RISK MITIGATION IN AN INTEREST FREE AND NON SPECULATIVE FINANCIAL SYSTEM A CRITICAL REVIEW AND REGULATORY FRAMEWORK FOR SHARIAH COMPLIANT RISK MANAGEME

http://dx.doi.org/10.31703/ger.2019(IV-III).08      10.31703/ger.2019(IV-III).08      Published : Sep 3
Authored by : Qazi Sikandar Hayat , Muhammad Sohail Alam Khan , Brekhna Gul

08 Pages : 79 - 91

References

  • Abdul-Rahman, Y. (1999). Islamic Instruments for Managing Liquidity. International Journal of Islamic Financial Services, 1(1), 29-35.
  • Ahmed, N., Ahmed, Z., & Naqvi, I. H. (2011). Liquidity Risk and Islamic Banks: Evidence from Pakistan Interdisciplinary Journal of Research in Business, 1(9), 99-102.
  • Akhtar, M. F., Ali, K., & Sadaqat, S. (2011). Liquidity Risk Management: A comparative study between Conventional and Islamic Banks of Pakistan Interdisciplinary Journal of Research in Business 1(1), 35-44.
  • Alaro, A. R. A., & Hakeem, M. (2011). Financial Engineering and Financial Stability: The Role of Islamic Financial System. Journal of Islamic Economics, Banking and Finance, 7(1), 25-38.
  • Al-Saati, A.-R. (2003). the Permissible Gharar (Risk) in Classical Islamic Jurisprudence. Journal of King Abdulaziz University: Islamic Economics, 16(2), 3-19.
  • Bacha, O. I. (1999). Derivative Instruments and Islamic Finance: Some Thoughts for a Reconsideration. International Journal of Islamic Financial Services, 1(1), 12- 28.
  • Chapra, U., & Khan, T. (2000). Regulation and Supervision of Islamic Banks. Occasional Paper, 3, Islamic Research and Training Institute, Islamic Development Bank, Jeddah.
  • Dusuki, A. W., & Mokhtar, S. (2010). The concept And Operations of SWAP As a Hedging Mechanism for Islamic Financial Institutions. The ISRA International Journal of Islamic Finance, 2010(14), 1-58.
  • Febianto, I. (2012). Adapting Risk Management for Profit and Loss Sharing Financing of Islamic Banks. Modern Economy, 3(1), 73-80.
  • Grigorian, D. A., & Manole, V. (2005). A Cross-Country Non-Parametric Analysis of Bahrain's Banking Sector IMF Working Paper No. 05/117. http://www.imf.org/external/pubs/ft/wp/2005/wp05117.pdf
  • Hassan, A., & Antoniou, A. (2008). Management of Market Risk in Islamic Banks: A Survey. Review of Islamic Economics, 8(2), 67-82.
  • Horne, J. C. V., & John M. Wachowicz, J. (2000). Risk and Return Fundamentals of Financial Management (11th ed., pp. 94-113). New Jersey: Prentice-Hall Inc.
  • Iqbal, M. & Molyneux, P. (2005). Thirty Years of Islamic Banking: History, Performance and Prospects. JKAU: Islamic Economics Research Centre, 19 (1), 37-39.
  • Islam, M. M., & Chowdhury, H. A. (2009). A Comparative Study of Liquidity Management of an Islamic Bank and a Conventional Bank: The Evidence from Bangladesh. Journal of Islamic Economics, Banking and Finance, 5(1), 89-108.
  • Jalil, M. A., & Rahman, M. K. (2010). Financial Transactions in Islamic Banking are Viable Alternatives to the Conventional Banking Transactions. International Journal of Business and Social Science, 1(3), 219-233.
  • Kayed, R. N., & Mohammed, K. M. (2009). Unique Risks of Islamic Modes of Finance: Systemic, Credit and Market Risks. Journal of Islamic Economics, Banking and Finance, 5(3), 9-34.
