ESSENTIAL ELEMENTS FOR EFFECTIVE REGULATORY AND SUPERVISORY FRAMEWORK FOR IFI MALAYSIAN EXPERIENCE & APPROACHES

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1 ESSENTIAL ELEMENTS FOR EFFECTIVE REGULATORY AND SUPERVISORY FRAMEWORK FOR IFI MALAYSIAN EXPERIENCE & APPROACHES Mr. Hussein Soyan CEO, Soyan Financial Consultancy ltd. 5 th November 2015

2 PRESENTATION AGENDA Evolution of Islamic Finance The role of Central Banks for putting in place an effective regulatory and supervisory framework to further their understanding and appreciation on unique risks being emitted by the Islamic banking industry The Malaysia s experiences and approaches: an example of well established operating Islamic financial

3 Some facts there are 280 Islamic financial institutions globally with total assets of US$729 billion (IFSL Research, 2009: 2) Promising future for Islamic finance, and southern and eastern African countries will become pivotal service centres North African countries have great untapped potential (with high Muslim population of 190 million people or 91% Muslims) in retail services, financing of SME projects and real estate development projects South Africa is a market with great potential for Islamic banking transactions (Muslims represent 2.3% or 1.3 million of the population) Africa is host to the second largest Muslim population in the world, where 540 million or 52.4% of its population is Muslim The number of middle-class Africans has tripled over the last 30 years to contribute more than 34% of the population

4 The role of central banker for putting in place an effective regulatory and supervisory framework to further their understanding and appreciation on unique risks being emitted by the Islamic banking industry

5 Starting Point: How Different are Operation of Islamic banks? (in theory and practice) Islamic Banks Conventional Banks Source of Funds Use of Funds Investment from Investment Account Holders (IAH) Relationship: Investor Entrepreneur Equity investment and profit-sharing venture (Musharakah and Mudharabah) Relationship: Investor Entrepreneur Financing and Trading of assets Relationship: seller purchaser Deposits from customers Relationship: Creditor - Debtor Loan to Borrower Relationship: Creditor - Debtor Level of funding from IAH is the most significant differentiating factor The investors-entrepreneur relationship changes the way Islamic banks operate: Investors (IAH) bear fully the investment risk (while the bank is only exposed to negligence risk). IAH could therefore determine the investments/assets profile of the banks Islamic banks have greater fiduciary duty to protect IAH s investment

6 Islamic banking has become part of global development Cross border presence of Islamic Financial Conglomerates for e.g. Kuwait Finance House, First Community Bank Corporation, Gulf Africa Lariba American Finance House Increasing complex risk profile of Islamic banks e.g. greater profit-sharing investment risk, risk of trading of physical assets, fiduciary risk in managing customers investment and encroaching into new territories

7 Islamic Financial Institutions becoming more Innovative & dynamic due to several factors...

8 Rapid development of Islamic banking business also contributed to diversity in industry structure Various jurisdictions have their own Islamic banking model to meet local requirement Single Islamic Banking System Full transformation of economic system in accordance with Shariah led to existence of single banking system Dual Banking System Islamic banking system co-exists with conventional system Conventional Banks with Islamic windows Islamic products offered by conventional banks via windows Lack of support infrastructure (e.g. Islamic money market and capital market) may constraint product offering

9 In view of rapid evolution and dynamism of Islamic banking, how can we ensure effectiveness of our supervisory approach?

10 With presence of global Islamic bank, supervisory issues require cross border initiatives In principle, cross border supervisory issues similar to those faced in conventional banking. Specific challenges is in the detailed application of Islamic banking model e.g. how to address different Shariah interpretation Ingredients for effective cross border supervision H O S T 1.Understanding of supervisory philosophy and objective with regards to Islamic banking system within different jurisdiction 2.Common understanding among supervisors especially on specific risks emanating from Islamic banking operations 3.Clarity of responsibilities of home and host supervisory authorities - Harmonisation of Shari'ah view? UNITY IN DIVERSITY H O M E 4.Easy access to relevant information

11 Effective Cross-border Supervision : Ingredient 1 Understanding of Supervisory Philosophy and Objective within Different Jurisdictions

12 Effective Cross-border Supervision : Ingredient 2 Common Understanding of Specific Risks of Islamic Banks

13 Effective Cross-border Supervision : Ingredient 3 Clear Responsibility of Home-host Authorities

14 Effective Cross-border Supervision : Ingredient 4 Easy Access to Relevant Information

15 Rapid developments in Islamic banking also require supervisors to be aware of challenges at industry level

16 Crossing supervisory boundaries requiring greater collaboration between different supervisory authorities

17 The Malaysia s experiences and approaches: an example of well established operating Islamic financial

18 Malaysia has considered possibility of regulatory arbitrage that may arise from co-existence of Islamic windows alongside standalone Islamic banks

19 How does Malaysia address issue of capital arbitrage with respect to Islamic banking windows? Supervisory guidance to ensure level playing field between Islamic banks and Islamic windows: Capital requirement for Islamic windows streamlined with that for standalone Islamic banks: Windows is part of conventional banks and hence should adhere to Basel 2. However, to ensure level playing field between Islamic banks and Islamic windows, regulatory requirement for Islamic windows was crafted in line with CAS (as opposed to Basel 2). Examples: allowance for windows to recognise physical assets as Credit Risk Mitigants even under standardised approach (allowed by CAS but not by Basel 2) allowance for windows to adopt supervisory slotting method in calculation of capital charge for Musharakah and Mudharabah exposure even under standardised approach Separate deposit insurance and specified liquidation processes. Single customer limit of windows now based on Islamic Banking Capital Fund and not on bank s capital Provide level-playing field to both Islamic banks and Islamic windows Minimise risk to Islamic depositors from any loss from potential defaults of large exposures

