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Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in the global Halal economy.

The first section will briefly describe the Halal concept in both Islamic finance and Halal industries, and the growth of both sectors in Asian countries. The second part highlights the review of Asian consumers’ perception towards Islamic finance products and Halal products.

The review found that the consumers’ perception towards the Islamic finance products and Halal products is distinctive. This is due to the diversity of Asian countries in terms of geography, religion, culture, ethnic, school of thoughts (madzahib), income per capita and government’s involvement.

The third part of the chapter concentrates on planning towards Halal marketing, which involves the move and future challenges in different layers of industries to gear up and strengthen the Halal economy.

This chapter investigates the presence of a difference in the systemic risk level between Islamic and conventional banks in Bangladesh. The authors compare systemic resilience of three types of banks: fully fledged Islamic banks, purely conventional banks (CB), and CB with Islamic windows. The authors use the market-based systemic risk measures of marginal expected shortfall and systemic risk to identify which type is more vulnerable to a systemic event. The authors also use ΔCoVaR to identify which type contributes more to a systemic event. Using a sample of observations on 27 publicly traded banks operating over the 2005–2014 period, the authors find that CB is the least resilient sector to a systemic event, and is the one that has the highest contribution to systemic risk during crisis times.

The purpose of this chapter is to reflect the impact of mergers and acquisitions processes on performance of Islamic banking industry in the United Kingdom through studying within.

The present research uses explanatory approach in order to examine the research problems, methodology used in the research is quantitative methods through calculating the long-term share prices performance of the UK Islamic banks’ sample. First, the researchers use the control Islamic bank in the event-time approach. The researchers calculate annual abnormal returns using the buy-and-hold abnormal return (BHAR) method over a period of five years, counting from the quarter of a year when the transaction is said to be effective.

The research findings found that there are significant differences in the Islamic mergers and acquisitions post-long-run performance of the UK Islamic banks to the control the crises that face the United Kingdom from 2007 to 2010. However, the acquiring Islamic bank in high-tech industries had a negative effect on their long-term performance.

The present research has been applied for the Islamic banking industry in the United Kingdom after the Western Europe industry from 2007 to 2010.

The main implementations of the present research is valuing UK banks carried out the Islamic mergers and acquisitions of a broad range of management disciplines encompassing the financial, strategic, behavioral, operational, and cross-cultural aspects of this challenging and high-risk activity.

The Islamic mergers and acquisitions have placed a significant amount of value added on the motivation of large banks for engaging in banking mergers and acquisitions’ transactions.

This chapter aims to explore and examine the extent of Islamic corporate governance practices in 35 Islamic Financial Institutions (IFIs) in Malaysia, Gulf Cooperation Council countries and the United Kingdom, particularly in its six major areas, namely approaches to Islamic governance, regulatory framework and internal policies, roles and functions of shari’ah board, attributes of shari’ah board members on independence, competency and transparency, and confidentiality, operational procedures and perception of IFIs of the shari’ah board’s performance. A questionnaire was developed by benefiting from the Islamic corporate governance standards identified by International Financial Services Board and Accounting and Auditing Organization for IFIs, which included mainly about 50 standards with sub-sections as questions. The study demonstrates the state of Islamic corporate governance practices in these countries. The survey findings affirm that there are significant differences and diverse Islamic governance practices amongst IFIs in the case countries. The study hence provides evidence that there are shortcomings and weaknesses to the existing governance framework, which needs further enhancement and improvement.

We commence answering the above questions first with an extension of the definition of Economy given by Gerard Debreu (1959). Choudhury (1999a) has extended Debreu's formulation by introducing the learning parameter of unity of knowledge. The ethically induced economy in the light of conscious oneness is a complex relational universe of its micro-parts. These comprise prices, quantities, incomes, resources, preferences and production menus, and technological choices. These are studied in relation to multimarkets and their agents represented by vector-variables of each of the above-mentioned categories. All of these categories of the representing variables are mutually interactive according to the interactive, integrative, and evolutionary (IIE)-learning processes (explained earlier) by the medium of knowledge-flows that emanate from the episteme of conscious oneness.¹

This chapter aims to examine Bank Negara Malaysia’s (BNM) approach in fulfilling its financial consumer protection mandate from unfair contract terms and the statutory framework relevant for consumer protection in the domestic market. This is a qualitative-based research. Using content analysis, this study analyses BNM’s Financial Stability and Payment Systems Report from 2012 to 2016, specifically on the ‘market conduct and consumer empowerment’ to explore BNM’s prudential regulatory, supervisory and consumer protection roles in protecting bank consumers from unfair contract terms. It is found that even if a number of standards and guidelines have been issued by BNM in improving ‘fairness and transparency’, the potential risk facing bank consumers from unfair terms in standard consumer contracts of Islamic banks especially where terms may be unfair or unclear remains unchanged. This study recommends that BNM as the Central Bank and financial regulator of Malaysia promotes self-regulation of the Islamic banks by adopting value-based banking of a consumer-focussed culture in delivering an effective protection for consumers from unfair contract terms and empowering them in their dealings with Islamic banks in Malaysia. This study will be helpful in bringing a policy formulation by BNM in identifying their weak areas and suggesting improvements in pursuing a strong consumer protection agenda from unfair contract terms.