Opinion: Islamic Finance On the Verge of a Tipping Point

Will the year 2014 be a tipping point for Islamic finance? It’s a question on the minds of many inside the rapidly growing industry, as a confluence of factors came together in 2013 that could portend a structural shift in how the world views Islamic banking products and the Islamic consumer. In order for the tipping point to be achieved, the industry must move beyond its traditional hubs of Malaysia and the Gulf states and expand across emerging markets, Europe and the United States.

In October 2013, British Prime Minister David Cameron noted that the UK will issue a sukuk, an Islamic bond, making the United Kingdom the first non-Muslim sovereign to do so. He said the UK intends to issue the sukuk in early 2014. Though small in size—the talk was of a 200 million British pound offering—the bond would represent a symbolic breakthrough and pave the way for more substantive offerings.

David Cameron’s government has assembled a team of Islamic finance and industry experts to fashion a strategy for London to compete with Kuala Lumpur, Bahrain and Dubai as an Islamic finance capital. Competition would be good for the industry as a whole, and London’s “stamp of approval” could also serve as a catalyst for growth in other European capitals.

Meanwhile, in the United States, a Washington-based investment bank, Taylor-DeJongh, is leading an effort to package Islamic financing in the form of a security for a major US rail car operator. Continental Rail, a carrier of freight along the east coast, would be among the first major US businesses to receive such financing. That the story was reported in the influential DealBook section of the New York Times’ business pages should be considered a sign in and of itself. Entitled “Islamic Banks, Stuffed With Cash, Explore Partnerships With the West,” the story ran on the front page of the business section: a wake-up call to all of New York’s investment-banking community.

Taylor-DeJongh has assembled a team of five bankers with experience in Islamic finance who will seek to create innovative products for US companies looking to tap Islamic funds. No doubt others will follow TaylorDeJongh’s lead.

Muslim country sovereign wealth funds and banks based in Muslim countries have long invested in the United States’ equity markets, real estate, and other products, but investors who adhere to Islamic principles of finance are relatively new to the market. The key to the success of Islamic finance in the United States will be its roll-out and messaging. Unfortunately, the term “Islamic” could still be seen as threatening to US consumers. Even those who do not find the idea of “Islamic” finance threatening would view it as exotic and niche.

Thus, a strategy that aligns Islamic finance with the ethical investing movement in the United States would serve the industry well. Second, it should also be presented as a more secure, less risky model of finance. One of America’s most famous economists, Nouriel Roubini, recently said: “There is a need for a more resilient system, and that’s where there is potential for the Islamic system. It is less volatile and potentially more stable than conventional financial systems. The advanced economies can learn from the Islamic system in this respect,” he says.

But perhaps the most consequential factor fueling the tipping point argument might be the aggressive effort by Dubai, announced in 2013, to become the Islamic economy capital of the world. Dubai has a history of spotting a trend in its high growth phase and both riding that trend and reinforcing it. A good example is the rise of Emirates Airline, founded in 1985, and now on track to become the largest carrier in the world and a global brand icon. Emirates Airline both rode the trend of rising mass air travel and also fed the trend by creating more supply.

Dubai was already an important Islamic finance center, but the Emirate sees the story as larger than one of just banking. It has identified seven areas of growth, from halal food to Islamic consumer products to tourism and travel and cosmetics and pharmaceuticals. By growing the pie beyond finance, Dubai has demonstrated the enormous untapped potential of the Islamic economy. Indeed, a report issued by Thomson Reuters estimates the total value of Islamic business at 6.7 trillion dollars. IN GDP terms, this is only surpassed by China and the United States.

Malcolm Gladwell’s famous “tipping point” theory suggested that there is a “Law of the Few,” which posits that a few key types of people must champion an idea before it reaches its tipping point. He calls them “Connectors” and “Salesmen.” Dubai has been playing these roles for the past two decades, even for more than a century, and the emirate’s recent win to host Expo2020 cements its reputation as a global city.

