Banks of Malaysia

management in Tunisian banks: a trend toward real activities The purpose of this paper is to study the earnings management practiced by Tunisian banks under an economic context characterized by significant changes. The methodology used is based on qualitative and quantitative approaches. The results show that Tunisian banks use less discretionary loan loss provisions to manage earnings. As a result, banks are increasingly moving towards the real earnings management by the sale of securities and loan

islamiques ne suivent pas les mêmes stratégies parce qu’elles sont capables de se forger une capacité stratégique réelle. Les deux suivantes illustrent cela de manière plus précise avec les cas des banques ABC Islamic Bank et l’Islamic Investment Company of the Gulf. La dernière partie est une synthèse de ce que les banques islamiques nous apprennent en matière de management stratégique en situation d’environnement intense. Finalement, en guise de conclusion, nous offrons quelques propositions et recommandations

E U RO P E A N C E N T R A L B A N K THE INTERNATIONAL ROLE OF THE EURO JULy 2010 T H E I N T E R N AT I O N A L RO L E O F T H E E U RO J U Ly 2 010 THE INTERNATIONAL ROLE OF THE EURO J U LY 2010 In 2010 all ECB publications feature a motif taken from the €500 banknote. © European Central Bank, 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu

Conseil de Réserve Fédérale, la Banque d’Angleterre, les institutions financières internationales comme le FMI et la Banque Mondiale et des centres académiques prestigieux comme les Universités de Harvard et de Rice aux Etats Unis et la London School of Economics et l’Université de Loughborough au Royaume Uni. Il a également fait l’objet d’une couverture favorable dans la presse occidentale. Les prévisions futures devraient être meilleures surtout si l’instabilité qui prévaut actuellement dans le

de Crédit), et Adnan Abdulla Al- Bassam (Manager, Département de l’Audit Interne). Autorité monétaire du Bahreïn : Anwar Khalifa al Sadah (Directeur, Directoire de Contrôle des Institutions Financières). Bank Islam Malaysia Berhad, Kuala Lumpur : Abdul RazakYaakub, Chef de Département Risk Management. 9 Citi Islamic Investment Bank, Bahreïn : Aref A. Kooheji (Vice- Président, Global Islamic Finance).

Skully.M, (2007) “Alternative investments: definition, importance and risks.” Retrieved from https://www.finsia.com/docs/default-source/jassa- new/jassa 2007/3_2007_alternative_investments.pdf?sfvrsn=bed2de93_6 [7] SCHOLES. S. M, (n.d) “THE NEAR CRASH OF 1998: Crisis and Risk Management.” Retrieved from http://ww.andreisimonov.com/Microstr_PhD/90020017.pdf [8] Oaktree (2016). “Oaktree Capital Management, L.P.” Retrieved from https://www.oaktreecapital.com/docs/default-source/default-document- library/oaktreeinsights_real-estate_final

advantage when it is able to differentiate itself in the marketplace, generates greater revenues and operates at lower costs than its competitors. In addition, innovation “the application of new ideas to the products, processes or any other aspects of firm’s activities” (Rogers, 1998b, p. 5) has become one of the key drivers for firms to operate profitably and compete sustainably in the globally linked economies. Porter and Stern (2002) asserted that firms operating in advanced nations whose

1991, p. 146. Monzer Kahf, “Islamic banks: the rise of a new power alliance of wealth and shari’ah scholarship”, in Clement Henry and Rodney Wilson, (editors), The Politics of Islamic Finance, Edinburgh University Press, 2004, p. 19. 3 Rodney Wilson, The Development of Islamic Finance in the GCC, Centre for the Study of Global Governance, London School of Economics, London, 2009. 4 Rodney Wilson, Étatisme versus Market Driven Islamic Banking: The Experiences of Iran and the Arabian Peninsula Compared

characteristics of each segment. | Main establishment countries | Main characteristics | Natural market | European UnionAustraliaUnited States of AmericaCanada | The consumption of cheese has been traditional for centuries.Natural and melted cheeses are always sold successfully.It is required to meet the consumers' expectations (products relieved, produced in portions, flavored products) | High growth market | Middle EastEgyptSyriaLibanNorth Africa | The consumption of foreign cheeses of has been

Organization of Islamic Finance Institutions (AAOIFI), et bien d’autres encore. Enfin la finance islamique aura besoin aujourd’hui de construire définitivement un business modèle, fiable, moderne, complet, global et surtout universel. k.labniouri@gmail.com Abstract The future development of the Islamic finance system through a substantial increase in managed Islamic assets is dependent on two principal pillars: the sustainability of the financial strength of Islamic banks and their ability