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Transcript of BancaTakaful in Pakistan by Abdul Jabbar Karimi
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Islamic Banking: How we can move on to next
phase? by A.J. Karimi,Head HMB IB Products`
1
Novemebr 02, 2010
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Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`2
Islamic Banking:
How we can move on to next phase?
Abdul Jabbar KarimiHead- HMB IB Products, Research &TrainingHMB-Islamic Banking Division
Novemebr 02, 2010
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Novemebr 02, 20103
Possible Outcomes..
To know that who are stakeholders of this growing childunderstanding the basic science of Islamic Banking/Finance in
order to enable the participants to appreciate the need of the
subject and look into it to make the industry as mainstream
banking sector
To understand the minimum responsibilities and
consequently the roles being Muslim have to be played to
move on«..to next phase«
The future....of Islamic Finance is in our hands at most..
Mostly in your hands«. ³the customer«.´
Islamic Banking: How we can move on to next phase?
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TABLE OF CONTENTS
1. What I mean by next phase?
2. How to move on?
1. Theory: one·s perception and positiontaking
2. Practice: what needs to be done?
3. Do we really want to move to next phase?4. I am optimistic for the Isl. Banking Future«
4 Novemebr 02, 2010
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5
TABLE OF CONTENTS
Let us look a glance on IslamicBanking Current Scenario««
Novemebr 02, 2010
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The Presence of Islamic Finance:About 1100 institutes offering Islamic Products around the
world
Note: Figure indicates number of Islamic FIs in the country. Only some of the key FIs are shown for each
country
United States: 20- Al Manzil Financial Services
- American Finance House
- Failaka Investments
- HSBC
- Ameen Housing Cooperative
Germany: 3
- Bank Sepah- Commerz Bank
- Deutsche Bank
Switzerland: 6
UK: 26 (primarily branches of
Gulf and glo
bal banks)- HSBC Amanah Finance
- Al Baraka International Ltd
- Takafol UK Ltd
- The Halal Mutual Investment
Company
-J Aron & Co Ltd (Goldman
Sachs)
-Britain Islamic Bank
Bahrain: 26- Bahrain Islamic Bank
- Al Baraka
- ABC Islamic Bank
- CitiIslamic Investment Bank
Malaysia: 492 - Pure Islamic Banks
(Bank Islam, Bank
Muamalat)
Rest - conventional banks
Saudi Arabia: 10- Al Rajhi
- S AMB A- Saudi Hollandi
- Riyadh Bank
UAE: 9- Dubai Islamic Bank
- Abu Dhabi Islamic Bank- HSBC Amanah
Qatar: 4- Qatar Islamic Bank
- Qatar International Islamic
Kuwait: 5- Kuwait Finance
House
Iran: 8
Egypt: 7- Alwatany Bank of Egypt
- Egyptian Saudi Finance
Indonesia: 4
Sudan: 9
Pakistan: 5
India: 3Bangladesh: 3
Turkey: 7- Faisal Finance
Institution
- Ihlas Finance
House
Yemen: 5Planning to go for Islamic
Banking
6 Novemebr 02, 2010
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1100 institutions are offering Islamic Financial Products/Services
Growth Rate @ 28% since 2006
According to µThe Banker¶s 2009 survey, the volume of theShariah Compliant Assets of the top 500 Islamic FinancialInstitutions grew by 28.6% rising to US$822bn from $639 in
2008 at a time when the top 1000 World Banks¶ assets slumped to6.8% from 21.6% from the previous year.
The Shariah Compliant Assets are projected to grow to US$1.60 trillion by 2012.
Sukuk (Islamic Bond) Issuance expected to hit US$200 Billion by2010
Global Scenario
7 Novemebr 02, 2010
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The United Kingdom has emerged as a leading centre for offeringIslamic Financial Services (IFS) as at present there are 22 banks in
UK offering Islamic Financial Services, out of which 05 are fullyShariah Compliant (4 wholesale & 1 retail bank).
Lloyds TSB Bank PLC (LYG ), Britain's fourth-largest, recentlyintroduced Islamic mortgage products to cater to Britain's 2.5
million Muslims.
