS
FORMING THE MAIN INTERVIEW THEMES
INTERVIEW QUESTIONS
RESULTS AND DATA ANALYSIS
CONCLUSION
CHAPTER 10: Contextualising the Findings
RISK PERCEPTION IN ISLAMIC BANKING
ISLAMIC FINANCE CONTRACTS
ADDITIONAL RISK ISSUES FACING ISLAMIC FINANCIAL INSTITUTIONS
CAPITAL ADEQUACY FOR ISLAMIC BANKS
ISLAMIC BANKING AND THE GLOBAL CREDIT CRISIS
RISK MANAGEMENT AND REPORTING
RISK MEASUREMENT
RISK MITIGATION
ISLAMIC BANKING IN PRACTICE
THE FUTURE OF ISLAMIC BANKING
CONCLUSION AND SUMMARY
CHAPTER 11: Conclusion and Research Recommendations
SUMMARY OF THE RESEARCH
REFLECTING ON THE RESEARCH FINDINGS
RESEARCH IMPLICATIONS AND RECOMMENDATIONS
LIMITATIONS OF THE STUDY
SUGGESTIONS FOR FUTURE RESEARCH
APPENDIX 1: Questionnaire
PHD. RESEARCH ON ‘RISK MANAGEMENT IN ISLAMIC BANKING’
List of Acronyms
Epilogue
Bibliography
Index
End User License Agreement
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Prev
Previous Chapter
Cover
Next
Next Chapter
Mapping the Risks and Risk Management Practices in Islamic Banking
Table of Contents
Cover
Foreword
About the Authors
CHAPTER 1: Introduction
SYSTEMIC IMPORTANCE OF ISLAMIC BANKING AND FINANCE
RESEARCH AIMS, OBJECTIVES AND QUESTIONS
RESEARCH HYPOTHESES
SIGNIFICANCE OF THE STUDY
OVERVIEW OF THE RESEARCH METHODOLOGY
OVERVIEW OF THE RESEARCH
CHAPTER 2: Principles of Islamic Banking and Finance
HISTORICAL BACKGROUND OF ISLAMIC BANKING AND FINANCE
SIZE OF THE INDUSTRY
PRINCIPLES OF ISLAMIC BANKING AND FINANCE
BASIC ISLAMIC FINANCING CONTRACTS
SUKUK
: A STEP TOWARD SECURITISATION
ISLAMIC BANKING VERSUS CONVENTIONAL BANKING
INSTITUTIONAL DEVELOPMENTS IN ISLAMIC BANKING AND FINANCE INDUSTRY
CONCLUSION
CHAPTER 3: Risk Management in Islamic Banks
RISK MANAGEMENT: BASIC CONCEPTS AND TECHNIQUES
RISK MANAGEMENT AND THE CREDIT CRUNCH
CLASSIFICATION OF RISKS
RISKS COMMON TO BOTH ISLAMIC AND CONVENTIONAL BANKS
FURTHER RISK AREAS SPECIFIC TO ISLAMIC BANKS
RISK CATEGORIES ARE ENTANGLED
RISK MANAGEMENT ISSUES IN
SUKUK
RISK MITIGATION IN ISLAMIC BANKING
SURVEYING RISK MANAGEMENT PRACTICES IN ISLAMIC BANKS: A REVIEW OF EMPIRICAL RESEARCH
CONCLUSION
NOTE
CHAPTER 4: Capital Adequacy for Islamic Banks
SIGNIFICANCE OF CAPITAL IN BANKING
CLASSIFICATION OF CAPITAL
STEPS IN THE BASEL ACCORD
BASEL II AND ISLAMIC BANKS
BASEL III
IFSB PRINCIPLES ON CAPITAL ADEQUACY
CAPITAL ADEQUACY AS A TOOL FOR RISK MITIGATION
CONCLUSION
CHAPTER 5: Islamic Banking and the Financial Crisis
UNDERSTANDING THE CREDIT CRISIS
THE FINANCIAL CRISIS AND THE NEED FOR AN ALTERNATIVE SYSTEM
THE FINANCIAL CRISIS AND ISLAMIC FINANCE AND BANKING AS AN ALTERNATIVE OPTION
DEVIATIONS FROM THE FOUNDATIONAL
SHARI'AH
PRINCIPLES: EVALUATING THE OPERATIONS OF ISLAMIC FINANCE
HOW TO ACHIEVE THE FULL POTENTIAL OF ISLAMIC FINANCE
CONCLUSION
NOTE
CHAPTER 6: Research Framework and Methodology
RESEARCH QUESTIONS AND OBJECTIVES
RESEARCH HYPOTHESES
RESEARCH METHODOLOGY
RESEARCH DESIGN
RESEARCH STRATEGY
RESEARCH METHOD
DIFFICULTIES AND LIMITATIONS
CONCLUSION
CHAPTER 7: Profiling Perspectives of Risk Dimensions in Islamic Finance
DATA ANALYSIS AND RESULTS
CONCLUSION
CHAPTER 8: Analysing Perceptions of Risk and Risk Management Dimensions and Issues
RISK PERCEPTION
RISK MANAGEMENT AND REPORTING
RISK MEASUREMENT
RISK MITIGATION
ISLAMIC BANKING IN PRACTICE
THE NEXT CHAPTER IN ISLAMIC BANKING
CONCLUSION