  • Khaldi, K., & Hamdouni, A. (2011). Islamic Financial Intermediation: Equity, Efficiency and Risk. International Research Journal of Finance and Economics, 65(1), 145- 160.
  • Makiyan, S. N. (2008). Risk Management and Challenges in Islamic Banks. Journal of Islamic Economics, Banking and Finance, 4(3), 45-54.
  • Malik, M. S., & Mustafa, A. M. a. W. (2011). Controversies that make Islamic banking controversial: An analysis of issues and challenges. American Journal of Social and Management Sciences, 2(1), 41-46.
  • Mounira, B. A., & Anas, E. (2008). Managing Risks and Liquidity in an Interest Free Banking Framework: The Case of the Islamic Banks. International Journal of Business and Management, 3(9), 80-95.
  • Noman, A. M. (2002). Imperatives of Financial Innovation for Islamic Banks. International Journal of Islamic Financial Services, 4(3), 3-12.
  • Rahman, M. S. (2011). Credit Risk Management Practices in Banks: An Appreciation. Journal of Islamic Economics, Banking and Finance, 7(3), 37-62.
  • Rosman, R. (2009). Risk Management Practices and Risk Management Processes of Islamic Banks: A Proposed Framework. International Review of Business Research Papers, 5(1), 242-254.
  • Salehabadi, A., & Aram, M. (2002). Islamic Justification of Derivative Instruments. International Journal of Islamic Financial Services, 4(3).
  • Shaikh, S. A., & Jalbani, A. A. (2009). Risk Management in Islamic and Conventional Banks: A Differential Analysis. Journal of Independent Studies and Research, 7(2), 67-79.
  • Siddiqi, M. N. (2008). Obstacles of Research in Islamic Economics. Journal of King Abdulaziz University: Islamic Economics, 21(2), 83-95.
  • Usmani, M. I. A. (2002). Meezan Bank's Guide TO Islamic Banking (1st ed.). Karachi Pakistan: Darul - Ishaat Urdu Bazar Karachi.
  • Usmani, M. I. A. (2012). Examining the Prudence of Islamic banks: A risk management perspective. http://www.meezanbank.com/docs/Euromoney.pdf
  • Usmani, M. T. (1999). What Shari'ah Experts Say Futures, Options AND Swaps. International Journal of Islamic Financial Services, 1(1), 36-39.
  • Usmani, M. T. (2010). An Introduction to Islamic Finance (1st ed.). Karachi: Quranic Studies Publishers Maktaba Ma' riful Quran.
  • V.Sundararajan (2008). Issues in Managing Profit Equalization Reserves and Investment Risk Reserves in Islamic Banks. Journal of Islamic Economics, Banking and Finance, 4(1), 1-12.
  • Yankson, S. (2011). Derivatives in Islamic Finance- A case for Profit rate Swaps. Journal of Islamic Economics, Banking and Finance, 7(1), 39-56.
  • Yusof, R. M., & Majid, M. S. A. (2007). Stock Market Volatility Transmission in Malaysia:Islamic Versus Conventional Stock Market. Journal of King Abdulaziz University: Islamic Economics, 20(2), 17-35.
  • Zaki, A. R., Sattar, A., & Manzoor, M. M. (2011). Risk Mitigation in Islamic Finance through Policies and Regulatory Model- A Way to Long-Term Stability. International Research Journal of Finance and Economics, 68(1), 168-175.
  • Zanol, Z., & Kassim, S. H. (2010). An Analysis of Islamic Banks' Exposure to Rate of Return Risk. Journal of Economic Cooperation and Development, 31(1), 59-84.

