Islamic Finance

iv Contents

2.6 Commercial Real Estate and Project Financing 75

Richard T de Belder, Denton Wilde Sapte LLP

2.7 Syndicated and Structured Islamic Finance 83

Richard T de Belder, Denton Wilde Sapte LLP

2.8 Investment Banking 93

Richard T de Belder, Denton Wilde Sapte LLP

2.9 Islamic Capital Markets 103

Mansur Mannan, Credit Suisse

2.10 Secondary Marketsin Islamic Finance 117

Majid Dawood, Yasaar Ltd

2.11 Screening and Purification Criteria: Shari’a Application to

Investments 125

Iqbal Asaria, Yasaar Ltd

2.12 Takaful 129

Mohammed Khan, PricewaterhouseCoopers

2.13 Takaful vs. Conventional Insurance 139

Mohammed Khan, PricewaterhouseCoopers

2.14 Human Resources and Training for Islamic Financial

Activities 143

Mohammad Shafique, Institute of Islamic Banking and

Insurance

2.15 Taxation 149

Mohammed Amin, PricewaterhouseCoopers

PART THREE Regulatory Issues 161

3.1 Prudential, Regulatory and Supervisory Criteria 163

Tim Plews and Antony Hainsworth, Clifford Chance

3.2 Basel II and Capital Adequacy 169

Natalie Schoon,Bank of London and Middle East

3.3 Regulations and Challenges in the UK 177

Michael Ainley, Ali Mashayekhi, Robert Hicks, Arshadur

Rahman and Ali Ravalia, The Financial Services Authority

3.4 Shari’a Supervisory Boards and Shari’a Compliance 185

Richard T de Belder, Denton Wilde Sapte, LLP

Appendices 193

Appendix 1: Contributors’ Contact Details 195

Appendix 2: Case Study: Conversion of a Commercial Bank to

Islamic Banking

199

Roderick Millar