Finally, Dubai’s push is not a passing fad. It is backed at the highest levels of the government. The fact that UAE Prime Minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum appointed his trusted son and heir apparent, Sheikh Hamdan Bin Mohammed, to lead this effort and brought in one of the Arab world’s most capable government advisors, Mohammed Gergawi, to chair the Board, suggests a seriousness of purpose and longevity in implementing the plan.

From rail cars in the US to a British Prime Minister’s promised sukuk to the full weight of Dubai, Inc., pushing forward a strategy of growing Islamic business, the signs of a tipping point abound.

(Ashraq Al-Awsat / 05 Jan 2013)

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IIFM reviews key Islamic finance initiatives

MANAMA: Bahrain-based International Islamic Financial Market (IIFM) continues to spearhead initiatives for Islamic capital and money market (ICMM) standardisation, board members were told at a meeting.

Hosted by ABC Islamic Bank at its office, the IIFM's 29th board of directors meeting was attended by directors and senior representatives from Central Bank of Bahrain, Bank Indonesia, Central Bank of Sudan, Autoriti Monetari Brunei Darussalam, Labuan Financial Services Authority (Malaysia), Islamic Development Bank, ABC Islamic Bank, Kuwait Finance House-Bahrain, Standard Chartered Saadiq, Mashreq Al Islami and Credit Agricole Corporate and Investment Bank.

IIFM chairman Khalid Hamad presided over the meeting which reviewed progress on ongoing initiatives related to collateralised murabaha liquidity management documentation and both Islamic cross currency swap and Islamic foreign exchange forwards.

The board also appreciated the work undertaken by IIFM and its partner International Swaps and Derivatives Association for creating legal certainty with the soon-to-be-issued legal opinion on English Law which will greatly assist the market in further implementation of the 'Tahawwut Master Agreement'.

The publication of IIFM's documentation standards and guidelines for Islamic hedging and liquidity management was also welcomed.

The directors reaffirmed their earlier decision on the sukuk standardisation initiative by IIFM.

IIFM chief executive Ijlal Ahmed Alvi said the organisation has already started the consultative process.

He added that the IIFM is considering not only developing guidelines which will help the primary and secondary market but also the development of sukuk structure and documentation standards.

(Gulf Daily News / 01 Jan 2014)

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Islamic finance industry will grow in 2014: AlHuda

Islamic finance is expected to grow rapidly worldwide in 2014 to reach $2tn, where the share of Islamic banking will be 78% of the whole industry, 16% for sukuk, 4% for Islamic funds, 1% for the Takaful system and 1% for Islamic microfinance, AlHuda Centre for Islamic Banking and Economics (CIBE) said in a statement.

The growth rate of the Islamic finance system in Egypt will come close to that of the traditional sector, said former chairman of Misr Iran Development bank Ismail Hassan.

Islamic finance has existed in Egypt for a long time, Hassan stressed, furthering that many banks are based on interest-free banking such as the Faisal Islamic Bank of Egypt and Albaraka bank.

During former president Mohamed Morsi’s rule, sukuk was deemed a financial tool which would help achieve large gains, according to the principles of Islamic sharia law. However, it has faced widespread criticism during Morsi’s administration for being “a political tool rather than an economic one”.

New rules will be submitted to the Egyptian government in January to facilitate the issuance of sukuk, Chairman of Egyptian Financial Supervisory Authority (EFSA) Sherif Samy told Reuters in December.

Samy added that EFSA emphasises the importance of sukuk as a financial tool in the Egyptian market in order to “diversify funding sources and help develop the country’s capital market.

“The Islamic finance industry can be grown more through a synergistic approach and alliance with industry stakeholders rather than unregulated competition,” CEO of CIBE Muhammad Zubair Mughal noted in the statement.

As a result of the Arab Spring, the Islamic finance industry has shrunk in some Middle East and North Africa countries, Mughal said, furthering that there are chances of revival in 2014.

The Pakistani centre expected that Dubai and London will be the main contenders this year to be the global hub of Islamic banking and finance; meanwhile, Malaysia’s Kuala Lumpur “will attempt to be among them”.

Mughal stated that this industry’s growth will go into the double digits in 2014 to climb from the $1.6tn volume of trade in December 2013, adding that it will embrace the business of North African countries like Tunisia, Libya, Morocco, Senegal and Mauritania. However, he anticipated that it may face some troubles in Tunisia as well as Nigeria on political and religious grounds.

