Friday, August 29, 2014

Tadarruj bangunkan kewangan Islam

DR ASYRAF WAJDI DUSUKI - KETIKA menulis artikel minggu ini, penulis berada di Sudan atas jemputan memberikan syarahan mengenai pengalaman Malaysia dalam membangunkan sistem kewangan Islam. Ini merupakan kali pertama penulis menjejakkan kaki ke bumi Sudan. Sememangnya peluang ini amat penulis nanti-nantikan untuk melihat sendiri bagaimana perbezaan pembangunan ekonomi dan kewangan Islam di antara Sudan dan Malaysia - dua negara terawal memperkenalkan Sistem Perbankan Islam bebas riba dan unsur-unsur lain yang diharamkan syariah sekitar awal 1980an. Sejarah awal perbankan Islam di Sudan menyaksikan negara di bawah pimpinan Presiden Jaafar an-Numeiri telah melakukan proses Islamisasi secara revolusi. Ini dilaksanakan seawal 1984 dengan arahan Presiden Numeiri yang didukung gerakan Ikhwan al-Muslimun untuk mengubah seluruh sistem ekonomi dan institusi-institusi perbankannya kepada sistem Islam. Namun pergolakan politik yang berterusan termasuklah perubahan kerajaan melalui beberapa siri rampasan kuasa (coup d’etat) telah mengekang pembangunan perbankan Islam secara berkesan. Faktor mengekang lain termasuklah tekanan antarabangsa seperti daripada Bank Dunia yang pada waktu itu amat skeptikal terhadap pengembangan perbankan Islam yang ditanggapi suatu sistem amat asing. Mengikut kajian penulis, model pembangunan Kewangan Islam yang berasaskan revolusi seperti di Sudan, Pakistan dan Iran gagal atas banyak faktor. Selain aspek ketidakstabilan politik, isu lebih mendasar adalah kerana konsep perbankan Islam pada waktu itu masih terlalu asing dan belum banyak penyelidikan terperinci dilakukan. Kegagalan pendekatan revolusi dalam membangunkan sistem kewangan Islam ini juga amat terkait dengan faktor kekurangan modal insan berkemahiran dan infrastruktur yang sesuai berbanding sistem kewangan konvensional yang sudah lama bertapak sejak ratusan tahun. Berbanding Sudan yang mengambil pendekatan revolusi dengan cuba melakukan Islamisasi total ke atas seluruh sistem ekonominya, termasuklah menukar institusi-institusi perbankan konvensional kepada perbankan Islam sepenuhnya, Malaysia mengambil pendekatan berbeza secara evolusi. Malaysia bermula dengan penggubalan Akta Bank Islam 1983 dengan memberi peluang sebuah bank Islam beroperasi, di samping bank-bank konvensional sedia ada. Seterusnya lesen perbankan Islam dikembangkan kepada seluruh bank-bank tempatan lain melalui pendekatan ‘tingkap’ atau Islamic window 10 tahun selepas kejayaan Bank Islam pertama. Bukan itu sahaja, Malaysia turut membangunkan pasaran modal Islam, takaful dan pelbagai infrastruktur lain yang dapat menggalakkan kepesatan pembangunan sistem kewangan Islam paling komprehensif. Malaysia kini bukan sahaja menjadi pusat kewangan dan perbankan Islam yang disegani seantero dunia, bahkan turut menjadi model rujukan kepada kebanyakan negara-negara Islam lain yang turut aktif mengembangkan pelbagai produk dan institusi berasaskan prinsip syarak. Antara faktor terpenting yang mendasari kejayaan negara ini ialah komitmen kerajaan mengambil kira pendekatan secara bertahap dalam pelaksanaan syariat Islam. Pendekatan bertahap atau diistilahkan syarak sebagai tadarruj ini amat menepati kaedah dan ciri-ciri perubahan dikehendaki Islam. Menurut Dr Yusuf Al-Qardawi dalam bukunya Al-Khoshoish Al-Ammah Lil Islam, yang dimaksudkan dengan tadarruj ialah suatu pendekatan secara bertahap atau beransur-ansur dalam memastikan perlaksanaan hukum syarak dijalankan secara berkesan dan sempurna. Pendekatan ILAHI ini turut mengambil kira tabii manusiawi dan konteks realiti semasa dalam pelaksanaan syariat Islam. Dalam hubungan ini mungkin ada baiknya untuk ditelusuri strategi al-Quran yang mempersiapkan masyarakat Arab yang begitu kental terbudaya dengan pengamalan riba itu, akhirnya meninggalkan amalan tersebut dengan rela. Apa yang jelas, al-Quran tidak terus melarang dan menghukum. Sebaliknya al-Quran mendidik mereka dengan terlebih dahulu menyedarkan mereka tentang keburukan riba (Ar-Rum:39) dan menyamakan amalan tersebut dengan nilai-nilai zalim amalan Yahudi (An-Nisa’:160-161). Kemudian melarang mereka bermuamalah dengan mengenakan faedah atau caj tambahan (Ali-Imran:130) dan akhirnya barulah diharamkan sama sekali secara konklusif (Al-Baqarah:275-281). Ketika itu mereka telah cukup bersedia sehingga dengan rela membuang saki-baki riba yang masih ada pada mereka. Begitulah salah satu contoh pensyariatan hukum ALLAH yang jelas mempertimbangkan proses perubahan secara bertahap agar kesannya lebih berkekalan dan menyeluruh. (sumber: http://www.sinarharian.com.my/kolumnis/dr-asyraf-wajdi-dusuki/tadarruj-bangunkan-kewangan-islam-1.39236)

Russian banks lobby central bank to draft Islamic finance law

DUBAI/MOSCOW: A lobby group for Russian banks has written to Moscow's central bank seeking measures to promote Islamic finance at a time when the banking sector is facing a squeeze on foreign financing due to economic sanctions imposed over the Ukraine crisis. The Association of Russian Banks (ARB) said in a letter sent to the central bank late last week that promoting Islamic finance could give a boost to the economy and draw significant investment from the Middle East and Southeast Asia, regions where Islamic finance is flourishing. Its appeal has risen as Russia's $2 trillion economy teeters on the brink of recession with several top Russian banks effectively shut out of Western capital markets due to Western sanctions over Moscow's perceived backing for a pro-Russian separatist uprising in eastern Ukraine. Central among the lobby group's concerns is the absence of Russian legislation regulating Islamic finance. This means banks are unable to offer clients certain Islamic financial instruments that comply with sharia (Islamic law), as well as a lack of Islamic banks and the expertise needed to run them. "It's not spelled out anywhere in Russian legal documents what an Islamic financial institution, or sukuk (Islamic bonds) or a mudaraba (a common Islamic financial contract) are," read the letter, published on the ARB website. "To solve this problem, we suggest adopting a special federal law." Elsewhere in the letter, the ARB suggests setting up a working group with input from Russia's Islamic clerics to draft the necessary legal amendments and creating a central bank department to supervise Islamic financial institutions. Russia's central bank declined to comment when asked how it would respond to the ARB initiatives. PROMISING MARKET? Russia's Islamic banking sector is still in its infancy, despite some 20 million Muslims living in the country, but experts say the market has potential. In September 2011, AK BARS Bank, based in Russia's mainly Muslim Tatarstan republic, obtained a $60 million, one-year loan using the Islamic murabaha structure - the first international Islamic deal arranged for a Russian institution. In its second such deal, AK BARS Bank secured $100 million from a syndicate of 11 banks in January. Aznan Hasan, a sharia scholar and former member of Malaysia's Central Sharia Advisory Council at the central bank, said overseas Islamic banks were ready to invest in Russia if officials were to adapt local legislation. "I think we have enough capability to do this. Russia and Central Asia are very good areas for Islamic finance," Hasan said. "Malaysian banks are willing to consider going into Russia, but there needs to be the initiative to change the regulatory framework and the government needs to be willing to accommodate these banks." Such investors could provide a much-needed source of additional financing given that many foreign banks are now loath to lend to Russian corporates for fear of falling foul of U.S. and European Union sanctions. Commercial banks were estimated to hold Islamic banking assets worth over $1.7 trillion in 2013, according to a study by Ernst & Young, roughly a third of which came from Gulf-based Islamic banks. Russia's banking sector had about 60 trillion roubles ($1.7 trillion) worth of assets as of the end of June, according to data from Fitch Ratings. Should Russia's central bank respond positively to the ARB's lobbying effort, it could draw on the experience of former Soviet republics Azerbaijan, Kyrgyzstan and Kazakhstan, all of which are drafting new laws to regulate Islamic banking. Behnam Gurbanzada, director of Islamic banking at International Bank of Azerbaijan, called Russia a "promising" platform to further the development of Islamic finance. "It is obvious there is a lack of capital in Russia at the present time," he said. "The Russian economy needs investment and stable financing sources. Islamic banking is an alternative source of funding for Russia." (1 US dollar = 36.0199 Russian rouble)- Reuters (Source: http://www.thestar.com.my/Business/Business-News/2014/08/15/Russian-banks-lobby-central-bank-to-draft-Islamic-finance-law/)

New era of Islamic banking in the offing

A PROPOSED three-way merger in Malaysia will create the world’s first Islamic bank that will have enough clout to challenge the dominance of conventional, often Western, banks in the industry and influence the way Islamic finance deals are made. The Islamic units of market leaders such as HSBC Holdings Plc and Standard Chartered Plc have long used their parents’ vast networks to win leading roles in global deals. Most of such deals involve designing and distributing Islamic bonds, or sukuk, a fast-growing segment in the sector. By contrast, local banks in the Islamic world lack the scale and reach to entice corporate and sovereign issuers from Europe and Asia. Many of them are owned by wealthy families or the state, and fear of losing control has limited mergers and consolidation in a still highly fragmented industry. In comes Malaysia, whose government is keen to make leaders out of the country’s banks in global Islamic finance. Last week, CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd secured regulatory approval to begin their merger talks. Their amalgamation would yield a stand-alone Islamic bank that is separate from the conventional banking operation of the enlarged bank. This Islamic bank will have a cross-border presence sizeable enough to win big mandates, as well as a Malaysian model of Islamic finance that is regarded by many investors to be simpler and less confusing, analysts say. “The next meaningful stage for Islamic banking is a bank with connectivity across key markets and separate markets,” says Abdul Rauf Rashid, country managing partner for EY Malaysia. “Putting together and creating this large entity is a start, but the next step is integrating them into one powerful unit that can go out and build the market.” The merger would include the creation of a so-called mega Islamic bank. Malaysia’s central bank defines such an entity as having a minimum US$1bil in paid-up capital. A successful merger may pave the way for other Malaysian banks to follow suit as they expand globally. That would help internationalise the Malaysian model of Islamic finance, analysts say. Malaysia also has the capacity to standardise industry practices, which vary due to different interpretations of Islamic law, they say. Malaysia has a centralised, top-down approach to creating syariah-compliant products. Other countries have allowed syariah boards of individual Islamic banks to decide whether their products and activities obey religious principles. The latter approach sometimes leads to disagreement over the design of a product and even confusion among investors, analysts say. Some investors have decided to stick with the big conventional banks such as Standard Chartered. The banks have their own Islamic scholars and the financial clout to lead in the structuring of Islamic finance deals. “When we have mega banks, and trim down to fewer players, it will be easier to harmonise things. Bearing in mind that it will go global, we are positioning Malaysia as the leader for Islamic banking,” said Johan Lee, partner at Kuala Lumpur-based law firm J. Lee & Associates. No longer a concept The mega Islamic bank concept has been discussed in the industry for years. Previous efforts have failed to take off partly because of scant interest from the private sector. Most banks in the Middle East are retail-oriented or lack the financial expertise to compete with large multinationals. Al Rajhi Bank – Saudi Arabia’s largest listed lender and the world’s biggest Islamic bank – has never issued a sukuk and is only now developing its investment banking business. Smaller Islamic banks in the region such as Qatar Islamic Bank and Al Baraka Banking Group are hardly in the league of Western banks when it comes to Islamic finance. But change is in the air, with Islamic finance now holding a greater share of the banking sector in Asia and the Middle East – a third in the case of Qatar. Growing economic links among these regions are also renewing a push to standardise the rules of Islamic finance and banking. Bahrain-based International Islamic Financial Market – an industry body that creates specifications for Islamic finance contracts – is now developing its first-ever contract template for sukuk. The sukuk market is forecast to grow 14% to US$130bil in issuance in 2014 compared with last year, a Thomson Reuters study shows. Efforts by Malaysia to sell its version of sukuk financing will face a number of obstacles, particularly in dollar-denominated issuances. Most dollar-denominated sukuk are issued across a myriad of markets, must be approved by scholars in each institution wishing to buy them, and are thinly traded. This segment is also dominated by Western banks and is attracting a growing number of Gulf-based lenders, all eager to capitalise on the expected rush of global issuance. Hong Kong and Luxembourg are among the governments aiming to issue sukuk later this year. Size could help the proposed Malaysian mega Islamic bank win a larger share of such business, and more crucially, lead in the design of those deals. “They will still have to adapt to each country’s culture of doing things… we just need to focus on the products that work for multiple markets,” said Mohamed Ridza, partner at Kuala Lumpur-based law firm Mohamed Ridza & Co. The question is whether a full-fledged Islamic bank of that size can survive without support from a conventional bank as its parent. “Being larger does not necessarily lead to greater efficiency, better profitability or improved bank credit fundamentals,” said Simon Chen, Singapore-based banking and Islamic finance analyst at Moody’s. — Reuters (Source: http://www.thestar.com.my/Business/Business-News/2014/07/19/New-era-of-Islamic-banking-in-the-offing-Proposed-3way-merger-in-Msia-to-alter-old-ways-of-I/)

