June 2006
BIS Islamic Finance
http://www.bis.org/dcms/dfs.jsp?sp-q=Islamic+finance
(Central Bank Articles and Speeches)
15 Jun 2006
Zeti Akhtar Aziz: Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of Affin Islamic Bank Berhad, Kuala Lumpur, 6 June 2006. * * * Islamic finance has become one of the most...
Zeti Akhtar Aziz: Islamic finance
Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of Affin Islamic Bank Berhad, Kuala Lumpur, 6 June 2006.
* * *
Islamic finance has become one of the most dynamic growth areas in international finance.
While
Islamic finance has become an increasingly important form of financial intermediation in several countries, more recently, we have seen the international dimension gain significance.
The Malaysian
Islamic financial system is now well positioned to become internationally integrated with the
international Islamic financial system. The progress and development of the Islamic financial services
sector in Malaysia is evidenced by:
the rapid expansion in new and innovative Islamic financial products and services;
the enhanced competitive environment in which Islamic finance has developed;
the progressive development of the prudential, regulatory and supervisory framework forIslamic financial institutions;
the active issuance of both corporate and sovereign Islamic financial instruments;
the progressive liberalisation for foreign participation; and
the strengthened financial and non-financial institutional infrastructure, including thedevelopment of the domestic money and capital markets, and the establishment of
institutions to promote human resource development in Islamic finance to ensure the pool of
talent that is necessary to sustain the long term growth of the industry.
Our domestic Islamic financial system is one of the most developed, with its diversity of players and
financial products and services in Islamic banking, takaful and the Islamic capital market.
Today, we are witnessing the establishment of another dedicated Islamic banking subsidiary that will
contribute towards further strengthening the Islamic financial institutional infrastructure in Malaysia -
the launch of Affin Islamic Bank Berhad as an Islamic banking subsidiary of Affin Bank Berhad.
With the domestic Islamic financial infrastructure in place, the emphasis is now to become more
internationally integrated with the international Islamic financial system, thus increasing our economic
and financial linkages with other parts of the world. Our efforts are to position Malaysia as an
international Islamic financial centre and thus facilitate this international integration process. In this
regard, the establishment of an Islamic subsidiary also increases the opportunity for entering into
strategic partnerships with foreign interests, thereby increasing the potential for greater interface with
more extensive markets beyond our domestic borders.
On the domestic front, while tremendous progress has been achieved, much more needs to be done.
The Islamic financial industry needs to allocate more resources toward investment in research and
development to create more innovative products. Consumer awareness and consumer education also
needs to be enhanced to support the growth of the Islamic financial industry. In a financial
environment that is transitioning towards greater deregulation and towards more market-based rules, it
is important that the Islamic financial institutions inculcate a high level of confidence among
consumers not only on the Shariah-compliance aspects of the Islamic financial products offered, but
also on their business operations.
Concerted efforts by the industry to develop standardized documentation and features of Islamic
financial contracts would enhance the level of public understanding of the different types and concepts
of Islamic financial products. Islamic financial institutions also need to provide consumers with the
information that accurately represents the unique features, risks and returns associated with the
Islamic products and services. Enhanced financial literacy on Islamic financial products will facilitate
the process for consumers to make well-informed and effective decisions on their financial
transactions, with a clear understanding and appreciation of the unique characteristics and features of
Islamic finance and its real economic value.
Indeed, the strengthening of the range of Islamic products and services needs to be accompanied by
an improved market understanding of the Islamic financial products. This requires well trained staff
BIS Review 52/2006
1who are equipped with the required skills and knowledge in Islamic finance that are able to provide
quality advice to the customers. Correct terminologies need to be used with an ability to highlight the
distinguishing features of the products and services. This is particularly important in a dual financial
environment where both conventional and Islamic financial system are operating in parallel.
The regulatory framework governing market practices by the Islamic financial institutions can also be
strengthened further to ensure its continued soundness. This will involve the implementation of the
prudential standards that have been issued by the Islamic Financial Services Board, the IFSB. Greater
transparency through the observance of minimum disclosure requirements needs to be adopted by the
industry. Good business practices need to be embedded in all aspects of Islamic financial operations,
not only as part of good governance and corporate social responsibility, but also as part of brand
building. Market efficiency in conducting Islamic business activities can also be enhanced further to
ensure its sustained competitiveness as an intermediation process.
