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ISLAMIC BANKING AND FINANCE: MALAYSIA’S EXPERIENCE AND ACHIEVEMENTS 13 June 2006 Victoria University of ISLAMIC BANKING AND FINANCE: MALAYSIA’S EXPERIENCE AND ACHIEVEMENTS 13 June 2006 Victoria University of Wellington Presented by: Bakarudin Ishak Director Islamic Banking and Takaful Department Bank Negara Malaysia ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

MALAYSIA AT A GLANCE • Population • – 26. 1 m Muslim – 15. MALAYSIA AT A GLANCE • Population • – 26. 1 m Muslim – 15. 4 m (59%) • Strong GDP growth • 1 st quarter 2006 5. 3% • Low inflation ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

WHY ISLAMIC BANKING IS IMPORTANT? • In response to the needs of Muslim community WHY ISLAMIC BANKING IS IMPORTANT? • In response to the needs of Muslim community • Acts as a catalyst to fill the gap to mobilise funds for productive purposes, in particular for Muslim communities • Significant untapped business potential • Proven to be a viable financial intermediation channel in supporting economic growth • Fulfilled the demands of not only the Muslims but non-Muslim population as well ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

MALAYSIAN ISLAMIC FINANCIAL SYSTEM • Comprehensive Islamic financial system covering all financial sectors – MALAYSIAN ISLAMIC FINANCIAL SYSTEM • Comprehensive Islamic financial system covering all financial sectors – operating in parallel with conventional financial system • Diversities of players – Twelve full-fledged Islamic banking institutions – 2 domestic Islamic banks – 3 full-fledged foreign owned Islamic banks – 7 Islamic banking subsidiaries – 9 takaful operators • Sound and robust Islamic financial institutions governed by international best practices • Rapid growth wide range of product and services – Retail, corporate & investment banking • Internationally integrated with international Islamic financial system ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

STAGES OF DEVELOPMENT Gradual and pragmatic Milestones 1969 1983 1993 2003 Pilgrimage Fund Board STAGES OF DEVELOPMENT Gradual and pragmatic Milestones 1969 1983 1993 2003 Pilgrimage Fund Board Full-fledged Islamic banks Bank Islam Malaysia Bhd. Bank Muamalat Malaysia Bhd. Foreign Islamic banks Conventional banks offer Islamic window Islamic subsidiary Islamic money markets Takaful Operators Syarikat Takaful Malaysia Bhd. Takaful Nasional, Mayban Takaful, Takaful Iklhas, Commerce Takaful . . achieved significant milestones in building comprehensive and integrated Islamic financial system with diversity of players…. ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

DEVELOPMENTAL FOCUS Institutional & Regulatory development Enhancement of knowledge and expertise Product and market DEVELOPMENTAL FOCUS Institutional & Regulatory development Enhancement of knowledge and expertise Product and market development Legal and Shariah framework ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

ENABLING INFRASTRUCTURE Legal q Islamic Banking Act, 1983 q Takaful Act, 1984 q Government ENABLING INFRASTRUCTURE Legal q Islamic Banking Act, 1983 q Takaful Act, 1984 q Government Investment Act, 1983 q Legal Redress Framework Shariah q Two Shariah governing committees • National Shariah Advisory Council at Bank Negara Malaysia • Shariah committee at Islamic financial institution Regulatory q Adopted international standards ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

ROLE OF BANK NEGARA MALAYSIA Islamic Banking Act 1983 Takaful Act Islamic financial system ROLE OF BANK NEGARA MALAYSIA Islamic Banking Act 1983 Takaful Act Islamic financial system Islamic banks Takaful operators Non-banking institutions Money market Capital market Supervisory objective • Financial stability BNM - Separate clearing and settlement system Malaysia Deposit Insurance Corporation - Liquidity management Customer • Consumer protection Dispute resolution ØSpecific monetary policy instruments Conventional banks Insurance companies Non-banking institutions Money market Conventional financial system § Judicial system § KL Regional Arbitration Centre § Financial Mediation Bureau Capital market BAFIA 1989 Insurance Act 1996 ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

COMPREHENSIVE ISLAMIC FINANCIAL SYSTEM Institutional development • Domestic & foreign Islamic banks, • Offshore COMPREHENSIVE ISLAMIC FINANCIAL SYSTEM Institutional development • Domestic & foreign Islamic banks, • Offshore players Islamic banking windows • Liberalised equity policy for Islamic • Islamic capital market players subsidiaries and takaful Legal, Shariah & Reg Product & market • Comprehensive product range in banking, takaful & financial markets • Global sukuk - sovereign & multilateral institutions Knowledge and education • Comprehensive legislation • Dispute resolution o Dedicated high court o Arbitration centre o Financial Mediation Bureau • Tax neutrality policy • Shariah Advisory Council and its governance • International best practices - IFSB • Consumer Education & • Fund for Shariah Scholars Awareness Programmes o Promote Shariah dialogues • Complete training infrastructure o Scholarship o INCEIF, IBFIM & ICLIF o Research grant • International conferences ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

VISION TO BECOME ISLAMIC FINANCIAL HUB q q Sustaining Malaysia’s competitive edge as leading VISION TO BECOME ISLAMIC FINANCIAL HUB q q Sustaining Malaysia’s competitive edge as leading IFC following: Ø progressive development Ø achievements of domestic mkt Ø integration & liberalisation Moving forward, hub envisioned in Financial Sector Master Plan Growing interest from Middle East investors now seen Opportunity to improve trade & investment ties, and linkages between Malaysia & other parts of the world ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