India and China may step towards Islamic finance in the current year “as more than 200 million Muslims are in search of a compatible financial system with their religious beliefs”.

Mughal expected that sukuk will grow with a rapid pace in 2014, and non-Muslim countries will benefit from it; however, the Takaful system is not expected to match such growth, he said.

The statement mentioned that international institutions such as the Islamic Development Bank (IDB) have declared that the Islamic microfinance industry can be a potential tool for poverty alleviation around the globe.

(Daily News Egypt / 01 Jan 2014)

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Malaysia: Islamic wealth management next phase of growth for Islamic finance

KUALA LUMPUR: Some two years ago, Malaysia’s former Prime Minister Tun Dr Mahathir Mohamad delivered a thought-provoking talk themed “Islamic Finance as the means for Revival of Islamic Renaissance.” He spoke at length on how managing wealth efficiently can contribute to a country’s growth.

What Dr Mahathir was trying to say was by leveraging on expertise and skills, especially in wealth management, a country can benefit not only from the spinoffs of the products but also the potential of the industry moving forward.

Managing wealth, according to him, is not just commercial sense, but it is also a duty and responsibility for Islamic bankers and financial experts to take on so that wealth can be better managed which can further lead to the awakening of Islamic renaissance.

“The wealth of the Muslims and their banking system should enable Islamic countries to grow and become fully developed.

“If they have not been able to develop their countries, it is due to their failure to acquire or innovate ways of using their resources and wealth in a productive way,” he said.

Dr Mahathir said wealth is not just for acquiring and enjoying the good things of life.

From wealth itself, it can create more wealth through management skills, through investments, through application of the resources acquired to produce goods and services and to trade.

Wealth does not only contribute to the development of good administration, but also the building of infrastructures, while at the same time eradicate poverty.

More importantly, wealth can contribute to the acquisition of knowledge, which is really necessary for a country to become a developed nation.

Why is this niche industry was given emphasis for the past few years? For some time now, the focus has been on the conventional wealth management but industry players and the investing public are gradually realising that the potential also lies through Islamic instruments.

Rising of high-net worth individuals despite crisis

One of the factors that prompt this changes is the rapid growth in the number of high-net worth individuals (HNIs) on the back of the global landscape uncertainties.

Who are these HNIs? HNI refers to individuals who have more than US$1 million liquid assets that are investable.

In Malaysia alone, it is estimated that the number of HNIs will double from its current 32,000 to 68,000 people in 2015; with their net worth increasing in tandem to US$330 billion from US$140 billion.

That is certainly a huge number which presents an enormous opportunities for Islamic bankers and financial players if they played their cards right.

But it does not stop only at the domestic shores, there are another big “slice of cake” across the Asian region to be tapped especially with most Asian countries are the ones that really create growth.

A report from Julius Baer, Asia will add 1.66 millionaires, 2.82 millionaires by 2015 as China and India, the world’s fastest-growing major economies, continue to mint millionaires.

It forecasted that the wealth of HNIs, those with US$1 million or more in investable assets, would nearly triple to US$15.8 trillion in the next five years to 2015.

The Swiss wealth manager has forecasted that China alone would register half of the millionaires in Asia, with combined wealth of US$8.8 trillion from the current 502,000 million HNIs, with investable assets totaling US$2.6 trillion.

It said India would more than double the number of HNIs to 403,000 by 2015, while Indonesia would see the highest growth rate in the number of wealthy people, up by a quarter to 99,000, Julius Baer said in 2011.

Meanwhile, on economic growth, the Asian Development Outlook (ADO) for 2013 has estimated that regional economic growth in the Asia-Pacific region would pick up to 6.6 per cent this year and reach 6.7 per cent in 2014.

Malaysia as Islamic wealth management hub in the region

Recognising this potential, there has been calls to make Malaysia an Islamic wealth management hub in the region.

This is to capitalise the current expertise and capacity and further cemented its position as one of the renowned Islamic financial centre in the world.

