ISLAMIC BANKING FINANCE AND INSURANCE
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1 ISLAMIC BANKING FINANCE AND INSURANCE A GLOBAL OVERVIEW SALAHUDDIN AHMED B Published by -A.S. NOORDEEN-
2 CONTENTS 1 BASIS OF ISLAMIC FINANCE Islam, 1 Muslims Around the World 2 Shariah 3 Riba (Interest) 4 Halal (Permitted) and Haram (Prohibited) 7 Zakat 8 Gambling (Maisir) and Uncertainty (Gharar) 12 Islamic Economics 13 Islamic Commercial Law 15 Islamic Finance 16 2 MODES OF ISLAMIC FINANCE Mudaraba (Profit-Sharing or Trust Financing) 24 Application of Mudaraba in Islamic Banking 26 Musharaka (Partnership Financing) 27 Murabaha (Mark-up Financing) 28 Ijara (Leasing) 30 Istisna 32 Ar-Rahnu (Islamic pawn-broking) 33 Islamic Securitization 34 Islamic Hedging of Currency Risk 34 Qard Hasan (Benevolent Loan) 35
3 ISLAMIC BANKING, FINANCE AND INSURANCE - A GLOBAL OVERVIEW 3 ISLAMIC BANKING AND FINANCE Special Features of Islamic Banking and Finance 37 Contrasting Features of Islamic Banking with Conventional Banking 39 Growth of the Islamic Banks and Financial Institutions 42 Global Services 45 Types of Banking Accounts Provided by the Islamic Banks 47 Limitations in the Operation of Islamic Banking and Finance 48 Cross-border Islamic Banking 50 Assessment of Islamic Banking and Finance 51 Measures Need to be Taken by Islamic Banks for Overcoming Limitations 55 4 ISLAMIC BANKING: WEST ASIA AND AFRICA GULF COOPERATION COUNCIL (GCC) STATES 59 Services in the GCC States 60 BAHRAIN 61 Financial Sector in Bahrain 62 Offshore Banking in Bahrain 64 Bahrain Monetary Agency (Central Bank of Bahrain) 65 Bahrain Stock Exchange 68 Bahrain Institute of Banking and Finance 69 Liquidity Management Centre (LMC) Bahrain 70 Services in Bahrain 72 Bahrain 74 Western Banks Providing Islamic Banking and Financial Services in Bahrain 96 VI
4 CONTENTS SAUDI ARABIA 100 Financial Sector in Saudi Arabia 101 Services in Saudi Arabia 103 Saudi Arabia 104 Western Banks Providing Islamic Banking and Financial Services in Saudi Arabia 110 UNITED ARAB EMIRATES (UAE) 112 Financial Sector and the Position of Islamic Banking and Financial Services in the UAE 113 DUBAI : 115 Financial Sector in Dubai 115 Dubai 117 ABU DHABI: Services 129 SHARJAH: Services 132 KUWAIT 134 Services in Kuwait 135 Kuwait 137 QATAR: Services 145 OMAN: Services 149 YEMEN: Services 150 EGYPT: Services 151 SUDAN: Services 153 IRAQ and JORDAN: Position of Islamic Banking and Financial Services 155 Vll
5 ISLAMIC BANKING, FINANCE AND INSURANCE - A GLOBAL OVERVIEW LEBANON, SYRIA AND PALESTINE: Position of Islamic Banking and Financial Services 157 TURKEY: Services 160 IRAN 163 Financial Sector in Iran 164 Services in Iran 165 PAKISTAN 167 Financial Sector in Pakistan 167 Services in Pakistan 168 Pakistan 171 OTHER AFRICAN COUNTRIES: Position of Islamic Banking and Financial Services ISLAMIC BANKING: SOUTH AND SOUTHEAST ASIA MALAYSIA 194 Financial Sector Master Plan (FSMP) 194 Malaysian Rating Corp Bhd (MARC) 196 SOME ISLAMIC ORGANISATIONS IN MALAYSIA 196 Association of Islamic Banking Institutions in Malaysia (AIBIM) 196 Malaysian Accounting Standards Board (MASB) 198 Islamic Interbank Money Market (IIMM) 198 Bank Negara Malaysia (Central Bank of Malaysia) 200 Services in Malaysia 202 Government and National Efforts in Promoting Islamic Banking and Finance in Malaysia 206 Vlll
6 CONTENTS Malaysia 209 LABUAN 230 Position of Labuan as an International Offshore Financial Centre (IOFC) 230 Labuan Offshore Financial Services Authority (LOFSA) 231 Labuan International Financial Exchange (LFX) s 232 Services in Labuan 233 INDONESIA 235 Government and National Efforts in Promoting Islamic Banking and Finance in Indonesia 235 Services in Indonesia 236 Indonesia 238 BANGLADESH. 241 Services in Bangladesh 241 Bangladesh 243 BRUNEI: Services 248 THAILAND, SINGAPORE, PHILIPPINES AND INDIA 250 THAILAND: Position of Islamic Banking and Financial Services 250 SINGAPORE: Position of Islamic Banking and Financial Services 255 PHILIPPINES: Position of Islamic Banking and Financial Services 257 INDIA: Services 258 IX
