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Islamic Finance: Innovation and Growth
Euromoney Institutional Investor
Part I: Fundmentals of Islamic finance and the development of Islamic financial institutions
1 Introduction to Islamic finance 3
Simon Archer and Rifaat Ahmed Abdel Karim
Essential features of Islamic finance 3
The development of Islamic financial institutions 3
Corporate governance, regulatory, legal and accounting issues 5
Types of financial services offered by Islamic banks and investment funds 5
Liquidity and risk management in Islamic banks 6
The future: innovation and growth 6
2 The religious foundations of Islamic finance 9
Yusuf Talal DeLorenzo
Overview 9
Scriptural and theological foundations 10
The foundations of Shari'a-compliant business and investing 11
The nature of Shari'a-compliant business 13
Ribaand morality 15
Prohibiting interest 16
Banking without interest 18
Financing and debt 20
Gharar 22
Risk 23
Contracts 24
Islamic law and the future of Islamic finance 26
3 The evolution of the Islamic financial system 29
Professor Rodney Wilson
Introduction 29
Traditional Islamic financing 29
The Islamic Development Bank and Islamic finance 30
The spread of commercial Islamic banking 31
The contribution of Islamic scholars to financial innovation 32
Islamic financial engineering and diversification 32
Widening the range of products to compete successfully 33
The pioneering Malaysian market 35
The development of Islamic securities markets 35
The success of the Bahrain market 37
Establishment of national Islamic banking systems 37
Islamic finance in Pakistan 38
Islamic banking in Sudan 40
The future of Islamic banking 41
4 The development of Islamic financial institutions and future challenges 42
Zamir Iqbal and Abbas Mirakhor
Introduction 42
Forms of Islamic financial institutions 43
Islamic banks 43
Islamic windows 46
Islamic investment banks and funds 47
Islamic mortgage companies 48
Islamic insurance ( takaful) companies 49
Mudarabacompanies 50
International Islamic financial market (IIFM) 51
IFIs and multilateral institutions 52
Islamic Development Bank (IDB) 52
Bretton Woods institutions (IMF/WB/IFC) 53
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) 56
Islamic Financial Services Board (IFSB) 57
Issues and challenges facing IFIs 57
Financial innovation 57
Risk management 59
Governance 59
Part II: Corporate governance, regulatory, legal and accounting issues 65
5 Regulatory issues in Islamic finance 67
Michael Clode
Introduction 67
Banking supervision 68
Prudential considerations and capital adequacy 68
Liquidity management 69
Insider dealing 69
Risks specific to Islamic banks 69
Accounting and auditing 70
Shari'aissues 71
Corporate governance 72
Do the regulators wield enough power? 73
7 Legal aspects of Islamic finance 90
Mahmoud Fadeel
Introduction 90
Islamic finance instruments: structure, comparison, profit extraction and amortisation 92
Murabaha 92
Mudaraba 98
Ijarah muntahia bittamleek 99
Tax considerations and codes 102
The US tax system from a foreign investor's perspective 102
Legal reflections 104
Concluding remarks 107
8 Accounting issues for Islamic banks 109
Taha Eltayeb Ahmed
Introduction 109
Internal self-regulation 111
External self-regulation 113
Financial statements 116
Asset valuation 117
Income recognition 117
Allocation of profits 118
Provisions and reserves 119
Zakah 120
Implications of Islamic accounting standards 121
Conclusions 123
Part III: Financial services and investment funds 127
9 Retail and private client services 129
Stella Cox
The contemporary Islamic banking industry 129
Retail saving and investment products 130
Consumer finance 131
Retail financial services in Asia 132
Asset management products 133
Islamic retail financial services in Western jurisdictions 134
Regulation of Islamic retail financial services 135
Private client investment services 137
Diversifying a private client portfolio 137
Asset management product distribution 140
Disclosure, reporting and client support 140
Summary 141
10 Project finance 143
Syed Tariq Husain
Definition and background 143
Assets and liabilities mismatch or liquidity risk 143
In-house capabilities to undertake project finance 144
Willingness and capabilities of conventional banks to undertake project finance risk 144
Securitisation 144
Development of project finance capabilities 144
Reduced global income levels 145
Post-September 11, 2001 145
Enormous demand for project financing 145
Applicable structure using Islamic financing techniques 145
Significant uses of Islamic funding in project finance 146
The future of Islamic finance 149
11 Islamic equity investment 151
Mohamed A Elgari
Shari'alaw and its place in the life of a Muslim 151
The Islamic equity investment criteria 153
a) Business of the company 153
b) Total outstanding debt does not exceed 33 per cent 153
c) Cash and interest-bearing securities do not exceed 33 per cent 154
d) Receivables and cash are less than 50 per cent 154
e) Prohibition of financial instruments 155
The process of purification 156
Meaning of purification 156
Shari'abasis for purification 156
What is to be purified? 157
Net or gross 158
Purification versus screening 158
Deduct or inform 158
Glossary of terms for Islamic equity investment criteria 159
Part IV: Liquidity and risk management 161
12 Liquidity management and trade financing 163
Youssef Shaheed Maroun
Introduction 163
Historical background 163
Distinction of Islamic banking 164
Why trade financing? 165
Secured commodity murabaha 166
Short-term trade financing 167
Liquidity management in Islamic banking 167
The need for Islamic interbank and financial markets 169
Developing acceptable Islamic financial instruments 170
Current solution to the challenges above 171
Secured commodity murabaha 171
Mudaraba sukuk 171
Salam sukuk 172
Islamic leasing sukuk 172
Islamic Development sukuk 173
Musharaka sukuk 174
Securitisation 174
Conclusion 175
13 Risk management in Islamic banks 176
Dr Kenneth Baldwin
Introduction 176
Risk sharing and risk aversion 176
Risk profile of Islamic institutions 178
Liquidity 179
Credit risk 179
Market risks 180
Quantifying the risk in complex Islamic finance contracts 180
Duration 181
Convexity 181
Embedded options 182
'Variable' profit rate considerations 183
The roles of conventional and Islamic institutions in product development 185
Derivative products in Islamic finance 186
Salam 186
Urboun 187
Khiyar al-shart 188
Profit rate swap 188
Hedging techniques and tools 190
Misconceptions 190
Managing interest rate risks 192
Secondary derivatives markets 195
Depth and liquidity 195
Securitisation 195
Future developments in risk management 196
Appendix I 197
Appendix II 198
Appendix III 199
Appendix IV 200
Part V: Appendices and glossary 203
Appendix A: Islamic financial institutions by country 205
Appendix B: Conventional banks offering Islamic financial services including 'Islamic windows' 209
Glossary 211
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