Islamic Retail Banking and Finance: Global Challenges and Opportunities

Islamic Mortgages, Islamic Savings & Islamic Insurance

With conventional banks in the west opening Islamic windows to service their Islamic customers, the establishment of the first discrete Islamic retail bank in Europe, and the conversion of entire banking functions to Islamic alternatives, Islamic retail products are increasingly moving to the mainstream. Offerings of Islamic mortgages, savings, insurance and retail investment products are part of a global expansion of the financial industry which are increasingly competitive with conventional financial products.

Islamic Retail Banking and Finance is the first book of its kind bringing together the leading banks, lawyers, accountants and retail product providers who have been involved in the rapid expansion of the Islamic retail industry throughout the globe.

Our contributors provide the reader with discussions of :

• Market for Islamic retail products
• Products available, how they differ from conventional alternatives, and their basis in Islamic law
• The development of mortgage and home finance schemes, takaful, savings plans, auto finance products and equity investment products
• How banks, insurance providers and asset managers can manage consumer education, what are the cultural and ethical constraints
• The experience of training Islamic bankers
• How to manage liquidity and credit issues
• What are the regulatory constraints and challenges faced by Islamic retail product providers, and the experience of those who have successfully launched their products
• The experience of those involved in conversion of Islamic retail banking functions
• Legal and taxation issues
• The views from regulatory authorities themselves

With contributions from institutions and individuals including: Clifford Chance, Deutsche Bank, Ernst and Young, Failaka, Financial Services Authority, FWU Group, London Special Risks, Meezan Bank, Shape, Sharjah Islamic Bank, State Bank of Pakistan, Vinson and Elkins, Volaw Trust, Shaykh Yusuf deLorenzo and Prof. Rodney Wilson.

Review

Banker Middle East: "In spite of all the media coverage that Islamic finance gets across the globe, there are very few book publishers who take the subject seriously and much of what is produced is substandard and badly written.  The exception is Euromoney Books who have published a small collection of very worthwhile volumes.

This latest book covers five main areas of Islamic retail banking and finance beginning with an introduction to Islamic retail banking, a look at growth opportuntities, the development of Islamic finance products, Islamic wealth management products and concludes with a look at legal and regulatory issues surrounding the introduction of new products.

The individual contributions are generally of a high quality and come from some of the industry leading practitioners like Yusuf DeLorenzo, Rodney Wilson, Nathif Adam, Abdulkader Thomas and Ayman Khaleq as well as from contributors to Banker Middle East like Rushdi Siddiqui, Bilal Aquil, Sohail Jaffer, Tariq Al-Rifai, Trevor Norman and Toby Fiennes.

While it is hard to publish a comprehensive book on such a fast-moving industry, this volume manages to cover a lot of ground both in terms of geographic spread and product range and is all the more valuable for that."

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