CHAPTER 9: Exploring Perceptions of Risk and Risk Management Practices in Islamic Banking
INTERVIEW ANALYSIS
FORMING THE MAIN INTERVIEW THEMES
INTERVIEW QUESTIONS
RESULTS AND DATA ANALYSIS
CONCLUSION
CHAPTER 10: Contextualising the Findings
RISK PERCEPTION IN ISLAMIC BANKING
ISLAMIC FINANCE CONTRACTS
ADDITIONAL RISK ISSUES FACING ISLAMIC FINANCIAL INSTITUTIONS
CAPITAL ADEQUACY FOR ISLAMIC BANKS
ISLAMIC BANKING AND THE GLOBAL CREDIT CRISIS
RISK MANAGEMENT AND REPORTING
RISK MEASUREMENT
RISK MITIGATION
ISLAMIC BANKING IN PRACTICE
THE FUTURE OF ISLAMIC BANKING
CONCLUSION AND SUMMARY
CHAPTER 11: Conclusion and Research Recommendations
SUMMARY OF THE RESEARCH
REFLECTING ON THE RESEARCH FINDINGS
RESEARCH IMPLICATIONS AND RECOMMENDATIONS
LIMITATIONS OF THE STUDY
SUGGESTIONS FOR FUTURE RESEARCH
APPENDIX 1: Questionnaire
PHD. RESEARCH ON ‘RISK MANAGEMENT IN ISLAMIC BANKING’
List of Acronyms
Epilogue
Bibliography
Index
End User License Agreement
List of Tables
Chapter 2
TABLE 2.1 Modern history of developments in Islamic finance
TABLE 2.2 Size of the Islamic finance industry (USD billion)
TABLE 2.3 Differences between Islamic finance and conventional finance
TABLE 2.4 Key institutions in the Islamic financial industry
TABLE 2.5 IFSB Standards
Chapter 3
TABLE 3.1 Banking risk exposures
TABLE 3.2 Simplified balance sheet of an IFI
TABLE 3.3 Sources of funds: Islamic versus traditional banks
TABLE 3.4 Risk perception in different modes of financing
Chapter 4
TABLE 4.1 Classification of capital in the Basel Accords
TABLE 4.2 Capital Adequacy Standards: Basel II versus IFSB
Chapter 5
TABLE 5.1 The impact of the crisis on Islamic banking
TABLE 5.2 Asset composition of selected Islamic banks
Chapter 6
TABLE 6.1 Questionnaire response rate
TABLE 6.2 Breakdown of interview sample
TABLE 6.3 Reliability statistics (Cronbach's alpha coefficient)
Chapter 7
TABLE 7.1 Geographic distribution of the study sample
TABLE 7.2 Breakdown of the positions of the participants
TABLE 7.3 Nature of financial institution
TABLE 7.4 Activities of financial institution
TABLE 7.5 Descriptive statistics for each type of risk (aggregate results)
TABLE 7.6 Risk perception among different groups
TABLE 7.7 Frequency distribution of risk perceptions
TABLE 7.8 Intensity of use of Islamic finance contracts
TABLE 7.9 Correlation between Islamic and conventional banks in using Islamic fi...
TABLE 7.10 Risk perception in Islamic finance contracts
TABLE 7.11 Correlation between Islamic and conventional banks in risk perception...
TABLE 7.12 Frequency results of responses to statements under Question 11
TABLE 7.13 Descriptive statistics for Question 13: Capital requirement methodolo...
TABLE 7.14 Evaluating capital requirements for Islamic banks versus conventional...
TABLE 7.15 Breakdown of perceptions of capital adequacy standards
TABLE 7.16 Perceptions of Islamic banking and the financial crisis
TABLE 7.17 Risk management reports – market practice
TABLE 7.18 Risk management reports – Islamic versus conventional banks
TABLE 7.19 Risk measurement techniques
TABLE 7.20 Risk mitigation in Islamic banking
TABLE 7.21 Risk mitigation techniques
TABLE 7.22 Breakdown of perceptions about current practices in Islamic banking
TABLE 7.23 Growth strategies for IFIs
TABLE 7.24 Correlation between perceptions of Islamic and conventional banks abo...
