n the light of the global crisis and over the past couple of decades, informal financial markets have been the epicenter of government interventions in a number of developing countries. The focus is squarely on the ability of regulators and supervisors to understand risks inherent in Islamic microfinance business and to institutionalize an appropriate architecture for effectively managing these risks. Policy makers have duly recognized the need for robust regulatory and supervisory frameworks for monitoring the risk levels in Islamic microfinance institutions operations across the globe. Accordingly, measures to strengthen supervisory oversight of Islamic microfinance institutions have been at the core of the reform process that has been since set in motion. This book fills up those measures. It also comes up with guiding principles in addressing several of the present concerns regarding the supervisor’s and Islamic microfinance institutions’ ability to identify and manage the key risks in Islamic microfinance institutions’ operations.
ABOUT THE AUTHORS
Abdul Chafar Ismail, PhD. Professor of Islamic banking and financial economics, Islamic Research and Training Institute, Islamic Development Bank
Abdelrahman Elzahi Saaid Ali, PhD. Senior Research Economist, Islamic Research and Training Institute, Islamic Development Bank
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