As we are advancing into the third phase of the Financial Sector Master Plan, where the environment
will become increasingly more liberalised and dynamic, we now have to look beyond the 2010
strategies. A key feature of the new environment is increased competition. The benefit of this trend will
be to the consumers and businesses in terms of better prices, better range of products and services
that are of a higher quality. This in turn would contribute to the overall performance of the economy. To
be at the leading edge of competition, continuous efforts have to be intensified to enhance business
efficiency and innovation. In this regard, the Islamic subsidiaries, with their increased autonomy in
business operations, would be better positioned to determine their own business strategies and to
realise the vast growth potential in the Islamic financial industry. On this note, it is my pleasure to
congratulate the Affin Group on the occasion of the official launch of Affin Islamic Bank Berhad. I wish
Affin Islamic Bank Berhad every success in maximising the potential opportunities and contributing to
achieving its objectives.
Akhir kata, dengan lafaz Bismillahir Rahmanir Rahim, saya dengan sukacitanya merasmikan
pelancaran Affin Islamic Bank Berhad.
Terima kasih.
2
BIS Review 52/2006The International Centre for Education in Islamic Finance (Central Bank Articles and Speeches)
...Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of
The International Centre For Education In Islamic Finance (INCEIF), Kuala...http://www.bis.org/dcms/dfs.jsp?sp-q=Islamic+finance
27 Mar 2006
The International Centre for Education in Islamic Finance (Central Bank Articles and Speeches)
...Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of
The International Centre For Education In Islamic Finance (INCEIF), Kuala...Zeti Akhtar Aziz:
The International Centre for Education in Islamic Finance
Governor's luncheon address by Dr Zeti Akhtar Aziz,
Governor of the Central Bank of Malaysia,
at the launching of:
The International Centre For Education In Islamic Finance
(INCEIF), Kuala Lumpur,23 March 2006.
* * *
It is my great pleasure and honour to welcome you to this luncheon in conjunction with the Meeting of
the
1440 Hijrah Vision Commission of the Islamic Development Bank (IDB) and the Launch of theVision Document that has taken place this morning for the transformation of the Islamic Development
Bank to become the premier catalyst for greater shared prosperity and development among the
ummah. We are most honoured today by the presence of Yang Amat Berhormat Dato Seri Abdullah
Ahmad Badawi. I would like to take this opportunity to congratulate the IDB for the successful launch
of the IDB 1440 Hijrah Vision. The Vision Document would serve as an important blue print for the
transformation of the IDB into a dynamic Development Bank that will contribute to the "comprehensive
human development", and thereby achieving prosperity for the ummah. We are also honoured today
by the presence of His Excellency Tun Dr. Mahathir bin Mohamad, Chairman of the Commission, and
His Excellency Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank Group.
Today, we are also taking the opportunity of this very auspicious occasion, with the grace of Allah, to
lay the foundations for another initiative, the launch of the International Centre for Education in Islamic
Finance, INCEIF.
The Islamic banking and financial services industry has experienced profound growth in this recent
decade. This growth is expected to accelerate further global expansion in demand for Shariahcompliant
financial products and services intensify. To sustain and support the future growth of the
industry, an important prerequisite is the development of the talent and expertise that is needed to
drive innovation and to raise the performance of the industry to greater heights.
The establishment of the International Centre for Education in Islamic Finance (INCEIF) represents an
investment in human capital to support the global development of the Islamic financial services
industry. Human intellectual capital plays a pivotal role in driving the performance and market
competitiveness of the industry. Going forward, it will be the defining factor. The fast pace of
innovation in global financial services in general and in the Islamic financial services sector in
particular, will demand new expertise and skills. Indeed, there will be an increase in demand for
adequately qualified professionals. In this environment, the creation of a substantial pool of talent and
expertise is thus indispensable for the future growth of Islamic finance. Strengthening research and
development capabilities is also important for enhancing the capacity for innovation to meet the
diverse requirements of the rapidly changing global economy.
The establishment of the International Centre for Education in Islamic Finance thus comes from the
recognition of this need to invest in human capital to advance the industry forward to greater heights.
