Current Issues in Islamic Banking and Finance: Resilience and Stability in the Present System »

The phenomenal worldwide development over the past decade of Islamic banking and finance is drawing much attention to Southeast Asia, which, on the platform of its own economic growth success, is also proving to be the gateway for Middle Eastern petrodollar investments into the two great emerging markets of India and China.

This book provides a timely examination of the issues confronting this US$300-US$500 billion market growing at 15%-20% per annum, with reviews of the different financial markets, be they capital (Sukuk), retail or wealth management. It further includes reviews from the various jurisdictions including Malaysia (the front-runner), Singapore (the regional financial hub), Brunei (an offshore Islamic market player) and the sleeping giant, Indonesia, as well as newly emerging participants such as Japan and the United States. Contributors, all well-known leading practitioners in their fields, range from lawyers, accountants, bankers and educators to policy advisors, and come from institutions such as CIMB, Kuwait Finance House, OCBC Bank and PricewaterhouseCoopers, among others.

This book, the first of its kind, will be of great benefit to those seeking to better understand current developments and issues affecting Islamic banking in Southeast Asia, from both global and regional perspectives.

Foreword Majid Dawood Dawood, Majid

1 Resilience and Stability: Socioeconomic Response in Southeast Asia Angela M. Venardos Venardos, Angela M. 1

2 Legal and Regulatory Changes to Promote the Development of Islamic Banking and Finance in Singapore Arfat Selvam Selvam, Arfat 17

3 Brunei: A Niche Money Market for Offshore Islamic Finance Sukor Ashak Ashak, Sukor 45

4 The Risk Profile of Mudaraba and its Accounting Treatment Hajah Salma Latiff Latiff, Hajah Salma 61

5 Legal and Regulatory Issues Concerning Islamic Finance's Development in Malaysia Madzlan Hussain Hussain, Madzlan 81

6 Recent Legal and Regulatory Developments for Islamic Banking and Finance in Indonesia Hanim Hamzah Hamzah, Hanim 99

7 Making Sense of the Fast-Growing Islamic Finance Market Tadashi Maeda Maeda, Tadashi 115

8 The Growth of Islamic Finance in Southeast Asia: Regulatory Challenges and Opportunities for the United States Mercy A. Kuo Kuo, Mercy A. 125

9 An Introduction to the Laws and Practices of Islamic Trusts and the Distribution of a Trust upon Maturity Aimi Zulhazmi Abdul Rashid Rashid, Aimi Zulhazmi Abdul 145

10 Lessons From Pakistan's Model Bilal Rasul Rasul, Bilal 167

11 Islamic Structured Products: Issues and Challenges Aznan Hasan Hasan, Aznan 189

12 Islamic Banks: Resilience and Stability --- Not Immune from Crisis Shamshad Akhtar Akhtar, Shamshad 229

13 Islamic Capital Markets: A Growing Area for Investments Michael Mahlknecht Mahlknecht, Michael 255

14 Short-Selling Replication in Islamic Finance: Innovation and Debate in Malaysia and Beyond Ryan Calder Calder, Ryan 277