Risk Assessment & Regulatory Framework In Islamic Banks

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1 Risk Assessment & Regulatory Framework In Islamic Banks The Lebanese Experience Dr Amine Awad Executive Director, Lebanon s Member of the Higher Banking Council Coordinatior of Basel III Implementation Task Force Washington D,C. October 18, 2012

2 Outline Preface: What is Islamic Banking Major Islamic Banking Rules & Standards Brief History of I.B. s in Lebanon Major Regulations for I.B. s in Lebanon Liquidity in I.B. s Challenges Facing the Development of I.B. s List of Islamic Banking Regulations 2

3 Preface Islam encompass all aspects of Muslims life. Islamic Law or Shari a : derived from the holly Qoran and the Sunna (Practices of the Prophet). Islamic Financial Model, as seen today, is based on the following 5 major principles: Principle 1: Everyone involved in a transaction should be well informed and not misled or cheated. Principle 2: Islam encourages economic activities but makes a clear distinction between activities Allowed and activities Forbidden (Exp: Transactions involving Alcohol, pork, gambling etc ) (Cont.) 3

4 Preface (Cont.) Principle 3: The major Shari a rule prohibits muslims of Riba (i.e. usury or interest). Islamic Banking has developed mechanisms that replaced interest income by cash flows from productive sources (Exp: Profit from trading in assets, rental income, leasing etc ) Principle 4: The Islamic Banking Model is based on a Risk and Profit sharing (and Loss bearing); so Shari a Compliant transactions are similar to Equity based Transactions. Principle 5: Contractual Certainty : Uncertainty or ambiguity that can lead to disputes render a contract void under Shari a. 4

5 Major Islamic Banking Rules & Standards As Islam is based on Shari a, there are 4 major Schools (Mazahib) of Al Fikh, i.e. the Interpretation of the Shari a Rules, from the extreme rigorous to the easiest: MALIKI HANBALI SHAFI I HANAFI 5

6 Major Islamic Banking Rules & Standards In the early 90 s the Islamic Banking Industry decided that the existing International Standards applying to Conventional Banking were inadequate to cater its needs. In 1991, the AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions) was created in Bahrain. Over the years AAOIFI has developed new Standards for Islamic Financial Institutions (I.F.I.) and has taken significant steps to encourage the application and enforcement of its standards. 6

7 Major Islamic Banking Rules & Standards AAOIFI objectives are to: * Develop Accounting and Auditing thoughts for IFI s * Disseminate these thoughts * Preface and Review Accounting and Auditing Standards for IFI s, that respect Shari a. AAOIFI also created two diplomas for Islamic Banking: * C.I.P.A. (Certified Islamic Public Accountant) * C.S.A.A. (Certified Shari a Advisor & Auditor) 7

8 Major Islamic Banking Rules & Standards In 2012, there are: * 26 Accounting Standards * 5 Auditing Standards * 7 Governance Standards * 45 Shari a Standards * 2 Codes of Ethics 8

9 Brief History of I.B. s in Lebanon Until February 2004, date of adoption of the Law No 575 on Islamic Banking, there was no Islamic banks in Lebanon, except one (Al - Baraka Bank), which was operating as a Conventional Bank, respecting the shari a. Presently there is a small Islamic Banking Sector in Lebanon with 5 Banks, 2 of them are affiliated to large Lebanese Conventional banks and 3 are affiliated to large Foreign Islamic banks (Bahrani, Qatar & Iraq). Lebanon decided to set the legal framework of an Islamic Banking Sector because of the two following major factors: Islamic Banking is growing rapidly worldwide (annual growth rate is estimated at 15% for the last 7 years) Excess of Liquidity in the Middle East Region 9

10 Some Figures of the Islamic Banking Sector in Lebanon June 2012 Number of I.B Total Number of Branches )In USD Million) June 2012 Total Footings (Incl. Assets under Management) Total Deposits (Restricted + Unrestricted A/C s) Total Equity

11 Major Regulations for I.B. s No Islamic Windows are allowed only Independent Islamic Banks can offer Islamic banking services and products:. To put a Chinese wall between Conventional and Islamic Banking and avoid misleading non transparent practices.. To have a clear competitive market for Islamic Finance Minimum Capital for an I.B. is USD 100 Million (with exceptions in some cases) The 15% cash Hamesh Al Jaddia )Margin) is mandatory, in Murabaha Transactions.(= Margin against Trade Finance Transactions) The legal liability of Al A mer Bil Shira a )Client) is mandatory in Murabaha transaction.(including all types of Collaterals) Financing of Real Estate Development Projects (L.T.V.) should not exeed 60% of the project s value All types of R.E. Intermediation and/or Financing Speculation on R.E. are 11 prohibited

