ISLAMIC BANKING IN MALAYSIA: CURRENT TREND AND WAY FORWARD. YBhg. Dato Sri Zukri Samat May 2013

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1 ISLAMIC BANKING IN MALAYSIA: CURRENT TREND AND WAY FORWARD YBhg. Dato Sri Zukri Samat May

2 2

3 ISLAMIC BANKING: A GLOBAL PHENOMENON 3

4 GLOBAL ISLAMIC BANKING LANDSCAPE UK Govt sets an objective to entrench London as a global gateway for Islamic Finance 5 FSA-approved Islamic banks and 2 Takaful operators California France Passed rules/regulations to support Islamic finance activities Established Islamic Finance Commission Key players in France such as BNP Paribas, Societe Generale and Union de Banques Arabes et Francaises have been involved in Islamic financial transactions over the last ten years. Dubai, UAE Fast emerging as financial centre through DIFC aggressive promotion efforts London France Saudi Arabia Sudan Dubai Bahrain Pakistan Indonesia Hong Kong Aims to become an Islamic finance hub Hang Seng Islamic China Index Fund in 2007 Shariah Advisory Council formed Malaysia Singapore Singapore Introduced tax neutrality for Islamic finance Aspiring to be centre for Islamic finance Issued SGD200 mil sukuk in 2009 and launched Shariah-compliant Sabana REIT Tokyo Hong Kong Australia Australia Islamic co-operative finance & mortgage established Australian Islamic wealth manager Crescent Wealth and HSBC1 have launched Australia s first Islamic cash management fund June 12 rapid expansion is reflected in more than 600 Islamic financial institutions operating in more than 75 countries in centers that are beyond Muslim jurisdiction. Total assets > USD1.8 trillion 4

5 ISLAMIC BANKING: THE MALAYSIAN JOURNEY 5

6 MALAYSIA : ISLAMIC BANKING JOURNEY Instituting Foundation (Establishment of Enabling Infrastructure) Merely as an alternative to conventional banking double digit growth of more than 20% 6

7 MALAYSIAN JOURNEY : SHARIAH CONTRACT DEVELOPMENT MILESTONES Wadiah Current a/c Wadiah Savings a/c Mudharabah Investment a/c Mudharabah Financing Ijarah Financing BBA Financing Murabahah LC Musharakah LC Wakalah LC Bai Dayn Trade Finance Murabahah Working Capital Financing Sarf Forex Mudharabah Interbank Investment Musharakah Financing Bai Inah Credit Card Ar Rahn Bai Dayn, Musharakah, Mudharabah ICDO Wadiah Debit Card Bai Inah Overdraft Bai Inah Commercial Credit Card Bai Inah Personal Financing Bai Inah Negotiable Instrument of Deposit (NID) Commodity Murabahah Profit Rate Swap Commodity Murabahah Forward Rate Agreement Ijarah Rental Swaps I BBA Floating Rate Murabahah Floating Rate Istisna Floating Rate Mudharabah Capital Protected Structured Investment Bai Inah Floating Rate NID Mudharabah Savings Multiplier Deposit Tawarruq Commodity Undertaking Tawarruq Business Financing Tawarruq Personal Financing Murabahah with Novation Agreement Istisna convertible to Ijarah Bai and Ijarah (Sale & Lease Back) Musharakah Mutanaqisah Istisna with Parallel Istisna Wakalah Deposit Waqf Tawarruq Revolving Credit I etc 7

8 MALAYSIAN JOURNEY : COMPREHENSIVE OFFERINGS robust development of these components will enhance sustainability and resilience of the Islamic financial services industry 8

9 MALAYSIAN JOURNEY : BRAND POSITIONING growing recognition that the inherent tenets of Islamic finance are aligned to sustainable dimensions of ethical banking and responsible financing. 9

10 TRANSFORMATION OF ISLAMIC FINANCIAL LANDSCAPE changing financial landscape has accelerated expansion of Islamic finance sector 10

11 TRANSFORMATION OF ISLAMIC FINANCIAL LANDSCAPE (cont'd) wider spectrum of financial products and services to cater for small businesses to conglomerates, and by households to the high net worth individuals 11

12 TRANSFORMATION OF ISLAMIC FINANCIAL LANSCAPE (cont'd) increased pace of international connectivity accompanied by development of ancillary support services 12

13 ISLAMIC BANKING MODALITY 13

14 4 TYPES OF ISLAMIC BANKING MODALITY Standalone Fullfledged Islamic Banks Independent financial institutions Independent infrastructure (IT, Risk Management, Human Talent, etc) High cost to income ratio Offer full range of Islamic compliant products & services Retail banking, Wealth/Asset Mgmt/ Corporate Banking, Advisory & Capital Markets Bank Islam Malaysia Bhd, Bank Muamalat Bhd, Al Rahji, Al Baraka Banking Group, Kuwait Finance House, PT Bank Syariah Muamalat, etc Islamic Windows Specialized set ups within conventional banks Different balance sheet but common operations /infrastructure Dominated by global players with limited presents in the country that they are operating Similar offerings to standalone Islamic banks Generally targeted at affluent market segments and institutional investors Private banking, structured deposits, and corporate banking CitiIslamic, Bank Simpanan Nasional, etc Subsidiaries of Conventional Banks Subsidiaries of domestic conventional banks Dedicated governance structure Shared infrastructure (branch networks, IT, Risk Management, etc) Transfer Pricing cost Minimal staffing Low cost to income ratio and high productivity index. Similar offerings to standalone Islamic banks Retail banking, Corporate Banking, and Capital Market. Offered Wealth/Asset Mgmt/ Advisory via sister company, another subsidiary of conventional bank. Maybank Islamic, CIMB Islamic, Affin Islamic, etc Specialised Institutions Takaful & Re Takaful Players Islamic Mortgage Companies Islamic Investment Fund Management Companies Islamic Trustee Companies Ar Rahnu or Islamic Pawnbroking Islamic REIT Companies 14

