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industry “to go it alone”. Institutions such as the U.S. Treasury, the U.K. Treasury, the
International Monetary Fund, the World Bank, and the Basel Committee of the Bank of
International Settlements, are all engaging with the sector in an attempt to “demystify” it
and to promote global and industry best practice through the introduction of universal
prudential and supervision standards". KPMG report (2007), p.19.
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Ali, S.S. (2007) "Financial Distress and Bank Failure: Lessons from Closure of Ihlas Finans in
Turkey", Islamic Economic Studies, 14(1,2), Aug. 2006 & Jan. : 1-52.
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 J &-" .&" : !"#$ %&'#* +,

Islamic Banks and Financial Stability:

An Empirical Analysis Discussing the Results of an IMF
Working Paper

Ahmed M. Belouafi
Islamic Economics Research Centre
King Abdulaziz University, Jeddah, Saudi Arabia
abelouafiou@yahoo.com

Abstract. This paper discusses the results of the working paper

published in January 2008 under the title "Islamic Banks and Financial
Stability: An Empirical Analysis", by Martin Čihák and Heiko Hesse;
two IMF researchers. The scope of the discussion comes under three
headings: Financial Stability: definition and importance, overview
about the working paper and its methodology, and results and
discussion. During the discussion the paper identifies some important
areas that need more investigation and analysis.

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