Browse by Author "Wilson, Rodney"
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- PublicationApproaches to Islamic banking in the GulfWilson, Rodney (Gerlach Press, 2012)
Islamic banking is more developed in the Gulf region that anywhere else in the world. Although there is much information and writings on Islamic banking on the Arab side of the Gulf, much less is available on the workings of the Islamic banking system in Iran. The aim here is to examine the very different approaches taken by Iran and its Guld Arab neighbors to Islamic banking. The political factors that determined these different approaches will be analyzed and their implications explored.
- PublicationDeposit insurance in Islamic bankingWilson, Rodney (2016)
Following the global financial crisis, many countries introduced or enhanced deposit protection schemes to increase customer confidence in their banking systems. In the Eurozone, for example, bank deposits of up to 100,000 are guaranteed. In China, as part of its financial reforms in 2015, deposits of up to 500,000 yuan are protected by the Peoples Bank. Only a minority of Muslim majority countries have formal deposit protection schemes, Malaysia being the pioneer, with the scheme provided by Perbadanan Insurans Deposit Malaysia (PIDM) covering deposits of up to RM250,000; less generous cover than the Chinese scheme.
- PublicationEconomic development in the Middle EastWilson, Rodney (Routledge, 2013)
By examining economic development in the aftermath of the Arab Spring, this textbook introduces undergraduate and postgraduate students to the most pressing and topical economic issues in the contemporary Middle East. Although development failures contributed to the popular discontent in much of the Arab World, this comparative study also highlights development success, especially in Turkey and the Gulf.
- PublicationEconomics and morality from an Islamic perspectiveWilson, Rodney (Edward Elgar Publishing Limited, 2014)
Economics is often viewed as amoral but not immoral. It is concerned with an important question: how households, businesses and countries and even the entire planet should be managed to live within their resources. Economic theory treats this as a problem of constrained maximization, which is subject to technical solutions focused on the optimal use of scarce resources.
- PublicationEconomyWilson, Rodney (I.B. Tauris, 2010)
Being Muslim implies concern with the ethics of social justice. This extends as fully to economic relations as to all other aspects of one's life. Ethical concern here springd from the very basic principles of Islam, such as the giving of alms (zakat) and the prohibition of usury (riba), as essentials of a just economic order...
- PublicationEconomy: the root of the uprisingWilson, Rodney (Conservative Middle East Council, 2011)
The events of the Arab Spring have not only profound political implications but also have significance for the economies of the Middle East and their trading partners. In the short run the political uncertainty and lack of law and order has damaged economic activity, but in the long term the Arab Spring could prove beneficial for the region which has seriously underperformed other emerging markets. How can partners such as the United Kingdom help ensure a positive economic outcome from the Arab Spring rather than continuing economic meltdown if domestic turbulence continues?
- PublicationEmerging trends and opportunities for Islamic banking and finance in MENAWilson, Rodney (Euromoney Institutional Investor PLC, 2012)
Politics inevitably influences economic activity and financial markets. Although it is premature to give a full assessment of the impact of Arab Uprisings on the financial sector and in particular the Islamic financial segment, it is possible to draw some preliminary conclusions. First, as far as the countries of the Gulf Cooperation Council (GCC) are concerned, it is largely business as usual, and even in Bahrain, the economy subject to the most potential damage, the concern is long term, as for the present the island remains the leading centre for Islamic finance in the Gulf and continues to host the largest number of Islamic financial institutions.
- PublicationEtatisme versus market driven Islamic banking: the experiences of Iran and the Arabian Peninsula comparedWilson, Rodney (Columbia University Press, 2012)
The world's largest Islamic banks in terms of assets are based in the Persian Gulf region, Bank Melli of Iran being first ranked with assets worth over $57 bilion and Al Rajhi Bank of Saudi Arabia being second, with assets worth over $45 billion. Yet these two banks operate in very different jurisdiction, with all banks being nominally Islamic in Iran, whereas on the Arab side of the Gulf Islamic banks compete with conventional banks. The aim here is to examine the contrasting approaches taken by Iran and its Guld Arab neighbors to Islamic banking.
- PublicationGlobalization, governance and leadership development in the Middle EastWilson, Rodney (Edward Elgar Publishing Limited, 2011)
The question of whether management culture is universal of society specific has long been debated in the Middle East, with htose who accept the latter suggesting that there may be some characteristics of Arab and Islamic culture that are inimical to business development. Business leaders in the Middle East appear to accept cultural relativist arguments, believing that their values are rooted in their culture and religion.
- PublicationHow expansive are the frontiersWilson, Rodney (Sweet & Maxwell Asia, 2009)
Islamic capital market products have developed enormously in recent years, with seven major types of sukuk and issuance in four currencies and by ten countries. Much has been achieved since 2000 and many lessons have been learnt. The industry has not suffered the types of setbacks experienced by conventional asset-backed securities, many of which, following the subprime debacle, are now worthless. Yet those involves in sukuk issuance cannot afford to be complacement, as there are many unresolved issues. The aim here is to consider these issues and assess where the industry is going
- PublicationIntroductionWilson, Rodney (Harvard Law School, 2010)
The Harvard University Forums provide an opportunity for shari'a scholars, Islamic economists, lawyers, regulators, and bankers to meet biennially and discuss the current state of the Islamic finance industry. Participants are encouraged to be reflective, to questions and to view Islamic finance in its wider social context. The theoretical ideas discussed at these academic gatherings have played a amajor role in shaping contemporary Islamic financial contracts and in influencing practice.
