" Islamic The Regulatory Challenge …is therefore timely and a truly welcome addition to the growing literature on this subject…I congratulate the two professors for their fine contribution to the evolving art and science of the regulation of Islamic finance." — Dr. Zeti Akhtar Aziz , Governor, Bank Negara Malaysia "The World's financial regulators have taken too long to appreciate the importance of adapting their regulatory frameworks to the needs of the fast growing Islamic finance sector. Simon Archer and Rifaat Ahmed, the leaders in the field, have put together a fascinating collection of essays which show just what has to be done. It is a very timely book indeed." — Howard Davies , Director, London School of Economics "The emergence of Islamic finance as a major force in the world financial system has focused attention on regulatory issues. This book, edited by Professor Archer and Professor Rifaat, two of the most respected figures in the field, is an important point of reference for those who have to deal with these issues, whether in regulatory authorities, or in the financial institutions themselves." — Professor William Blair QC , Grays Inn, London "There is now great interest, both in financial and legal circles, in reliable and authoritative texts on Islamic finance. I have no doubt that the availability of Islamic The Regulatory Challenge will be warmly welcomed by those who provide financial and legal services. The work will be of great assistance to them." — The Rt Hon the Lord Woolf of Barnes , Law Lord and former Lord Chief Justice of England & Wales
A good and comprehensive overview of the regulatory challenges of regulating Islamic finance, which is a new industry so needs some adjustments within a regulatory framework that is used to regulating only conventional financial institutions. It also covers material that specifies what the financial institutions themselves need to do to increase disclosure, transparency and reduce conflicts of interest - these will help grow the industry. Some focus on conflicts on interest within the sharia board e.g. opaque compensation agreements might have been helpful too. For someone carrying out research on specific areas the book has some good footnotes/references.