AA Article - Islamica-ME Dec 2009 - Risk Mgmt Islamic Finance Complete)

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A comparison of risk management in Islamic Banking compared to its conventional counterpart.
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  l{bjilk`lojokccpfbswlfo uuu/l{bjilkj)ocw/kfi ã gckcimc}1< ã 5357 ã gckcimc}1<M|Jh{joJbl K}skljbDc| ]l{dIjojecicowLowce}jbwfwhc@sws}cf`L{bjilk@lojokc L{bjilk `lojokc hj{ucjwhc}cg whc ks}}cow k}l{c{iskh mcwwc} whjo whckfopcowlfojb `lojokc {ckwf} jog ulwh =3# f` whc uf}bgqfqsbjwlfo j{ Is{bli{ L{bjilk `lojokc l{ bldcb| wfijlowjlo lw{ {w}foe e}fuwhw}jnckwf}|/ [lokc whc jgpcow f` whc `l}{w L{)bjilk mjod lo :<0; L{bjilk `l)ojokc hj{ cpfbpcg }jqlgb| jogwfgj| l{ e}jgsjbb| q}fe}c{{loe wfuj}g{{wjogj}gl{jwlfo jk}f{{ ecfe}jqhlc{/ WhcIlggbc Cj{w [fswhcj{w J{lj jogIjbj|{lj hjpc w|qlkjbb| mcco whc {w}foe)hfbg{ f` L{bjilk `lojokc/ Hfucpc} lo whcbj{w `lpc |cj}{ L{bjilk `lojokc hj{ ijgc{leol`lkjow lo}fjg{ lowf whc gcpcbfqcgij}dcw{ jog l{ ofu {c}lfs{b| kfo{lgc}cgj{ jo jbwc}ojwlpc wf kfopcowlfojb `lojok)loe/Whc bj{w gckjgc hj{ {cco q}fgskw kfi)qbcxlw| ulwhlo L{bjilk `lojokc lok}cj{cg}jijwlkjbb| ulwh jo L{bjilk pj}ljow `f}if{w f` whc kfopcowlfojb f``c}loe{/ Whl{hj{ bcg wf kfiqblkjwcg q}fgskw {w}sk)ws}c{ jog whc occg `f} gfksicowjwlfojog {qckljbl{cg cxqc}wl{c ulwhlo whc L{)bjilk `lojokc uf}bg/ So`f}wsojwcb| }l{dijojecicow ulwhloL{bjilk `lojokc hj{ofw dcqw qjkc ulwh lw{kfopcowlfojbkfsowc}qj}w/  uuu/l{bjilkj)ocw/kfi ã gckcimc}1< ã 55 ojokloe bje whc gcpcbfqcg ij}dcw{/Lo whc ujdc f` whc k}cglw k}l{c{ L{bjilk `l)ojokc l{ mcloe hc}jbgcg j{ j {sqc}lf} jb)wc}ojwlpc wf kfopcowlfojb `lojokc/ Whl{j}esicow l{ mj{cg fo whc `fbbfuloe>ã L{bjilk `lojokc l{ mj{cg fo wjoelmbc j{){cw{/ã [w}skws}cg q}fgskw{ jog gc}lpjwlpc{ loL{bjilk `lojokc j}c blilwcg jog blodcg wfwjoelmbc j{{cw{/ã Whc cbcicow f` {qcksbjwlfo l{ mjoocgulwhlo L{bjilk `lojokc/ã Whc}c l{ j {w}foe cbcicow f` ‒if}jblw|’wh}fseh jo jgglwlfojb bcpcb f` logcqcog)cow fpc}{lehw ([hj}l“jh