Islamic Finance in the Financial Markets of Europe Asia and America

Cover
Half Title
Series Page
Title Page
Copyright Page
Contents
Acknowledgement
Introduction
1. International Financial Centers and Islamic Finance
	London as an International Financial Center
	An Analysis of the UK Regulatory Framework
	New York as an International Financial Center
	The US Regulatory Approach
	Singapore as an International Financial Center
	The Initial Stimulus
	The Contributions of the Monetary Authority of Singapore (MAS)
	The Singapore International Commercial Court (SICC)
	Crisis 2008
	Engagement with the Islamic Finance Industry
	Hong Kong as an International Financial Center
	Stock Market Crash 1973
	Beginning of Regulations
	Global Financial Crisis of 2008
	Regulatory Response
	Tokyo as an International Financial Center
	Period of Economic Growth Up Until the 1970s
	Liberalization and Deregulation
	The ‘Bubble Economy’ and the Subsequent Burst
	Islamic Finance in Dubai
	Establishment of DIFC
	Regulatory Framework of DIFC
	Regulatory Framework of Islamic Finance in Dubai
	Challenges to Islamic Finance in Dubai
	Islamic Finance in Malaysia
	The Initial Phase of Development
	Islamic Banking Act (IBA) 1983 and the BAFIA 1989
	Bank Islam Malaysia Berhad (BIMB)
	The Skim Perbankan Tanpa Faedah (SPTF)/Skim Perbankan Islam (SPI) Scheme
	Regulation of the Banking Industry: Central Bank of Malaysia
	Development of Islamic Capital Market
	Shariah Advisory Councils (SAC)
	Jurisprudence on Islamic Finance
	Conclusion
	Notes
	Bibliography
2. English Commercial Courts and Islamic Finance Disputes
	English Courts on the Commercial Law
	Islamic Finance Developments in the UK
	Islamic Finance Disputes in English Courts
	Impact of the English Court’s Approach toward Islamic Finance Disputes
	Brexit and Islamic Finance in the UK
	Conclusion
	Notes
	Bibliography
3. Islamic Finance Developments in the Republic of Ireland
	The Finance Act 2010
	Islamic Finance Products
	Islamic Finance Products Addressed in the Finance Act 2010
	Double Taxation Agreements
	Irish Stock Exchange
	Islamic Banking in Ireland
	Absence of Dispute Resolution Mechanism in the Irish Jurisdiction
	Choice of Law in Irish Courts
	Brexit and IF in Ireland
	Notes
	Bibliography
4. Standardization and Irish Policy Makers
	Need for Standardization in the Islamic Finance Industry
	Challenges to Standardization
	Global Islamic Finance Standard-setting Bodies
	AAOIFI as a Global Standard-setting Body Addressing Challenges to Standardization
	Standardization and Financial Services Industry
	International Swaps and Derivative Association (ISDA)
	Contribution of ISDA to the Global Derivatives Market
	Recommendations
	Conclusion
	Notes
	Bibliography
5. Islamic Finance in International Commercial Arbitration and International Investment Arbitration
	Islamic Arbitration
	International Commercial Arbitration
	Challenges
	Recommendations
	International Investment Arbitration (IIA)
	Bilateral Investment Treaties (BITs)
	UK Sovereign Sukuk
	Dispute Settlement Mechanism Included in the Sukuk Certificates
	Additional Protection to Sukuk Holders under International Investment Law (IIL)
	UK’s Concerns about Protection to Foreign Investors under the IIL
	Conclusion
	Notes
	Bibliography
6. Irish Financial Regulators Regulating Shariah Supervisory Boards
	Shariah Risk and Shariah Arbitrage
	Transparency and Disclosure
	Competence
	Competence under UK Regulations
	Fit and Proper Tests for the Approved Person as Specified in Ireland
	Conflict of Interest
	Liability
	Collaboration between Islamic and Conventional Standard-setting Bodies
	Conclusion
	Notes
	Bibliography
Conclusion
Index