12 Major Regulations for I.B. s There are many circulars issued by B.D.L. and B.C.C.L. to set the legal and regulatory framework of the various types of Islamic Transactions : Murabaha (Retail & Trade Finance Transactions) Musharaka or Mussahama (Project Financing Transactions) Ijarah & Ijarah Muntahia Bitamlik (Leasing Transactions) Mudaraba (Profit sharing between the bank and the Client) Salam (Advances against Future delivery of assets) Istisna a (Advances against manufacturing of an asset to be delivered to the Islamic Bank) Sukuk (Bonds) (Islamic Asset Backed Instruments) Islamic Mutual Funds (Cont.) 12

13 Major Recent Regulations for I.B. (Cont.) On the other hand B.D.L. issued four important Circulars: - In August 2004, Circular # 94, setting Limit for I.B. s Investments in R.E. (50% of the Total Investment Portfolio) - In February 2007, Circular #107, drawing a specific form of Balance Sheet (including Off Balance Sheet items) and P & L Account for I.B.(B.C.C.L. will issue in the next couple of weeks a Condensed B/S). - In September 2007, Circular # 112, on Corporate Governance Practices in I.B. : * Mandating Corp. Gov. Unit (with a Non Executive Board Member) (+) Shari a Audit Unit (reporting to B.o.D. and Shari a Board), in addition to other B.o.D Committees (as for Conventional Banks) * List of Disclosures for full transparency * Role: - Protect the interests of the customers and other stakeholders - Supervise and develop the systems relating to Corporate Governance 13

14 Major Recent Regulations for I.B. (Cont.) - In May 2008, Circular # 116, on new Capital Instruments (Tier2) in I.B. s, including: * Kard Al Hassan (Subordinated Loan) (Perpetual = i.e. minimum 5 years no capital guarantee, not redeemed except from free distributable profits) * Cash Contribution (with no return and for the whole life of the Bank) - In May 2008, Circular # 163, on the pre - conditions to Sell Islamic Financial Products * I.B. must obtain B.D.L. prior approval to sell any Islamic Financial Product to the public (to avoid misleading and protect consumers of Islamic financial services) - In July 2008, Circular # 178, on Investments of I.B.: * Total Lending of I.B. s to their Affiliated Companies, should not exceed 30% of the bank s Equity )and 10% per company) 14

15 Methodology of Regulation / Supervision of I.B. s -Joint Task Force (Between B.D.L. and B.C.C.L.) specialized in Islamic Banking that sets the Legal and regulatory framework of the I.B. Activities ( Mainly: Capitalization, Provisionning, Risk Management Approach, Int. / Ext. / Sharia a Audit etc ) - On Site Examination Team, specialized in Sharia a Compliant Banking Transactions. - B.D.L. and B.C.C.L. are in the process of preparing a Consolidated Balance Sheet between a Conventional Bank and an Islamic Bank, that respects IAS/IFRS as well as IFSB/AAOIFI Standards: * Because some Lebanese Conventional Banks have an Islamic Subsidiary in Lebanon * Some others have an Islamic Subsidiary abroad 15

16 Liquidity Management In I.B. s In addition to the methodology of Management of Liquidity in Conventional Banks, many specific ratios are used to measure the liquidity in I.B. s; the most used by the I.I.R.A. (Islamic International Rating Agency) are: LR (1) = Liquid Assets (a) Liquid Liabilities (b) LR (2) = Liquid Assets Total Liabilities 16

17 Liquidity In I.B. s LR (3) = Loans Core Funding (c) LR (4) = Interbank Borrowings Total Assets 17

18 Definitions of Liquidity Elements (a) Liquid Assets of I.B. s = Cash + Cash Equivalent +Placements with Banks & F.I. s +Liquid Investments (b) Liquid Liabilities in I.B. s = Deposits + Borrowings from Bank & F.I. s (c) Core Funding in I.B. s = Deposits + Capital Investments in Affiliates Investments in Fixed Assets Large Deposits (> 5% of Equity) Reserves with Central Banks 18

19 Liquidity In I.B. s In a recent study (published in 2009), made by 4 experts on the Financial Performance of Malaysian I.B. s v/s Conventional Banks, the authors reached the following conclusion: Average of Net Loans to Total Assets ratio for Islamic banks stood at 45.2%, which is lower than Conventional banks (57.1%). This means that Islamic banks are more liquid than Conventional banks. The Financing to Deposit Ratio for Islamic banks (49.2%) is lower than Conventional banks (68.1%) by 18.9%, this indicates that Islamic banks are more liquid than Conventional banks. 19