Ensuring quality workforce in Islamic finance

By RUPA DAMODARANKUALA - ISLAMIC financial institutions have been urged to secure talents with innovative mindsets, as early as the students’ admission into unversities, so that quality talents can be developed to support new growth areas in the sector. In making the call, Bank Negara Malaysia deputy governor Datuk Muhammad Ibra-him said the ability to produce the right kind of talent will be the key determinant in charting the future of Islamic finance. “It is paramount for Islamic financial institutions to secure talents with innovative mindsets. The search has to begin as early as the admission of students into universities,” he said in his keynote address at the Islamic Finance Education: Global Roundtable Discourse, here, yesterday. “Quality over quantity is key to ensure we hit the primary target set for human capital development. When you are out of quality, you are out of business. But if we are committed to drive this together, the talent in Islamic finance will be the centre of excellence.” Muhammad also proposed for academic entry requirements to be set high so as to gather a strong pool of brainpower suited to the needs of the market. “When Islamic finance is equip-ped with striking intellectual capacity, it heightens the credibility of the industry and safeguards its prominence.” The local financial sector is anticipated to require a workforce of about 200,000 until 2020. As at end-2013, Islamic financial institutions employ about 17,621 employees, which constitute around 11 per cent of the total workforce in the financial sector. (Source: http://www.nst.com.my/node/25364)

Ekosistem digital untuk pasaran halal global

Adi Satria - Apps adalah software yang digunakan untuk komputer, internet, telefon pintar atau peralatan elektronik lain yang kian popular hari ini. Apps yang digunakan untuk telefon pintar dan tab adalah lebih natural dan mesra pengguna. Maka kian ramai entiti perniagaan daripada industri kecil dan sederhana (IKS), korporat, pihak berkuasa, media malah individu sendiri tidak dapat lari mengguna apps untuk urus niaga dan urusan harian terutama pembinaan jenama produk dan perkhidmatan masing-masing. Pasaran halal global sedang pesat berkembang dan mencecah lebih kurang AS$300 trillion (RM949 trilion) dan 1.8 billion pengguna Muslim global. Menurut data daripada Perbadanan Pembangunan Industri Halal (HDC), hampir 70 peratus IKS Malaysia yang berdaftar dengan HDC mempunyai jumlah perniagaan tidak melebihi RM1 juta setahun. Kekangan besar terhadap perkembangan mereka adalah bajet untuk strategi komunikasi pemasaran bagi menguar-uarkan jenama mereka. Selain itu, kesukaran memasuki pasaran di pasar raya tempatan yang didominasi oleh syarikat gergasi dan multinasional. Kaedah komunikasi pemasaran digital mampu digunakan untuk mengatasi kos media tradisional yang tinggi. Platfom online, media sosial dan apps adalah kombinasi mantap yang juga bercirikan interaktiviti antara bisnes ke bisnes dan bisnes ke pengguna. Namun ia memerlukan pemahaman yang baharu berkenaan kaedah, strategi dan taktik untuk mencapai objektif pemasaran, sasaran jualan dan pasaran serta pengguna. Objektif Malaysia untuk mencapai status hab halal global ialah kerana ia mempunyai kelebihan daripada negara-negara Islam lain dari segi perdagangan, logistik, perbankan dan pensijilan halal di mana Jabatan Kemajuan Islam Malaysia (Jakim) diiktiraf sebagai badan pensijilan halal yang berwibawa. IKS di Malaysia mampu menggunakan kelebihan ini untuk meneroka dan menguasai pasaran halal bukan sahaja di negara-negara Islam malah di negara-negara bukan Islam yang kian mengiktiraf produk dan perkhidmatan yang mempunyai sijil halal. Pengeluar kini mengakui bahawa sijil halal sesuatu yang wajib untuk bersaing dalam pasaran global. Umpamanya pada November 2011, E-Halal Track dan Trace RFID telah dilancarkan di Guangzhou, China yang mampu mempromosikan halal Malaysia di China. Mekanisma secara digital ini dapat meyakinkan pengguna tentang kedudukan produk halal dari segi keselamatan, kebersihan dan kesihatan dalam proses pengeluaran produk tersebut. Penggunaan apps juga akan memudahkan pengguna untuk mendapatkan maklumat dan pengesahan dengan lebih cepat dan cekap. Pembangunan satu ekosistem digital bagi industri halal di Malaysia adalah perlu sekiranya ia ingin menjadi pemimpin unggul di pasaran halal dunia. Laman sesawang yang ada tidak mampu untuk memenuhi permintaan dan keperluan daripada para pengguna dan usahawan global hari ini. Selain platform online yang canggih, platform mobile melalui apps berdasarkan android, iOS atau Microsoft kian penting dan perlu dibangunkan. Ekosistem digital ini juga boleh menyiarkan berita, maklumat terkini, penyebaran dakwah dan juga hiburan untuk menarik pengguna dan peniaga global kepada apps tersebut. Program-program yang diterbitkan disesuaikan untuk pengiklan melalui kaedah penonjolan produk atau 'product placement' di dalam program tersebut. Platform ini akan membolehkan peniaga yang mendaftar dengan HDC melakukan interaksi terus dengan pelanggan sedia ada atau yang berpotensi kerana apps ini mesra pengguna dan dapat melakukan transaksi jual-beli secara mobile. Inilah kaedah perdagangan yang terkini di era digital ini yang mampu memberi pulangan tinggi kepada pelaburan mereka. PENULIS adalah bekas Pengurus Besar Periklanan Kumpulan Utusan. Kini Konsultan Komunikasi Pemasaran Lensa Films dan Jurulatih Kanan ClickAcademy Asia. E-mail: adi@ClickAcademyAsia.com. Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20140823/ek_04/Ekosistem-digital-untuk-pasaran-halal-global#ixzz3Bm9Y4NsH © Utusan Melayu (M) Bhd

Pemahaman konsep wakaf masih rendah

KUALA LUMPUR 26 Ogos - Tahap pemahaman konsep wakaf masih rendah termasuk dalam kalangan pemikir dan pakar ekonomi Islam walaupun konsep itu telah wujud beratus-ratus tahun dahulu. Pengarah Bank Pembangunan Islam (IDB) bahagian Asia Tenggara, Kunrat Wirasubrata berkata, orang ramai lebih mengaitkan konsep wakaf ini untuk tujuan pembinaan sekolah agama, masjid dan tanah perkuburan semata-mata. Beliau berkata, disebabkan hal itu tanah wakaf kurang dibangunkan dan menyebabkan pertumbuhan ekonomi dan sosial melalui tanah wakaf tidak dirasai. "Misalnya pada 2010 tanah wakaf di Malaysia berkeluasan 11,511 hektar, namun kurang daripada satu peratus tanah itu dibangunkan. "Tanah wakaf boleh juga digunakan untuk membangunkan hospital atau pelbagai aktiviti ekonomi. Malah, bukan Islam juga boleh mendapat faedah daripada sebarang aktiviti yang dijalankan. Konsep itu bukan untuk membiayai aktiviti berkaitan agama sahaja," katanya pada sidang akhbar bagi mempromosikan Forum Ekonomi Islam Sedunia (WIEF) ke-10 di sini hari ini. Utusan Malaysia sebelum ini melaporkan Ketua Pengarah Jabatan Wakaf, Zakat dan Haji, Datuk Anan C. Mohd., sebagai berkata, sehingga hari ini pihaknya telah membangunkan 11,091 hektar tanah wakaf dengan nilai pasaran RM1.18 bilion.Tambah Kunrat, konsep wakaf akan diberi tumpuan semasa berlangsungnya WIEF di Dubai pada Oktober ini, dan berharap cabang ekonomi Islam itu akan diberi perhatian sepertimana cabang-cabang ekonomi yang lain. Belia berkata, wakaf tunai yang semakin diterima juga dilihat sebagai kaedah terbaharu yang boleh mempopularkan lagi konsep wakaf. Tambahnya, IDB sendiri telah memperkenalkan Dana Pelaburan Hartanah menggunakan konsep wakaf dengan sumbangan daripada ahli-ahli IDB terdiri daripada institusi perbankan dari pelbagai negara Islam termasuk Malaysia melalui Amanah Raya Bhd. Antara projek-projek hartanah yang telah dibangunkan melalui dana tersebut ialah Pusat Warisan Muslim British di Manchester, England dan Pusat Amanah dan Pendidikan Islam di Jerman. Artikel Penuh: http://www.utusan.com.my/utusan/Korporat/20140827/ko_03/Pemahaman-konsep-wakaf-masih-rendah#ixzz3Bm8zdWv4 © Utusan Melayu (M) Bhd