France by indicating the adjustments in its legal and fiscalframework aims to the development of Islamic Finance to cater thefaith-based clientele in the country in addition to gain attention of Middle Eastern Investors holding abundant liquidity. (report by
Standard & Poor, 2009)
German state became the first European government body to issuean Islamic bond last year -- a $121 million.
Global Scenario««.
8 Novemebr 02, 2010
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The opportunities to tap the surplus funds of oil rich Muslim nationsis strong as many non Muslim countries are trying to tap it
including, Japan, UK, Singapore, France, Hong Kong US,Germany, Australia, Thailand, etc.
These institutions are playing a key role in setting up and
standardizing Shariah , Financial and Accounting standards for
Islamic Financial Institutions.
Major business schools such as Oxford, Harvard, Rice and Durham
has started post graduate programs in Islamic Finance
Harvard University has developed a major database by the name of
Harvard Islamic Financial Information Program HIFIP) for Islamic
Banking.
Global Scenario««.
9 Novemebr 02, 2010
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Islamic Banking In Pakistan: An OverviewThe Islamic banking market in Pakistan continued to expand during
the last year as well and the assets growth has registered 59% p.a.growth since 2005 as stated by Deputy Governor SBP.
Assets = about PKR 411 bn + (Industry Share constitute 6.10%)
Deposits = about PKR 330bn + (Industry Share constitute 6.40%)
Financing and Investment=
about PKR 230 bn +(Industry Shareconstitute 4.30%)
Projected growth for the next 5 years of Islamic Banking is 15%to 20% per annum.
The Islamic Banking Market share would reach 12% by 2012 as per strategy plan of SBP
In 2008 the assets of Islamic Banking increased by 34% ascompared to the assets of overall industry by 8.8%. (SBP Bulletin)
10 Novemebr 02, 2010
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Novemebr 02, 201011
A FEW SAYINGS BY KEY PLAYERS FOR ISLAMICBANKING«««
"There is a segment within the current market that wouldswitch to Islamic if the quality and benefits offered were asgood as conventional financial products," says RayFerguson, CEO of Standard Chartered Bank UAE inDubai.
³ A conservative approach to risk and a close link betweenthe financial sector and real assets has helped shield thesector from the worst of the credit crisis,´ said. BrianCaplen, An editor of a London-based magazine
"Islamic banking isn't just for conservative or radicalMuslims. It's mainstream business now, "That's why everybank wants a bigger piece of it."says Ross Mohamad Din, director of HSBC AmanahMalaysia
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Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`12 Novemebr 02, 2010
TABLE OF CONTENTS
1.What I mean by next phase?
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Islamic Banking: How we can move on to next phase?
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Next Phase shall be starting«..
o Islamic banking must be able to become domestic
player with an international quality in services and performance, i.e. first best choice that caters equally the
here (Dun¶ya) on the same competitive conventional
banking lines«
o Positioning Islamic Banking as a beyond banking ,i.e.
more than just a bank«..
o 20% + Country Business /(deposits+ Assets) to be done
through Islamic Banking «
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TABLE OF CONTENTS
2. How to move on?
Theory:
one·s perception and
position taking
Practice:
what needs to be done?
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Novemebr 02, 2010
Islamic Banking: How we can move on to next phase?
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The Position of Banking And Finance Within Islam
ISLAM
SHA IA
practices & activities
AQIDAH
faith & belief
AKHLAQ
morality & ethics
IBADAT MUAMALAT
man-to-Allah worship man-to-man activities
SOCIAL
ACTIVITIES
OTHER ECONOMIC
ACTIVITIES
BANKING & FINANCIAL
ACTIVITIES
POLITICAL
ACTIVITIES
ECONOMIC
ACTIVITIES
How to move on? Theory:
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Novemebr 02, 2010
Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`16
How
to move on?
Theory:
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Islamic Banking: How we can move on to next phase?
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³O you who believe, Fear Allah and give up what remains of your ³O you who believe, Fear Allah and give up what remains of your
demand for Interest, if you are indeed a believer. If you do not, then youdemand for Interest, if you are indeed a believer. If you do not, then you
are warned of the declaration of war from Allah and His Messenger; Butare warned of the declaration of war from Allah and His Messenger; But
if you turn back you shall have your principal: Deal not unjustly and youif you turn back you shall have your principal: Deal not unjustly and youshall not be dealt with unjustly.́shall not be dealt with unjustly.́
Al Al BaqarahBaqarah 278278 -- 279 (Fourth Revelation)279 (Fourth Revelation)
How to move on? Theory:
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Islamic Banking: How we can move on to next phase?
