From the world's foremost authorities on the subject‎,‎ the number‎-one guide to Islamic finance revised and updated for a post‎-crisis world Because it is entirely equity‎-based‎,‎ rather than credit‎-based‎,‎ Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance‎.‎ Especially now‎,‎ in the wake of the global financial crisis‎,‎ this has made them increasingly attractive to institutional investors‎,‎ asset managers and hedge funds in search of more stable alternatives to conventional financial products‎.‎ With interest in Islamic finance swiftly spreading beyond the Muslim world‎,‎ the need among finance and investment professionals has never been greater for timely and authoritative information about the rules governing Islamic finance‎.‎ This thoroughly updated and revised second edition of the premier guide to regulatory issues in Islamic finance satisfies that need‎.‎ * Addresses the need for banks to develop common Islamic‎-based international accounting and auditing standards * Clearly explains the key differences between Shari'ah rulings‎,‎ standardization of acceptable banking practices‎,‎ and the development of standardized financial products * Explores the role of the Shari'ah Boards in establishing common rules regarding the permissibility of financial instruments and markets * Offers guidance for regulators seeking to adapt their regulatory frameworks to the needs of the fast‎-growing Islamic finance sector