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Islamic finance is emerging as a rapidly growing part of the
financial sector in the Islamic world and is not restricted to
Islamic countries, but is spreading wherever there is a sizable
Muslim community. According to some estimates, more than 250
financial institutions in over 45 countries practice some form of
Islamic finance, and the industry has been growing at a rate of
more than 15 percent annually for the past several years. The
market's current annual turnover is estimated to be $70 billion,
compared with a mere $5 billion in 1985, and is projected to hit
the $100 billion mark by the turn of the century. Since the
emergence of Islamic banks in the early 1970s, considerable
research has been conducted, mainly focusing on the viability,
design and operations of a 'deposit-accepting' financial
institution, which operates primarily on the basis of profit and
loss partnerships rather than interest. This publication provides a
comprehensive overview of topics related to the assessment,
analysis, and management of various types of risks in the field of
Islamic banking. It is an attempt to provide a high-level framework
(aimed at non-specialist executives) attuned to the current
realities of changing economies and Islamic financial markets. This
approach emphasizes the accountability of key players in the
corporate governance process in relation to the management of
different dimensions of Islamic financial risk.
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