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1.1. FromFrom HazratHazrat Abu Abu HurayrahHurayrah (R A), The Prophet, peace be on(R A), The Prophet, peace be on
him, said:him, said:
""Riba has seventy segments, the least serious being equivalent to a man committing adulterywith his own mother.´ (Ref: Ibn-e-Majah)
2. From Hazrat Jabir Ibn-e-Abdullah (RA): The Prophet may
peace be on him, cursed the receiver and the payer
of interest, the one who records it and the witnessesto the transaction and said; ³They are all alike (in
guilt).´ Ref: (Muslim, Tirmidhi and Musnad Ahmed)
How to move on? Theory:
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Novemebr 02, 2010Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`19
What is Islamic Banking?
³Islamic Banking is interest free Asset³Islamic Banking is interest free AssetBacked banking governed by theBacked banking governed by the principles of Islamic Shariah´ principles of Islamic Shariah´
³³The ends of the both banking systems are same but only
the means to achieve these ends are different as onesystem is God given in contrast to its rival system which
is ma made.´.´((K arimiK arimi, Abdul Jabbar , Abdul Jabbar-- µIslamic Banking :A necessary system, published inµIslamic Banking :A necessary system, published in
the Finance & Business Review, The News,the Finance & Business Review, The News, 1818th Jun¶th Jun¶ 20012001))
How to move on? Theory:
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Novemebr 02, 2010
Islamic Banking: How we can move on to next phase?
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How to move on? Practice (Practical Steps):
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Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`21 Novemebr 02, 2010
Consumers
GovernmentCentralBank
StaffSponsors
Management
External
Internal
Legal Framework
Demand for Products & Services
Vision & Leadership
Capital
Regulations/Policies guidelines
Shariah Adviser/ShariahBoard
Madrasas/
ReligiousScholars
Shariah supervision
Public opinion/ReligiousRulings
Productivity
IslamicIslamicBankingBanking
InstitutionInstitution
How to move on? Practice (Practical Steps):
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Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`22 Novemebr 02, 2010
Next Phase?:The minimum steps to go into next phase «
1. Perception Change: To build understanding in Islamic
banking as Beyond Banking «various forums«moreefficient socialization and educational program for public interest «.(all)
2. Businesses to take it in their TOP priorities list (Customer)
3. Feasible Regulatory Environment , addressing the IB challenges
(Liquidity, Legal, Taxation, + ) on priority basis ..(Govt. /SBP)4. Big banks to play role/think seriously« ..(Govt. /SBP)
5. Positioning, Differentiation and Branding, positioning the IB as
the most attractive one in country and abroad (IIFS) + Shariah +Customer
6. IB to be accessible for all kinds of people and allsegments /PLS Based Products on assets side (IIFS
+Customer)
7. HR Service quality: Professional +Religious touch (Staff)
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Islamic Banking: How we can move on to next phase?
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Next Phase?...
And«.
8. Unanimity of views of Religious Scholars (RS)«.foro the ´products and services off ered by Islamic Bankingµ,
o the prohibition of ´Banking Interestµ «Shariah Doctor
o the diff erences, if any, in terms Shariah interpretation
should remain within the circles of scholars«.
9. CUSTOMERS¶ total commitment for Islamic banking as
the only choice to bank with.. ³ Haq-ul-Yaqeen´
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Novemebr 02, 2010
Islamic Banking: How we can move on to next phase?
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Unanimity of views«An example«.
The Question aboutMUR ABAHA
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Islamic Banking: How we can move on to next phase?
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Murabaha «.
The basic purpose of Murabahah Sale has been described in Fiqh
books in these words: " the main purpose of (Murabahah) sale is to protect the innocent
general consumer lacking expertise in the various items of trade
from the wiles and stratagems of sharp traders.´
Usually there are three parties to a Murabahah transaction where
the bank is involved:
1. The one who promise to buy (Customer)2. The Bank
3. The vendor (supplier to the Bank)
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Islamic Banking: How we can move on to next phase?
