Saudi-Malaysia bourses in deal to develop Islamic financial services

Malaysia and Saudi Arabia, the world’s two largest Islamic financial services markets, formed ties to help the industry grow at a greater clip in both the countries.

A report released by the Oxford Business Group (OBG), a global publishing and consultancy company producing annual investment and economic reports on more than 30 countries, said: “A cooperation agreement between the bourses of Malaysia and Saudi Arabia stands to help the industry grow at a greater clip in both countries.”

The report said that the deal, signed recently, will see the exchanges in Kuala Lumpur and Riyadh share expertise and develop human resources jointly.

It covers topics such as equities, mutual funds and sukuk (Islamic bonds) and comes after an agreement between Malaysia’s central bank and the UAE in October on bolstering economic ties, including in the arena of Islamic finance services.

According to official statistics, the Saudi Arabia and Malaysia jointly hold $682 billion in Islamic banking assets.

Tadawul, the Saudi stock exchange, lists the world’s biggest Islamic banks, while Bursa Malaysia hosts the largest and most liquid market for sukuk.

Moreover, the Malaysian market is set to expand this year due to greater international interest.

A recent report by international ratings agency Standard and Poor’s (S&P) said: “Malaysia already benefits from a broad sukuk investor base and liquid debt market. So the increased interest from issuers, notably in the Middle East and Asia, in tapping the Malaysian ringgit and dollar market should in our view continue over the next few years as Malaysia cements its leading position in the industry.”

Moreover, major international investors, too, are extending Malaysia’s clout in Islamic finance as the country has the right landscape and regulatory framework to further spur the development of talent in Islamic finance, which contributes largely to GDP at around nine percent so far.

According to AIG, the US-based insurance company, it is planning to start a Shariah-compliant reinsurance business, by June this year, in Malaysia — a country that accounted for 11 percent of the $20 billion global Takaful (Islamic insurance) market in 2013

According to experts the tie-up would ensure Islamizing businesses by making procedures Shariah-compliant. They feel it will boost Islamic finance sector and help adopt Shariah-compliant laws as many countries have setup regulatory frameworks to facilitate the development of Islamic finance products such as sukuk, but none has drafted Shariah-compliant laws that could be used to

settle the disputes that arise from their use.

This could provide an edge for the sector, which is already viewed as a model Islamic system.

Islamic financial assets are currently valued at $1.3 trillion and S&P expects the industry to grow at 20 percent annually from 2011 to 2015.

Linking up with the Gulf Cooperation Council (GCC) countries will help spread and develop Malaysian expertise on Islamic finance in general and the sector at large.

(Arab News / 23 March 2014)

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Islamic Banking and Financial Services

With Islamic Banking gaining popularity in the modern financial sector, at least three books on this subject hit the stalls in India in 2013

 The first book ‘INTEREST-FREE BANKING by Nazir A Nazir and Khurshid A Butt was published by Department of Business and Financial studies, Kashmir University. The second book GLOBAL ECONOMIC CRISES and ISLAMIC PERSPECTIVE by B Syed FazalHuq published by The New College, Tamil Nadu, and the third ISLAMIC BANKING and FINANCE authored by Ismail and Rehman. 

 The first two books are the outcome of international conferences where a variety of papers, rich in content, were presented. The third book is the result of academic venture undertaken by the young author.

 The first book is spread over nineteen chapters and the second accommodates fifty seven chapters on different sub-themes duly supported by empirical evidences. The third one presents conceptual framework in ten comprehensive sections. 

 In totality these books put forward intellectual discourses on various themes and come up with workable solutions from Islamic economics, banking and finance perspective, to so many issues of contemporary relevance as detailed hereunder:

• Regulatory framework and institutional mechanism for Islamic finance, banking and insurance,
•Islamic micro-finance models, social responsibility and sustainable development,
•Legal and regulatory challenges for developing an interest free economy,
•Recent economic melt-down and solutions available in Islamic Finance.
• Entrepreneurship development and interest free banking in 21st century,
• Islamic perspective and responses for global economic crises,
• Role of Zakat in reducing the gap between haves and have-nots,
•Growth and distributive justice in the economic system of Islam,
•Industrial cluster development through Islamic finance perspective,
•Scope and challenges for Islamic banking for inclusive growth and social uplift,
•Prudential approach for investment in shariah compliant share market and Islamic indices ,
• Role of Islamic banking in framing an egalitarian society,
• Islamic fund- asset management- venture capital- insurance-housing finance, etc. 

