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Islamic banking

On this page you can access a range of articles, books and online resources providing an overview of the UK and global Islamic banking sector and news of recent developments.

The Business & Industry Guides series is produced by the Library & Information Service for ICAEW members and ACA students.

We can compile tailored key players reports, mailing lists, market reports, benchmarking reports and industry news. Our enquiry team can also research other industry-specific information, such as taxation, for you. Call us on +44 (0)20 7920 8620 or email library@icaew.com.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Business press

The ICAEW Library & Information Service provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use. ICAEW members and ACA students can obtain articles from the Journal of Islamic Accounting and Business Research by contacting the Library enquiry service by telephone on +44 (0)20 7920 8620 or by email at library@icaew.com.

Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a range of articles and books on Islamic banking. Use the links below to see what we have available to request in our Library catalogue (Libcat). Please contact us if you would like to borrow a book or request a copy of an article.

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

The market

Global trends in Islamic finance and the UK market 2019
TheCityUK publishes a regular Islamic finance research report looking at the global market for Islamic financial services and the UK position in the Islamic banking sector. The latest edition was published in April 2019.

Islamic Finance Outlook 2021
S&P Global's outlook report takes a look at the future of Islamic banking, including the potential impact of coronavirus (COVID-19) on the industry.

Islamic Financial Services Industry Stability Report
Annual industry report by the Islamic Financial Services Board (IFSB). Provides updates on trends, market growth and developments in Islamic banking and assesses potential risks and stability issues in the sector. 

World Islamic banking competitiveness report 2016
Survey report published by EY with analysis of global trends and individual country performance. The reports for 2014–15 are also still available.

Global statistics

Islamic Financial Services Board (IFSB)

The IFSB issues global standards for the Islamic finance industry, as well as conducting research and coordinating new industry initiatives. It currently provides quarterly Islamic banking data for 22 countries: Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Kazakhstan, Indonesia, Iran, Jordan, Kuwait, Lebanon, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom.

Prudential and Structural Islamic Financial Indicators (PSIFIs) available include: 

  • Capital adequacy
  • Asset quality
  • Earnings
  • Leverage
  • Liquidity
  • Sensitivity to risks
  • Value of Shariah-compliant financing by economic activity
  • Value of returns by major type of Shariah-compliant contract
  • Number of Islamic banks
  • Number of employees

Useful links

Organisations

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
AAOIFI is a not-for-profit organisation which develops, prepares and issues Financial Accounting Standards (FASs) and Shari'a Standards (SSs) for the global Islamic finance industry.

General Council for Islamic Banks and Financial Institutions (CIBAFI)
An international membership organisation headquartered in Bahrain, CIBAFI aims to represent the global Islamic financial services industry. Its website provides industry news, research and position papers. 

Institute of Islamic Banking and Insurance (IIBI)
A UK charity which aims to facilitate a wider understanding of the Islamic financial system through training courses, lectures, videos and its NewHorizon magazine. 

Islamic Financial Services Board (IFSB)
The Islamic Financial Services Board (IFSB) is an international standard-setting body which was established in 2002 with a mission to ensure the stability of the Islamic financial services industry. The IFSB has issued a series of standards for the Islamic financial services industry covering capital adequacy, corporate governance and risk management.

Malaysia International Islamic Financial Centre (MIFC)
An initiative launched by Malaysia's financial and market regulators to promote Malaysia as a major hub for international Islamic finance. The centre provides a knowledge centre which includes a range of publications and guides on Islamic finance.

Guides, surveys and other publications

Banking with a different approach
CFO Danesh Mahadeva explains to Peter Taylor-Whiffen why Sharia-compliant Gatehouse Bank is attracting so many customers and staff – of all faiths. Published in Economia, July 2019.

Corporate Governance Practices in Islamic Banks 2017
A  joint World Bank Group and CIBAFI publication analysing current corporate governance practices within the Islamic banking industry. Using information from 77 Islamic banks, the report focuses on six corporate governance themes: the Board of Directors; Board Committees; Internal Control and External Audit; Risk Governance; Shariah Governance and Transparency and Disclosure. 

Financial reporting by Islamic financial institutions: 2017 update
An update to the Asian-Oceanian Standard-Setters Group (AOSSG)'s 2014 international study of financial statements of 132 Islamic financial institutions from 31 jurisdictions. The surveys identify the financial reporting standards that the institutions are legally required to comply with and the extent of compliance. 

Reference Guide: Islamic Finance for Infrastructure PPP Projects
A World Bank Group and Islamic Development Bank joint guide - provides a road map for using Islamic finance, aiming to share knowledge about how Islamic transactions work. It provides a complete set of Islamic finance template agreements which can be used in infrastructure projects. Updated in October 2021. 

The core principles for Islamic Finance regulations and assessment methodology
An International Monetary Fund (IMF) paper proposing incorporating the Islamic Financial Services Board (IFSB) Core Principles for Islamic Finance Regulation (CPIFR) as part of the IMF standards used in assessing the banking regulatory and supervisory regimes of relevant member jurisdictions, from 1 January 2019. The IMF Executive Board endorsed this proposal in May 2018 - see press release, IMF Executive Board Adopts Decisions to Formally Recognize the Core Principles for Islamic Finance Regulation (CPIFR) for Banking.

UK-Turkey Islamic FinTech working group: Case studies and insights
A March 2019 report from TheCityUK, focusing on the opportunities for the UK and Turkey to cooperate on scaling Islamic finance through FinTech. The report includes a number of practical case studies and insights into FinTech for Islamic finance.

United Arab Emirates Islamic Banking Index 2020
An annual survey of consumer uptake and perception of Islamic banking products and services in the United Arab Emirates (UAE), carried out by Emirates Islamic. The 2020 survey found a small reduction in the overall penetration and customer intention to subscribe for both conventional and Islamic products compared with 2019.

Databases, portals and other resources

International Islamic Financial Market
A non-profit international institution supported by a number of central banks and government agencies with a mission to establish, develop and promote Islamic capital and the money market.

Islamic Markets
An online platform for the global Islamic finance community providing a comprehensive collection of education resources, financial intelligence and an investing platform.

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