Deloitteova istraživanja

Empowering risk intelligence in Islamic Finance

Managing risk in uncertain times

Financial services - including Islamic Finance - are facing a catalogue of regulatory and practice-related reforms. This new wave of regulatory reforms, aimed at upholding best practices, has renewed emphasis on prudential oversight and good governance.

This report focuses on the governance and structural aspects of an effective risk management framework in Islamic Finance. It presents an analysis of case studies developed, new insights in risk management practice to empower risk intelligence in Islamic Finance and suggests ways to manage risk in troubled times.

Istraži sadržaj

In summary, the following key challenges warrant the attention of Islamic Finance industry leaders and stakeholders:

  1. 63% of respondents believe that strong commitment from Boards, Sharia’a Supervisory Boards and Management is required to improve ERM in Islamic Finance.
  2. 65% of the institutions offering Islamic Financial Services (IIFS) that participated in our study are considering the development of an ERM program.
  3. Only 59% of the IIFS that participated have implemented the IFSB’s Risk Management Standard; 63% reported that they have not received any external rating, and less than quarter of the respondents had considered or received external rating from an Islamic rating agency. This constitutes a real challenge posed to industry participants and standard-setters such as the IFSB, AAOIFI, IIFM, and the IIRA, to enforce best practices.
  4. Creating a risk-aware culture is considered the most (68%) important benefit of ERM. The IIFS lack skilled risk experts, and institutions are required to invest in building capabilities in key risk management pillars - People, Process, Technology, and Governance.
  5. 56% of the group studied have risk management software, and 44% of them lag behind in automation of risk information management.
  6. Risk function executives and policy-makers are faced with new international regulatory and governance requirements and are required to fully adapt to international best practices.
Empowering risk intelligence in Islamic Finance: Managing risk in uncertain times

"Sixty-three percent of respondents believe that strong commitment from Boards, Sharia’a Supervisory Boards and Management is required to improve ERM in Islamic Finance."

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