Macroprudential Regulation and Policy for the Islamic Financial Industry

Theory and Applications
1. Auflage 2016
ISBN: 978-3-319-30443-4
Verlag: Springer International Publishing

Buch, Englisch, 272 Seiten, HC runder Rücken kaschiert, Format (B × H): 160 mm x 241 mm, Gewicht: 5561 g

This volume aims to discuss the
current research, theory, methodology and applications of macropreudential
regulation and policy for the Islamic financial industry. Published in
cooperation with the Islamic Research and Training Institute (IRTI), this book features
contributions from a workshop presented in collaboration with the University
College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in
Islamic banking and regulation and financial economics. This resulting book
sheds light on how macroprudential policy may be implemented in the Islamic
financial system, and indicates current challenges and their effects on
economic growth, financial stability and monetary regulation.

Macroprudential policy
is increasingly seen as a way of dealing with the different dimensions of
systemic risk. But many central banks, bank supervisors and regulators have
limited experience with macroprudential tools, particularly in the Islamic
financial industry. Given the complementarities between monetary policy and
financial stability, it appears that central banks would always play an
important role in macroprudential policy. But how should macroprudential policy
best interact with monetary policy? It is becoming more pressing for the central
banks to conduct monetary policy in which its conventional banking system
operates side by side with Islamic banking system. This question has received
increasing attention in the research literature but there is much we still need
to learn. This is why new insights from research on macroprudential policy –
which has gained important impetus in recent years – are so valuable.

Featuring
contributions on topics such as macroprudential regulation, policy, tools and
instruments; governance, systematic risk, monetary policy, and bank leverage,
the editors provide a collection of comprehensive research covering the most
important issues on macroprudential policy and regulation for the Islamic
financial industry. This volume is expected to be a significant contribution to
the literature in the field of Islamic finance and evaluation of public
policies to promote the development for Islamic financial industry. It is also
served as a key text for students, academics, researchers, policy-makers in the
field of Islamic finance.

Zielgruppe

Research

Autoren/Hrsg.

Zulkhibri, Muhamed

Hidayat, Sutan Emir

Ismail, Abdul Ghafar

Fachgebiete

• Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik
• Geisteswissenschaften Islam & Islamische Studien Islam: Leben & Praxis
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie

Inhaltsverzeichnis

Part I. Institutional Framework for Macroprudential in Islamic Banking System.- 1. Macroprudential Policy and Regulation in A Dual Banking System: An Exploratory Perspective.- 2. Doctrinal Challenge for Islamic Banking on Macroprudential Regulations: A Religion-Regulation Mismatch 2.0.- 3. Conceptual Proposal for Future Macroprudential Framework under Dual Financial System in Indonesia.- Part II. Macroprudential Policy, Systemic Risks and Financial Stability in Islamic Financial Industry.- 4. Risk Management Methodologies: An Empirical Macro-prudential Approach for a Resilient Regulatory Framework for the Islamic Finance Industry.- 5. Competitive Condition and Market Power of Islamic and Commercial Conventional Banks in Indonesia.- 6. Early Warning Indicators and Macroprudential Policy Tools.- 7. A Proposed Formula for Reserve Requirement–Financing to Deposit Ratio: The Case of Islamic Banking in Indonesia.- 8. Testing of the Procyclicality of Islamic and Conventional Banks in Indonesia.- 9. Short-Term Liquidity Management Mechanisms in the Absence of Islamic Interbank Loan Markets.- Part III. Experiences in Implementing Macroprudential Policy in a Dual Banking System.- 10. Macroprudential Analysis of Financial Crisis Impacts on Banks’ Soundness: Evidence from Pakistan.- 11. Regulatory Framework for Islamic Finance: Malaysia’s Initiative.- 12. Islamic Finance and Macroprudential Policy: The Case of Iranian Banking System.- Part IV. Interplay between Macroprudential Policy with Other Markets.- 13. Indonesia Shari’ah Compliance Stock Index Responses towards Macroprudential and Monetary Policy of Indonesia Central Bank.- 14. Socio-Economic Development and its Effect on Performance of Islamic Banks: Dynamic Panel Approaches.- 15. Macroprudential Tools and Its Relationship with
Monetary Policy Tools.

Über Autor(innen)

Dr. Muhamed Zulkhibri
is a Senior Economist at Islamic Research and Training Institute, Islamic
Development Bank, Saudi Arabia with years of progressive experience in the
Central Bank of Malaysia and policy-oriented institutions. He involved in
developing countries partnership strategy, undertaken research projects and advisory
works with other development and policy-oriented institutions globally. He has authored extensively on Monetary Economics, Financial Institutions and Markets,
Finance and Economic Development, Islamic Economics and Finance, with more than
80 research articles in leading academic journal, regulatory publication,
industry report and the financial press. He
has been invited to speak at many international conferences and he has lectured
for under- and post-graduate program at the University of Nottingham, U.K and
University Putra Malaysia. He earned a Ph.D in economics from University of
Nottingham, United Kingdom.

Dr. Abdul Ghafar Ismail is
the Head of Research division, Islamic Research and Training Institute, Islamic
Development Bank and a professor of banking and financial economics at the
University Kebangsaan Malaysia. He is on leave from School
of Economics, University Kebangsaan Malaysia. He has been lecturing at the
university since 1987 on economics and finance courses such as money and
banking, financial economics, advanced macroeconomics, Islamic economics system,
money and capital market in Islam and international finance; Islamic banking;
money, zakat and the real economy; risk management in Islamic banking; Islamic
financial management. His specialization is in the area of Islamic economics
and finance. He has a Ph.D in economics from the University of Southampton,
United Kingdom.

Dr. Sutan Emir Hidayat
is the Head of Business Administration Department at University College of
Bahrain, Bahrain. He has presented research papers at reputable international conferences
such as the IRTI conferences, the GRM 2012, University of Cambridge, U.K, the
11th Harvard University Forum on Islamic Finance, USA. He was also invited to
speak at AAOIFI-World Bank Annual Conference and MEIF 2015. He has also
published research papers in international journals and become a reviewer for
the IMEFM, Emerald and Review of Financial Economics, Elsevier. He also has
contributed chapters in four books. He is an Islamic finance journalist
regularly publishes articles in Islamic Finance News. During his academic
career, he has supervised and examined 32 Master Theses. Recognizing his
contribution, he has been listed and awarded by ISFIN in Islamica 500 as one of
the top 50 most influential people to the Islamic economy in 2015 on a global
scale.