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Special Report: Islamic Financial Institutions and Islamic Finance Law

Special Report: Islamic Financial Institutions and Islamic Finance Law

Author: Antony Hainsworth
Publisher: LexisNexis U.K.
ISBN: 9781405747189
Published In: October 2009
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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In recent years, Islamic business has grown in size and importance in the world financial markets, propelled by government and private wealth in Muslim countries. The UK has fashioned itself as a leading supporter of Islamic finance, evinced in its position as an "emerging global 'hub' for Islamic finance" (Islamic Finance in the UK: Regulation and Challenges (Financial Services Authority, 2007))

Islamic Financial Institutions and Islamic Finance Law report examines how laws and regulations in the UK and abroad are applied to Shari'a products and services. It offers cutting-edge guidance from a leading practitioner: it includes explanation of terms and definitions and looks the legal nature of the Shari'a, in addition to a crucial review of how Islamic financial business is regulated and its practical application within the UK.

Islamic Financial Institutions & Islamic Finance Law report also covers the following key areas:

An introduction to the basics of Islamic law unfamiliar to most UK practitioners - e.g. what is Islamic law, what are the key principles, what are the products on offer?
Islamic financial institutions - e.g. different types and requirements
Discussion of the legal nature of the Shari'a - the basis, concepts and context of applying Shari'a law
How is Islamic financial business regulated in the UK - e.g. how does it work with the Financial Services and Markets Act 2000 (this act being fundamental to how the financial services industry is structured and operates), with the Financial Services Authority, how are Islamic mortgages regulated?
Best practice guidelines - e.g. key governance principles, Shari'a reviews and audits
International operation - what are the regulatory models, how to incorporate best practice guidelines, oversight of Shari'a supervisory boards
Practical application of Shari'a principles to areas such as guarantees, set-off, assignment of debt are included in Islamic Financial Institutions and Islamic Finance Law report
Glossary of terms.

1. Introduction;
2. Islamic Financial Institutions;
3. Regulation of Islamic financial business;
4. Best Practice Guidelines;
5. Legal nature of the Shari'a;
6. International operations;
7. Practical application of Shari'a principles;
8. Glossary