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Global Islamic Finance Report 2013 - Product Image

Global Islamic Finance Report 2013

  • Published: May 2013
  • Region: Global
  • 210 Pages
  • Edbiz Consulting

The Global Islamic Finance Report (GIFR) is an emerging yet successful annual report, appraising and analysing the state of the industry for the given year. It sources contributions from leading practitioners and thinkers from the industry, who provide incisive analysis and up to date information. Not only does the GIFR appraise the industry, it tackles key issues, with each report having a central theme. The GIFR intends to be a leading resource book for all those with an interest in Islamic finance.

Each GIFR is divided into three sections:

- A review of industry segments
- A concentration on an industry sector
- A review of the Islamic finance industry throughout the world

Editors' Profiles
Foreword
Content Contributors
Table of Acronyms
Preface

PART 1: OVERVIEW OF THE INDUSTRY
Chapter 1: The Islamic Banking and Finance Industry
Chapter 2: Islamic Finance Country Index 2013
Chapter 3: Country Sketches
Chapter 4: Dynamic Markets

PART 2: REVIEW OF INDUSTRY SEGMENTS
Chapter 5: Developments in Islamic Capital Markets
Chapter 6: Innovations in Shari’a-Compliant Wealth Management
Chapter 7: Developments in Islamic Liquidity Management
Chapter 8: Takaful – Time to Come of Age
Chapter 9: Marketing Practices of Islamic Financial Institutions
Chapter 10: Accounting and Reporting for Islamic Financial Transactions in Malaysia
Chapter 11: Models of Islamic Microfinance
Chapter 12: The Credit Crisis: An Islamic Perspective

PART 3: THE HALAL INDUSTRY
Chapter 13: The Global Halal Industry: An Overview
Chapter 14: Branding the Halal Industry
Chapter 15: The Challenges of Trading Halal Food: The Logistics and the Law
Chapter 16: The Western Halal Market
Chapter 17: Halal Compliance Procedures in SAMI Halal Food Index Companies
Chapter 18: The Challenges of Developing the Halal Industry

Summary

The year ending December 2012 has proven to be a sukuk-dominating period for Islamic banking and finance with a total value of USD144 billion of sukuk issued. Governments and government- linked entities along with large corporates from different countries issued sukuk during 2012, making sukuk look like an elitist phenomenon. Not to say that Islamic banking itself has emerged as a practice catering for the middle and upper middle classes of the societies it operates in. Observing the shareholders' pursuit of achieving a high street status, large consulting firms are advising such banks to increase their market share by effectively competing with their conventional counterparts.

Exploring how to tap the segments of the society being underserved or completely ignored is not on the priority list of Islamic banks and financial institutions. Hence, while there is a lot being spent on marketing and advertisement, there is no Islamic bank in the whole world with any significant budget for research and development. Undoubtedly an interesting year for sukuk, but it appears as if Islamic banking and finance as a whole is fast losing its traction in conventional banking and finance. The perceived role of Islamic banking and finance as a bridge between Islamic communities and the rest of the world is fast evolving to bring it out as a regional phenomenon rather than a global practice attractive for both Muslims and non-Muslims. This is a message that should be taken seriously by Islamic bankers – that Islamic banking is 'Islamic' because it is for Muslims. Those who advocate Islamic banking as a form of 'just' banking must understand that it is always safe to play on a home ground in home colours. Any attempt to play 'away' and that even not in one's own colour is likely to bring defeat, which certainly will not be supported by the home crowd.

There are about 1.8 billion Muslims in the world , and it is this segment of the global population Islamic banks should attempt to win. Those who argue for making Islamic banking attractive for all - Muslims and non-Muslims alike - must keep in mind that Islamic banking is not the choice of majority even in a single Muslim country,! which offers a window of opportunity for Islamic banks. While conventional banks have only limited interest in converting their conventional customers into Islamic - because of fear of cannibalisation - fully-fledged Islamic banks can take the lead by offering financial products that are customer-oriented in nature and scope.

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