Sunday, June 22, 2014

Menjuarai sistem kewangan Islam dunia

Oleh Ram Al Jaffri Saad PADA minggu lepas, Utusan Malaysia me­laporkan mengenai pencapaian ne­gara dalam sistem kewangan Islam. La­poran ter­sebut mendedahkan jumlah aset perbankan Islam di negara kita yang mencecah hampir RM500 bilion. Ini telah meningkatkan imej negara sebagai peneraju sistem kewangan Is­lam dunia yang pada masa sekarang berada pada tangga ketiga dunia selepas Iran dan Arab Saudi. Pemangkin pertumbuhan pesat pasaran kewangan Islam Malaysia disumbangkan oleh pasaran sukuk dan takaful yang kukuh. Malah negara menguasai lebih separuh da­ripada pasaran sukuk dunia sejak 2007. Bagi pasaran takaful pula, negara berada pada kedudukan kedua selepas Arab Saudi dengan nisbah pasaran sebanyak 26 peratus. Bagi penulis, pencapaian ini cukup membanggakan. Ia mampu memberi motivasi kepada pengamal kewangan Islam untuk terus berusaha meningkatkan pasaran kewangan Islam pada masa akan datang. Sasaran negara untuk menguasai lebih 40 peratus dalam kewangan Islam menjelang 2020 bukan lagi suatu khayalan. Ia mampu direalisasikan. Malaysia sebagai sebuah negara yang majoriti penduduknya beragama Islam mempunyai landskap komprehensif dalam memajukan kewangan Islam. Pasaran mo­dal Islam yang diterajui oleh Bank Negara telah menjadikan persekitaran negara kondusif bagi para pelabur Islam dan bukan Islam. Selain itu, kemunculan organisasi se­perti Akademi Penyelidikan Syariah Antarabangsa bagi Kewangan Islam (ISRA), Institut Perbankan dan Kewangan Islam (IBFIM) dan Pusat Pendidikan Kewangan Islam Antarabangsa (INCEIF) membantu perkembangan sistem kewang­an Islam di negara ini. Dalam tempoh beberapa tahun kebelakangan ini, sistem kewangan Islam berkembang dengan pesat. Jumlah institusi kewangan Islam bertambah di lebih 75 negara. Malah, negara maju seperti Britain dikhabarkan telah menerima pakai sistem kewangan Islam. Aset kewangan Islam dunia dilaporkan berada sekitar dua hingga tiga peratus atau hampir satu trilion dolar Amerika Syarikat daripada jumlah keseluruhan aset kewang­an global. Pertumbuhan progresif hampir 25 peratus setiap tahun dilihat sebagai potensi besar bagi menggantikan sistem konvensional pada masa akan datang. Dalam konteks Malaysia, sejak penubuhan Bank Islam yang pertama, kemudiannya dilestarikan dengan liberalisasi pasaran perbankan Islam, kewangan Islam terus berkembang pesat. Kesan segera liberalisasi pasaran ke­wa­ng­an Islam menyaksikan penubuhan bank Islam asing berlesen pertama dalam negara pada 2005. Ia telah menggalakkan denominasi ringgit dalam pasaran sukuk domestik. Natijahnya, keyakinan para pelabur tempatan dan luar negara terhadap pasaran modal domestik dapat diperkukuhkan. Sejak itu, kewangan Islam melonjak maju dengan begitu baik. Kewangan Islam mempunyai potensi sangat besar untuk terus dikembangkan kerana sering mendapat pengiktirafan dari luar dunia Islam. Ini kerana kewangan Islam mempunyai sumber pembiayaan yang baik, lebih telus mencerminkan kedudukan ekonomi sebenar, kurang spekulasi dan mampu mewujudkan perkongsian serta kestabilan dalam tempoh jangka panjang. Institusi-institusi kewangan Islam juga tidak terkena tempias semasa krisis ekonomi global yang membadai Amerika Syarikat dan negara-negara besar Eropah. Ini telah mengukir persoalan di benak ahli-ahli ekonomi sekular yang ingin tahu kelebihan sistem kewangan Islam ini. Ringkasnya, kekuatan kewangan Islam ditunjangi beberapa faktor. Pertama, kewangan Islam bersumberkan al-Quran dan Sunnah yang melengkapi kehidupan manusia. Sudah pasti sistem ini sempurna dan sangat sesuai dipraktikkan di seluruh dunia sama ada di negara Islam mahupun bukan Islam. Kedua, ia amat menekankan keadilan dalam setiap aspek pentadbiran dan pengurusan. Ia menggariskan kaedah, prinsip dan etika yang perlu difahami dan diamalkan bagi memastikan setiap urusniaga mahupun aktiviti ekonomi berjalan dengan saksama antara pihak-pihak yang terlibat. Pengharaman riba dalam setiap urusniaga membawa pengertian bahawa setiap urusan pembiayaan tidak boleh mempunyai elemen faedah atau nilai tambah. Ia mestilah adil kepada pihak pembiaya dan penerima biaya. Tidak boleh ada pihak yang mendapat untung sedangkan pihak lain terpaksa menanggung kerugian. Pengharaman riba ini tidak berlaku dalam sistem kapitalis. Malah mereka beranggapan bahawa sistem pinjaman dengan amalan riba adalah yang terbaik bagi menjamin perkembangan ekonomi negara. Ternyata mereka silap memahami akan perkara ini dan mereka telah menerima padahnya. Ketiga, kewangan Islam melarang sebarang bentuk spekulasi berunsur penindasan. Keempat, kewangan Islam menekankan aspek perkongsian untung dan rugi. Tidak seperti sistem kapitalis, pembiaya kewangan Islam mewajibkan pihak pemberi biaya (bank) turut sama terlibat secara langsung dengan aktiviti ekonomi pelanggan. Akhir sekali, kewangan Islam juga mengharamkan aktiviti jual beli hutang. Ini kerana wujudnya elemen yang tidak pasti dalam aktiviti tersebut. Pengharaman ini telah mengukuhkan daya tahan sesebuah institusi kewangan Islam terhadap krisis kegawatan ekonomi. Justeru, sebagai sebuah negara Islam yang menjadi peneraju kepada negara-negara Islam dunia, perkembangan pesat kewangan Islam harus diurus dengan baik agar poten­sinya terus dikembang dan diperkukuhkan. Seharusnya negara secara berterusan mempromosikan kewangan Islam dan menjadi model sang juara kepada negara-negara lain dalam pengurusan kegawatan ekonomi. Moga suatu hari nanti Malaysia akan menjadi juara kewangan Islam dunia. PENULIS ialah Pensyarah Kanan Perakaunan Islam, Pusat Pengajian Perakaunan (SOA), Universiti Utara Malaysia. Artikel Penuh: http://www.utusan.com.my/utusan/Rencana/20140528/re_07/Menjuarai-sistem-kewangan-Islam-dunia#ixzz35LwVUDyJ © Utusan Melayu (M) Bhd

Malaysia sasar terus jadi peneraju perbankan Islam global

JOHOR BAHRU: Malaysia disasar terus menjadi peneraju pasaran sukuk dan perbankan Islam global dengan adanya persekitaran serta prasarana lengkap dalam industri terbabit di negara ini. Pengarah Eksekutif Akademi Penyelidikan Syariah Antarabangsa dalam Kewangan Islam (ISRA), Prof Dr Mohamad Akram Laldin, berkata peningkatan kepercayaan masyarakat juga turut membantu menyemarakkan pertumbuhan perbankan Islam hingga 25 peratus setahun. Katanya, Malaysia menerajui perbankan Islam yang sudah bertapak lebih 30 tahun dan isu fiqah berkaitan kewangan Islam sudah diselesaikan, dan kini lebih kepada peringkat pemantapan serta menambah baik produk yang lebih inovatif. "Bidang Kewangan Islam global berkembang pada kadar 20 hingga 25 peratus dan ia begitu laju dan di Malaysia lebih 60 peratus produk kewangan Islam adalah Sukuk berbanding bon konvensional, dan ini satu petanda baik. "Malaysia adalah antara negara pertama dan menjadi pengeluar sukuk terbesar dunia berbanding Emiriyah Arab Bersatu (UAE) dan Arab Saudi," katanya pada majlis perasmian Muzakarah Cendekiawan Syariah Nusantara Ke-8, di sini, hari ini. Hadir sama, Speaker Dewan Undangan Negeri (DUN), Datuk Mohamad Aziz dan Penasihat Majlis Agama Islam Johor (MAIJ), Datuk Nooh Gadut. Mohamad Akram berkata, antara kelebihan Malaysia bagi terus menyokong dan mengukuhkan kedudukan dalam pasaran Sukuk termasuk prasarana dan persekitaran kewangan Islam lengkap seperti pasaran modal, perbankan, takaful, pengurusan aset Islamik serta pasaran wang. "Satu lagi kelebihan Malaysia ialah memiliki pengawal selia yang mantap dan peraturan serta garis panduan yang lengkap, selain sistem perundangan yang mampu menampung institusi kewangan Islam. "Banyak negara Islam masih dalam peringkat awal iaitu mendapatkan lesen bagi mewujudkan bank bercirikan Islam dan mereka boleh belajar daripada kita, selain banyak berkongsi dengan negara lain," katanya. Mohamad Akram berkata, antara negara yang sedang berkembang pesat dalam pasaran Sukuk termasuk UAE, Arab Saudi, Bahrain, Indonesia, Jepun, Hong Kong dan beberapa negara Eropah. (sumber: Berita Harian, 28 Mei 2014)

Malaysia seeks to pioneer Islamic wealth management

KUALA LUMPUR: Malaysia hopes to be the first in the world to introduce Islamic wealth management, and champion the new product under the Islamic financial system, said Finance Deputy Minister Datuk Ahmad Maslan. He said Islamic wealth management is an exciting and promising sub-sector of the financial services industry. “We understand the concept of wealth management from the Shariah perspectives that covers both the physical as well as spiritual facets of wealth. “This principle stands in contrast to the conventional wealth management that focuses on only the physical or material wealth,” he told reporters after officiating a conference on Islamic Wealth Management, here today. He said having already established itself as a global leader in Islamic finance, Malaysia today is the world’s third largest market for shariah assets, namely, Islamic banking products and services, sukuk and takaful. Ahmad said to further Malaysia’s aspiration of becoming a centre of intellectual excellence in Islamic finance, the government is stepping up measures to that end. “Several human capital development institutions, including the International Shariah Research Academy for Islamic Finance (ISRA), International Centre for Education in Islamic Finance (INCEIF), Islamic Banking and Finance Institute of Malaysia (IBFIM) and the Asian Institute of Finance (AIF) have been established to crystallise the aspiration. “I foresee Islamic wealth management as a natural next-stage development of the local Islamic finance industry with the availability of our infrastructure, in respect of the human capital development to the Islamic financial institutions and expertise we have before us today, ” he added. The two-day conference, organised by the Malaysian Financial Planning Council and Labuan International Business and Financial, serves as a platform for networking and exchange of thoughts and outlook about the inner workings of the Islamic financial industry. More than 300 delegates involving policy makers, research institutes, government agencies, practitioners and scholars are attending the conference. – Bernama (NST, 11 June 2014)

Britain's debut sukuk may miss chance to buoy Islamic banking

LONDON: Britain's plan to issue the first Islamic bond from a Western government will strengthen its position as a centre for sukuk trade, but it may miss a chance to develop Europe's Islamic banking industry. Last week, Britain mandated five banks, including Malaysia's CIMB, to arrange a 200 million pound ($336 million) sukuk issue, part of Prime Minister David Cameron's effort to protect London against competition from other sukuk hubs such as Luxembourg, Dublin, Dubai and Kuala Lumpur. The sukuk could be issued in coming weeks, subject to market conditions. Britain's choice of HSBC, Qatar's Barwa Bank, CIMB, National Bank of Abu Dhabi and Standard Chartered - big institutions with considerable marketing muscle - as arrangers appeared designed to ensure easy distribution and tight pricing. But the choice was notable for excluding all of Britain's six full-fledged Islamic banks; none was included in the mandate. That could reduce the impact of the issue in developing expertise and depth in Britain's Islamic banking sector, the largest in Europe. It may also limit British banks' access to the issue, making it harder from them to use the sukuk to manage their liquidity. "The UK government's inaugural sukuk transaction is a good step forward as it will create a benchmark and open the market for other UK issuers," said Apostolos Bantis, emerging markets credit analyst at Commerzbank in London. "However, this particular issue is unlikely to have any major impact right away. There needs to be more frequent issuance and also participation of private banks and corporates to establish a sukuk market out of the UK." British officials have previously indicated that the upcoming sukuk will probably be a one-off issue rather than the start of a regular issuance programme. BANKS One of the major Islamic banks in Britain is Bank of London and the Middle East, Europe's largest stand-alone Islamic bank, which is building stronger links with the Gulf - last year it opened an office in Dubai and listed its shares on a Dubai bourse. In February, BLME was one of the co-lead managers of a $1.5 billion sukuk issue from the Islamic Development Bank , the largest ever from the supranational lender. "Naturally we are disappointed that no UK Islamic bank has been selected as an arranger as this would be a further opportunity to champion the UK Islamic finance market," said chief executive Humphrey Percy. British Treasury officials did not respond to Reuters requests for comment; the government said earlier the arranging banks were selected in an open and competitive process. The appointment as arrangers of Barwa Bank, CIMB and National Bank of Abu Dhabi - which are significantly larger than Britain's Islamic banks - suggests a big portion of the issue will go to cash-rich Islamic investors in Qatar, the United Arab Emirates and southeast Asia, rather than Britain. Islamic banks in Britain have lacked a wide range of highly rated, sharia-compliant, sterling-denominated instruments that can be used - and even traded - to manage their funds. Both BLME and European Islamic Investment Bank, another London-based institution, said they planned to buy the British sukuk on behalf of clients and for their own liquidity purposes. This may be more difficult if much of the paper ends up parked in the Middle East and Asia, however. "It would be possible to allocate half of this to British Islamic banks, although I suspect allocation will be mostly outside the UK," said Harris Irfan, EIIB's managing director. "This will be primarily a buy-and-hold paper; given the relatively small size I cannot see it being highly traded." The sukuk's structure looks likely to limit the extent to which the issue could be expanded if demand proves heavy. Britain will use an ijara structure, a sharia-compliant sale and lease-back contract, under which the rental income of three central government offices will underpin the transaction. Ijara means the size of the sukuk cannot be significantly greater than the intrinsic value of assets, 200 million pounds. "It is unlikely, considering the comments we have seen from the Debt Management Office, that further assets could be included and a larger size issued," said another London-based Islamic banker, asking not to be named because of commercial sensitivities. But for now at least, Britain seems to be asserting its dominance as a sukuk centre with its issue plan. "We anticipate other governments like Luxembourg will start accelerating their own issuance plans, but for the time being the UK seems to have re-established its leading position," said Irfan at EIIB. - Reuters (source: The Star, 17 June 2014)