 Islamic banking and finance primarily focuses on value addition through an effective and productive process to widen the gap between input and output. This system has zero tolerance for wastage of resources and the people associated put in dedicated efforts to their best capabilities in order to enrich the process. The value addition thus generated is mutually shared by all the stakeholders as agreed upon by them on fair basis.

 At present there is shortage of human resource in Islamic Banking and Finance to run such institutions. 

 No doubt some scholars have done commendable research work in this branch of knowledge for award of doctoral degrees and now are working in different international universities and Islamic banks. Institute of Objective Studies, New Delhi has been putting in sustained efforts to sensitize the general public across the country with regard to Islamic banking and finance and organizes seminars, workshops and conferences for the academics and financial experts. 
 Islamic economics-banking-financial services and Islamic accounting are now comprehensive courses of study and have gained an independent status of academic 
discipline. To develop human resource in this branch of knowledge is quite essential in the context of employability. An additional degree or Diploma must be obtained by all those who want to work in Islamic financial institutions across the globe. 

 In this context it may be said that Aligarh Muslim University offers Masters Programme in Islamic Economics. Post Graduate Diploma in Islamic Economics and Finance (PGDIEF) is offered by Al-Jamia-al-Islamia, Kerala. However, both these programmes are transacted through formal mode of education to make stay of learners on the campus mandatory. 

 All the three books offer a very interesting read as the text is well drafted in a lucid style. 

The editors, contributors and authors of these books deserve appreciation for their sincere and serious efforts for discussing the issues pertaining to humankind and attempts they made to analyse vital economic crises confronting the global economy. The books under review can prove of great academic utility to research scholars, banking practitioners, subject matter specialists, policy makers and business academics. 

 Based on the bibliography, webliography and references to the context forming an essential part of these books one interested in will be in a position to develop a good personal library on the subject.

(Kreater Kashmir / 05 Jan 2014)
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Oman: New developments in Islamic financial services

A new index for Oman’s stock exchange is expected to provide a boost to the Sultanate’s nascent Islamic financial services sector and lead the way for additional sharia-compliant products.

In early June, the Muscat Securities Market (MSM) announced that it was close to launching a new index, one for listed companies that operate according to the principles of sharia, as set down by the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.

To be known as the MSM Sharia Index, the benchmark will contain 31 listings. Industrial firms will be the best represented, with 18 companies, followed by 10 from the services sector and three from the financial industry.

This is the inverse of the MSM30, the exchange’s primary index, which is heavily weighted towards banks. The low number of financial firm listings in the new index can, to some degree, be explained by Oman’s late entry into the sharia-compliant finance field, with authorisation for Islamic banking coming only in 2011.

One of the smaller Gulf exchanges, the MSM has a market capitalisation of around $30bn (compared to a GDP of about $72bn), with 165 companies trading on its boards.

To ensure that the companies listed on the MSM Sharia Index continue to comply with Islamic business principles, quarterly reviews of their activities will be conducted, a process aimed at both maintaining standards and promoting confidence in the products being offered to investors.

The index is the latest development in Oman’s Islamic financial services market, which has been in existence since Sultan Qaboos bin Qaboos Al Said issued an enabling royal decree in May 2011. Since then, two new institutions – Bank Nizwa and Al Izz International Bank – have acquired banking licences, while established conventional lenders have opened Islamic windows.

In 2012 both Nizwa and Al Izz floated initial public offerings (IPOs), in line with the central bank requirement that they list at least 40% of their shares. The IPOs were strongly oversubscribed, suggesting an appetite for Islamic products on the MSM.