Chapter 8
TABLE 8.1 K-W test results by region for Question 7 for entire research sample
TABLE 8.2 K-W test results by region for Question 7 for selected sample data
TABLE 8.3 K-W test mean rankings for corporate governance risk for different sam...
TABLE 8.4 K-W test mean rankings for concentration risk for different sample dat...
TABLE 8.5 K-W test mean rankings for credit risk for different sample data
TABLE 8.6 K-W test mean rankings for liquidity risk for different sample data
TABLE 8.7 K-W test results by respondent's position and accounting standa...
TABLE 8.8 K-W test results by nature of financial institution for Question 7 for...
TABLE 8.9 K-W test results by risk categories in relation to nature of financial...
TABLE 8.10 K-W test results for Question 9 for selected sample data
TABLE 8.11 K-W test mean rankings for
mudarabah
according to region
TABLE 8.12 K-W test mean rankings for
wakala
and
salaam
according to nature of fi...
TABLE 8.13 K-W test results for Question 10 (risk seriousness) by region for ent...
TABLE 8.14 K-W test mean rankings for
murabahah
according to region for entire re...
TABLE 8.15 K-W test results by region for Question 10 for selected institutional...
TABLE 8.16 K-W test mean rankings for
murabahah
according to region for selected ...
TABLE 8.17 K-W test results for Question 10 (perceived risk seriousness) for ent...
TABLE 8.18 K-W test results for Question 11 for the full research sample accordi...
TABLE 8.19 K-W test results for Question 11 for the full research sample accordi...
TABLE 8.20 KMO and Bartlett's test results for the 11 items combined
TABLE 8.21 Total variance explained for Question 11
TABLE 8.22 Rotated component matrix for Question 11
TABLE 8.23 Box's Test of Equality of Covariance Matrices
TABLE 8.25 Multivariate Tests
TABLE 8.26 Tests of Between-Subjects Effects
TABLE 8.27 Box's Test of Equality of Covariance Matrices
TABLE 8.28 Levene's Test of Equality of Error Variances
TABLE 8.29 Multivariate tests
TABLE 8.30 Tests of Between-Subjects Effects
TABLE 8.31 K-W test results by region for Question 15 (capital adequacy) for ent...
TABLE 8.32 K-W test results by nature of financial institution for Question 15 (...
TABLE 8.33 K-W test results by nature of activities for Question 15 for entire r...
TABLE 8.34 K-W test results by position of respondent for Question 15 for entire...
TABLE 8.35 K-W test results by region for Question 16 for entire research sample
TABLE 8.36 K-W test results by nature of financial institution for Question 16 f...
TABLE 8.37 K-W test results by nature of activities for Question 16 for entire r...
TABLE 8.38 K-W test results by accounting standards for Question 16 for entire r...
TABLE 8.39 K-W test results by respondent's position for Question 16 for...
TABLE 8.40 KMO and Bartlett's Test results for the nine items combined
TABLE 8.41 Total variance explained for Question 16
TABLE 8.42 Rotated component matrix for Question 16
TABLE 8.43 Box's Test of Equality of Covariance Matrices
TABLE 8.44 Levene's Test of Equality of Error Variances
TABLE 8.45 Multivariate tests
TABLE 8.46 Tests of Between-Subjects Effects
TABLE 8.47 K-W test results for Question 17 (risk reporting) by region for selec...
TABLE 8.48 Frequency of producing Capital Requirement Report
TABLE 8.49 Frequency of producing Operational Risk Report
TABLE 8.50 Frequency of Producing Profit Rate Risk Report
TABLE 8.51 Frequency of producing FX Risk Report
TABLE 8.52 Frequency of producing Liquidity Risk Report
TABLE 8.53 Frequency of producing Country Report
TABLE 8.54 Frequency of producing Equity Mark-to-Market Report
TABLE 8.55 Frequency of producing Classified Accounts Report
TABLE 8.56 K-W test results for Question 18 (risk measurement) for selected samp...
TABLE 8.57 K-W test mean rankings for risk measurement by region for selected sa...
TABLE 8.58 K-W test mean rankings for risk measurement by nature of financial in...
TABLE 8.59 K-W test results for Question 20 (risk mitigation) for selected sampl...
TABLE 8.60 K-W test mean rankings by nature of financial institution for selecte...
TABLE 8.61 K-W test results by nature of financial institution for Question 21 f...
TABLE 8.62 K-W test results by region for Question 21 for entire research sample
TABLE 8.63 K-W test results for Question 22 for the entire sample according to v...
TABLE 8.64 K-W test mean rankings by nature of financial institution for entire ...