Among the calls were from the Securities Commission (SC), which said that many measures have been undertaken to encourage this industry to flourish and to allow Islamic fund management companies enjoy tax incentives.

According to the SC, there were 19 licensed Islamic fund management companies in the country as of July 2013.

So what is it that the industry players are lacking of? The regulator said the answer lies in innovation.

Industry players should look into innovative solutions that could be offered to their clients.

By the year 2020, Malaysia’s assets under management of Islamic funds are expected to hit RM322 billion from RM80 billion last year.

This RM80 billion represent about 16 per cent of the total industry assets, representing quite a significant market for the local Islamic funds.

Malaysia still retained its position as the world’s largest sukuk (Islamic bond) market, accounting for almost 70 per cent of global sukuk outstanding, as well as home to the world’s largest unit trust industry with 169 shariah-compliant funds.

With all these data, industry players have quite a big market and segments to choose from and by continuing to innovate and expand, this potential does not only lies in Malaysia but across the region.

There are currently 27 commercial banks (with local and foreign ownership), 16 Islamic banks, five international Islamic banks and 15 investment banks in Malaysia, according to Bank Negara Malaysia’s website.

Labuan IBFC as one of the channels to manage funds

Another institution that is seriously looking at tapping the potential of Islamic wealth management is the Labuan International Business and Financial Centre (Labuan IBFC).

In line with its goal to enhance its presence in the region, it sees Islamic wealth management as one of its growth drivers.

Labuan Financial Services Authority (LFSA) Director-General Ahmad Hizzad Baharuddin said in 2012, as personal wealth in the Asia Pacific continues to grow in line with robust economic development, the Labuan IBFC would benefit from the correspondingly stronger demand for Islamic wealth management products.

“Islamic wealth management products demand not only the availability of an enabling legislative and regulatory framework that caters to the market structure’s needs, but also an environment that ensures prudential safeguards, particularly Shariah governance. The Labuan IBFC has all these requirements in place,” he said at the Global Islamic Finance Forum 2012.

This is strongly proven as Labuan IBFC repositioned itself as midshore centre from an offshore centre, where entry into Labuan was lower, but once the companies get in, they need to adhere to a robust regulatory framework as well as international best practices and standards which also include anti-money laundering and anti-terrorism.

Back in February, the Labuan IBFC launched its 2013 Wealth Management Year, which reflected its seriousness towards growing that part of businesses.

In an interview with Bernama, Labuan IBFC Chief Executive Officer Saiful Bahari Baharom said since then, the acceptance toward their road shows as well as Wealth Management Masterclass, a session where industry players and investing public can learn more from the experts, has been very well accepted and encouraging.

So far, it has been one of their successful events with more than 65 to 70 percent of participants expressing their interest to participate again in order to know more about wealth management, he said in an interview with Bernama.

During one of the events, which was the mid-year wealth management forum in late June, about 350 people attended, reflecting a huge interest among investing public on how they can tap on different products in wealth management services.

Saiful said Labuan IBFC offers quite a wide range of wealth management tools for HNIs, family offices and other wealth managers that need a range of structures offering efficient wealth transfer, dynastic planning and inheritance management as well as through Islamic instruments.

As of last year, Labuan foundations increased by 62.5 per cent to 65 foundations from 40 in 2011.

During the year, registration of companies there also recorded a growth of 8.9 per cent or 779 companies, bringing the total number of companies to 9,487 as at December 2012.

As at May 31, 2013, there are 9,811 Labuan-based companies, 60 banks, 206 insurance firms, 38 trust companies, 280 leasing companies, 81 foundations and 15 Labuan International Trading Companies.

Islamic banks set up unit to cater Islamic wealth management

Apart from offshore and midshore centre, banks are also preparing to face this new wave of changes in the Islamic finance.

While conventional banks are already present in the wealth management market, Islamic banks are gradually looking at this segment as another source of growth.

Bank Islam Malaysia Bhd, which is Malaysia’s first Shariah-based institution, was established in 1983, at times where Islamic banks and finance were still at its infant stage.

Started its operations with traditional financing like savings and investment types of products for individuals, it has expanded into offering products suitable with the fast pace changing financial needs of customers across the board.

