The Virtue of Risk-Taking: at a Crossroads, Islamic Finance and the Risk Imbroglio

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(as of Apr 06, 2025 13:24:31 UTC – Details)

Overview
The discourse within the Islamic banking industry is focusing increasingly on the impact of the blur in risk allocations in Islamic financial transactions on the financial stability of the Islamic banking system. The Virtue of Risk-Taking explores the consequences of non-adherence to ethically grounded business principles: it navigates the complexities of Islamic finance, exploring the interplay between ethics, regulation, and risk-taking. Its timely analysis of current practices, along with discussions on emerging industry standards, makes it an essential resource for understanding the evolving landscape of an industry at a crossroads—on the edge of significant reforms, yet awaiting a concerted reorientation plan to preserve the soundness of the system.

The discourse is grounded in longstanding involvement in the Islamic banking sector and aims to disentangle the complex imbroglio surrounding the practices and regulations of Islamic finance. Arguments drawn from personal experience are supported by evidence from a diverse array of sources, several being under-publicized and not widely accessible. The book clearly presents the interactions and often conflicting interests of stakeholders and identifies the operational, legal, and regulatory dysfunctions that significantly undermine the financial stability of the Islamic banking system and, as acknowledged by its stakeholders, still need to be stratified and addressed.

Policymakers, bankers, regulators, and Islamic scholars will find valuable elements to develop a systematic approach and establish actionable targets to re-establish the soundness of the Islamic financial system. In their practices, providers of financial services and jurists may be inspired by the nuanced context of a predictable transformation of the industry.

About the Author
Farid Karkaby is a seasoned banker with 50 years of experience across various financial centres, including Dubai, London, Istanbul, Toronto, New York, and currently Paris. He has been involved with the Islamic banking industry in different capacities while working for Citibank and has engaged with its stakeholders since the industry’s inception. During his subsequent consulting practice, he joined for 3 years the new leadership of a prominent Islamic bank, focusing on managing market risks, balance sheet strategy, and proprietary investments.
The author has provided consulting services to both conventional and Islamic banking institutions, regulators, and family offices, and has served as a subject matter expert on Treasury, Risk, and Capital Markets for international consulting firms. He founded the Islamic Finance course at Sorbonne University Abu Dhabi, teaching it for 10 consecutive years before dedicating most of his time to writing The Virtue of Risk Taking: at a Crossroads, Islamic Finance and the Risk Imbroglio.

ASIN ‏ : ‎ B0DT2D15C9
Publication date ‏ : ‎ January 13, 2025
Language ‏ : ‎ English
File size ‏ : ‎ 5.2 MB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Not Enabled
Print length ‏ : ‎ 248 pages