mfj}g{,/Uhlbc whc fswblocg }cj{fo{ kj}}| {ficuclehw lo }cjblw| L@L{ j}c lohc}cowb|}l{dlc} q}fqf{lwlfo{ whjo whcl} kfopco)wlfojb kfsowc}qj}w{/ Gl``c}cow ]l{d{ Ulwhlo kfopcowlfojb `lojokc }l{d{ j}ce}fsqcg lowf> :/ K}cglw }l{d> Whc }l{d f` bf{{ gsc wf jgcmwf}%{ ofo)qj|icow (gc`jsbw, f` j bfjof} fwhc} bloc f` k}cglw (clwhc} whc q}loklqjbf} lowc}c{w f} mfwh,/ =/ Ij}dcw ]l{d> Whc }l{d whjw whc pjbsc f` j qf}w`fblf clwhc} jo lopc{wicow qf}w`fblff} j w}jgloe qf}w`fblf ulbb gck}cj{c gscwf whc khjoec lo pjbsc f` whc ij}dcw }l{d`jkwf}{/ Whc `fs} {wjogj}g ij}dcw }l{d`jkwf}{ j}c {wfkd q}lkc{ lowc}c{w }jwc{ `f}cleo cxkhjoec }jwc{ jog kfiifglw|q}lkc{/ Whc j{{fkljwcg ij}dcw }l{d{ j}c>ã Czslw| }l{d> Whc }l{d whjw {wfkd q}lkc{jog&f} whc liqblcg pfbjwlblw| ulbb khjoec/ã Lowc}c{w }jwc }l{d> Whc }l{d whjw lowc}c{w}jwc{ jog&f} whc liqblcg pfbjwlblw| ulbbkhjoec/ã Ks}}cok| }l{d> Whc }l{d whjw `f}cleo cx)khjoec }jwc{ jog&f} whc liqblcg pfbjwlblw|ulbb khjoec/ã Kfiifglw| }l{d> Whc }l{d whjw kfi)ifglw| q}lkc{ jog&f} liqblcg pfbjwlblw| ulbbkhjoec/ ;/ Fqc}jwlfojb ]l{d> Whc }l{d f` bf{{ }c){sbwloe `}fi lojgczsjwc f} `jlbcg lowc}ojbq}fkc{{c{ qcfqbc jog {|{wci{ f} `}ficxwc}ojb cpcow{/ Whl{ {qckl`lkjbb| kfpc}{>ã Lowc}ojb `}jsg> Il{jqq}fq}ljwlfo f` j{){cw{ wjx cpj{lfo lowcowlfojb il{ij}dloef` qf{lwlfo{ m}lmc}|/ã Cxwc}ojb `}jsg> Whc`w f` lo`f}ijwlfo hjkdloe gjijec whl}g)qj}w| whc`w jog`f}ec}|/ã Ciqbf|icow q}jkwlkc{ jog uf}dqbjkc{j`cw|> Gl{k}lilojwlfo uf}dc}{“ kfiqco){jwlfo ciqbf|cc hcjbwh jog {j`cw|/ã Kblcow{ q}fgskw{ jog ms{loc{{ q}jk)wlkc{> Ij}dcw ijolqsbjwlfo jowlw}s{w li)q}fqc} w}jgc q}fgskw gc`ckw{ `lgsklj}|m}cjkhc{ jkkfsow khs}oloe/ã Gjijec wf qh|{lkjb j{{cw{> Ojws}jbgl{j{wc}{ wc}}f}l{i pjogjbl{i/ã Ms{loc{{ gl{}sqwlfo jog {|{wci{ `jlb)s}c{> Swlblw| gl{}sqwlfo{ {f`wuj}c `jlbs}c{ hj}guj}c `jlbs}c{/ã Cxckswlfo gcblpc}| jog q}fkc{{ ijo)jecicow> Gjwj cow}| c}}f}{ jkkfsowloec}}f}{ `jlbcg ijogjwf}| }cqf}wloe ocebl)ecow bf{{ f` kblcow j{{cw{/@f} L@L{ whc }l{d solpc}{c l{ ulgc} whjowhjw f` kfopcowlfojb `lojokc/ Lw lokbsgc{> :/ K}cglw ]l{d ã @f}ckbf{s}c fo kc}wjlo w|qc{ f` j{{cw{(qj}wlksbj}b| }c{lgcowljb }cjb c{wjwc, l{ gl`)`lksbw mckjs{c f` whc qfwcowljb kfo`blkwulwh whc L@L“{ ‒{fkljb }c{qfo{lmlblw|’ wf)uj}g{ lw{ ks{wfic}{/ã Kc}wjlo w}jo{jkwlfo{ kj}}lcg fsw m| L@L{kj}}| jmfpc)jpc}jec k}cglw }l{d/ Cxji)qbc{ kjo mc is{hj}jdj jog isgj}jmj uhc}c whc L@L qj}wlklqjwc{ lo whc q}f`lw jogbf{{ f` whc w}jo{jkwlfo lo{wcjg f` }ckclp)loe lowc}c{w j{ lo whc kj{c f` j kfopco)wlfojb `lojokljb lo{wlwswlfo/ã @fks{ fo ‒j{{cw `lojokloe’ wh}fsehis}jmjhj jog lnj}j kjo kjs{c L@L{ wf mcbc{{ plelbjow fo whc k}cglw)uf}whloc{{ j{){c{{icow/ã Cxqf{s}c wf }cjb c{wjwc l{ hlehc} whjo`f} kfopcowlfojb mjod{/ =/ Ij}dcw ]l{d ã Hcgeloe s{loe gc}lpjwlpc{ l{ ofw jb)bfucg `f} L@L{/ Whl{ bcjg{ wf ij}elo }l{d l/c/ j il{ijwkh cj}ocg fo whc mjod“{ j{){cw{ jog uhjw l{ qjlg fsw fo lw{ gcqf{lw{/Whc `jkw whjw if{w L@L{“ mjbjokc {hccw{j}c uclehwcg wfuj}g{ `lxcg ij}elo{(is}jmjhj, kjo bcjg wf `bskwsjwloe ij})elo{/ Ecoc}jbb| L@L{ w}| wf }jl{c ofo)}c)isoc}jwlpc gcqf{lw{ f} `bfjwloe ij}eloj{{cw{ (lnj}j, wf hcgec whl{ }l{d/ã L@L{ bjkd kfiqj}jmbc fqqf}wsolwlc{ `f}lopc{wicow lo wc}i{ f` mfwh lo{w}sicow{jog whcl} }c{qckwlpc ij}dcw gcqwh/ Gscwf whc }c{w}lkwlfo{ fo {qcksbjwlpc jkwlpl)wlc{ jog [hj}l“jh ofo)kfiqbljokc f` kfiqblkjwcg {w}skws}cg q}fgskw{ whc jp)cosc{ f` lopc{wicow j}c kfokcow}jwcg lo`cu j{{cw kbj{{c{ jog lo{w}sicow{/ Whl{bcjg{ wf mfwh ‒k}fugloe fsw’ (lopc{wicowpjbsc{ mcloe g}lpco sq mckjs{c f` jbj}ec osimc} khj{loe blilwcg fqqf}wsol)wlc{, j{ ucbb j{ bfoec} hfbgloe qc}lfg{(blilwcg {ckfogj}| ij}dcw{ `f} lo{w}s)icow{,/ã L@L{ }so j iskh hlehc} `f}cleo cx)khjoec }l{d fo whcl} mjbjokc {hccw{ kfi)qj}cg ulwh whcl} kfopcowlfojbkfsowc}qj}w{/ Whl{ l{ gsc wf whc blilwcg lo){w}sicow{ jpjlbjmbc wf hcgec `f}cleo cx)khjoec }l{d/ ;/ Fqc}jwlfojb ]l{d ã L@L{ }so j solzsc }l{d lo wc}i{ f` gfks)icowjwlfo jog q}fkc{{c{/ Uhlbc whl{ cx)l{w{ lo kfopcowlfojb `lojokljb lo{wlwswlfo{j{ ucbb whc {cpc}lw| `f} L@L{ l{ iskhhlehc}/ @f} cxjiqbc ofw `fbbfuloe kf})}ckw q}fkc{{ f} {czscowljb gfksicowj)wlfo lopjblgjwc{ jbb L{bjilk w}jo{jkwlfo{ ulwh jo| q}f`lw j}l{loe fo whc w}jo{jkwlfo}czsl}cg wf mc gfojwcg wf khj}lw|/ã Whc}c l{ jo jkswc {hf}wjec f` zsjbl`lcg}c{fs}kc{ ulwhlo whc L{bjilk `lojokcj}coj/ Whc q}fmbci hj{ mcco kfi)qfsogcg mckjs{c f` whc cxqbf{lpce}fuwh ulwhlo L@L{ }ckcowb|/ [qckl`lk L{bjilk @lojokc ]l{d{Blzslglw| ]l{d Blzslglw| l{ foc f` whc if{w k}lwlkjb l{{sc{`f} L@L{/ Whl{ {wci{ `}fi whc `jkw whjw whcL{bjilk ifoc| ij}dcw l{ zslwc blilwcg (j{ijbb osimc} f` L@L{ f} kfopcowlfojb`sog{ ulwh {ce}cejwcg `sog{ `f} L{bjilklopc{wicow, jog j{{cw{ hcbg kjoofw mckfopc}wcg wf kj{h cj{lb|/ @lojbb| L@L{ kjo)ofw lopc{w lo if{w f` whc `lxcg lokfic lo){w}sicow{ `f} w}cj{s}| ijojecicow/Whc}c`f}c L@L{ mckjs{c f` whcl} lohc}cow{w}skws}c{ }so j iskh hlehc} gce}cc f` blzslglw| }l{d/If{w L@L{ jkkcqw gcqf{lw{ sogc} whc is)gj}jmj {w}skws}c uhc}cm| whc gcqf{lwhfbgc}{ j}c w}cjwcg j{ lopc{wicow jk)kfsow hfbgc}{ (LJH, bljmbc `f} jbb whc q}f`)lw{ j{ ucbb j{ jbb bf{{c{/ Whc L@L ecw{ j{hj}c f` whc q}f`lw j{ `cc{ `f} lw{ {c}plkc{/Whc{c L@L{ hfbg q}f`lw czsjbl{jwlfo }c){c}pc{ (s{cg wf {iffwh }cws}o{ lo kj{cf` }cgskcg gl{w}lmswjmbc kj{h `bfu{, j{ucbb j{ lopc{wicow }l{d }c{c}pc{ (s{cg wfkfpc} `sws}c socxqckwcg bf{{c{ `f} LJH{,/Whc{c kfiqblkjwc blzslglw| }czsl}cicow{ lok}cj{loe whc occg `f} hfbgloe jggl)wlfojb blzslglw| jog }cgskloe q}f`lwjmlblw|/L@L{ hjpc j gl{jgpjowjec lo wc}i{ f` jk)kc{{ wf j bcogc} f` bj{w }c{f}w/ If{w f` whc{c `jklblwlc{ jpjlbjmbc ulwh whc kcow}jbmjod{ j}c ofo)L{bjilk lo ojws}c q}c){cowloe L@L{ ulwh j kjwkh)== {lwsjwlfo/ Wfjpjlb f` {skh j `jklblw| kfsbg {jpc whc lo){wlwswlfo `}fi gl{w}c{{ msw whl{ ufsbg ofwmc jkkcqwjmbc wf whc [hj}l“jh mfj}g jogufsbg mc jejlo{w L{bjilk q}loklqbc{/ ]cqswjwlfojb ]l{d L@L{ jb{f kj}}| whc }l{d f` [hj}l“jh ofo)kfiqbljokc/ Jo| jkwlplw| }cbjwcg wf whc lo){wlwswlfo whjw l{ gccicg lo plfbjwlfo f` [hj}l“jh q}loklqbc{ kj}}lc{ hj}{h qcojb)wlc{ jog ufsbg mc j ijnf} mbfu wf whcm}jog f` whc L@L/ Whl{ }l{d l{ `s}whc} cxjk)c}mjwcg mckjs{c [hj}l“jh gckl{lfo{ j}cofw {wjogj}gl{cg jog j}c kfiqbcwcb| gc)qcogcow fo whc }c{qckwlpc [hj}l“jhSo`f}wsojwcb| }l{d ijojecicow ulwhloL{bjilk `lojokc hj{ ofw dcqw qjkc ulwh lw{kfopcowlfojb kfsowc}qj}w/ Whc cxl{wloeejq mcwucco kfopcowlfojb jog L{bjilk}l{d ijojecicow wckholzsc{ kjo mc jw)w}lmswcg wf>ã Bjkd f` {wjogj}gl{cg q}fgskw gc{k}lq)wlfo{ jog jww}lmswc{ ulwhlo L{bjilk `l)ojokc/ã Bjkd f` sogc}{wjogloe f` L{bjilk {w}sk)ws}c{ jog whc}c`f}c ucjd }cesbjwf}|`}jicuf}d{ ulwhlo kfsow}lc{ wf ijojecL{bjilk `lojokljb lo{wlwswlfo{ (L@L{,/ã Blilwcg gjwj fo L{bjilk w}jo{jkwlfo{jog bfu wckhofbfelkjb jgjqwjmlblw| `f}wckhofbfe|)mj{cg }l{d ijojecicowifgcb{/ã Kfokcow}jwlfo f` L{bjilk `lojokc lo{wl)wswlfo{ lo cic}eloe ij}dcw{ uhc}c whc}l{d ijojecicow wckholzsc{ `f} mfwhkfopcowlfojb jog L{bjilk ifgc{ f` `l) Fo whc }cesbjwf}|`}fow kfo`s{lfo}cleo{ ulwhkfopcowlfojb}czsl}cicow{jgjqwcg wf L{bjilk`lojokc/Fo whc }cesbjwf}|`}fow kfo`s{lfo}cleo{ ulwhkfopcowlfojb}czsl}cicow{jgjqwcg wf L{bjilk`lojokc/ l{bjilk`lojokccpfbswlfo 50 ã gckcimc}1<Fpc} whc |cj}{ whc kfiqbcxlw| f` whc q}fgskw{ hj{ lok}cj{cg/ [fs}kc> Dsjbj Bsiqs} L{bjilk @lojokc @f}si  l{bjilk`lojokccpfbswlfo 58 ã gckcimc}1<  Jh{jo Jbl l{ whc Gl}ckwf} ∝ K}cglw `f} whc Dhjbl`j @sog `f} Cowc}q}l{c{ Gcpcbfqicow j {fpc}cleo `sog `fks{{cg fo [IC gcpcbfqicow lo whc SJC/ Hl{ q}cplfs{ uf}d cxqc}lcokcf` fpc} := |cj}{ lo mjodloe {qjo{ jk}f{{ clehw kfsow}lc{ jog isbwlqbc gl{klqbloc{/ Hl{ j}cj{ f` lowc}c{w lokbsgc ckfofilk gcpcbfqicow }l{d ijojecicow L{bjilk mjodloe jog[IC gcpcbfqicow/ Hc hfbg{ jo IMJ `}fi whc Lo{wlwswc f` Ms{loc{{ Jgilol{w}jwlfo Dj}jkhl Solpc}{lw| j{ ucbb jo I[ lo `lojokljb ckfofilk{ `}fi whc [khffb f` F}lcowjb jog J`}lkjo [wsglc{ Bfogfo/ Jbl l{ j K@J Khj}wc} Hfbgc} jo @]I kc}wl`lcg }l{d ijojec} jog j icimc} f` whc [cks}lwlc{ jog Lopc{wicow Lo{wlwswc ([LL, SD/ mfj}g4 whs{ cpco ulwh j khjoec f` mfj}gicimc}{ whc L@L }so{ whc }l{d f` lopjbl)gjwloe kc}wjlo q}fgskw bloc{ (wjuj}sd l{ jdc| cxjiqbc uhlkh l{ jkkcqwjmbc wf kc})wjlo {khfbj}{ jog l{ kfo{lgc}cg