The slides highlight the issue facing in Islamic finance industry, limited liability in Islamic law, and discussion and analysis of the study.

Like many other financial institutions, Bahrain-based Arcapita Bank operating in the United States was hit hard by the Eurozne crisis that followed the global financial crisis. Unable to restructure its $1.1 billion debt obligations due in March 2013, the bank decided to file for Chapter 11 protection in the US Bankruptcy Court. This case study introduces Arcapita and its operations, explains the US Chapter 11 and its important aspects like debtor in possession (DIP) financing, highlights the most significant episodes of the Arcapita case, and concludes with important lessons embedded in the proceedings. Available in physical copy only (Call Number: HG 3368 A6 I82Na)

Islamic finance operates under varied legal and regulatory frameworks in various jurisdictions that reflect differing regulatory approaches to the introduction and supervision of Islamic banks. This seems logical if viewed from the perspective that the countries where Islamic banks operate are not at the same level of development; some are advanced, a few have just embarked on their journey of introducing Islamic banking and finance, while others are somewhere in the middle. Thus, one should naturally expect that reaching a certain level of consensus in regulating and supervising Islamic banks will take considerable time. The current research looks into one area of contention in Islamic banking regulation. It explores the different types of Islamic banking structures that prevail in general while it specifically evaluates subsidiary Islamic banks of conventional banks versus full-fledged Islamic banking structures. The advantages and disadvantages of both structures are discussed, followed by an evaluation of the unique challenges posed by the combination of these two in the context of Malaysia.

An effective and universally acceptable legal, regulatory, and insolvency framework for Islamic finance in general and sukuk in particular is currenly lacking. Of particular concern is the question of how a secular court may protect the rights of sukuk holders. East Cameron Partner (ECP) sukuk is an interesting case where many of issues in sukuk insolvencies have been highlighted. The current study is concerned with the background of ECP sukuk issuance, its insolvency, its filing for bankruptcy under Chapter 11 of the United States' Bankruptcy Code and the behaviour of the US bankruptcy court towards the issue of the ownership of the sukuk holders...

This study employed a novel methodological perspective to evaluate the impact of zakat on one of the sustainable development goals (SDGs), i.e., education. The study has employed macrolevel data on zakat spending collected from the zakat department of Khyber Pakhtunkhwa, Pakistan, and microlevel data from a renowned national survey, the Pakistan Social and Living Standards Measurement Survey (PSLM). Based on the data set used for empirical analysis, a multilevel model was used to control the effect of intraclass correlation. The findings of this study confirmed that zakat spending by the public sector reduces deprivation in education. Hence, the households benefiting from zakat allocations are less likely to face barriers in accessing education. Furthermore, the study shows that educated and female-headed households are less likely to experience deprivation, emphasizing the importance of empowering such households as a strategy to reduce educational inequality. However, the mechanism of zakat disbursement should be refined and made transparent to pursue SDGs by empowering individuals through quality education, vocational training, and enhancing technical skills, which may ultimately reduce poverty in the country. In addition, the method ology adopted in the study opens doors for further research to decompose the results and design policies accordingly.