Wednesday, May 21, 2014

Aset perbankan Islam cecah RM494.5b

Oleh ZUNAIDAH ZAINON - ekonomi@utusan.com.my - KUALA LUMPUR 20 Mei - Aset perbankan Islam Malaysia kini mencecah RM494.5 bilion dengan nisbah pasaran 23.8 peratus didorong oleh pertumbuhan kukuh dalam takaful dan sukuk, sekali gus meletakkan negara di kedudukan ketiga di dunia bagi pasaran perbankan Islam selepas Iran dan Arab Saudi. Di peringkat global, Malaysia juga menguasai lebih 50 peratus pasaran sukuk sejak 2007 menjadikan negara sebagai peneraju sukuk terbesar dunia, manakala sumbangan takaful dengan nisbah pasaran 26 peratus berada di kedudukan kedua selepas Arab Saudi. Timbalan Menteri Kewangan, Datuk Ahmad Maslan berkata, pencapaian itu seiring dengan sasaran negara untuk meningkatkan pasaran kewangan Islam kepada 40 peratus menjelang 2020 berbanding 29 peratus pada 2010. Katanya, kerajaan juga menyasarkan untuk menjadikan sekurang-sekurangnya satu institusi kewangan Islam tempatan berada dalam kelompok 10 institusi kewangan Islam di dunia dalam konteks jumlah aset bagi tempoh enam tahun lagi. “Sistem kewangan Islam di negara ini mempunyai landskap yang menyeluruh termasuk perbankan Islam dan takaful diterajui Bank Negara Malaysia, pasaran modal Islam oleh Suruhanjaya Sekuriti dan perniagaan luar pesisir oleh Labuan FSA. “Malah pelbagai organisasi seperti Akademi Penyelidikan Syariah Antarabangsa Kewangan Islam (ISRA), Institut Perbankan dan Kewangan Islam (IBFIM) dan Pusat Pendidikan Kewangan Islam Antarabangsa (INCEIF) turut menyokong perkembangan sistem kewangan Islam di negara ini," katanya selepas merasmikan Persidangan Audit Syariah di sini hari ini. Yang turut hadir, Ketua Pegawai Eksekutif IBFIM, Datuk Dr. Adnan Alias dan Presiden Institut Audit Dalaman (IIA), Ranjit Singh. Persidangan selama dua hari itu yang dianjurkan dengan kerjasama IIA dan IBFIM merupakan sebahagian daripada usaha meningkatkan keberkesanan pembangunan Program Audit dan Rangka Kerja Urus Tadbir Syariah (SGF) bagi memastikan semua produk atau perkhidmatan yang ditawarkan mematuhi keperluan syariah. Di peringkat global, aset perbankan Islam dijangka mencecah AS$1.6 trilion (RM5.14 trilion) tahun ini berbanding AS$1.4 trilion (RM4.5 trilion) pada tahun lalu dengan kadar pertumbuhan purata kumulatif (CAGR) sebanyak 19 peratus daripada 2007 hingga 2012. Sementara itu, di peringkat Asia pula, aset perbankan Islam mencapai 14 peratus bagi keseluruhan aset perbankan Islam secara global. Menurut Ahmad, pencapaian itu menunjukkan sistem kewangan Islam di Malaysia dibangunkan secara progresif dan terancang didorong oleh persekitaran ekonomi yang kondusif. Menyentuh tentang audit syariah, beliau berkata, walaupun perkhidmatan kewangan dan perbankan Islam melaksanakan prosedur yang ketat, namun ia masih belum menepati syariat selagi tidak mematuhi standard prosedur syariah yang ditetapkan dalam Rangka Kerja Audit Syariah. “Audit syariah ini amat penting untuk menyakinkan rakyat bahawa setiap produk dan perkhidmatan yang ditawarkan oleh institusi kewangan dan perbankan adalah mematuhi keperluan syariah," katanya. ( Utusan Online, 21.5.2014)

Sunday, May 18, 2014

Malaysia takrif semula hutang luar

KUALA LUMPUR 16 Mei - Malaysia te­lah mendefinisikan semula hutang luar negaranya kepada denominasi ringgit berkuat kuasa suku pertama tahun ini. Gabenor Bank Negara Malaysia (BNM), Tan Sri Dr. Zeti Akhtar Aziz berkata, sebelum ini, definisi hutang luar negara diambil kira bukan dalam denominasi ringgit dan langkah mendefinisikan semula diambil berikutan kemajuan yang ketara dalam pasaran kewangan Malaysia yang dianggap sudah matang. Katanya, pasaran kewangan Malaysia matang selain menghasilkan penyertaan pelabur bukan pemastautin yang lebih tinggi dalam sekuriti hutang domestik dalam denominasi ringgit sejak beberapa tahun kebelakangan ini. Jelasnya, susulan definisi semula ini, pemegangan sekuriti hutang dalam denominasi ringgit oleh bukan pemastautin, deposit bukan pemastautin, kredit perdagangan yang diberikan oleh rakan-rakan pedagang asing dan liabiliti hutang lain, kini dimasukkan sebagai sebahagian daripada hutang luar negara Malaysia. "Pada akhir Mac lalu, hutang luar negara Malaysia yang diberi definisi semula berjumlah RM700.1 bilion, bersamaan AS$212.5 bilion atau 65.2 peratus daripada Keluaran Dalam Negara Kasar (KDNK) suku pertama tahun ini," katanya kepada pemberita selepas membentangkan prestasi ekonomi Malaysia suku pertama 2014 di sini hari ini. Tambah Zeti, peningkatan dalam hutang luar negara ini disebabkan peminjaman luar pesisir oleh sektor swasta dan pemegangan liabiliti hutang denominasi ringgit oleh bukan pemastautin yang lebih tinggi, dengan lebih separuh daripada jumlah hutang luar negara mempunyai profil kematangan untuk tempoh jangka panjang. "Hutang jangka pendek kekal terurus dan dapat ditampung oleh rizab seba­nyak 1.3 kali pada akhir bulan Mac lalu," ujarnya. Kata Zeti, kedudukan luaran Malaysia kekal berdaya tahan disokong oleh asas-asas ekonomi dalam negeri yang kukuh. Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20140517/ek_02/Malaysia-takrif-semula-hutang-luar#ixzz327JMHGjC © Utusan Melayu (M) Bhd

Thursday, May 08, 2014

Saman AirAsia: Suami isteri dapat ganti rugi RM45,000

Saman AirAsia: Suami isteri dapat ganti rugi RM45,000 - PUTRAJAYA 7 Mei - Sepasang suami isteri berjaya mendapat ganti rugi mencecah RM45,000 selepas Mahkamah Rayuan hari ini membenarkan rayuan terhadap AirAsia Berhad yang disaman kerana cuai dan mengakibatkan mereka mengalami kesusahan serta kerugian sewaktu menggunakan khidmat penerbangan tambang murah itu, tiga tahun lalu. Panel tiga hakim diketuai oleh Datuk Abdul Wahab Patail sebulat suara membenarkan relif yang dimohon oleh perayu pertama, Patricia Karen Chew Mei Yik dan suaminya, Michael Januarius (perayu kedua) iaitu ganti rugi khas sebanyak RM18,999 dan ganti rugi am RM25,000. Beliau yang turut bersidang bersama Datuk David Wong Dak Wah dan Datuk Abang Iskandar Abang Hashim memerintahkan agar faedah sebanyak lima peratus dibayar dari tarikh pemfailan tuntutan saman pada 2011. Kuorum berkenaan membenarkan rayuan mereka dengan kos RM10,000 dan mengetepikan keputusan Mahkamah Tinggi yang menolak tuntutan saman kedua-duanya pada 29 Ogos tahun lalu. Pasangan suami isteri itu diwakili oleh peguam M. Manoharan manakala AirAsia oleh Mohamed Zaini Mazlan. Patricia yang ketika itu sedang mengandung 28 minggu dan suaminya menyaman AirAsia kerana kecuaian sehingga menyebabkan mereka mengalami kesusahan dan intimidasi sewaktu pulang daripada bercuti di Denpasar, Bali, Indonesia. Pasangan tersebut bersama anak perempuan mereka yang ketika itu berusia empat tahun menaiki pesawat berkenaan pada 20 Februari 2011 dan sepatutnya bertolak balik ke ibu negara pada 26 Februari 2011 selepas menghabiskan percutian mereka. Dalam tuntutan saman itu, mereka mendakwa, AirAsia telah menghalang mereka bertiga menaiki penerbangan balik atas alasan Patricia gagal mengemukakan surat pengesahan doktor. Patricia mendakwa, sebelum bercuti, dia telah memperoleh surat pengesahan aripada seorang doktor pakar sakit puan dan menyerahkannya kepada pramugari bertugas ketika berlepas ke Denpasar pada 20 Februari 2011. Perayu-perayu menyatakan, pramugari bertugas dalam penerbangan balik itu enggan bertolak ansur dan mengarahkan agar Patricia mengemukakan surat pengesahan doktor yang baharu jika dia dan keluarga ingin meneruskan penerbangan. Bagaimanapun, Patricia gagal berbuat demikian menyebabkan suaminya bercadang pulang sendirian menaiki pesawat tersebut kerana terlibat sebagai pemuzik dalam satu jamuan korporat di sebuah hotel terkemuka pada petang hari yang sama. Namun begitu, mereka bertiga gagal menaiki pesawat berkenaan dan terpaksa menaiki penerbangan lain sehingga menyebabkan suaminya kehilangan beg angkutan tangan yang mengandungi kamera dan komputer riba yang di dalamnya berisi maklumat peribadi berkaitan perniagaan. Sementara itu, AirAsia menyatakan, pramugari bertugas menjalankan tugasnya berdasarkan prosedur operasi yang menghendaki wanita hamil melebihi 28 minggu mengemukakan surat bagi mengesahkan tempoh kehamilan dan dia sihat untuk membuat penerbangan. AirAsia menyatakan, surat akuan doktor itu perlu dikemukakan untuk semakan bagi setiap penerbangan. (Sumber: Utusan Malaysia, 8 Mei, 2014)

Tuesday, March 18, 2014

Malaysia’s international Islamic banking assets to hit US$390b by 2018, says E&Y report

A bank staff speaks on the phone inside the Bank Islam branch office in Shah Alam, outside Kuala Lumpur November 13, 2013. — Reuters picA bank staff speaks on the phone inside the Bank Islam branch office in Shah Alam, outside Kuala Lumpur November 13, 2013. — Reuters picKUALA LUMPUR, Jan 6 — Malaysia’s international Islamic banking assets are expected to grow to more than US$390 billion (RM1.27 trillion) by 2018 from US$125 billion (RM410 billion) in 2012, says the Ernst & Young World Islamic Competitiveness Report 2013-14. Ads by Media PlayerAd Options Ernst & Young Malaysia’s Country Managing Partner and Islamic Finance Leader Datuk Abdul Rauf Rashid said the introduction of the Islamic Financial Services Act 2013 has set Malaysia apart from other markets by providing greater regulatory clarity to the industry. “Malaysia is considered one of the key reference centres and is expected to provide leadership for the next phase of the industry’s progress,” he said. He said the on-going liberalisation of the financial sector is creating opportunities for partnerships between Malaysian and global banks, particularly those in the Middle East. “This may become a key driver for East-to-East linkages, promoting trade and increasing the size of the global Islamic finance industry,” he added. Abdul Rauf said with 91 per cent of Malaysians multi-banking, banks are expected to embark on further customer segmentation and investment in customer loyalty schemes. Ads by Media PlayerAd Options “Bridging the gap between the strategy, sales and product teams will be necessary to build a collaborative management model focused on improving profitability through cross-selling,” he said. According to the report, rapid growth markets (RGMs) Qatar, Indonesia, Saudi Arabia, Malaysia, United Arab Emirates and Turkey, recently known as “Qismut”, are expected to see their collective Islamic banking assets reach an estimated US$1.6 trillion in 2018. The report said with expanding economies and a fast-growing customer base for financial services, Qismut is fast becoming an attractive prospect for any bank looking to grow its revenues, having commanded 78 per cent of the international Islamic banking assets in 2012 and growing at a five-year compound annual growth rate of 16.4 per cent. By 2018, it said, these RGMs are also envisaged to represent GDP of US$4.8 trillion with a mostly young population of around 419 million, making them the drivers of the next wave of development for the industry. Ernst & Young Global Islamic Banking Centre Leader Ashar Nazim said these markets are vital to the future globalisation of the Islamic banking industry. “They’re home to 17 of the top 20 Islamic banks and to the global standard-setting bodies. They also hold the largest pool of financial and intellectual capital that will drive development across Islamic banking’s existing and new markets,” he said. He said the future success of Islamic banks in diversifying to build regional and global brands will be measured less by growth of assets and more by quality of growth. “Excellence in customer focus, operational transformation and expanding international reach is key to moving from merely providing a service to long-term, sustainable growth,” he said. — Bernama - See more at: http://www.themalaymailonline.com/money/article/malaysias-international-islamic-banking-assets-to-hit-us390b-by-2018-says-e#sthash.z7Ndch14.dpuf