ofo)jk)kcqwjmbc m| fwhc}{,/ Icj{s}cicow jog Ifolwf}loe Cxqf{s}c wf kfiqj}jwlpcb| if}c kfi)qbcx jog {cpc}c }l{d{ }czsl}c{ j iskhmcwwc} }l{d ifolwf}loe `}jicuf}d `f} L@L{/ J{ j Ikdlo{c| =115 EKK }l{d {s}pc|qflow{ fsw L{bjilk `lojokc }l{d{ j}cqff}b| sogc}{wffg jog whc j}w f` }l{dijojecicow l{ mchlog ebfmjb mc{w q}jk)wlkc{/ Whc }l{d l{ `s}whc} kfiqfsogcg mc)kjs{c whc}c l{ of solpc}{jb mfg| gc`loloewhc ijogjwf}| q}fgskw {wjogj}g{ jk)kfsowloe of}i{ jog gl{kbf{s}c }czsl}c)icow{ ‛ gc{qlwc jwwciqw{ wf gf {f fo j‒pfbsowj}| mj{l{’ m| L@[M JJFL@L cwk/Fo whc }cesbjwf}| `}fow kfo`s{lfo }cleo{ ulwh kfopcowlfojb }czsl}cicow{ jgjqwcgwf L{bjilk `lojokc/ Of kfsow}| hj{ q}f)e}c{{cg wf bffdloe jw whc L{bjilk mjod)loe `lojokljb {ckwf} fo lw{ fuo (L}jo mcloejo cxkcqwlfo ulwh lw{ ks}lfs{ mjodloe{cwsq,/ Lo jbif{w jbb qbjkc{ L{bjilk `l)ojokc l{ j {ceicowcg f``c}loe uhlkh jwwhc cog f` whc gj| qbse{ lowf whc kfo)pcowlfojb `lojokljb {cwsq jog l{ }cesbjwcgm| pc}| {lilbj} }sbc{/ Kfowjloloe ]l{d L{bjilk `lojokc l{ `j{w gcpcbfqloe lowf jpljmbc jbwc}ojwlpc `f} kfiic}kljb `lojokc/Hfucpc} mc`f}c whl{ kjo hjqqco whc}l{d{ lohc}cow lo L{bjilk `lojokc occg wfmc kbcj}b| lgcowl`lcg ebfmjbb| jkkcqwjmbc{wjogj}g{ `f} }l{d icj{s}cicow jog gl{)kbf{s}c occg wf mc qsw lo qbjkc jog }ce)sbjwf}| mc{w q}jkwlkc{ `f} L@L{ occg wf mcgc`locg jog liqbcicowcg/ Ulwhfsw whc{cicj{s}c{ lo qbjkc L{bjilk `lojokc ilehw ns{w q}fpc wf mc j {|{wcilk }l{d wf whc `l)ojokljb ckf{|{wci lo whc |cj}{ jhcjg/ J}c }celfojb mjod{ lo `sbb kfow}fb f` }l{d{ j{{fkljwcg ulwh L{bjilk `lojokc6 [fs}kc> IkDlo{c| ]l{d [siilw Ofpcimc} =115 Uhc}c gf |fs {cc }l{d ijojecicow q}jkwl{c{ jifoe L{bjilk Mjod{ lo whc EKK6 [fs}kc> IkDlo{c| ]l{d [siilw Ofpcimc} =115 L@L{ }so j solzsc }l{dlo wc}i{ f`gfksicowjwlfo jogq}fkc{{c{/ Uhlbc whl{cxl{w{ lo kfopcowlfojb`lojokljb lo{wlwswlfo{j{ ucbb whc {cpc}lw|`f} L@L{ l{ iskhhlehc}/L{bjilk `lojokc }l{d{j}c qff}b|sogc}{wffg jog whcj}w f` }l{dijojecicow l{mchlog ebfmjb mc{wq}jkwlkc{
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