Sharia-compliant banks are expected to draw in new customers rather win market share from their conventional counterparts. As Hamood bin Sangour bin Hashim Al Zadjali, executive president of the Central Bank of Oman (CBO), told OBG in 2012, “The CBO ... believes that the advent of Islamic banking in Oman will complement existing conventional banking, augment financial inclusion and promote growth in the economy for years to come.”

According to Pradeep Asrani, managing director of investment services firm Gulf Baader Capital Markets, Islamic banks will capture a market share of up to 5% within two years, which in turn could promote further expansion into sharia-compliant investment funds and brokerages, as well as sukuks (Islamic bonds).

More generally, the availability of Islamic banking and other financial services is expected to act as a spur to the market and to the economy as a whole. In 2012, Ahmed bin Saleh Al Marhoon, the MSM’s director-general, told OBG that the introduction of Islamic banking would inject more liquidity into local capital markets as individuals seeking sharia-compliant investment options would no longer have to look abroad. The new MSM Sharia Index will provide one more reason for these investors to place their funds locally.

(Oxford Business Group / 28 June 2013)

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New developments in Islamic financial services

A NEW index for Oman’s stock exchange is expected to provide a boost to the Sultanate’s nascent Islamic financial services sector and lead the way for additional sharia-compliant products. In early June, the Muscat Securities Market (MSM) announced that it was close to launching a new index, one for listed companies that operate according to the principles of sharia, as set down by the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.

To be known as the MSM Sharia Index, the benchmark will contain 31 listings. Industrial firms will be the best represented, with 18 companies, followed by 10 from the services sector and three from the financial industry. This is the inverse of the MSM30, the exchange’s primary index, which is heavily weighted towards banks. The low number of financial firm listings in the new index can, to some degree, be explained by Oman’s late entry into the sharia-compliant finance field, with authorisation for Islamic banking coming only in 2011.

One of the smaller Gulf exchanges, the MSM has a market capitalisation of around $30 billion (compared to a GDP of about $72 billion), with 165 companies trading on its boards. To ensure that the companies listed on the MSM Sharia Index continue to comply with Islamic business principles, quarterly reviews of their activities will be conducted, a process aimed at both maintaining standards and promoting confidence in the products being offered to investors.

The index is the latest development in Oman’s Islamic financial services market, which has been in existence since the His Majesty Sultan Qaboos issued an enabling Royal decree in May 2011. Since then, two new institutions — Bank Nizwa and Al Izz International Bank — have acquired banking licences, while established conventional lenders have opened Islamic windows. In 2012 both Nizwa and Al Izz floated initial public offerings (IPOs), in line with the central bank requirement that they list at least 40 per cent of their shares. The IPOs were strongly oversubscribed, suggesting an appetite for Islamic products on the MSM.

Sharia-compliant banks are expected to draw in new customers rather win market share from their conventional counterparts.

As Hamod bin Sangour bin Hashim al Zadjali, Executive President of the Central Bank of Oman (CBO), told OBG in 2012, “The CBO... believes that the advent of Islamic banking in Oman will complement existing conventional banking, augment financial inclusion and promote growth in the economy for years to come.”

According to Pradeep Asrani, Managing Director of Investment Services firm Gulf Baader Capital Markets, Islamic banks will capture a market share of up to 5 per cent within two years, which in turn could promote further expansion into sharia-compliant investment funds and brokerages, as well as sukuks (Islamic bonds).

More generally, the availability of Islamic banking and other financial services is expected to act as a spur to the market and to the economy as a whole.

In 2012, Ahmed bin Saleh al Marhoon, the MSM’s director-general, told OBG that the introduction of Islamic banking would inject more liquidity into local capital markets as individuals seeking sharia-compliant investment options would no longer have to look abroad. The new MSM Sharia Index will provide one more reason for these investors to place their funds locally.

(Oman Daily Oberver / 26 June 2013)

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MAS says it is committed to developing Islamic financial services in Singapore

SINGAPORE: Singapore's central bank said it remains committed to developing Islamic financial services in Singapore.