LEADING INITIATIVES IN ISLAMIC FINANCE Malaysia as international hub/ Labuan’s niche in Islamic finance LEADING INITIATIVES IN ISLAMIC FINANCE Malaysia as international hub/ Labuan’s niche in Islamic finance First global sovereign sukuk Promotion of trade, investment, takaful, financial market & ICT Greater Shariah harmonisation Financial Sector Master Plan 2002 Islamic Financial Services Board Malaysia global sukuk 2003 Financial liberalisation Malaysia-IDB Mo. U 2004 Financial Market Islamic Index 2005 Islamic securities/ Sukuks by multilateral dev’t banks Shariah scholars dialogue … for global integration International Islamic standardsetting body Foreign Islamic FIs, 49% foreign equity in Islamic banks and takaful companies Attract international investors Forex liberalisation ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

Human Capital Development in Islamic Finance IBFIM ICLIF INCEIF Level of knowledge: Elementary Focus: Human Capital Development in Islamic Finance IBFIM ICLIF INCEIF Level of knowledge: Elementary Focus: Short training courses to meet industry’s needs Institutions of higher learning Level of knowledge: Intermediate & advanced Focus: Leadership programs Focus: International professional certification and postgraduate programs Other training providers Meeting the education needs of all levels of Islamic finance practitioners ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

CIFP PROGRAMME MODULES Part 1 (Building Knowledge) • • Islamic Economics and Finance Theory CIFP PROGRAMME MODULES Part 1 (Building Knowledge) • • Islamic Economics and Finance Theory & Ethics Islamic Financial Institutions and Markets Islamic Finance Regulations and Governance Applied Shariah in Financial Transactions Deposits Mobilization and Financing Management Wealth Planning and Management Part 2 (Building Skills) Part 3 (Actual Work) Common Modules • Structuring Financing Requirements • Issuing & Managing Islamic Securities • Shariah Audits and Compliance • Customer Relationship Management • Issues in Islamic Financial Institutions & Markets Articleship Specialized (Banking) Modules • Deposit & Financing Practices of Islamic banks • Managing Islamic Banks • Treasury and Risk Management for Islamic Banks • Legal aspects of Deposits & Financing Specialized (Takaful) Modules • Managing Takaful Institutions • Risk Management in Takaful • Operational Aspects of Takaful • Actuarial Concepts & Practices ASSOCIATE MEMBER PROFICIENT MEMBER Pedagogical approach: Self-study (on-site and online learning), exams, case studies, simulation PRACTISING MEMBER Hands-on activities & role play ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

“… Islamic banking and finance will emerge as a force to be reckoned with “… Islamic banking and finance will emerge as a force to be reckoned with in shaping the future development of global finance …” ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

CHARACTERISTICS OF ISLAMIC BANKING • Islamic financial transactions based on Shariah principles: • Contract CHARACTERISTICS OF ISLAMIC BANKING • Islamic financial transactions based on Shariah principles: • Contract (aqad) • No elements of usury (riba) • No elements of uncertainty (gharar) and gambling (maisir) • Multi-faceted roles based on nature of financial transactions engagement: ISLAMIC FINANCIAL CONTRACTS • Savings and Current Accounts • Investment Account • Asset Creation ISLAMIC BANKING && SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE ININ MALAYSIA

ISLAMIC BANKING OPERATIONS Sources of funds Application of funds Non-mudharabah deposits Profit Depositors General ISLAMIC BANKING OPERATIONS Sources of funds Application of funds Non-mudharabah deposits Profit Depositors General pool Specific account II Bank Mudharabah deposits SHF Distribution of profit Depositors or ISLAMIC BANKING && SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE ININ MALAYSIA

STYLIZED BALANCE SHEET OF AN IIFS ASSETS LIABILITIES Cash & cash equivalents Current accounts STYLIZED BALANCE SHEET OF AN IIFS ASSETS LIABILITIES Cash & cash equivalents Current accounts Other liabilities Sales receivables Investment in securities Investment in leased assets Investment in real estate Equity investment in joint ventures Equity investment in capital ventures Inventories Other assets Fixed assets Equity of Profit Sharing Investment Accounts (PSIA) Profit sharing investment accounts Profit equalization reserve Investment risk reserve Owners’ Equity ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

Concepts. Takaful on……. Based TAKAFUL (e. g. Family, General) A contract among participants to Concepts. Takaful on……. Based TAKAFUL (e. g. Family, General) A contract among participants to reciprocally help each other against defined loss TABARRU’ (Donation) Agreement to relinquish certain portion of contribution as donation to fulfil obligation of mutual help and joint guarantee PROFIT SHARING ON SURPLUS Commercial profit sharing contract between participants and takaful operator ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA

Takaful Model 2 Models: Mudharabah or Wakalah Participants Wakalah fees x% Surplus on Maturity Takaful Model 2 Models: Mudharabah or Wakalah Participants Wakalah fees x% Surplus on Maturity x% Contributions Participants’ Account (PA) Participants’ Risk Account (PRA) Investment Profit x% 100%x% Takaful Operators Less x% 100% -x% • Retakaful • Reserves • Claims Surplus/ (Deficit) Less Operating Expenses ISLAMIC BANKING & SEKTOR KEWANGAN ISLAM DI MALAYSIA FINANCE IN MALAYSIA