7 ISLAMIC BANKING, FINANCE AND INSURANCE - A GLOBAL OVERVIEW 6 ISLAMIC BANKING: UNITED KINGDOM, EUROPE, UNITED STATES AND OTHER COUNTRIES UNITED KINGDOM 268 Services in the UK 268 the UK 270 EUROPE: Position of Islamic Banking and Financial Services 276 UNITED STATES: Position of Islamic Banking and Financial Services 278 OTHER COUNTRIES: Position of Islamic Banking and Financial Services ISLAMIC BONDS (Sukuk) Present Position of Islamic Bonds (Sukuk) 289 Assessment of Islamic Bonds (Sukuk) 292 BAHRAIN 294 Al-Salam Islamic Bonds (Sukuk) Issued bybma 295 Islamic Leasing Bonds (Ijara Sukuk) Issued bybma 296 Other Islamic Bonds (Sukuk) launched 301 Assessment of Islamic Bonds (Sukuk) Issued in Bahrain 304 QATAR: 305 UNITED ARAB EMIRATES 307 DUBAI 307 SAUDI ARABIA 311 PAKISTAN 312 JORDAN, SUDAN AND TURKEY 314 MALAYSIA 315 Islamic Bonds Issued by Khazanah Nasional Bhd 316 Islamic Savings Bonds Issued by Bank Negara Malaysia 317
8 CONTENTS World's First Sovereign Islamic Global Bond (Sukuk) 318 Future Programme of Issuing Islamic Bonds by the Government of Malaysia 320 Islamic Bonds/Debt Securities issued by companies in Malaysia 322 INDONESIA 332 Issuing Islamic bonds in other countries 333 Islamic Development Bank (IDB): Launching of International Islamic Bond (Sukuk) ISLAMIC INVESTMENT ISLAMIC FUNDS L 344 Growth of Islamic funds 344 Features of Islamic Funds 345 Assessment of Islamic Funds 346 BAHRAIN 348 SAUDI ARABIA 356 DUBAI 363 ABU DHABI 368 KUWAIT 369 QATAR AND EGYPT 373 MALAYSIA 373 INDONESIA, BRUNEI AND SINGAPORE 379 UNITED KINGDOM 379 EUROPE 381 UNITED STATES AND CANADA 382 OTHER COUNTRIES 387 PROVIDERS FOR ISLAMIC FINANCIAL SERVICES 389 ihilal 389 Failaka 391 Islamic Investment Service (IIS) 391 IslamiQ 393 Other Providers for Islamic Financial Services 394 ISLAMIC INDEXING 395 XI
9 ISLAMIC BANKING, FINANCE AND INSURANCE - A GLOBAL OVERVIEW Dow Jones Islamic Market Indexes (DJMI) 396 Other Islamic Indexes ISLAMIC MORTGAGE (SHARJAH-COMPLIANT HOME FINANCE) BAHRAIN, SAUDI ARABIA, UAE AND KUWAIT 408 TURKEY AND PAKISTAN 411 MALAYSIA AND BANGLADESH 412 UNITED KINGDOM 416 UNITED STATES AND AUSTRALIA INTERNATIONAL ASPECT OF ISLAMIC BANKING AND FINANCE General Council of Islamic banks and Financial Institutions (GCIBFI) 432 Islamic Financial Services Board (IFSB) 435 Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) 440 International Islamic Financial Market (HFM) 443 International Islamic Rating Agency (IIRA) 448 Other International Organisations 450 Islamic Gold Dinar ISLAMIC PROJECT FINANCE BAHRAIN AND KUWAIT 458 SAUDI ARABIA 459 UNITED ARAB EMIRATES 461 QATAR AND PAKISTAN 463 MALAYSIA AND INDONESIA ISLAMIC DEVELOPMENT BANK (IDB) Areas of Operation of IDB 469 XII
10 CONTENTS Financing Development Projects by IDB 471 Financing Inter-Trade Between Muslim Countries by IDB 473 Other Activities of IDB 475 MAJOR ORGANISATIONS ASSOCIATED WITH IDB 477 Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) 477 Islamic Corporation for the Development of the Private Sector (ICD) 477 Infrastructure Fund 480 Other Organisations Associated With IDB 482 COUNTRYWISE ACTIVITIES OF IDB 483 WEST ASIA AND AFRICA 483 SOUTH AND SOUTHEAST ASIA 496 OTHER COUNTRIES 499 Assessment of IDB ISLAMIC INSURANCE (Takaful) Basis of Islamic Insurance (Takaful) 512 Takaful Contrasted With Conventional Life Insurance 513 Features of a Takaful Company 514 Operation of a Takaful Company 515 Present Position of Takaful 516 COUNTRYWISE TAKAFUL OPERATIONS 518 WEST ASIA AND AFRICA 518 SOUTH AND SOUTHEAST ASIA 531 WESTERN COUNTRIES 541 Assessment of Takaful 543 ADDENDA 547 Bibliography 582 Index 584 Xlll
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