References

  • Abdul-Rahman, Y. (1999). Islamic Instruments for Managing Liquidity. International Journal of Islamic Financial Services, 1(1), 29-35.
  • Ahmed, N., Ahmed, Z., & Naqvi, I. H. (2011). Liquidity Risk and Islamic Banks: Evidence from Pakistan Interdisciplinary Journal of Research in Business, 1(9), 99-102.
  • Akhtar, M. F., Ali, K., & Sadaqat, S. (2011). Liquidity Risk Management: A comparative study between Conventional and Islamic Banks of Pakistan Interdisciplinary Journal of Research in Business 1(1), 35-44.
  • Alaro, A. R. A., & Hakeem, M. (2011). Financial Engineering and Financial Stability: The Role of Islamic Financial System. Journal of Islamic Economics, Banking and Finance, 7(1), 25-38.
  • Al-Saati, A.-R. (2003). the Permissible Gharar (Risk) in Classical Islamic Jurisprudence. Journal of King Abdulaziz University: Islamic Economics, 16(2), 3-19.
  • Bacha, O. I. (1999). Derivative Instruments and Islamic Finance: Some Thoughts for a Reconsideration. International Journal of Islamic Financial Services, 1(1), 12- 28.
  • Chapra, U., & Khan, T. (2000). Regulation and Supervision of Islamic Banks. Occasional Paper, 3, Islamic Research and Training Institute, Islamic Development Bank, Jeddah.
  • Dusuki, A. W., & Mokhtar, S. (2010). The concept And Operations of SWAP As a Hedging Mechanism for Islamic Financial Institutions. The ISRA International Journal of Islamic Finance, 2010(14), 1-58.
  • Febianto, I. (2012). Adapting Risk Management for Profit and Loss Sharing Financing of Islamic Banks. Modern Economy, 3(1), 73-80.
  • Grigorian, D. A., & Manole, V. (2005). A Cross-Country Non-Parametric Analysis of Bahrain's Banking Sector IMF Working Paper No. 05/117. http://www.imf.org/external/pubs/ft/wp/2005/wp05117.pdf
  • Hassan, A., & Antoniou, A. (2008). Management of Market Risk in Islamic Banks: A Survey. Review of Islamic Economics, 8(2), 67-82.
  • Horne, J. C. V., & John M. Wachowicz, J. (2000). Risk and Return Fundamentals of Financial Management (11th ed., pp. 94-113). New Jersey: Prentice-Hall Inc.
  • Iqbal, M. & Molyneux, P. (2005). Thirty Years of Islamic Banking: History, Performance and Prospects. JKAU: Islamic Economics Research Centre, 19 (1), 37-39.
  • Islam, M. M., & Chowdhury, H. A. (2009). A Comparative Study of Liquidity Management of an Islamic Bank and a Conventional Bank: The Evidence from Bangladesh. Journal of Islamic Economics, Banking and Finance, 5(1), 89-108.
  • Jalil, M. A., & Rahman, M. K. (2010). Financial Transactions in Islamic Banking are Viable Alternatives to the Conventional Banking Transactions. International Journal of Business and Social Science, 1(3), 219-233.
  • Kayed, R. N., & Mohammed, K. M. (2009). Unique Risks of Islamic Modes of Finance: Systemic, Credit and Market Risks. Journal of Islamic Economics, Banking and Finance, 5(3), 9-34.
  • Khaldi, K., & Hamdouni, A. (2011). Islamic Financial Intermediation: Equity, Efficiency and Risk. International Research Journal of Finance and Economics, 65(1), 145- 160.
  • Makiyan, S. N. (2008). Risk Management and Challenges in Islamic Banks. Journal of Islamic Economics, Banking and Finance, 4(3), 45-54.
  • Malik, M. S., & Mustafa, A. M. a. W. (2011). Controversies that make Islamic banking controversial: An analysis of issues and challenges. American Journal of Social and Management Sciences, 2(1), 41-46.
  • Mounira, B. A., & Anas, E. (2008). Managing Risks and Liquidity in an Interest Free Banking Framework: The Case of the Islamic Banks. International Journal of Business and Management, 3(9), 80-95.
  • Noman, A. M. (2002). Imperatives of Financial Innovation for Islamic Banks. International Journal of Islamic Financial Services, 4(3), 3-12.
  • Rahman, M. S. (2011). Credit Risk Management Practices in Banks: An Appreciation. Journal of Islamic Economics, Banking and Finance, 7(3), 37-62.
  • Rosman, R. (2009). Risk Management Practices and Risk Management Processes of Islamic Banks: A Proposed Framework. International Review of Business Research Papers, 5(1), 242-254.
  • Salehabadi, A., & Aram, M. (2002). Islamic Justification of Derivative Instruments. International Journal of Islamic Financial Services, 4(3).
  • Shaikh, S. A., & Jalbani, A. A. (2009). Risk Management in Islamic and Conventional Banks: A Differential Analysis. Journal of Independent Studies and Research, 7(2), 67-79.
  • Siddiqi, M. N. (2008). Obstacles of Research in Islamic Economics. Journal of King Abdulaziz University: Islamic Economics, 21(2), 83-95.
  • Usmani, M. I. A. (2002). Meezan Bank's Guide TO Islamic Banking (1st ed.). Karachi Pakistan: Darul - Ishaat Urdu Bazar Karachi.
  • Usmani, M. I. A. (2012). Examining the Prudence of Islamic banks: A risk management perspective. http://www.meezanbank.com/docs/Euromoney.pdf
  • Usmani, M. T. (1999). What Shari'ah Experts Say Futures, Options AND Swaps. International Journal of Islamic Financial Services, 1(1), 36-39.
  • Usmani, M. T. (2010). An Introduction to Islamic Finance (1st ed.). Karachi: Quranic Studies Publishers Maktaba Ma' riful Quran.
  • V.Sundararajan (2008). Issues in Managing Profit Equalization Reserves and Investment Risk Reserves in Islamic Banks. Journal of Islamic Economics, Banking and Finance, 4(1), 1-12.
  • Yankson, S. (2011). Derivatives in Islamic Finance- A case for Profit rate Swaps. Journal of Islamic Economics, Banking and Finance, 7(1), 39-56.
  • Yusof, R. M., & Majid, M. S. A. (2007). Stock Market Volatility Transmission in Malaysia:Islamic Versus Conventional Stock Market. Journal of King Abdulaziz University: Islamic Economics, 20(2), 17-35.
  • Zaki, A. R., Sattar, A., & Manzoor, M. M. (2011). Risk Mitigation in Islamic Finance through Policies and Regulatory Model- A Way to Long-Term Stability. International Research Journal of Finance and Economics, 68(1), 168-175.
  • Zanol, Z., & Kassim, S. H. (2010). An Analysis of Islamic Banks' Exposure to Rate of Return Risk. Journal of Economic Cooperation and Development, 31(1), 59-84.

