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Islamic Financial Institutions and Products in the Global Financial System: Key Issues in Risk Management and Challenges Ahead

Author/Editor: Sundararajan, V. | Errico, Luca
Authorized for Distribution: November 1, 2002
Electronic Access: Free Full Text (PDF file size is 1,079KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The provision and use of financial services and products that conform to Islamic religious principles pose special challenges for the identification, measurement, monitoring, and control of underlying risks. Effective and efficient risk management in Islamic financial institutions has assumed particular importance as they endeavor to cope with the challenges of globalization. This requires the development of not only a more suitable regulatory framework, but also new financial instruments and institutional arrangements to provide an enabling operational environment for Islamic finance. The recent establishment of the Islamic Financial Services Board, facilitated by the IMF, addresses these needs.
 
Series: Working Paper No. 02/192
Subject(s): Financial systems | Islamic banking | Risk management
Author's keyword(s): Islamic banking | risk management | Islamic Financial Services Board
 
English  
    Published:   November 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1922002   Pages:   27
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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