20 Liquidity In I.B. s Looking at these ratios, we could say that Islamic banks seem to have better liquidity ratios in comparison to Conventional banks. According to Haron (2004) Islamic banks experienced excess liquidity given the lack of Islamic Financial Instruments in the market for the Islamic bank to invest in. Besides, the lower assets tied to net loans of Islamic banks compared to Conventional banks which resulted in higher liquidity may be due to the stringent financing policy (i.e. must comply with Shari a unlike the Conventional banks). 20

21 Comparative Liquidity in I.B. s v/s C.B. s (Malaysia) Liquidity I.B. s C.B. s Net Loans / Tot Assets Net Loans / Dep & ST Funding Net Loans / Tot Dep & Borrowings Liquid Assets / Dep & ST Funding Liquid Assets / Tot Dep & Borrowings

22 3 Liquidity Ratios (in I.B. s) Level 1 (on-b/s) =(Cash + Central Bank + Nostro Banks + Murabaha with Central Bank + Murabah with Banks (B/S) - Vostro Banks -Banks Unrestricted investment accounts) / (current accounts including margins on LC's & Hamish Jaddiyya + Sundry Creditors) Level 2 (on-b/s & off- B/S unrestricted murabaha with banks) = (Cash + Central Bank + Nostro Banks + Murabaha with Central Bank+ Murabah with Banks (B/S) + Murabaha with Banks unrestricted-vostro Banks -Banks Unrestricted investment accounts) / (current accounts including margins on LC's & Hamish Jaddiyya + Sundry Creditors + Unrestricted Investments Accounts + Profits to be distributed on unrestricted investments accounts) Level 3 (on-b/s & off-b/s unrestricted & restricted murabaha included) = (Cash + Central Bank + Nostro Banks + Murabaha with Central Bank + Murabah with Banks (B/S) + Murabaha with Banks unrestricted+ Murabah with Banks Restricted-Vostro Banks -Banks Unrestricted investment accounts -Restricted Wakala (banks)) / ( current accounts including margins on LC's & Hamish Jaddiyya + Sundry Creditors + Unrestricted Investments Accounts + Profits to be distributed on unrestricted investments accounts + restricted Investments Accounts + profits to be distributed on restricted investments accounts)) 22

23 Challenges Facing the Development of I.B. 1) Shari a Arbitrage: as the Regulator / Supervisor is not in a position to assess the suitability of the different scholars consulted by the Islamic Banks. However the references are the I.F.S.B. (Islamic Financial Services Board) Principles and the AAOIFI Standards 2) Absence of Capital Adequacy Standard: for I.B s )Basel II & Basel III) 3) Human Resources: There is a shortage of experienced professionals in the Islamic Financial Sector. This needs more education and trainings. 4) Contracts & Documentation Risk: Equivalent to the Legal Risk in Conventional Banks. If a transaction reveal to be Shari a non compliant, the Asset can be converted into liability in the Islamic Banks B/S (in addition to the Zakat Penalty) 5) Reputational Risk. Mainly due to lack of transparency or to wrong presentation of the Islamic products and services and their underlying risks. P.S. The B.C.C.L. Try to apply the Risk Identification, Assessment and Quantification in I.B. s under the Pillar II. 23

24 List of Most Important Islamic Banking Rules in Lebanon BDL Circular # 94, dated August 2004: Practice of Islamic Banking in Lebanon BDL Circular # 95, dated August 2004: Conditions of Establishment of an I.B. in Lebanon BDL Circular # 96, dated October 2004: MURABAHA BDL Circular # 97, dated January 2005 & BCCL Circular # 246 :MUSHARAKA (or MUSSAHAMA) BDL Circular # 98, dated June 2005: Islamic Collective Investment Schemes 24

25 List of Most Important Islamic Banking Rules in Lebanon BDL Circular # 99, dated June 2005 & BCCL Circular # 247: IJARAH & IJARAH MUNTAHIA BITTAMLEEK BDL Circular # 100, dated July 2005 & BCCL Circular # 249: MUDARABA BDL Circular # 101, dated December 2005 & BCCL Circular # 253 : BAI SALAM BDL Circular # 102, dated December 2005 & BCCL Circular # 254: ISTISNAH 25

26 List of Most Important Islamic Banking Rules in Lebanon BDL Circular # 107, dated February 2007: I.B. Financial Statements BDL Circular # 112, dated September 2007: Corporate Governance in I.B. BDL Circular # 116, dated May 2008: Capital Instruments in I.B. BDL (Intermed.) Circular # 163, dated May 2008: Islamic Financial Products BDL (Intermed.) Circular # 178, dated July 2008: Limit for I.B. s lending to their Affiliates P.S: Central Bank Website: Website: 26

27 Discussion E Mail: 27

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