Subject: Media Alert: Islamic Banking after September 11
There is always a flight to quality or perceived quality in times of uncertainty.
Warren Edwardes is author of "Key Financial Instruments: understanding and innovating in the world of derivatives" Feb. 2000, Financial Times Prentice Hall ISBN 0273 63300 7 London link
Warren Edwardes, in his best-selling book Key Financial Instruments: understanding and innovating in the world of derivatives, (Financial Times Prentice Hall) included a chapter demystifying Islamic banking.
"There is always a flight to quality or perceived quality in times of uncertainty.", says Warren Edwardes, ceo of Delphi Risk Management, author of best-seller, Key financial instruments (Financial Times Prentice Hall).
Warren, who was at Midland Bank's treasury in the mid-1980s at the time of its troubles with its investment in Crocker Bank, continues "But fair-weather investors and lenders soon attract an adverse market reputation which invariably rebounds on them. However, there are a number of reputable Islamic Banks with names similar to some on the US blacklist and it is inevitable that unless they mount concerted PR campaigns they will find lines drying up. But even before September's events, it appeared that given a choice between a pure Islamic bank and a highly rated reputable international bank providing the same service, Islamic clients would rather go to the one that had a brand name than the one that provided Islamic-only services, without the brand name and rating. I see Western banks increasingly and successfully providing Islamic banking and financial services direct or in partnership with regional distributors. It seems highly unlikely that given the small size of special purpose Islamic banks and their relative lack of sophistication, Bin Laden would have used them rather than the 'usual suspect' Western banks for money-laundering."
For informed and expert comment on this highly topical issue, speak to Warren Edwardes, author of Key Financial Instruments and ceo of the financial product innovation and risk management consulting firm, Delphi Risk Management. Edwardes has just been elected a fellow of the Institute of Islamic Banking and Insurance and is a regular speaker and conference chairman on the subject.
Nicola Farnell of CITPR: 01908 542777, 07799 664658, firstname.lastname@example.org
Warren Edwardes, ceo, Delphi Risk Management: 020 7724 4606, 07941 916328, email@example.com
the following articles are extracts from Key Financial Instruments
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