Commenting about the lapse of two tax incentives for Islamic finance recently, Assistant Managing Director of the Monetary Authority of Singapore (MAS), Ng Nam Sin, said this was "no reflection of MAS' continuing commitment to develop Islamic financial services in Singapore."

"Like all our tax incentives, they have a fixed tenure and in this case, of five years. It is useful to note that Islamic finance activities will continue to be incentivized alongside conventional finance activities under our other existing schemes," said Mr Ng.

But he pointed out that Singapore's proposition for Islamic finance must be broader than just tax advantage.

He said, "Singapore's success as an international financial sector stems from its high standards of regulation, deep and liquid capital market, the presence of international buy side players, and a critical mass of financial intermediaries with expertise to address a wide range of financing needs. It is these strengths that allow Singapore to support the growth of Islamic finance. "

Speaking at an event at Singapore Management University on Wednesday, Mr Ng said Singapore has seen many sukuk (Islamic bonds) issuances since 2001, with more expected in the pipeline. Other capital market instruments such as REITS and innovative investment funds have also seen good growth.

Meanwhile, banks from the region are contributing to the Islamic financial sector in Singapore. A growing cluster of banks from the Middle East region operating in Singapore has also started to offer Islamic financial services.

Given the strong growth potential for Islamic finance in Singapore, Mr Ng said MAS will provide an environment that is conducive for growth, support talent development and continue to refine its regulatory framework.  

(Channel News Asia / 03 April 2013)

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Malaysia-based Islamic Financial Services Board and ECB conducting study on Islamic finance

DUBAI: The European Central Bank and the Malaysia-based Islamic Financial Services Board (IFSB) are conducting a joint study on policies affecting Islamic finance in Europe, the IFSB's top official told Reuters.

"We are doing a joint study with Europe's central bank which brings together European scholars and regulators to examine a broad set of policy and regulatory issues in relation to Islamic finance in Europe," said IFSB secretary-general Jaseem Ahmed.

The IFSB is one of the main bodies setting standards globally for Islamic finance.

"What we are seeing is a strong public policy stance emerging, which I think is essential for Islamic finance to flourish on the continent. This is happening both within and outside the euro zone," Ahmed said.

An ECB spokesman confirmed to Reuters that the study was underway at the level of a research paper. He did not give an expected release date.

The study will be complemented on April 9 by the IFSB's annual forum, which will be hosted by the Bank of Italy in Rome. The forum attracts regulators and market players from the Islamic finance industry, which grew to $1.55 trillion in assets globally in 2012, according to consultants Ernst & Young.

The last time the 184-member IFSB held a forum in Europe was in Paris in 2009; since then the euro zone crisis has increased interest in Islamic finance, which follows religious principles such as a ban on interest and pure monetary speculation.

"There is broad recognition that relying only on an excessively leveraged and debt-fuelled financial system has great risks. There is a corresponding stress on equity financing in the post-crisis environment," Ahmed added.

"I think the global crisis has really brought Islamic finance to the front, if not yet the centre, of the stage."

In November 2009 Mario Draghi, then governor of Italy's central bank and now president of the ECB, called the growth of Islamic finance a "welcome development", adding that it raised some "intriguing questions" for financial markets.

Draghi's successor at the Bank of Italy, Ignazio Visco, will be joined at next month's IFSB forum by officials from the ECB, Italy's finance ministry and other central bankers to discuss the "European challenge", according to the forum's schedule.

REGULATORY SUPPORT

Partly because it has the support of cash-rich Islamic funds from the Gulf, Islamic finance fared relatively well during the global financial crisis, and it is expected to keep growing; 150 new Islamic financial institutions will be needed globally by 2020 to satisfy demand, according to consultancy Oliver Wyman.

The IFSB has taken steps elsewhere to win regulatory support for Islamic finance. In October, it signed an agreement with the Asian Development Bank, which would see the ADB encourage member countries to adopt IFSB standards.

The Italian central bank doesn't have a specific standing group studying Islamic finance, but it follows industry trends and developments on a regular basis, according to a Bank of Italy spokesman.