Chapter 9
TABLE 9.1 Results for Question 1
TABLE 9.2 Focused coding number 1 for Question 1
TABLE 9.3 Focused coding number 2 for Question 1
TABLE 9.4 Focused coding number 3 for Question 1
TABLE 9.5 Focused coding number 4 for Question 1
TABLE 9.6 Focused coding number 5 for Question 1
TABLE 9.7 Results for Question 2
TABLE 9.8 Focused coding number 1 for Question 2
TABLE 9.9 Focused coding number 2 for Question 2
TABLE 9.10 Results for Question 3
TABLE 9.11 Focused coding number 1 for Question 3
TABLE 9.12 Focused coding number 2 for Question 3
TABLE 9.13 Results for Question 4
TABLE 9.14 Focused coding number 1 for Question 4
TABLE 9.15 Focused coding number 2 for Question 4
TABLE 9.16 Results for Question 5
TABLE 9.17 Focused coding number 1 for Question 5
TABLE 9.18 Focused coding number 2 for Question 5
TABLE 9.19 Results for Question 6
TABLE 9.20 Focused coding number 1 for Question 6
TABLE 9.21 Focused coding number 2 for Question 6
TABLE 9.22 Results for Question 7
TABLE 9.23 Focused Coding Number 1 for Question 7
TABLE 9.24 Focused coding number 2 for Question 7
TABLE 9.25 Focused coding number 3 for Question 7
TABLE 9.26 Results for Question 8
TABLE 9.27 Focused coding number 1 for Question 8
TABLE 9.28 Focused coding number 2 for Question 8
TABLE 9.29 Results for Question 9
TABLE 9.30 Focused coding number 1 for Question 9
TABLE 9.31 Focused coding number 2 for Question 9
TABLE 9.32 Results for Question 10
TABLE 9.33 Focused coding number 1 for Question 10
TABLE 9.34 Focused coding number 2 for Question 10
TABLE 9.35 Focused coding number 3 for Question 10
TABLE 9.36 Results for Question 11
TABLE 9.37 Focused coding number 1 for Question 11
TABLE 9.38 Focused coding number 2 for Question 11
TABLE 9.39 Results for Question 12
TABLE 9.40 Focused coding number 1 for Question 12
TABLE 9.41 Focused coding number 2 for Question 12
TABLE 9.42 Results for Question 13
TABLE 9.43 Focused coding number 1 for Question 13
TABLE 9.44 Focused coding number 2 for Question 13
TABLE 9.45 Focused coding number 3 for Question 13
TABLE 9.46 Focused coding number 4 for Question 13
Chapter 10
TABLE 10.1 Summary of the hypotheses testing decisions
List of Illustrations
Chapter 2
FIGURE 2.1 Global Islamic banking assets by country
FIGURE 2.3 Global
sukuk
issuance 2004–2017
FIGURE 2.4 Global
sukuk
issuance by country 2018
FIGURE 2.5 Risks in conventional banks versus those in Islamic banks
FIGURE 2.6 Development stages of Islamic banking
FIGURE 2.7 Institutional developments in Islamic finance
Chapter 3
FIGURE 3.1 Risk management framework
FIGURE 3.2 Ways to conduct risk management
FIGURE 3.3 Breakdown analysis of leading Islamic banks' balance sheets
FIGURE 3.4 Example of imbalanced funding continuum at an Islamic bank
FIGURE 3.5 Breakdown analysis of IFIs' funding base
FIGURE 3.6 Managing displaced commercial risk in IFIs
FIGURE 3.7
Shari'ah
scholars' involvement in boards and beyond
FIGURE 3.8 Dual currency
murabahah
structure
Chapter 4
FIGURE 4.1 Structure of the Basel II Accord
FIGURE 4.2 Main components of the Basel III Accord
FIGURE 4.3 IFSB standard formula for calculating CAR
FIGURE 4.4 IFSB supervisory discretion formula for calculating CAR
Chapter 5
FIGURE 5.1 World recession in 2009
FIGURE 5.2 Decline in market value of leading banks in 2009
FIGURE 5.3 Global economic conditions
FIGURE 5.4 Asset breakdown for a sample of leading Islamic banks (excluding fix...
Chapter 7
FIGURE 7.1 Accounting standards used by financial institution
FIGURE 7.2 Islamic finance contracts: Intensity of use versus risk perception
FIGURE 7.3 Additional risk management issues facing IFIs
FIGURE 7.4 Frequency distribution of capital adequacy standards used by respond...
FIGURE 7.5 Evaluating capital requirements for Islamic banks versus conventiona...
FIGURE 7.6 Perceptions about capital adequacy standards
FIGURE 7.7 Perceptions of Islamic banking and the global financial crisis
FIGURE 7.8 Risk mitigation in Islamic banking versus conventional banking
FIGURE 7.9 Frequency distribution for Question 21: current practices in Islamic...
Chapter 8
FIGURE 8.1 Screen plot for Question 11
FIGURE 8.2 Screen plot for Question 16
Guide
Cover
Table of Contents
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