'Market share of Islamic bank assets can hit 40pc by 2020'

By LIDIANA ROSLI | bt@mediaprima.com.my - KUALA LUMPUR: Standard Chartered Saadiq Malaysia (Saadiq Malaysia) is confident that the local Islamic banking industry can achieve Bank Negara Malaysia's target of having a 40 per cent market share, in terms of total banking assets, by 2020. "I am quite confident that Islamic banking in Malaysia will be on equal footing with its conventional counterpart, in terms of total banking assets market share by 2020," said Saadiq Malaysia chief executive officer Wasim Saifi at the launch of Saadiq windows at Standard Chartered Bank Malaysia's (StanChart Malaysia) conventional branches, here, yesterday. "We now see that the industry is becoming increasingly bigger, more so in Malaysia where it has the full support of Bank Negara. "Despite the challenging global environment, we are optimistic of double-digit growth in this sector, backed by the regulatory framework that Bank Negara has put in place." In a bid to increase its Islamic banking presence here, Saadiq Malaysia will set up a Saadiq window at each of the 33 conventional Standard Chartered branches across the country. "We have 10 full-fledged Saadiq branches, but within two years, we will have Saadiq windows at all of our 33 conventional branches in order to further increase our presence," he said. The Saadiq window has already been introduced at eight branches in the Klang Valley, Seremban, Alor Star, Johor Baru, Butterworth, Kuching, Kuantan and Kota Kinabalu. Wasim said Saadiq Malaysia will focus more on the financing of its small and medium enterprise (SME) segment, as well as introducing new products for the affluent market. "We are looking to capitalise on our partnership with Credit Guarantee Corp Malaysia Bhd to provide financing to SMEs via our Islamic Portfolio Guarantee scheme. SMEs have always been a very important segment for us and we are definitely going to drive that segment further this year," he said. Saadiq Malaysia contributes some 13 per cent of business to StanChart Malaysia and 25 per cent to Standard Chartered Saadiq's (StanChart Saadiq) global operations. StanChart Saadiq will launch its Kenya operations next week, which marks its entry into Africa. Read more: 'Market share of Islamic bank assets can hit 40pc by 2020' - Nation - New Straits Times http://www.nst.com.my/business/nation/market-share-of-islamic-bank-assets-can-hit-40pc-by-2020-1.508200#ixzz2wNr95S2l

M'sia to assist Philippines in Islamic banking, halal products

By Azura Abas - PUTRAJAYA: Malaysia has offered its expertise in Islamic finance, banking services and promotion of halal products to the Philippines, Prime Minister Datuk Seri Najib Razak said today. Najib said Malaysia could assist the Philippines in developing its Islamic banking and finance sector. "President Aquino wants us to help in term of Islamic banking and finance as well as the possibility of of Malaysians participating in Islamic banking in the Philippines. "In this respect, I offer Aquino our expertise in training the Filipinos," he told reporters in a joint press conference. Najib also raised the need to promote the potential of halal products between the two countries. The prime minister was also upbeat by the upcoming signing of the Bangsamoro peace deal scheduled to take place by the end of March in Manila. "We are delighted to be able to play our part as a facilitator to support the peace process and to add strength to that process, we will offer capacity building for the Bangsamoro people since being part of the future government in Southern Philippines will require them to have new skills." Najib also said Malaysia and Philippines had agreed on the importance of timely exchange of intelligence as well as ensuring a high degree of deterrent. "In this regard, we are looking at the possibility of establishing a hotline between our security forces in the event of any security incident for immediate interdiction from both sides." Read more: M'sia to assist Philippines in Islamic banking, halal products - Latest - New Straits Times http://www.nst.com.my/latest/m-sia-to-assist-philippines-in-islamic-banking-halal-products-1.495086#ixzz2wNqoMymk

Bahrain’s minister lauds Islamic banking growth in Pakistan

KARACHI: Shaikh Ebrahim Bin Khalifa Al-Khalifa, Bahrain’s Minister for Housing and Chairman Board of Directors Meezan Bank Ltd, has said that Pakistan has huge potential for project based financing in sectors including energy, health, food, pharmaceutical, housing for which Islamic banking industry has more suitable solutions. During a meeting of the senior officials of the State Bank of Pakistan the other day, Shaikh Ebrahim, who is also Chairman Board of Trustees Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), appreciated Pakistan’s pioneer position in Islamic banking and paid tribute to Mufti Taqi Usmani for his great contribution. Shaikh Ebrahim held a meeting with Deputy Governor SBP Saeed Ahmad during which the deputy governor welcomed his Royal Highness. Shaikh Ebrahim while acknowledging the significant growth of Islamic banking in the country appreciated the role of SBP for establishing a conducive regulatory environment for the industry. He emphasized that the Islamic banking industry needs to play a critical role in enhancing the financial penetration level in the country. He opined that continued research will lead the move from current Shariah compliant products to fully Shariah based products. While focusing on the fundamentals of Islamic banking, he was of the view that the Shariah complaint financial system should make the flow of money to all those sectors critical for the broad based growth of the economy. He stated that the local market of Pakistan has huge potential for project based financing in sectors including energy, health, food, pharmaceutical, housing for which Islamic banking industry has more suitable solutions. Deputy governor SBP appreciated the vision of his Royal Highness. He briefed the guest about various projects and schemes currently being under taken having great potential for local and foreign investors. He reassured SBP’s support for Islamic finance initiatives. The deputy governor SBP repeated the resolve of the present Government of Pakistan and the commitment of SBP in promoting Islamic finance in the country. He discussed SBP’s 5-year strategic plan for Islamic banking industry. Saeed Ahmad said that SBP is considering options to provide a comprehensive facility for Islamic banks to channel their liquidity through Shariah compliant modes. After availability of this facility, Islamic banks will be restricted to channel their surplus funds to conventional banks, failing which regulatory penalty will be imposed. He emphasized that Islamic banks should increase their outreach to SMEs, agriculture and low cost housing sectors. Deputy Governor also appreciated the work of AAOIFI and Shaikh Ebrahim Bin Khalifa Al-Khalifa’s instrumental efforts and his contribution for the promotion of Islamic banking and related accounting and technical matters. (source: Daily Times / 05 March 2014)

Kenyans warming up to Shariah compliant banking

PRESIDENT Uhuru Kenyatta last November skipped the 23rd Commonwealth conference in Sri Lanka and instead chose to attend the third Arab-Africa Summit in Kuwait. State House said the November 18 to 20 visit was to bolster the Jubilee administration's “economic transformation agenda” and the “Kuwait (meeting) offered more in terms of deliverables”. The visit and subsequent bilateral discussions were largely geared at establishing and strengthening joint financing mechanisms for capital intensive infrastructural projects through strong economic ties. While in the oil rich land, the President held talks with leaders of Kuwait, Qatar, United Arab Emirates, Saudi Arabia, Bahrain and Palestine, all aimed at strengthening trade and investment ties. National Treasury Cabinet Secretary Henry Rotich said in an interview on the sideline of a press conference in Nairobi on January 17 that the visit to Kuwait was an eye opener for the cash-hunting government. Rotich said it was during the visit that the Treasury realised Kenya was a member of the Islamic Development Bank. This, he said, presents an opportunity for the country to tap more funds for flagship projects that will catapult her to becoming a highly industrializing, middle-income economy in the next 16 years. “We are now looking at preparing a cabinet memo for Kenya to access larger funding from the (Islamic) bank,” he said. “We realised the bank operates like any other (development) bank like the World Bank or African Development Bank.” While over short term the country is focused on tapping into conventional financing streams from the dominantly Islamic Arab countries, it is angling herself to become the East and Central African hub for Islamic finance and banking over medium to long term period. Uhuru administration's strategic decision to foray into Gulf Region rather than the Commonwealth bloc, where Kenya already has deep roots, could not have come at a better time. The appetite for Shariah compliant products is growing stronger not only among the expanding Islamic community around the world but also non-Muslims. The value of assets managed through Islamic investment principles globally was estimated at Sh146 trillion($1.7 trillion) in 2013, according to World Islamic banking competitiveness report 2013-14 by financial services and audit firm, Ernst & Young. The Ernst & Young report has projected the value to double to Sh291.8 trillion ($3.4 trillion) in 2018. Unlike conventional models, Islamic finance and banking strictly adheres to investment principles based on risk-sharing and not risk-transfer, as guided by the Shariah law. Islamic finance and banking products are nonetheless not religiously discriminating. The principles emphasises sharing of profits between banks and customers, safekeeping of savings, joint ventures, leasing, among other ethically acceptable concepts. “The time for Islamic bonds is coming and it's a matter of time before we see it as a normal issue in our market,” said Joel Warutere, an investment manager with Pinebridge Investments. “There are a lot of funds coming from it but the milestone will be issuance of the sovereign bond. With that we can get local institutions issuing bonds in the international markets.” Rotich reckons that the country cannot afford to be left behind. “We have already seen the potential (for Islamic finance and banking) is big,” he said. The government is preparing to float a Sh129 billion to Sh172 billion ($1.5bn to $2 billion) debut eurobond, sometimes later this year. The Treasury chief said attempts have unsuccessfully been made to have part of the proposed sovereign bond floated as sukuk —shariah compliant bonds. Structuring it to meet sukuk principles was however much complex in the forthcoming eurobond issue, he said. At a time when the government has to inevitably tap into debt market to support her demanding, capital-intensive socio-economic and infrastructural projects; sukuk may nonetheless come in handy. “In our debut, we would first do a traditional bond and as we access international capital markets, we will learn about its (sukuk’s) structuring,” he said “We shall consider how structuring of Sukuk will work especially in asset-financing in future access (of the international capital markets).” Sukuk basically differ from conventional bonds because they are an asset-based securities not debt instruments. This means Sukuk holders partially own tangible assets until their money is fully repaid. The return comes from a share of profits generated from the underlying asset. Another contrast is that while a bond holder regularly gets the usually fixed interest rate during the life of the debt instrument until it matures in addition to a guaranteed principal, the holder of Sakk pockets a share of profits from the underlying asset and may incur a loss depending on its performance. A study by Capital Markets Authority made public in October 2011 recommended formation of a National Shariah Advisory Board to draw framework on structure of Islamic products in the capital and interpretation of the Shariah law. A robust accounting framework, a facilitative tax environment and an appropriate Shariah compliance process were cited in the study as necessities for a successful, efficient and transparent Islamic capital market. “We continue to get a lot of interested parties locally and internationally looking at how they can participate in a Shariah compliant capital market segment,” acting CMA chief excutive Paul Muthaura said on November 5, 2013. ““There will be substantial stakeholder engagement and public consultations before we finalise policies and rules governing trade in sukuk.” On the banking front, First Community Bank became the first fully fledged Islamic bank with a licence issued on May 29, 2007. Gulf African Bank obtained a licence, a year later in 2008, to operate as the country’s second commercial Shariah compliant lender. In March 2013, International Finance Corporation pumped US$5 million (Sh430 million) into Gulf bank for a 15 per cent equity stake. The IFC further channelled an additional US$3 million (Sh258 million) trade loan towards corporate finance and lending to small and medium businesses. “We have operated well under the existing regulations in our jurisdiction,” said Meshak Ndegwa, a finance manager at Gulf bank. “It would (however) be appropriate if there was an all inclusive review of the regulatory environment to fully integrate Islamic banking.” The Kenya Bankers Association said while the policy guiding operational environment was facilitative, the biggest challenge lies in the taxation regime. “From regulatory point of view, there should be a fine-tuning in the taxation regime to make the Shariah compliant products more amenable for the benefit of the industry and customers,” director of research and policy at KBA Jared Osoro said. Dubai Bank, KCB, Barclays and National banks are some of the lenders with windows tailored for Islamic banking. Takaful Africa licensed in 2011 is the sole Shariah compliant insurer while Crescent Takaful Sacco Society launched on December 16, 2013 is the first compliant sacco. How Shariah compliant banking works For trade finance, the loan may be issued with a floating interest rate based on the company's rate of return. This ensures the rate of profit paid on the loan is similar to the profit margins of the borrowing company until the loan is fully cleared. Such a loan may also take a joint venture form where the entrepreneur pays for labour costs while the bank concentrates on capital financing. The lender will recover its loan from resulting income which is equally distributed. This ensures the risks are shared and that the lender does take advantage of economic risks at expense of the borrower as is mostly the case with conventional banking. The real estate loan may take a form of leasing where the lender sells it at a higher than market rate and retain ownership until full payment is made. This arrangement is however common when it comes to loans for buying vehicles. - See more at: http://www.the-star.co.ke/news/article-153882/kenyans-warming-shariah-compliant-banking#sthash.TAyjdBI0.dpuf

