Playing by the rules (By IFN)

See: http://redmoney.newsweaver.co.uk/1rh8f7nsquzh38rwoni3wx?email=true&a=6&p=22951925&t=21001835

In a world bound by rules, regulators and the authorities play a key role in ensuring that we toe the line. While the importance of those authoritative bodies cannot be denied, their presence also puts forth the question: Who regulates the regulators?

Quite often, it is the theoretical fourth estate which helps keep the higher-ups in check; and this week, we at Islamic Finance news play our part with a closer look at our industry’s standard setting bodies; as covered in our lead story.

However, there is no escaping regulations and regulators, which are crucial to growth and development; and our issue this week also gives a nod to the support that the law and the authorities provide to our fledgling industry. Dr Wan Nursofiza Wan Azmi of the Asian Institute of Finance provides an excerpt of a chapter in the Global Islamic Finance Report 2012; covering the Malaysian government’s support in developing Islamic microfinance in the country.

Tanzania’s budding Islamic banking market has also benefited from a sound conventional regulatory framework; as Khalfan Abdallah of Amana Bank Tanzania writes on the development of the industry in the east African country; while we cross to the UK with a feature on Islamic financial products on the London Stock Exchange (LSE) by Gillian Walmsley of the LSE.

We return to Malaysia with an article on the performance of the country’s Sukuk market by Meor Amri Meor Ayob of Bond Pricing Agency Malaysia; and our Takaful feature on the country’s various models of Shariah compliant insurance by Mohammad Mahbubi Ali of ISRA.

Insider takes a look at developments at Kuwait Finance House; IFN Reports cover the development of Islamic finance in Hong Kong and provide a snapshot of first quarter 2012 financial results of banks and corporates in Malaysia and the Middle East; and IFN Correspondents contribute reports on the establishment of charitable foundations in Saudi, new Takaful rules in Pakistan and the structuring of Sukuk Wakalah.

Meet the Head talks to Dr Shahinaz Hanem Rashad Abdellatif of Egypt’s Metropolitan Consultancy; and our Case Study highlights Tanjung Bin Energy Issuer’s US$1.07 billion Sukuk.