The Bank of Italy's research department noted in a paper in 2010 that the industry could be hampered by problems including governance structure, regulation, a lack of monetary policy instruments and liquidity management.

The experience of Mediofactoring, a fully owned subsidiary of Intesa Sanpaolo, Italy's biggest retail bank, which explored Islamic financing options but did not go ahead with a deal, shows that companies in Europe can find Islamic transactions uneconomic without regulatory support.

"We have tried but it was very difficult to put in place a structure that was fiscally efficient," Mediofactoring's chief executive Rony Hamaui, who will be a speaker at the forum, told Reuters.

"Unfortunately in Italy very little is being done in Islamic finance...We talked to the Treasury regarding sukuk (Islamic bonds), but for the government it is not a major focus."

Sukuk will be one of the major themes in the IFSB forum; Islamic bonds have gradually moved into the mainstream as a viable funding option for both governments and corporates. Over $121 billion worth of sukuk were issued around the world in 2012, according to Thomson Reuters data, up from around $85 billion in 2011.

So far, the closest which Europe has come to issuing a sovereign sukuk was in 2009, when Britain prepared its first-ever issuance, which would have been a rare AAA-rated issue in the industry.

"Four years ago we worked on structuring the UK's sukuk issuance, but the UK postponed the issue due to a view that the transaction would not provide value for money," said Farmida Bi, European head of Islamic finance at Norton Rose in London.

"The UK Treasury has made it clear they are not going to revisit this issue for now."

But British regulators have introduced legislation facilitating Islamic finance, which could serve as a reference for other European countries.

"Where the UK's approach to Islamic finance is helpful is in creating a level playing field, where there are no tax or regulatory incentives or penalties for Islamic transactions, thus creating a pragmatic way of dealing with it," Bi said.

( The Star Online / 12 March 2013)

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Malaysia: New Islamic Financial Services Act to enforce management of syariah non-compliance risk

KUALA LUMPUR: The new Islamic Financial Services Act (IFSA) 2012 will statutorily enforce the management of syariah non-compliance risk and require Islamic financial institutions to ensure that their aim, operation, business, affairs and activities are syariah-compliant at all times.

“This is perhaps one of the most distinctive features of the IFSA 2012,” said International Islamic Banking Liquidity Management Corp chief executive officer Prof Datuk Dr Rifaat Ahmed Abdel Karim in a statement.

The act, which is pending Royal Assent, requires that any failure to abide by this statutory requirement has to be immediately notified to the regulator and the syariah committee of the financial institution.

Furthermore, the financial institution is required to immediately cease continuing with the business or activity, which is the cause of the non-compliance, and submit a plan for the rectification of the non-compliance to the regulator within 30 days.

“This strict provision is in line with the principal regulatory objectives of the act, which aims to promote financial stability and compliance with syariah,” he said in his lecture on The Significance of Supervision and Regulation in Islamic Finance at the International Centre for Education in Islamic Finance.

The new act, which is expected to come into force this year, seeks to consolidate the Islamic Banking Act 1983 and the Takaful Act 1984.

“When it comes into force, it will be a landmark law, perhaps the only omnibus Islamic finance legislation in the world,” he added.

(The Star Online / 06 Feb 2013)

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Bank Nizwa signs MoU for Islamic financial services

MUSCAT -- Bank Nizwa , the first Islamic bank in the Sultanate of Oman, recently signed a Memorandum of Understanding (MoU) with Capitas Group International (CGI), a leading management firm specialising in Sharia compliant finance. Under the MoU, both firms will collaborate to create specialised financial platforms in the Sultanate by tapping into their combined skills and resources, brought forth by the alliance.
CGI is a Jeddah-based company formed in partnership with the Islamic Development Bank's private sector arm, the Islamic Corporation for Development of the Private Sector (ICD). The company establishes financial services businesses to fill the unmet demand for Shari'a compliant finance in OIC member countries.

Commenting on the MoU, Dr Jamil el Jaroudi, CEO of Bank Nizwa said, "The MoU with CGI is in line with Bank Nizwa 's efforts to elevate the financial services industry in Oman. Through this strategic partnership we will jointly develop, launch and manage financial platforms and thus promote Islamic Banking and Shari'a compliant products that benefit the customers.