This include products and services related to capital market, treasury, structured products, micro financing as well as wealth management.

So far, Bank Islam has offered quite a comprehensive list of more than 70 sophisticated and innovative banking products and services with competitive advantages similar as those offered by its conventional counterparts, through a wide network of 131 branches and more than 1,000 self-service terminals around Malaysia.

Since its inception, it has grown a diverse clients base and has been ranked the fourth strongest bank in Malaysia, 53rd position among Asia Pacific strongest banks, 24th among Largest Islamic Financial Institutions and 34th among Global Islamic according to ranking list by the Islamic Banker in 2011.

The second Islamic bank in Malaysia, Bank Muamalat Malaysia Bhd, also have a wealth management business of its own, wanting not to be left out from the race in getting a slice of the business, although initially the returns are still negligible.

These are only some of the examples of local Islamic banks trying to do in order to enter this market.

For other Islamic banks, there are certainly different strategies and mechanisms up their sleeves to tap into this lucrative market.

Although the contribution from this segment is still small in numbers, it can be a strong contributor moving forward if these players enable to increase interest these potential customers through innovative products.

Lack of awareness on Islamic wealth management

While some industry players are ready to take on this new phase of development, there are still challenges in making the industry as successful as other Islamic products and services previously.

One of it is the lack of awareness among the public about Islamic wealth management.

Among those, there is one group that took the initiative towards increasing the awareness among investing public, is BNP Paribas-INCEIF Centre for Islamic Wealth Management (CIWM).

The centre is a joint collaboration between BNP Paribas Malaysia Bhd and The Global University for Islamic Finance (INCEIF) which is dedicated to support the growth of the Islamic wealth management industry, asset management and capital markets.

Among their key objectives are furthering education and research, industry innovation as well as policy development.

This centre not only dedicated to research and development in the area of Islamic wealth management, but it also focuses on asset management and capital markets.

The setting up of this centre is aligned to support the growth of the Islamic wealth management industry that can offer innovative financial solutions to meet the more sophisticated investment demands of the increasingly affluent population particularly in Asia and the Middle East.

Apart from applied research, the centre also conducts policy related research for relevant regulatory agencies, apart from creating commercial and innovative Islamic wealth management related products as demanded by investing public.

The centre, which was launched by Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz in 2012, reflected a strong bond between industry and Islamic finance education system in creating significance contribution towards the industry.

This certainly augurs well for Malaysia as the country prepares to become an internationally recognised hub for Islamic wealth management.

With INCEIF as the partner, this centre also presents vast opportunities for the present industry players to upgrade their capabilities through either long- term courses as well as professional certificates provided by the university.

According to The Banker’s 2012 annual survey, there are now more than 600 Islamic financial institutions operating in over 75 countries worldwide.

These provides an indication that acceptance towards Islamic finance industry has generally set a positive momentum in the future.

Islamic wealth management is just one part of many segments in Islamic finance that are waiting to be tapped.

There are many more in years to come.

Innovation, coupled with a right direction and guided by comprehensive regulations, can set a stronger tone for the industry players to follow.

With all these, what Malaysian players need to understand is that they need to buck up and remained at the edge where they can compete fairly and justly, not only in the domestic market but also beyond the shores, regionally and globally.

Only then Malaysia can stand tall and be proud to say they are indeed unbeatable global player and become a role model for the rest of the world.

(Borneo Post Online / 02 Jan 2014)

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Islamic finance sector 'set for rapid growth

It will grow at a rapid pace this year and volume will pass through $2 trillion where Islamic banking keeps 78 per cent, sukuk 16pc, takaful 1pc, Islamic funds 4pc and Islamic microfinance 1pc share, Al Huda Centre of Islamic Banking and Economics chief executive Muhammad Zubair Mughal said.

"Dubai and London will be in competition to be the global hub of Islamic banking and finance, while Kuala Lumpur will also attempt to be in this contest but the Islamic finance industry can be grown more through synergising approach and alliance with industry stakeholders rather than setting any competition," he said.

Mr Mughal said the industry will clock a double-digit growth which will turn the $1.6trn volume of Islamic finance industry last year to $2trn by the end of 2014.