20 If heavy reliance on market discipline is required, Islamic banking market must be prepared for such approach

21 Specificities of operation of Islamic Banking requires in-depth appreciation of business model and financial statements

22 Normally, Islamic banks would opt for IJARAH and/or Ijarah Muntahia Bittamleek (IMB) for the Auto Financing What are the unique risks which supervisors need to pay attention in these contracts? Customer submits Ijarah contractual application A customer enters into a Promise to Lease (PL) with an Islamic Financial Institution (IFI) requesting the IFI to purchase a specified kind of asset with a promise to lease. The PL may be binding or non binding depending on the applicable shariah interpretations IFI acquires assets from supplier MR If customer opts not to fulfil the non-binding PL, the IFI will be exposed to fluctuation in the value of the asset OR Compliance with Shariah principles in terms of operations. Ijarah Muntahia Bittamleek? Yes Contract Mature Sign direct sale contract No Contract Mature OR The lessor is responsible for defects throughout the Ijarah period in the event that takaful/ insurance is not sufficient Asset return to lessor MR Fluctuation in the carrying value of the asset will expose the IFI to asset price risk

23 Normally, Islamic banks would opt for IJARAH and/or Ijarah Muntahia Bittamleek (IMB) for the Auto Financing What are the unique risks which supervisors need to pay attention in these contracts? Agent identify specific asset 2 from a supplier. CUSTOMER 1 SUPPLIER Cash Payment IFI executes a Promise to Purchase (PP) with customer and appoints customer as an agent to acquire the asset. 5 Customer will settle the sale price on deferred payment over a specific tenor. ASSET 4 IFI sell the asset to Customer through Murabahah contract. (Transfer of title to Customer) OR 3 IFI will purchase the asset from supplier. (Transfer of ownership to IFI) MR IFI IFI may need to sell the goods in the open market if customer cancel the nonbinding PP Shariah Compliance Risk: Sequent of transaction is important i.e.. the IFI should not sell the asset to the customer until it takes possession of the asset

24 ISTISNA A is the preferred choice of contract in project-based financing What are the unique risks which supervisor need to pay attention in this contract? Late Delivery of completed goods by Parallel Istisna a seller GOODS OR 4 9 ISTISNA'A CUSTOMER (Buyer) 1 6 IFI RAW MATERIAL FOR MANUFACTURING 3 MR Price Risk relating to input materials ORDERED GOODS 10 RAW MATERIAL FOR MANUFACTURING PARALLEL ISTISNA'A (Seller) OR PROCESS FLOW 1 Customer approaches IFI to manufacture or build something 2 IFI can ask customer to furnish an urbun (security deposit) 3 IFI has the option to manufacture or build the asset on its own (no. 6) 4 Delivery of an ordered goods 5 Flexibility in term of time of payment and mode e.g.. lump sum/installment. 6 Enter into Parallel Istisna'a to procure an asset from a party other than the original Istisna a customer 7 It is possible that the IFI to give guarantee to the Parallel Istisna'a seller. 8 Parallel Istisna'a seller shall obtain own materials 9 Delivery of an ordered goods 10 Flexibility in term of time of payment and mode e.g.. lump sum/installment. 8 Legal Risk: Claims on the Parallel Istisna a seller for non-completion of works (litigation cost, legal claims etc.)

25 What is Equity Investment Risk? broadly defined as the risk arising from entering into a partnership for the purpose of undertaking or participating in a particular financing or general business activity as described in the contract; in which the provider of finance, shares the business risk e.g. private equity, venture capital Why Equity Investment Risk exist? Partnership (Shirkah) Contract of Sale (Bai ) Equity-based ISLAMIC CONTRACTS Others Leasing (Ijarah) Due to equity based financing under Islamic contract : Musharakah Mudharabah

26 Income smoothing mechanism risk mitigant to minimise displaced commercial risk Profit Equalisation Reserves (PER) and Investment Risk Reserve (IRR) are utilised to ensure rate stability avoid volatility on return to IAH which can lead to lack of competitiveness during the economic downturn However, Malaysia choose PER over IRR approach to minimise moral hazard as PER require the bank to contribute to the reserves as oppose to IRR which contain only investors contribution. A portion of distributable profit is kept-aside during good times and will be released during bad times PER Provision made at gross level i.e. both bank s and investors portion is deducted Used to cover shortfall in profit IRR Provision made at net level i.e. only investors portion is deducted Used to cover shortfall in profit and principal

27 Assessing quality of risk management for Islamic banks

28 Assessing quality of risk management for Islamic banks Malaysian approach

29 Assessing quality of risk management for Islamic banks

30 Supervisory function: Ensure adequate capital for Islamic banks

31 Examples of capital charge on a murabahah contract for financing a residential real estate

32 In essence, to ensure Islamic banking supervision is effective, following elements should be considered

33 At end of the day, supervisors must be mindful of supervisory challenges lying ahead Re-visiting the issues How ready are Islamic banking supervisors to implement effective cross- border supervisory collaboration? Is responsibility of home-host supervisors clearly identified? Is there any formal platform for discussion? How much information is supervisors prepared to share? Are supervisors prepared to face challenge from dynamic of Islamic banking system? More collaboration is required across different authorities Do we have necessary skill-sets and capabilities to deal with uniqueness of Islamic banks? Are we comfortable enough to let market discipline drive system, bearing in mind different level of understanding among industry players, customers and other related parties e.g. rating agency

34 Q & A

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