Islamic banking and finance: perseverance and success in the modern-day financial crisis, current issues, and long-term future

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Acknowledgements

The author would like to thank his family and friends for their love and support.

Notes

¹International Monetary Fund (IMF), ‘World Economic Outlook Database’ <http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?pr.x=96&pr.y=17&sy=2007&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&c=132%2C134%2C112%2C111&s=NGDP_RPCH&grp=0&a> accessed 20 March 2011.

²‘Islamic Banks Less Affected in Global Recession’ The Nation (10 February 2009) <http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Business/10-Feb-2009/Islamic-banks-less-affected-in-global-recession> accessed 20 March 2011.

³International Monetary Fund (IMF), ‘World Economic Outlook Database’ <http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?pr.x=86&pr.y=2&sy=2007&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&c=469%2C453%2C466&s=NGDP_RPCH&grp=0&a> accessed 20 March 2011.

⁴Fred E Foldvary, The Depression of 2008 (2nd edn, Gutenberg, Berkeley, CA 2007) 20.

⁵Andrew Ross Sorkin, ‘Lehman Files for Bankruptcy; Merrill Is Sold’ New York Times (New York 15 September 2008) A1.

⁶Dominic Selwood, ‘Islamic Contracts in a Modern Legal Context’ in Humayon A Dar and Umar Moghul (eds), The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance (Chancellor, London 2010) 25.

⁷Angelo M Venardos, ‘Resilience and Stability: Socioeconomic Response in Southeast Asia’ in Angelo M Venardos (ed), Current Issues in Islamic Banking and Finance: Resilience and Stability in the Present System (World Scientific, Hackensack, NJ 2010) 1.

⁸Humayon A Dar and Umar Moghul, ‘Background to Islamic Finance and Banking’ in Humayon A Dar and Umar Moghul (eds), The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance (Chancellor, London 2010) 3; Venardos (n 7) 11.

⁹Selwood (n 6) 31.

¹⁰Ibid. 32.

¹¹Venardos (n 7) 10–11.

¹²Dar and Moghul (n 8) 8.

¹³Ibid.

¹⁴Selwood (n 6) 30.

¹⁵Ibid. 31.

¹⁶Venardos (n 7) 3.

¹⁷Ibid.

¹⁸Ibid.

¹⁹Selwood (n 6) 30.

²⁰Ibid. 31.

²¹Venardos (n 7) 11.

²²Zulkifi Hasan, ‘Corporate Governance: Western and Islamic Perspectives’ (2009) 5(1) Intl Rev Bus Res Papers 286, 277–293.

²³Selwood (n 6) 47.

²⁴Ibid.

²⁵Ibid.

²⁶‘Joint Venturing 101’ <http://entrepreneurs.about.com/od/beyondstartup/a/jointventures_3.htm> accessed 22 May 2012.

²⁷Ibid.

²⁸Hossein Askari, The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future (Wiley, Singapore 2010) 115–18; Selwood (n 6) 48.

²⁹Selwood (n 6) 48.

³⁰Ibid.

³¹Askari (n 26) 135.

³²Selwood (n 6) 51.

³³Ibid.

³⁴Michael Mahlknecht, ‘Islamic Capital Markets: A Growing Area for Investments’ in Angelo M Venardos (ed), Current Issues in Islamic Banking and Finance: Resilience and Stability in the Present System (World Scientific, Hackensack, NJ 2010) 256.

³⁵Ibid. 258.

³⁶Ibid. 269.

³⁷Ibid. 275.

³⁸Ibid. 274.

³⁹Hasan (n 22) 282.

⁴⁰Salman Khan, ‘The Role of Shari'a Advisement in an Islamic Financial Institution’ in Humayon A Dar and Umar Moghul (eds), The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance (Chancellor, London 2010) 358.

⁴¹Hasan (n 22) 278.

⁴²Ibid. 280.

⁴³Ibid. 288.

⁴⁴Ibid. 280.

⁴⁵Ibid. 288.

⁴⁶ Encyclopedia of Religion (2nd edn, Macmillan Reference USA, New York, NY 2004) V, 3561–2.

⁴⁷Askari (n 26) 177.

⁴⁸Hasan (n 22) 284.

⁴⁹Ibid.

⁵⁰Ibid. 285.

⁵¹Ibid. 284.

⁵²Khan (n 38) 358; Nik Norishky Thani, ‘Regulation of Islamic Funds and Securities in the DIFC’ in Humayon A Dar and Umar Moghul (eds), The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance (Chancellor, London 2010) 12.

⁵³Thani (n 50) 13.

⁵⁴Selwood (n 6) 25.

⁵⁵Khan (n 22) 358–60.

⁵⁶Askari (n 26) 177.

⁵⁷Khan (n 22) 359.

⁵⁸Ibid. 360.

⁵⁹Askari (n 26) 178.

⁶⁰Ibid.

⁶¹Selwood (n 6) 27.

⁶²Ibid.

⁶³Ibid.

⁶⁴Khan (n 22) 362.

⁶⁵‘Iran, Biggest Shariah-Compliant Market: The Banker’ Payvand Iran News (11 November 2009) <http://www.payvand.com/news/09/nov/1122.html> accessed 22 March 2011; Rabeh Soofi, ‘Standard and Poor's Reports that Islamic Finance Is Set for Broad Growth in 2010’ The Islamic Finance Law Blog (4 February 2010) <http://www.islamic-finance-blog.com/?p=89> accessed 22 March 2011.

⁶⁶Ibid.

⁶⁷Venardos (n 7) 1.

⁶⁸Selwood (n 6) 29.

⁶⁹Ibid.

⁷⁰Ibid.