Islamic banking on track to make up 40% of Malaysia's banking sector assets

KUALA LUMPUR: Malaysia’s Islamic banking assets are on track to make up 40% of the country’s total banking sector assets by 2020 from about 25% now, said Standard Chartered Saadiq Bhd chief executive officer and global head of Standard Chartered’s Islamic consumer banking Wasim Saifi. “The aspiration is that by 2020, Islamic banking assets will comprise 40% of the banking sector, from 24% to 25% now. “We are hopeful that this momentum will continue,” Wasim told journalists after the launch of Standard Chartered Saadiq’s dedicated Islamic banking counters. Standard Chartered Saadiq is the Islamic banking arm of Standard Chartered Bank. Islamic banking has grown twice as fast in Malaysia as its conventional counterpart at a compounded annual growth rate of 22%, it said. Syariah-compliant solutions are currently offered at 10 Standard Chartered Saadiq branches, but will now also be available via the Islamic banking counters at Standard Chartered Bank Malaysia’s conventional branches. The Islamic banking counters, or “windows”, offer various syariah-compliant products and services, including deposits, investments, takaful, financing and small and medium enterprises (SME) banking. They will feature dedicated teller counters and personal finance consultants to offer one-on-one services to customers. Standard Chartered Saadiq is also targeting to penetrate further into the SME market, with its Islamic banking products for SMEs now on par with its conventional products. “We remain bullish on growing the SME segment on the Saadiq platform, which is achieving wider acceptance with a larger number of products,” Wasim said. Standard Chartered was the first international bank to set up an Islamic banking subsidiary under Standard Chartered Saadiq in 2008. In 2012, it established Kuala Lumpur as its global hub for Islamic consumer banking. Other countries on Standard Chartered Saadiq’s radar are emerging African nations such as Nigeria, Tanzania and Uganda, according to Wasim. The Islamic banking entity, which has been expanded to seven countries, ventured into Africa this year with the opening of its Kenyan branch. (source: The Star March 12, 2014)

Islamic banking shines

Malaysia proves its worth as a global model for a modern and dynamic industry MALAYSIA has succeeded in developing a vibrant and modern Islamic banking and financial industry over the last three decades. The Islamic Banking Act, which came into force in 1983, had paved the way for the nation to develop a vibrant and modern Islamic banking and financial industry. Initially, the industry served as an alternative channel for Muslims to perform banking and financial transactions in accordance with Islamic practices, and thus, avoid practices that have elements of oppression that are prohibited by Islam. As the industry has proven its viability, it is now accepted widely and used by all Malaysians. Apparently, Malaysia has received much recognition in recent years from the global banking and finance fraternity in its effort to develop a viable Islamic banking and finance industry. The country’s Islamic banking and financial industry has always been regarded as a global model for a modern and dynamic industry. Notably, among the achievements the country has achieved in the last three decades are in terms of growth in Islamic banks and financial institution assets, the increased market share of products and services to the total banking and financial system, formulation of legal frameworks and various standards, development of infrastructure and institutional capacity, education and training facilities, and many others. On the international Islamic banking and financial front, Malaysia also dominates the global market for sukuk, and in fact, the country was the first in the world that issued first sovereign sukuk in 2002. Currently, Malaysia’s sukuk issuance accounted for almost three-quarters of total global sukuk issuance. Malaysia is also home to the Islamic Financial Services Board (IFSB), an international standard-setting body. In addition, Malaysia is a renowned destination for the inter­national community in learning and gaining the knowledge and expertise on Islamic banking and finance. This success story reflects the relentless and concerted efforts of the Government and monetary and financial authorities in Malaysia, in particular Bank Negara Malaysia and the Securities Commission. This success list is by no means exhaustive and will continue to grow in line with the expanding global and domestic banking and financial environment. Notwithstanding, one of the many contributions from the growing success of Islamic banking and financial industry in Malaysia that warrants to be highlighted is the recognition given to the graduates of Islamic-based tertiary qualifications. Before the establishment of the first Islamic Bank in Malaysia some 30 years ago, graduates with Islamic-based qualifications, such as studies in Islamic jurisprudence or syariah, fiqh, fiqh Muamalat or other branches of studies that are related to Islam, may find difficulty getting a job in the mainstream economy. Their contribution was restricted to fundamental religious matters, and their job opportunities were very limited. There were perceptions that these graduates could only contribute by being ustaz (religious teacher), and work in a religious school or teach Islamic subjects in national schools. Some may work in religious depar­tments or become an imam in the mosque. Undoubtedly, these are noble professions; and they earn decent salaries for sustainable living. Due to this, if one chooses to study about religion, one may be considered as having no prospects, if we talk in terms of professionalism and monetary rewards coming with it. In this regard, it was obvious that 30 years ago, we could hardly find a person with syariah or fiqh background working in a bank. This perception has been transformed in recent years amidst the rapid growth of Islamic banking and financial industry in Malaysia and also globally. The growth of the industry has created an increasing demand for graduates with Islamic-based qualification to work in the mainstream industry of the economy. Syariah-qualified persons are greatly needed because Islamic banks and financial institutions must adhere strictly to comply with syariah rulings, which are guided by the establishment of various syariah compliance frameworks to guide the institutions’ activities. The Employment Outlook and Salary Guide 2012/2013 published by Kelly Services had reported that the current salary of syariah professionals in Islamic banking and financial institution is very competitive and on par with other professionals. Based on the report, the head of syariah in banking and financial industry currently earns a minimum salary of RM8,000 and a maximum of RM20,000 per month. At this salary scale, the syariah professional’s salary is on par with other professionals, for example, in the area of information and communication technology (ICT), accounting and finance, administration, marketing, investment and other professionals in other industries with the same number of years in experience (five to 10 years) and qualification levels (basic degree or Masters). Compared within the banking and financial industry itself, the salary scale is on the higher bracket of middle management. The report asserted that as Malaysia has become a key Islamic banking and financial hub of Asia, the need for specialised talent in this sector has intensified, with strong emphasis placed on four core sectors in Islamic finance, i.e. Islamic banking, Takaful, Islamic capital market and Islamic money market. The Islamic banking and financial industry in Malaysia has not only grown in size and infrastructure, it has also enabled the industry to recognise the value of Islamic-based qualifications, and elevate the status of Islamic-based qualifications in the mainstream economy. Based on employment and salary trends, it seems that the syariah profession may one day become a profession of choice that will attract many young and talented Muslims, similar to what previous Muslim generations used to aspire, in becoming doctors, engineers, accountants, or lawyers. Indeed, this aspiration is very much needed, in order to support further expansion of the Islamic banking and financial industry in Malaysia. > Mohamad Azhar Hashim is Fellow at the Centre for Economics and Social Studies, IKIM (source: The Star March 12, 2014)

Islamic banking to achieve above 25% market share

Standard Chartered's global head for Islamic consumer banking, Wasim Saifi, says Malaysia's Islamic banking industry is growing twice as fast as its conventional counterpart with a compounded annual revenue growth of 22%. Standard Chartered's global head for Islamic consumer banking, Wasim Saifi, says Malaysia's Islamic banking industry is growing twice as fast as its conventional counterpart with a compounded annual revenue growth of 22%. KUALA LUMPUR: Islamic banking is expected to achieve a market share of more than 25% in terms of banking assets this year, said CEO of Standard Chartered Saadiq Bhd and global head of Standard Chartered's Islamic consumer banking, Wasim Saifi. He said Malaysia's Islamic banking industry had grown twice as fast as its conventional counterpart with a compounded annual revenue growth of 22%. "Despite the challenging global environment, we are optimistic of double-digit growth in this sector. With the continuous double-digit growth momentum, and with the regulatory framework that Bank Negara has put in place, the target for Islamic assets is to make up 40% of Malaysia’s total financial market by 2020. "This is easily achievable," Wasim said after the launch of Saadiq's branded Islamic banking windows, aimed at promoting Standard Chartered's Islamic product and services. Saadiq's syariah-compliant products, currently offered at 10 dedicated Standard Chartered Saadiq branches, would now be made available at Standard Chartered Bank's conventional branches. "For a start, the Islamic banking windows have been introduced in the Klang Valley, Seremban, Alor Setar, Johor Bahru, Butterworth, Kuching, Kuantan and Kota Kinabalu, and plans are underway to cover all 33 conventional branches over the next two years," he added. – Bernama (source: The Star March 11, 2014)
Brunei's takaful growth pushes ahead its Islamic finance ambitions Email Facebook 2 KUALA LUMPUR: Assets held by the Islamic insurance (takaful) sector in Bruneirecently have grown significantly while those of conventional types of insurance have been declining, a report from the country's central bank showed. The monthly report from Brunei's monetary authority, known as AMBD, said that in the year ended Sept. 30, takaful assets rose 21 percent to 425 million Brunei dollars ($336 million). Conventional insurers saw a drop of 1.3 percent in assets during the same 12-month period. The fast-growing takaful sector indicates Brunei is progressing toward its goal of having Islamic financial products account for up to 60 percent of total banking assets in five years, compared with 40 percent at present. At end-September, Brunei's takaful market accounted for 33 percent of total insurance assets, up from 29 percent a year earlier, according to the AMBD report. Brunei, which has Southeast Asia's highest per-capita income after Singapore, aims to compete in Islamic finance with regional powerhouses Malaysia and Indonesia. That is part of a strategy to wean itself off dependence on oil reserves, which are expected to run out in about two decades, and diversifyBrunei's economy. Brunei, Malaysia and Indonesia have the largest potential for retail Islamic banking in Southeast Asia. The combined population of the three Muslim-majority countries is nearly 280 million. Although insurance assets have seen rapid growth in Brunei in the past decade, industry players say there is still poor awareness about insurance among its population. Brunei has four takaful operators. Assets of Indonesian takaful firms grew 43 percent to 13.1 trillion rupiah ($1.1 billion) during 2012, from 9.15 trillion rupiah a year earlier, data from that country's regulator showed. Takaful firms accounted for 2.3 percent of Indonesia's total industry assets. A proposed law in Indonesia that requires takaful firms to be spun off into standalone entities could, when enacted, spur mergers in that market. In July, Malaysia declared new rules for takaful firms to separate life and general business lines, a move observers said could spur buy-outs of smaller operations. ($1 = 1.2660 Brunei dollars)- Reuters (source: The Star, January 16, 2014)