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3.Do we really want to move to next phase?
Novemebr 02, 2010
Brunei, 3
Indonesia, 3 Malaysia, 38
Pakistan, 2
Sudan, 4
Quatar, 8
Bahrain, 2
Kuwait, 24
U E, 33
Saudi rabia,
00
Turkey, 9
UK, 0
Iran, 320
End 2008
The Trillion Dollar Cake
Amount in Billion of USD
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Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`27
Novemebr 02, 2010
And the long way«
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Novemebr 02, 2010
Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`28
I am optimistic for the
Islamic Banking Future«
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Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`29
Karimi says,
³I am optimistic regarding the future/tomorrow of Islamic Banking that it is going
to be the mainstream banking chosen as choiceby almost all iff We successfully provided the products thatcater the needs of the customers on equalgrounds .«..³tomorrow is of Islamic Banking«..Why??An illustration«.with comparison«..
I m optimistic for IB «.
Novemebr 02, 2010
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30Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products` Novemebr 02, 2010
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Is our vision to create a MarketSegment?
T he tale of T elecom.
31Islamic Banking: How we can move on to next phase?
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Telecom Revolution«Year 2000
, 0%
306,493 ,
9%
3,056,460 ,
91%
´In theYear 2000, after 8 years
mobile phone operator·s share was only 9%µ
No of connections
and market share
Source:
Pakistan Telecommunication Authority
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Telecom Revolution«Year 2007
4, 4,607 ,
%
1,757,1 ,
3%
55,617,101 ,
89
´Now mobile phone operators share of the industry is89%!!!
No of connections
and market share
Source:Pakistan Telecommunication Authority
33Islamic Banking: How we can move on to next phase?
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Telecom Revolution«Year 2007
´The market segment has become larger than the basicindustry itselfµ
Mobile PhoneIndustry
Mn Connections Fixed Line
Industry
5 Mn Lines
Source:Pakistan Telecommunication Authority
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What is the inspiration«
´ Vision is to create an industry itself
and not a segmentµ
Basic functionality with
out the wire
Financial solutions with
out Riba
35Islamic Banking: How we can move on to next phase? by A.J.
Karimi, Head HMB IB Products` Novemebr 02, 2010
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What does this Market Want?
80
10
10
³T he winning formula´ All things equal IWill prefer an
Islamic Product
I will Not bank
with an Islamic
Bank
I will only bank
with an Islamic
Bank
Research:
Source:
Oasis International research 2 6
36Islamic Banking: How we can move on to next phase? by
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What does this Market Want?An Example«
³All things equal
I will prefer an Islamic product´
Launched in
an area
already
having
Conv.bankingbranches
Highest incremental
growth in the entire
banking industry
IBB
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The road ahead«
Whom to go Shariah Doctor?
³ ..Pleasure of AllahSW T is only possible
when we¶ll adhere the
minimum Shariahboundaries«. Having
business within
prescribes lines by Quran + Sunnah ´
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The Main Motivating Factor and Driver of The Main Motivating Factor and Driver of
Islamic Banking «..Islamic Banking «..
InIn anticipationanticipation of of ROIROI (H+H),(H+H), ii..ee.. thethe investmentinvestment thatthat bringsbrings returnreturn for for
herehere andand hereinherein after after inin anan efforteffort toto abideabide byby thethe prohibitionprohibition of of Riba,Riba, aa
surprisinglysurprisingly increasingincreasing number number of of MuslimMuslim depositdeposit holdersholders allall acrossacross thethe
world,world, havehave nonnon--interestinterest bearingbearing accountsaccounts andand theythey refrainrefrain fromfrom
InterestInterest BasedBased BankingBanking..
39Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`
³ROI´ (h+h)
Concluding Point
Novemebr 02, 2010
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T hanksT hanks
40Islamic Banking: How we can move on to next phase?
by A.J. Karimi, Head HMB IB Products`
F OR FU RTHER IN F ORMATION:
Abdul Jabbar Karimi
Head-HMB Islamic Banking ProductsHBZ Plaza (Hirani Centre) Islamic Banking Division
Cell: +92 300 824 5995
D/L: +9221 32639665 D/L: +9221 32644406
Email: [email protected]
Novemebr 02, 2010