Dear All
Kindly find attached a paper presented to the Union of Arab Banks conference : ARABTURKISH FORUM - Istambul march2nd
Your comments are welcome
Maan Barazy
Certified Shari'a Adviser and Auditor (CSAA)
Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer
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Sharia'ah Driven or Market Driven?
Effective Liquidity Risk management as a Multiple Equilibria between The Challenge for Compliance and the Quest for Islamic Debt Driven Instruments
By Ma'an Barazy
Certified Islamic Sharia Advisor and Auditor – AAOIFI – President/CEO Data and Investment Consult Lebanon – The Center for Islamic Finance
Last Update: February2012
ABSTRACT : In the aftermath of the global financial crisis and the financial stability forum of the IMF and the Basel III regime, effective liquidity risk management is denoted in this paper as a multiple equilibria between the challenge for compliance and the quest for Sharia'ah debt driven instruments is seen crucial for the sustainability of risk islamic banking. This paper looks towards the profitability of Islamic instruments and where their core risks. It also argues that the issue of sukuks and the compliance effort towards Basel laws are not helping islamic finance to provide practical solutions and directional credibility in promoting the role and scope of Maqasid al Shari'ah (Objectives of Shari'ah) and maslaha (Public Interest); governance and measured reinterpretation of principles of fiqh-ul muamlaat (jurisprudence of transactions) by dynamic ijtehad (the making of a Shari'ah decision by personal effort, independent of any school of thought) leading to the standardisation of cross border regulatory and tax regimes and a legal architecture that is secure and capable of being enforced.
KEYWORDS: Liquidity Risk; Islamic Compliance; Sukuks; Debt; Basel Laws; Maqasid Al Shari'ah
Certified Shari'a Adviser and Auditor (CSAA)
Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer
Managing Partner DataInvestConsult.com ebuisneslebanon.net
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ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة كحدث غزة مثلا... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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