"With the recent Royal Decree in place Islamic finance is now a bonafide component of the Sultanate's financial infrastructure. The strength of CGI is based on the expertise of its management team which has extensive experience in Sharia compliant finance. This strength is a critical component for the development of Islamic finance at this early stage in Oman."

In the MoU, Bank Nizwa and CGI have laid down key primary goals, namely to launch a mono-line mortgage finance company and to create a housing development finance programme. "As the first Islamic Bank in Oman, Bank Nizwa is uniquely positioned to act on our main goals under the MoU. Working with the Bank's trained staff and leveraging its sophisticated processes, CGI looks forward to deploying its expertise and assisting in the overall development of the Islamic finance sector in Oman. This includes leveraging the relationship with our partners, ICD," stated Naveed Siddiqui, CEO of CGI.

Bank Nizwa is committed to serve the people of Oman by applying fair practices as laid down by the Sharia and by creating job opportunities. The signing of the MoU is aimed at the organic growth of the financial sector in the Sultanate. Bank Nizwa has a pool of knowledgeable and well-trained staff and its world-class software and internal systems are directed towards benefiting the valued customers. Hence the strategic alliance in consultation with each other will explore opportunities in the business sectors mentioned above and will assess their viability in the Sultanate of Oman.

The MoU is a reflection of Bank Nizwa 's efforts to provide quality financial services and comes at an opportune time as Bank Nizwa prepares for its opening.

The bank is in a state of readiness and will open its doors and offer Islamic banking products and solutions to the Sultanate by the beginning of 2013.

Having received the banking license from the Central Bank of Oman the Bank is currently undertaking a comprehensive internal test of its systems and processes, as a precursor to the public launch.

In addition to its work in Oman, CGI is active in several other OIC markets including Saudi Arabia, Morocco, and Tunisia. The Company's senior managers are experts in the field of real estate finance who have established leading Shari'a compliant financial services companies in the United States and Dubai and are now launching a national home finance company in Saudi Arabia. CGI has also held a key role in the structuring and setup of a SAR 1 billion SME Fund which is being sponsored by ICD and the Islamic Development Bank.

(Zawya / 30 Dec 2012)


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Sri Lanka: CDB partners with ADL Capital to offer Islamic financial services

Citizens Development Business Finance PLC (CDB) will venture into the expanding domestic market of Islamic Finance with the scheduled launch of the company’s Sharia’h compliant Independent Finance Unit branded “CDB Meezan” shortly. The specialised Unit will operate under the overall ambit of CDB and will roll out a range of deposit and financing products and services to its entire clientele.

The setting up of “CDB Meezan” was facilitated under the expert guidance and supervision of SEC registered Investment Manager, Adl Capital Limited - a Market Intermediary which in addition to its Fund Management role specialises in structuring turnkey Islamic Financing solutions to the local and overseas industry. These include, establishing fully-fledged Islamic banking units and product structuring for licensed banks/registered finance companies/leasing companies. Adl Capital’s corporate advisory functions also includes structuring Shariah compliant products for the Capital and Equity Markets, and offers specialized staff training and Shariah-based financial advisory services to private businesses.

“We have been exploring the possibilities of launching Islamic Finance for a while now, however, in seeing that the demand for these products is on the increase in the recent times, we believe it is a timely start to offer Islamic Financial products to our customers,” said Roshan Abeygoonewardena, Director/Chief Operating Officer of CDB. 

Associate Director of Adl Capital Limited, Sabri Abdul Cader commenting at the conclusion of the company’s assignment said, “The entry of CDB Meezan into the world of Islamic Finance is testimony to the resilience that the domestic IBF sector has demonstrated in Sri Lanka’s 15 year history of Islamic Banking & Finance. We are delighted to partner CDB in this endeavor. With the guidance and support from learned and reputed scholars, we are confident that CDB Meezan will deliver value and benefits to all its stakeholders”.

(The Nation / 22 July 2012)

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