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)