- PublicationIslamWilson, Rodney (Edward Elgar, 2009)
Islamic economists are credited with taking an ethical approach to the subject of economics, emphasizing social justice and equality. These writers are producing a growing volume of literature, the emergence of which raises critical questions. First, what is distinctive about this literature, and to what extent does it represent a coherent body of ideas? ...
- PublicationIslam and economic policyWilson, Rodney (Edinburgh University Press, 2015)
This book looks at the impact of Islamic teaching on public economic policy and asks how Islamic economics differs from mainstream micro- and macroeconomics. Some of the key features include: looks at how Islamic values can influence choices made by business and governments; asks whether Shari'ah teaching affects taxation and social welfare policies; assesses the potential of Islamic economics to provide an alternative to a capitalist economic system and looks at the implications for international economic relations; individual chapters evaluate the economic successes and failures of OIC member states... Available in physical copy only (Call Number: BP 173.75 W752)
- PublicationIslamic banking and finance in North Africa: past development and future potentialWilson, Rodney (African Development Bank (AfDB), 2011)
The aim of this report is to assess the state of Islamic banking in North Africa, examine why it has failed to take-off and consider its future potential and how it can contribute to the economic development.
- PublicationIslamic banking in the United KingdomWilson, Rodney (Edward Elgar Publishing Limited, 2010)
This chapter examines the experience of Islamic banking in the United Kingdom since 1980, focusing onwholesale operations, retail saving and investment products and home finance. Regulatory and legal issues are discussed, as well as institutional developments and the challenges of serving the British Muslim community of over 1.8 million people. The operations of exclusively Islamic banks are examined, notably the Al Baraka International Bank during the 1980s and early 1990s and the Islamic Bank of Britain from 2004. The activities of conventional banks offering Islamic facilities are also analysed, the focus being on the United Bank of Kuwait and its successor the Al Ahli United Bank, and more recently HSBC through its Amanah Islamic finance subsidiary and Lloyds TSB.
- PublicationShari'ah governance for Islamic financial institutionsWilson, Rodney (ISRA, 2009)
For Islamic financial institutions to have credibility, formal procedures for Shari'ah governance are required; otherwise clients would have no assurance that the institution is upholding the principles of Islam in its financial dealings. This formal assurance can be provided by national law, as in the case of Iran, which enacted the Law on Interest-Free Banking of 1983, under which all banking operations had to be Shari'ah compliant. Malaysia passed an Islamic Banking Law the same year, but it created a dual system whereby licensed Islamic banks could compete alongside those operating conventionally. Unlike in Iran, however, Malaysia instigated a system for ongoing assurance by establishing Shari'ah Boards for the Central Bank and the Securities Commission with the power to deliver fatwa, and boards at the level of each Islamic bank to ensure that the financial products they offered are Shari'ah compliant and conform to the requirements of the centrally issued fatwa. At the other extreme, the countries of the GCC have devolved all Shari'ah governance to the institutional level, although many Islamic banks recognise the rulings of the Shari'ah Board of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Organization of the Islamic Conference (OIC) Fiqh Academy. This paper discusses the merits of centralised versus devolved Shari'ah governance and considers what competences and experience Shari'ah Board members should have. The Islamic Financial Services Board has recently issued guidelines on Shari'ah governance. These are evaluated, including the conditions for the appointment of Shari'ah Board members, their mandate, procedures for the conduct of meetings, and lines of accountability and reporting.
- PublicationShariah compliant private equity financeWilson, Rodney (Euromoney Institutional Investor PLC, 2009)
Private equity investment is potentially an important component of any wealth management strategy, and it is an asset class which because of its nature and potential double digit returns has enormous potential appeal to investors concerned with Shariah compliance. Islamic finance is about participation in and the sharing of risk, which corresponds very closely with the aim of private equity finance. Equity investors can of course suffer losses, but to date the record of Shariah compliant private equity compares favourably to its conventional counterpart, perhaps because less or, even in some cases, no borrowing is involved.
- PublicationStrategic choices for Islamic banks in service provision for home and overseas marketsWilson, Rodney (Euromoney Institutional Investor PLC, 2010)
Islamic banks have enjoyed considerable success during the last three decades in establishing retail branch networks to serve their national markets. They have been able to attract deposits from the pious, who feel uncomfortable in dealing with conventional riba based banks. Prior to the emergence of Islamic banks, many Muslims had little choice other than to open current accounts with conventional banks, but most avoided savings account on which interest accrued.
- PublicationThe development of Islamic finance in the Gulf Cooperation Council StatesWilson, Rodney (Routledge, 2012)
The Gulf Cooperation Council (GCC) is at the heart of Islamic world, with the two holiest shrines under the guardianship of Saudi Arabia, a kingdom that prides itself on being governed under shariah law. It might therefore be expected that the GCC states would be at the centre of the rapidly expanding Islamic finance industry, which encompasses retail and investment banking, insurance, fund management and the issuance and trading of shariah-compliant securities known as sukuk. The study appraises the extent of Islamic banking and financial development in the GCC. Available in physical copy only (Call Number: DS 201.2 T772)
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