"The rising trend of Islamic finance in Europe, UK, Tunisia, Libya, Morocco, Senegal and Mauritania will contribute to its growth.

"It is expected that India and China may step towards Islamic finance in 2014 where more than 200 million Muslims are in search of a financial system compatible with their religious beliefs and thoughts."

Mr Mughal said there is no doubt that international financial crisis will not hit the Islamic finance industry but due to the Arab Spring, Islamic finance industry has faced recession in some Mena countries but there are chances of their revival in 2014.

He said sukuk will grow rapidly this year and countries including the UK, China and South Africa and Europe will benefit from it, which will enhance the industry's growth. However, the takaful industry is not expected to have any substantial breakthrough. "It is being hoped that 2014 will prove better period for Islamic Microfinance industry as different international institutions including Islamic Development Bank have declared it a potential tool for poverty alleviation around the globe.

(Gulf Daily News / 02 Jan 2014)

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Libya: CBL holds Islamic banking meeting with local bank heads

Te Central Bank of Libya (CBL) held a meeting yesterday on the strategy for the transformation to Islamic Banking attended by all the heads of the Islamic banking departments of Libya’s local banks.

At the meeting, a review was carried out of progress made in the conversion of the Libyan banking system into an Islamic Sharia-compliant system.  The progress of the abolition of interest (which is regarded as usury in Islam) was also discussed with committees formed to follow-up on this policy implementation.

The meeting also looked at all the negatives created in the sector by the abolition of interest bearing loans.

The CBL reported that those present at the meeting assured their commitment to implementing the Islamic banking law, despite the short period of time granted for its implementation.

Libya’s National Transitional Council (NTC) under Mustafa Abduljalil had introduced Sharia compliant Islamic banking in 2012 with Law No. 46

It is worth noting that the Ministry of Economy s holding a conference on an Islamic Economy: “The Scientific Conference on an Islamic Economy – the road to development,  strategies for change and its tools”, on 6-7 January 2014 at the Corinthia hotel, Tripoli.

(Libya Herald / 31 Dec 2013)

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2014 will be promising for Islamic finance: expert

Islamic finance will grow with rapid pace in the year 2014 and its volume will pass through US $2 trillion where Islamic banking keeps 78%, Sukuk 16%, Takaful 1%, Islamic Funds 4% and Islamic Microfinance has 1% share in the Islamic Finance industry. 

In the year 2014, Dubai and London will be in competition to be the global hub of Islamic Banking and Finance while Kuala Lumpur will also attempt to be in this contest but the Islamic finance industry can be grown more through synergizing approach and alliance with industry stakeholders rather than setting any competition. 

These views were expressed by Islamic Finance expert, Muhammad Zubair Mughal, CEO - AlHuda Centre of Islamic Banking and Economics (CIBE) during an analysis on Islamic finance industry in the beginning of year 2014. He said that the Islamic finance industry growth will go on double digit in 2014 which will turn the US $1.6 trillion volume of Islamic finance industry in December 2013 to US $2 trillion by the end of 2014 including North African countries (Tunisia, Libya, Morocco, Senegal and Mauritania etc), rising trends of Islamic finance in Europe and UK, also the rising and substantial share of international market of Sukuk shall contribute to it. 

It is anticipated that India and China may step towards the Islamic finance in 2014 where more than 200 million Muslim populations are in search of a compatible financial system with their religious beliefs and thoughts. He said there is no doubt that international financial crisis will not hit the Islamic finance industry but due to the Arab Spring, Islamic finance industry has faced recession in some countries of MENA but there are chances of their revival in 2014. 

He, giving an analysis, said that Sukuk will grow rapidly in 2014 and Muslim countries including non-Muslim countries eg UK, China, South Africa and Europe etc will also get benefit from it which will enhance the growth in Islamic finance industry but Takaful Industry is not supposed to have any substantial breakthrough. It is being hoped that 2014 will prove better period for Islamic Microfinance industry as different international institutions including Islamic Development Bank (IDB) have declared it a potential tool for poverty alleviation around the globe.

(Business Recorder / 01 Jan 2014)
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