15 ISLAMIC BANKING MODALITY : PHILOSOPHY OF AN ISLAMIC SUBSIDIARY ( IS ) Raised concerns Dedicated vs sharing of resources & infrastructure balancing act between group synergy & autonomy of IS Lack of autonomy Same board members of IS and parent banks. Governance compromised? Diversity of Board composition comprising board members with Islamic finance knowledge? Sharing of expertise based on conventional mind set Lack of capacity building initiatives: Invest for long term benefit (Talent, product developments) IT system based on conventional product parameters Cross selling & branding of Islamic products/ entities at parent s branches Are they pushing Islamic products effectively? Visibility of Islamic finance bricks & mortars Foreign players are more visible Service Level Agreement cost sharing must reflect cost benefit Issue of cannibalization? Source: Bank Negara Malaysia 15

16 ISLAMIC BANKING MODALITY : PHILOSOPHY OF AN ISLAMIC SUBSIDIARY ( IS ) : TIME TO REVIEW? Financial Holding Company Financial Holding Company Commercial/ investment bank Islamic subsidiary Sister Co. Synergy through partnership with foreign Commercial/ investment bank Islamic subsidiary Foreign Partner Timely to review? Timely to review? It is envisaged that greater strategic focus & resources as well as higher autonomy & governance will be accorded to the Islamic Banking business Governor, Bank Negara Malaysia, March

17 ISLAMIC FINANCE : SUSTAINABLE GROWTH PARADIGM Originating Department 17

18 ISLAMIC FINANCE MATURITY CURVE Measure or success or profitability High Fast Growth Stiff Competition Focus on market share & innovation Saturation Consolidation Demand for greater differentiation Medium Low Early Start Focus on product design and positioning Customer Awareness Emerging Large number of new entrants Rapid growth in value of the industry Increased recognition and awareness Maturity Removal of incentives Islamic finance probably stands here; best time in terms of business development BUT most damaging when a crisis hits xx 18

19 SUSTAINABLE GROWTH PARADIGM : KEY INGREDIENTS a defined strategic plan and initiatives under the Financial Sector Master Plan 19

20 CENTRE OF TALENT DEVELOPMENT Malaysia has put in place a comprehensive talent development infrastructure 20

21 ISLAMIC BANKING IN MALAYSIA TODAY 21

22 MALAYSIA : ISLAMIC BANKING PLAYERS 16 commercial Islamic Banks, 6 IB windows, 6 DFIs & 4 IIBs. STAND-ALONE SUBSIDIARIES OF CONVENTIONAL BANKS ISLAMIC WINDOWS & DFIs INTERNATIONAL ISLAMIC BANKS 22

23 MALAYSIA: ISLAMIC FINANCE INDUSTRY AS AT DECEMBER 2012 Assets^ 23.8% of total banking system Total Islamic banking asset : RM494.6billion Islamic financing is expected to account for 40 per cent of total financing in 2020 Financing^ Market share 25.8% Total financing: RM315.0billion Liabilities /Deposits^ Market share 25.6% Total deposits : RM386.2 billion ^ includes DFI Originating Department 23

24 MALAYSIA : ISLAMIC BANKING ASSETS VS TOTAL INDUSTRY Islamic Banking 5-CAGR of 19.5% is higher than total banking industry Total Assets (RM'bn) Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Jun 12 Sep 12 Dec'12 5 Yr CAGR Total Banking Industry 1, , , , , , , , , % Islamic Banking Industry % Originating Department Industry statistics exclude DFIs 24

25 MALAYSIA : ISLAMIC BANKING FINANCING VS TOTAL INDUSTRY Islamic banking 5-year CAGR of 21.4% doubles that of total banking industry Gross Financing (RM'bn) Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Jun 12 Sep 12 Dec'12 Total Banking Industry , , , , % Islamic Banking Industry % 5 Yr CAGR Originating Department Industry statistics exclude DFIs 25

26 MALAYSIA : ISLAMIC BANKING DEPOSITS VS TOTAL INDUSTRY Islamic banking 5-year CAGR of 20.2% surpassed total banking industry Total deposits (RM'bn) Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Jun 12 Sep 12 Dec'12 5 Yr CAGR Total Banking Industry , , , , , , % Islamic Banking Industry % Industry statistics exclude DFIs 26

27 GLOBAL SUKUK MARKET SHARE AS AT END OF DECEMBER 2012 Total global outstanding Sukuk was worth about US$240 bil About 64% of the global outstanding Sukuk or US$154 billion were originated from Malaysia continues to be the world largest Sukuk market Originating Department 27

28 ISLAMIC BANKING : MOVING FORWARD Originating Department 28

29 ISLAMIC BANKING IN MALAYSIA : MOVING FORWARD Opportunities Challenges Originating Department 29

30 MALAYSIA AS A REGIONAL ISLAMIC FINANCIAL CENTRE Centre of Shariah Reference Centre of Capital & Money Markets Fund management and equity, Sukuk & money markets Centre of Product Innovation Diversity of players Domestic players with extensive global linkages International players Centre of Fund Flows Centre of Talent Development Centre of Int l Currency Business Centre of Ancillary Services Legal, Shariah Advisory, Accounting & Processing services/outsourcing services Malaysia has the competitive advantages to be a global Islamic financial hub 30

31 ISLAMIC FINANCE : CURE FOR CRISIS? "... the principles of Islamic Finance may present a possible cure for ailing markets" The Vatican in their official newsletter L'Osservatore Romano, March

32 THANK YOU 32

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