AMR EL TIBY earned his B.A in Commerce from Cairo University in 1980, majoring in Business. He earned his Diploma in Finance from Cairo University in 1985 and his MA in Economics from The American University in Cairo in 2003. In 2009, he earned his PhD from The American University in London. Dr. El Tiby has over 30 years of banking experience in the Middle East and the Gulf Region in both conventional as well as Islamic finance. His area of research focuses on banking risk and regulations. He is also the author of Islamic Banking, published by Wiley in 2011.

WAFIK M. GRAIS is senior international adviser on finance, investments and public policy. He was founder and chairman of Viveris Mashrek Financial Advisors. He held senior positions at the World Bank in Washington, DC, where he notably managed country programs on countries of the Middle East and North Africa as well as Europe and Central Asia. He has been published on the subjects of finance, corporate governance, Islamic finance, macroeconomic policy, and energy policies. He holds a PhD in Economics and degrees in Mathematical Economics and Political Science from the University of Geneva.

Preface ix

Acknowledgments xv

Acronyms xvii

About the Authors xxi

PART ONE Emergence of Modern Islamic Finance 1

CHAPTER 1 History and Core Principles of Islamic Finance 3

CHAPTER 2 Islamic Finance: Opportunity for Egypt’s Development 19

PART TWO Managing Systemic Risks 51

CHAPTER 3 Risks, Spillovers, and Distress 55

CHAPTER 4 Coping with Crises: Policies, Institutions, and Markets 67

PART THREE Regulatory Challenges 93

CHAPTER 5 The Dilemma of Tailor-Made versus Mainstream Regulation 95

CHAPTER 6 Toward an Enabling Framework 107

PART FOUR Corporate Governance 121

CHAPTER 7 Financial Fiduciary Governance 123

CHAPTER 8 Corporate Governance and Shari’a Compliance 145

CHAPTER 9 Toward a Systemic Shari’a Governance Framework 181

APPENDIX Islamic Finance: The International Landscape 205

References 217

Index 231

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