Performance of Islamic Financial Services 243
misrepresentation,^12 and were in no way attributable to the special nature of
Islamic fi nancial institutions per se. Indeed, during the past three decades —
including the current fi nancial crisis — no major Islamic bank has failed where
the failure can be attributed to their special form of intermediation.
ENDNOTES
- http://www.erf.org.eg/cms.php?id=publication_details&publication_id=648
- Cˇihák and Hesse (2008).
- Sairally (2007).
For example, within the SRI literature, we note that Business in the Commu-
nity (BITC) — a movement with a core membership of 650 companies across
the UK — established a corporate responsibility index in 2002. This BITC Index
functions in a similar way to other ethical and social indices, such as the FTSE-
4Good, the Dow Jones Sustainability Index, and the Domini 400 Social Index,
in that it publicly ranks major international companies according to their SEE
performance. - Ibid.
- IIRA (2009). The sample of key Islamic commercial banks included Al Baraka
Islamic Bank Bahrain (Albaraka), Al Salam Islamic Bank Bahrain (Al Salam),
Bahrain Islamic Bank (BIsB), Dubai Islamic Bank (DIB), Jordan Islamic Bank
(JIB), Khaleeji Commercial Bank (KCB), Kuwait Finance House Bahrain (KFH)
and Meezan Bank Pakistan Limited (MB). - For a very detailed analysis, see Ali (2007).
- Ibid.
- Shares of Ihlas Group were suspended from trading, driving the stock market
down 4.9 percent in one day; see Starr and Yilmaz (2006). - Ali (2007).
- Okeahalam (1998).
- Zuhaida (1990); Hasan and Dridi (2010); Beck, Demirgüç - Kunt and Merrouche
(2010). - See Askari, Iqbal, and Mirakhor (2008) for case studies on the failure of fi nan-
cial institutions offering Islamic products.