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Karwowski Jacek (Uniwersytet Ekonomiczny we Wrocławiu)
Central Counterparties from the Islamic Finance' Perspective
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace / Szkoła Główna Handlowa, 2015, nr 3, t. 3, s. 27-40, rys., tab., bibliogr. 19 poz.
Tytuł własny numeru
Rynek kapitałowy
Słowa kluczowe
Ryzyko inwestycyjne, Ryzyko operacyjne, Finanse islamskie
Investment risk, Operational risk, Islam finance
The paper focuses on central counterparties (CCPs) becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts. The role of CCPs increased considerably after outbreak of the crisis in 2008. In 2012 BIS and IOSCO published the Principles for financial market (post-trade) infrastructures. The aim of the paper is to find out whether, and if yes - to what extent, the mentioned principles have to be modified when applied to CCP serving Islamic financial institutions. It seems that all principles are appropriate for Islamic finance, however some of them should be modified in order to be Shariacompliant. Moreover, in some cases the modification might also be dificult due to lack of standardized instruments. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
  1. Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures.
  2. Detailed Assessment of Observance. IMF, The World Bank, February 2013.
  3. Guiding principles of risk management for institutions (other than insurance institutions) offering only Islamic financial services, IFSB, Kuala Lumpur 2005.
  4. Hills B., Rule D., Parkinson S., Young Ch., Central counterparty clearing houses and financial stability, "Financial Stability Review", June 1999.
  5. Iqbal I., Kunhibava S., Dusuki A. W., Application of Options in Islamic Finance, ISRA Research Paper 2012, No. 46.
  6. Koster P., Implications of International Regulatory Change for Islamic Finance, IFSB 3 rd public lecture on financial policy and stability, Kuala Lumpur 2009.
  7. Lin L., Surti J., Capital Requirements for Over-the-Counter Derivatives Central Counterparties, IMF Working Paper WP/13/3, January 2013.
  8. Meeting New Challenges to Stability and Building a Safer System, Global Financial Stability Report, International Monetary Fund, Washington 2010, April.
  9. OTC Derivatives Market Reforms. Fifth Progress Report on Implementation. Financial Stability Board, 15 April 2013.
  10. Principles for financial market infrastructures, Bank for International Settlements and International Organization of Securities Commissions, April 2012.
  11. Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.
  12. Rehlon A., Nixon D., Central counterparties: what are they, why do they matter and how does the Bank supervise them? Quarterly Bulletin 2013 Q2, Bank of England.
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