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This title examines the resilience of Islamic banking during the global financial crisis and the subsequent recession. Do Islamic financial institutions perform better during periods of financial stress? How do Islamic financial institutions manage risk, given their unique characteristics and the need for Shari’ah compliance? This volume looks at the challenges for Islamic financial institutions in an international post-Basel II system where banks are required to have more capital and liquidity. It also examines the influence of governance on client and investor perceptions and their implications for institutional stability and sustainability. It assesses how Islamic banks weathered the financial crisis and what lessons can be learnt. It focuses on liquidity risk and the use of forward contracts to mitigate currency risk. It appraises the work of internal Shari’ah audit units and the use of Shari’ah reports to reduce non-compliance risks. It includes case studies from the Gulf, Malaysia, the UK, Pakistan, Turkey and GCC countries. It appraises the work of internal Shari’ah audit units and the use of Shari’ah reports to reduce non-compliance risks.