UK extends mortgage aid scheme to Islamic Finance

LONDON: Britain's government sought to bolster London's position as a centre for Islamic finance on Tuesday by extending its 'Help to Buy' mortgage scheme to loans that comply with Islamic law. Help to Buy was launched last year and offers banks insurance against the risk of lending to home-buyers who cannot afford large mortgage deposits. Britain's finance ministry said property finance plans that circumvent Islam's bar on interest payments would now be eligible in the same way as standard mortgages. "The Help to Buy extension builds on the government's commitment to support the UK Islamic finance market ... and retain London's position as the premier western Islamic financial centre," the finance ministry said in a statement. Islamic finance is worth around 11 billion pounds a year to Britain, the government added. Later this year Britain aims to become the first Western country to issue a bond that complies with Islamic law, known as a sukuk, in a further attempt to cement London's place as the main Western centre for Islamic finance. However, the sum of money that it intends to raise - around 200 million pounds - is small and in the past the government's debt issuance agency has had doubts about whether Islamic finance offers value for money and said the bond is likely to be a one-off. The finance ministry said Help to Buy Islamic mortgages would be provided by the Islamic Bank of Britain, which is owned by Qatar's second-largest bank Masraf Al Rayan. Under the mortgages, the property is owned by the bank and home-buyers purchase it in stages, paying the bank rent on the rest of the property.- Reuters (source: February 11, 2014 The Star)

The concept of 'no risk, no gain' in Islamic finance

by muhammad hisyam mohamad - Leaving out the element of risk could lead to interest-based transactions, which are prohibited in Islam. IN one of his sayings, the Prophet asserted that entitlement to the return on an asset relates to the risk of ownership or al-kharaj bi al-dhaman. Based on this hadith, Muslim jurists developed a legal maxim al-ghurm bi al-ghunm or “gain is justified with risk”. Both imply that the entitlement to a return is related to the liability of risk. Simply put, in Islam, if there is no risk, there will be no gain. The hadith also provides a clear stance in Islam regarding its recognition of risk for justification of earnings in any economic venture. Indirectly, it also entails that in the absence of risk in business undertakings, one may find oneself in a circumstance that might give rise to interest-based transactions, which is strictly prohibited in Islam (Quran, 2:275-279). Nowadays, the notion of “no risk, no gain” is widely applied by Islamic finance and banking institutions through the concepts of mudarabah and musyarakah. Mudarabah is based on the profit-sharing principle, whereby the rab al-mal (owner of capital) and mudarib (enterpreneur) share the profits on a pre-determined ratio mutually agreed upon by both parties. However, in the event of loss under normal circumstances, it would be borne solely by the capital provider, while the mudarib would suffer reputational loss within the business community, which is non-pecuniary in nature but has a devastating impact on his image. On the other hand, musyarakah is based on the profit-loss sharing principle. Profit in such a partnership is shared based on the contractual agreement but the liability of loss is proportionate to the capital contribution. There are two more major kinds of Syariah-approved business approaches — sale-based and leased-based. In both categories, finance institutions are also expected to assume certain risks such as ownership risk to justify the returns earned from the contract. In sale-based contracts such as deferred payment sales (bay’ al-ajil), forward sale with cash advance (salam) and manufacturing financing sale (istisna’), profits are earned via the mark-up mechanism or murabahah. According to Kahf (2006), murabahah is the most popular mode of financing in Islamic banks today, occupying up to 90% of the total financing in certain banks. One reason for this is that the mark-up concept enables financial institutions to create exorbitant incomes. Islam also allows leasing or al-ijarah as a form of financial contracting. The Securities Commission Malaysia defines al-ijarah as “a manfaah (usufruct) type of contract whereby a lessor (owner) leases out an asset or equipment to his client at an agreed rental fee and predetermined lease period based upon the `aqd (contract). The ownership of the leased equipment remains in the hands of a lessor”. When analysed, each category of the above-mentioned contracts has its own distinguished criteria that are well-suited to the clients’ diverse needs and preferences. Nevertheless, as a fast-growing sector, industry players sometimes overlook the Islamic worldview of economics centering on the concept of amanah, which ultimately ends with al-falah. Among other things, this worldview states that social gain has preference over private benefit and cooperation over competition. To deny banks from making profits is untenable, but they must strike a balance between profit maximisation and social gain. According to Hasan (1985), in a system where interest and profit-loss sharing financing co-exist, the aggregate profit sharing ratio is a function of the overall rate of returns on investment, rate of interest, degree of leverage and risk premium. But when banks are used to this cheap money policy — paying depositors a low rate of returns and charging high prices on the financing side — it might create a problem of distributive justice as the return to bank shareholders’ capital magnifies tremendously. The sale of a commodity on the basis of murabahah is allowed in Islam. In fact, it is a pre-Islamic practice and can either be done with immediate, instalment or deferred payment, spot or future delivery. But when the sale structure is compromised, we can question the halalness of such a contract. For instance, in commodity murabahah (CM), there are elements of bai’ al-Inah (sell and buy back) and tawarruq munazzam (pre-arranged tawarruq), in which the financial institution buys a commodity and sells it to the client on a deferred payment basis. The client then appoints the financial institution as his agent to sell the commodity to the third party for cash at a price that is normally lower than the deferred price, which defies the concept of realism in Islamic economics and finance. In CM, the contracting parties do not intend to own the commodity. In fact, no delivery takes place. The pre-arranged nature in the contract is only a means to allow interest taking and does not stick to the concept of realism expounded by the Syariah (Kahf, undated). This is similar to ijarah. Even though the Quran and prophetic traditions validate the legality of ijarah, often we notice banks violating certain Syariah stipulations attached to the concept. For a valid ijarah contract, the bank as the lessor must bear the risk related to the ownership of the leased asset. Whether it is a sale contract or lease contract, the rule of al-kharaj bi al-daman and al-ghurm bi al-ghunm applies to both situations. In reality, the al-ijarah contract in Islamic banks adopts the same risk structure as the conventional leasing facility offered by its conventional counterpart. As such, it is not uncommon for the lessee to keep paying the rental or servicing the instalment payments to the bank though he is denied the use of the leased asset as it no longer exists due to force majeure damage. The bank takes no responsibility to offer any replacement asset or inform the client to discontinue the rental payment. In its original objectives, contracts approved by Syariah suit the diverse needs of people. Defective structuring and indiscreet use of these contracts, as explained by Hassan (2008), have made Islamic finance more exploitative and akin to the conventional system. In view of this, Islamic finance should operate within the Islamic worldview. Any divergence from Syariah guidance would definitely jeopardise the industry’s future as people will be skeptical towards its original role — to create a banking system free from exploitation. Muhammad Hisyam Mohamad is Fellow with Ikim’s Centre for Economics and Social Studies. The views expressed are entirely the writer’s own. (source: February 25, 2014 The Star)

Malaysia on top of talent pile, closest Islamic finance competitor is UAE

by daljit dhesi - IBFIM chief executive officer (CEO), Datuk Dr Adnan Alias, said the Malaysia's closest competitor is UAE. “Unlike UAE, which only has one private body governing talent development in Islamic finance, Malaysia has the right landscape and regulatory framework to further spur the development of talent in Islamic finance,” he told StarBiz. IBFIM chief executive officer (CEO), Datuk Dr Adnan Alias, said the Malaysia's closest competitor is UAE. “Unlike UAE, which only has one private body governing talent development in Islamic finance, Malaysia has the right landscape and regulatory framework to further spur the development of talent in Islamic finance,” he told StarBiz. KUALA LUMPUR: Malaysia has a niche to develop talent in Islamic finance compared with other Islamic nations amid shortage of such talent as a whole, according to Islamic Banking and Finance Institute Malaysia (IBFIM). Its chief executive officer (CEO), Datuk Dr Adnan Alias, said the country’s closest competitor at the moment was United Arab Emirates (UAE). “Unlike UAE, which only has one private body governing talent development in Islamic finance, Malaysia has the right landscape and regulatory framework to further spur the development of talent in Islamic finance,” he told StarBiz. He said the contribution of Islamic financial sector to nominal gross domestic product (GDP) was expected to be in the region of 10% to 12% in 2020 compared with the latest figure of 8.6% in 2010. In terms of workforce in the Islamic financial sector, he added it was expected to rise from 144,000 currently to 200,000 in the next seven to eight years. Adnan said total employment in Islamic finance as against total financial sector was 11% or 16,000 and he expected it to rise moving forward. In the takaful sector alone, he said there were now more than 131,000 agents. According to Adnan, there are four components that Malaysia has that has facilitated in making talent development complete. They are the availability of training providers (like IBFIM, among others), industry qualifications and industry accreditation, and the upcoming establishment of a professional body for Islamic finance. The completeness of talent development in Islamic finance could also be gauged by the sub-sectors it covered – banking, takaful, capital markets and wealth management, he noted. For Islamic wealth management, which was an area of focus in the financial sector blueprint (2011-2020), he said there was growing demand for this service. “The number of high net-worth individuals is expected to rise to 68,000 in 2015 from the present 32,000. “There are now 50 firms offering the service and we expect higher demand for the service in 2015 due to the surge of this group of people,’’ he added. Adnan said one of the ways to attract talent in Islamic finance was through shared resources within the operating sphere of financial institutions, among others. As for developing, attracting and retaining talent, Malaysia was ranked 36 and this figure is expected to slide to 39 among 60 countries in 2015 based on the Global Talent Index. He felt the idea for Asian Institute of Finance (AIF) to look into the development and operationalisation of an Asia Financial Services Talent Index could spur talent development further in Islamic finance. IBFIM is one of AIF’s four affiliate institutions. The others include Institute of Bankers Malaysia, The Malaysian Insurance Institute and Securities Industries Development Corp. (source: February 10, 2014 The Star)