Cite this article

APA

    APA : Hayat, Q. S., Khan, M. S. A., & Gul, B. (2019). Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management. Global Economics Review, IV(III), 79 - 91. https://doi.org/10.31703/ger.2019(IV-III).08

CHICAGO

    CHICAGO : Hayat, Qazi Sikandar, Muhammad Sohail Alam Khan, and Brekhna Gul. 2019. "Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management." Global Economics Review, IV (III): 79 - 91 doi: 10.31703/ger.2019(IV-III).08

HARVARD

    HARVARD : HAYAT, Q. S., KHAN, M. S. A. & GUL, B. 2019. Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management. Global Economics Review, IV, 79 - 91.

MHRA

    MHRA : Hayat, Qazi Sikandar, Muhammad Sohail Alam Khan, and Brekhna Gul. 2019. "Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management." Global Economics Review, IV: 79 - 91

MLA

    MLA : Hayat, Qazi Sikandar, Muhammad Sohail Alam Khan, and Brekhna Gul. "Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management." Global Economics Review, IV.III (2019): 79 - 91 Print.

OXFORD

    OXFORD : Hayat, Qazi Sikandar, Khan, Muhammad Sohail Alam, and Gul, Brekhna (2019), "Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management", Global Economics Review, IV (III), 79 - 91

TURABIAN

    TURABIAN : Hayat, Qazi Sikandar, Muhammad Sohail Alam Khan, and Brekhna Gul. "Risk Mitigation in an Interest Free and Non- Speculative Financial System: A Critical Review and Regulatory Framework for Shari'ah Compliant Risk Management." Global Economics Review IV, no. III (2019): 79 - 91. https://doi.org/10.31703/ger.2019(IV-III).08