Sunday, February 16, 2014

Mengekang jenayah maritim

SEBAGAI sebuah agensi dalam memastikan kedaulatan perairan negara, Agensi Penguatkuasaan Maritim Malaysia (Maritim Malaysia) tidak gentar memikul amanah itu biarpun usianya hanya mencecah sembilan tahun. Sejak beroperasi pada 2005, pelbagai kejayaan diraih yang menjadi bukti kematangan pasukan itu dalam melaksanakan tugas menjaga perairan negara daripada sebarang bentuk ancaman, pencerobohan selain menguatkuasakan undang-undang di bawah agensi lain yang berkaitan dengan maritim. Berpegang kepada cogan kata 'Mengawal, Melindung, Menyelamat', Maritim Malaysia kini mula menampakkan taringnya dan sudah pasti menjadi igauan pihak musuh untuk menembusi sempadan perairan negara tanpa dikesan oleh Maritim Malaysia Wartawan Mingguan Malaysia, RABIATUL ADAWIYAH KOH ABDULLAH mewawancara Ketua Pengarah Maritim Malaysia, Laksamana Maritim DATUK MOHD. AMDAN KURISH di pejabatnya di IOI Resort Putrajaya sempena ulang tahun kesembilan agensi itu pada 15 Februari ini. MINGGUAN: Bolehkah Datuk jelaskan kemampuan Maritim Malaysia sebagai agensi tunggal penguatkuasaan maritim? MOHD. AMDAN: Sejak Ogos 2011, Maritim Malaysia telah diberi mandat dan kepercayaan dengan tanggungjawab besar sebagai agensi tunggal dalam menentukan keselamatan dan keamanan di Zon Maritim Malaysia dari garis pantai hingga ke Zon Ekonomi Eksklusif atau 200 batu nautika dari pantai. Maritim Malaysia mengambil tanggungjawab ini dengan penuh kesedaran dan beriltizam untuk memastikan kepercayaan itu dilaksanakan dengan penuh komited. Sebagai negara maritim yang menjadi laluan perdagangan timur dan barat serta aktiviti ekonomi yang dijana sumbernya dari laut, agensi ini perlu berupaya menjamin dan meyakinkan semua pengguna laut tempatan dan antarabangsa bahawa ia mampu menentukan keselamatan dan keamanan di dalam Zon Maritim Malaysia. Tidak ketinggalan, agensi ini telah merancang pembangunan keupayaan yang holistik bagi memikul amanah dengan berkesan untuk merealisasikan visi dan misi yang ditetapkan sejajar dengan perkembangan masa dan persekitaran. Walaupun terdapat perbezaan besar bagi nisbah antara jumlah aset operasi iaitu 283 buah kapal dan bot yang perlu menjaga keluasan perairan negara seluas 614,000 kilometer persegi, dengan operasi yang terancang - agensi ini berjaya membuktikan usia muda dan jumlah aset operasi yang usang dan terhad, ia masih mampu memikul tanggungjawab dengan berkesan. Ini dibuktikan melalui kejayaan agensi ini menangani kes-kes jenayah di laut seperti rompakan dan kegiatan lanun, penyeludupan migran dan lain-lain. Setiap tahun, Maritim Malaysia berusaha meningkatkan kepatuhan pengguna laut terhadap undang-undang negara dengan meningkatkan jumlah pemeriksaan dan pemantauan di laut. Sejauh manakah penerimaan komuniti maritim tempatan dan antarabangsa kepada Maritim Malaysia? MOHD. AMDAN: Secara keseluruhan, Maritim Malaysia diterima baik oleh kebanyakan komuniti maritim tempatan dan antarabangsa yang patuh dan menghormati undang-undang dan inginkan keamanan dan keselamatan perairan. Contohnya, kami mendekati komuniti maritim melalui lebih 200 aktiviti di bawah program Sahabat Maritim, EYES, Dialog, Preventive SAR dan pendekatan-pendekatan lain secara berterusan telah diterima baik oleh komuniti maritim. Ini dapat dibuktikan menerusi kerjasama yang amat baik dalam semua program yang dilaksanakan bersama mereka. Mereka juga sentiasa berhubung rapat dengan Maritim Malaysia dan menyalurkan maklumat untuk membantu menangani kes-kes penyeludupan dan kes-kes lain seperti insiden di laut, kesalahan perikanan dan sebagainya. Di peringkat antarabangsa pula, penerimaan terhadap kewujudan Maritim Malaysia ini dapat kita lihat melalui pelbagai kerjasama melalui program bilateral dan multilateral yang dianjurkan. Selain itu, Maritim Malaysia telah berjaya meraih pelbagai anugerah dan pengiktirafan di peringkat antarabangsa, antaranya ialah Gold Award For Excellence and Business Prestigious di Quality Summit New York Tahun 2012. Apakah ancaman di laut yang menjadi cabaran dan apakah persediaan Maritim Malaysia bagi mendepani cabaran tersebut? MOHD. AMDAN: Maritim Malaysia sentiasa menganalisis senario geopolitik dan situasi keselamatan maritim semasa yang tidak menentu, dinamik dan berubah-ubah. Sejak ditubuhkan, Maritim Malaysia telah berjaya mengekang kejadian jenayah maritim terutamanya jenayah rompakan dan kegiatan lanun yang suatu ketika dulu berleluasa di Selat Melaka dan di selatan Johor. Sebelum penubuhan agensi ini, terdapat 38 kes rompakan terhadap kapal dagang di Selat Melaka pada tahun 2004. Setelah ditubuhkan, kes rompakan ini telah mencatatkan penurunan, bahkan tiada kes rompakan yang berlaku pada tahun 2009 hingga 2013 kecuali 2012 ada dua kes rompakan berlaku. Peratus pengurangan jenayah maritim iaitu 48.06 peratus pada tahun 2006 telah turun mendadak kepada angka yang sangat minimum iaitu 2.5 peratus pada tahun 2013. Ini merupakan kejayaan besar yang dicapai oleh Maritim Malaysia dalam bidang operasi. Sebagai agensi yang ditubuhkan dengan konsep naval force with civilians face, Maritim Malaysia turut berperanan membantu Tentera Laut Diraja Malaysia (TLDM) bagi menangani isu-isu yang mencabar kedaulatan perairan negara ini. Perancangan bagi jangka panjang pula telah digubal melalui Pelan Perancangan Strategik 2040 yang menggariskan secara jelas persediaan Maritim Malaysia untuk membangunkan angkatan penguatkuasaan laut yang mampu menangani cabaran masa depan. Bagaimana pula dengan pelbagai jenayah yang memerlukan proses siasatan yang lebih mencabar? MOHD. AMDAN: Maritim Malaysia sedia maklum keperluan ini untuk memastikan setiap siasatan yang dilaksanakan perlu menepati undang-undang di Malaysia. Oleh itu, kami telah menubuhkan Cawangan Siasatan Jenayah Maritim yang menumpukan usaha merancang dan melaksanakan pembangunan keupayaan siasatan supaya setanding dengan agensi-agensi penguat kuasa lain. Antara pembangunan yang menjadi fokus ialah meningkatkan kemahiran Pasukan Forensik, Detektif, Juru Bahasa dan Tim Soal Siasat melalui pelbagai kursus dalam dan luar negara. Pegawai-pegawai penguat kuasa yang terlibat mendapat latihan dan bimbingan daripada tenaga pengajar profesional dari Universiti Kebangsaan Malaysia, Japan Coast Guard serta United States Coast Guard. Inisiatif ini telah menunjukkan beberapa kejayaan siasatan kes berprofil tinggi. Apakah peranan utama Maritim Malaysia dalam menangani kejadian kemalangan di laut? MOHD. AMDAN: Maritim Malaysia telah dilantik sebagai Agensi Peneraju dalam menangani kejadian Bencana Maritim seperti yang termaktub dalam Arahan Majlis Keselamatan Negara (MKN) No.20, Dasar dan Mekanisme Bencana Pengurusan Bencana Negara. Agensi ini bertanggungjawab mengendalikan operasi mencari dan menyelamat kemalangan maritim dalam kawasan Mencari dan Menyelamat Maritim Malaysia (Maritime Search And Rescue Region - MSRR). Selain menggunakan aset-aset agensi lain, Maritim Malaysia juga memperuntukkan sumber-sumber misi mencari dan menyelamat (SAR ) untuk membantu dalam aspek kemanusiaan dan insiden awam. Sebagai peneraju, Maritim Malaysia telah menubuhkan Pusat Koordinasi Mencari dan Menyelamat atau Maritime Rescue Coordinating Center (MRCC) dan lima Pusat Kecil Mencari dan Menyelamat iaitu Maritime Rescue Sub-Center (MRSC) untuk menyelaras operasi mencari dan menyelamat maritim. Apakah peranan Maritim Malaysia dalam meningkatkan kesedaran awam dan apakah nasihat Datuk secara khusus kepada masyarakat awam yang keluar ke laut sama ada untuk menyara hidup atau berekreasi? MOHD AMDAN: Program pencegahan SAR bertujuan untuk meminimumkan kehilangan nyawa dan merendahkan kadar kemalangan, dengan itu ia boleh mengurangkan perbelanjaan sumber-sumber SAR dan risiko kepada orang awam. Program ini dikenali sebagai Program Pencegahan SAR (Preventive) yang melibatkan komuniti maritim terutamanya nelayan tempatan dan pengusaha bot dan feri. Bagi nelayan tempatan, usaha ditumpukan kepada kesedaran memakai jaket keselamatan dan mendapatkan maklumat cuaca kerana mereka ini rata-rata didapati menganggap mereka mahir dengan laut lalu sering mengabaikan keselamatan nyawa sendiri. Bot-bot nelayan juga sering kali diperiksa untuk memastikan para nelayan mematuhi peraturan-peraturan keselamatan ketika menangkap ikan di laut. Bagi pemancing yang menggunakan bot kecil yang tidak tertakluk kepada Boat Rules’ dinasihatkan untuk mempunyai jaket keselamatan demi keselamatan. Bagi pengusaha bot dan feri tempatan, program pencegahan SAR melibatkan aspek penguatkuasaan untuk memastikan semua pengusaha mematuhi peraturan berkaitan alat keselamatan kapal dan syarat lesen. Pemeriksaan dibuat dari semasa ke semasa dan operasi khas dilaksanakan sebelum dan semasa cuti perayaan dan cuti sekolah. Selain Program Pencegahan SAR, Maritim Malaysia telah melaksanakan Program Sahabat Maritim bersama penduduk setempat dan salah satu aktiviti program itu ialah ceramah keselamatan kepada komuniti. Program-program ini dilaksanakan secara berterusan dalam kalangan komuniti maritim terutamanya para nelayan dan keluarga, pemancing, pengusaha, pekerja (kapal/feri/bot), pengusaha, pekerja hotel dan resort dan masyarakat awam yang menjalankan urusan di laut. Untuk memperhebatkan usaha ini, Maritim Malaysia telah melancarkan Kempen Kesedaran Keselamatan Di Laut di seluruh negara mulai pertengahan tahun 2013. Maritim Malaysia komited melaksanakan operasi Mencari dan Menyelamat berlandaskan konsep baharu yang lebih menyeluruh bagi menyemai budaya keselamatan dalam kalangan komuniti maritim. Justeru, masyarakat diminta memberi kerjasama kepada usaha mengurangkan kadar kemalangan dan kehilangan nyawa. Maklumat kecemasan di laut hendaklah dilaporkan kepada Maritim Malaysia menerusi talian MERS 999 atau talian hotline MRCC dan MRSC yang boleh didapati di laman sesawang agensi ini di www.mmea.gov.my. Artikel Penuh: http://www.utusan.com.my/utusan/Rencana/20140209/re_07/Mengekang-jenayah-maritim#ixzz2tTHW0mnk © Utusan Melayu (M) Bhd

Perbankan Islam bukan Ah Long

KUALA LUMPUR 30 Dis. - Universiti Global bagi Kewangan Islam (INCEIF) menolak dakwaan Persatuan Pengguna Pulau Pinang (CAP) bahawa sistem perbankan Islam menawarkan kadar keuntungan mengatasi peminjam wang 'Ah Long.' "Persatuan pengguna itu perlu membuat kajian terperinci terlebih dahulu sebelum membuat tuduhan tidak berasas berkenaan," kata Abdul Rashid Kadir, salah seorang tenaga pengajar INCEIF. CAP mendakwa bank-bank yang menjalankan sistem perbankan Islam telah mengaut keuntungan daripada pinjaman peribadi Islam yang diberikan kepada peminjam secara tidak sengaja, dengan melaksanakan pembayaran balik kadar rata dan tidak menggunakan kaedah pengurangan baki modal. Menurut persatuan itu, kadar keuntungan bank bagi pinjaman peribadi Islam boleh menjadi sehingga 42 peratus setahun dan pinjaman peribadi Islam boleh berubah menjadi lebih mahal daripada pemberi pinjam wang. CAP mendakwa kadar faedah bagi pinjaman peribadi Islam boleh diterjemahkan sebagai dua peratus sebulan atau 24 peratus setahun. "Perkara ini tidak betul sama sekali. Bank Negara Malaysia tidak akan membenarkan pengiraan sebegini ke atas kadar keuntungan," kata Abdul Rashid kepada Bernama. Beliau menerangkan bahawa terdapat beberapa kaedah pembayaran dalam sistem perbankan Islam, termasuk yang paling mahal, yang dinamakan 'yearly rest,' hingga ke sistem pembayaran yang paling murah iaitu 'daily rest'. 'Yearly rest' adalah sistem melibatkan satu bayaran tambahan atau bayaran berlebihan dibuat untuk mengurangkan jumlah yang dipinjam digadai janji yang dikreditkan ke akaun hanya sekali setahun. Sementara itu, sistem 'daily rest' membolehkan pelanggan untuk membuat pembayaran dan faedah dikira berdasarkan baki pada akhir setiap hari. Abdul Rashid berkata, terdapat satu sistem kadar rata yang diguna pakai bagi pengiraan kadar keuntungan, dan ia merupakan kadar yang paling mahal dalam sistem perbankan Islam. Katanya, sistem kadar rata tersebut dipraktikkan di Malaysia, namun tidak membebankan peminjam kerana kadar yang dikenakan oleh perbankan Islam di negara ini, rata-ratanya lebih rendah daripada pasaran semasa, iaitu di paras sederhana mahal. "Sebagai contoh, sekiranya kadar sederhana mahal yang di pasaran adalah tujuh atau lapan peratus, kadar rata yang dicaj adalah hanya di antara tiga hingga lima peratus.. - BERNAMA Artikel Penuh: http://www.utusan.com.my/utusan/Ekonomi/20131231/ek_01/Perbankan-Islam-bukan-Ah-Long#ixzz2tTFwxiau © Utusan Melayu (M) Bhd