Bank Negara Malaysia has allocated an endowment fund of RM500 million for this purpose. The
income from the endowment fund will be utilised to finance the operations of INCEIF. The objective of
INCEIF is to produce high-calibre practitioners and professionals in Islamic finance as well as
specialists and researchers in the disciplines of Islamic finance. INCEIF will leverage on the wealth of
experience of the Islamic finance industry, both in Malaysia and abroad, to provide its graduates with
value added insights and perspectives, in particular for their research programmes. Malaysia's
experience in Islamic finance for over more than two decades will also provide a training environment,
including for internships for developing Islamic finance professionals.
The required skill set in Islamic finance is unique. It needs to have the right blend of knowledge of
finance with the understanding of the Shariah as being central. The Shariah principles must be
embedded in every operational aspect of the Islamic financial institution, including in the design of
financial products and financing structures, financial contracts and their execution, liquidity and
balance sheet management, risk management as well as asset and wealth management. The
upholding of the Shariah principles must permeate from the highest level, including at the broad and
senior management levels. Sound policies and practices premised on Shariah principles will evolve
the Islamic financial system into a financial system that is distinctively ethical and that which promotes
economic justice.
BIS Review 22/2006
1In meeting this objective of providing a total talent management solution for the Islamic financial
services industry, INCEIF will offer the world's first certification on Islamic finance, the Certified Islamic
Finance Professional (CIFP) programme. The CIFP modules to be offered has been designed by
renowned experts of their respective fields and have been developed in full consultation with local and
international industry players in order to ensure their relevance to the requirements of the industry.
Following the launch of the INCEIF today, the programme will be open for registration. Classes for the
first enrolment will commence in June 2006. INCEIF also offers post-graduate programmes in Islamic
finance that will include specialised Masters and Ph.D. programmes in the various Islamic finance
disciplines.
INCEIF will be governed by the INCEIF Governing Council and the Professional Development Panel.
The INCEIF Governing Council, comprising eminent local and international professors from the
academia and industry practitioners, will set the strategic direction and provide visionary global
insights on the learning needs of the Islamic financial services industry. The Professional Development
Panel, with vast experience in the Islamic finance industry and academia well represent the authority
in academic matters and will have the responsibility for establishing the academic policies of INCEIF
as well as the quality assurance of the CIFP and post-graduate programme modules. The academic
faculty will include permanent as well as regular visiting professors and scholars-in-residence.
INCEIF will also form strategic alliances with leading local and international learning institutions to
complement our pursuit to provide world-class knowledge for the benefit of the industry in particular,
and the ummah in general. It is our vision that INCEIF will one day be an international nucleus for
tertiary education in Islamic finance, training and research and provide a strong support in the
development of Islamic financial infrastructure.
With the grace of Allah, and with the support of the international Islamic financial community, it is our
hope that INCEIF will make a meaningful contribution to the future development of Islamic finance for
the benefit of the ummah.
In closing, once again, I would like to express our deepest appreciation to the Yang Amat Berhormat,
Dato' Seri Abdullah Haji Ahmad Badawi, Prime Minister of Malaysia for gracing this occasion and for
accepting to officiate the launch of INCEIF.
2
BIS Review 22/2006...the positioning of Islamic finance as an integrated component of the International Financial System Opening speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia,
at the
5th Annual Islamic Finance Summit, London, 24...30 Jan 2006
http://www.bis.org/dcms/dfs.jsp?sp-q=Islamic+finance
Zeti Akhtar Aziz:
Towards the positioning of Islamic finance as an integrated component of the International Financial System
Opening speech by Dr Zeti Akhtar Aziz,
Governor of the Central Bank of Malaysia, at the
5th AnnualIslamic Finance Summit, London, 24 January 2006
.* * *
It is my great pleasure to be here in London to speak at this
5th Annual Islamic Finance Summit organised by Euromoney.
Islamic finance has made significant breakthroughs to now gain a place in
today's challenging global environment with its international dimension now becoming increasingly
more significant. It has now evolved to become an integral part of the international financial system. As
this international financial integration process intensifies, it will not only increase the potential for
Islamic finance to contribute towards enhancing the prospects for more balanced global growth
through fostering greater trade and wealth creation, but also through facilitating greater diversification
of risks, it will contribute towards increased global financial stability.
Rapid Evolution of the Global Islamic Financial Services Industry
As recent as five years ago, the development of Islamic finance was still regarded as an infant industry
striving to prove its viability and competitiveness in the global financial environment. At that time, the
growth of Islamic finance was mainly organic and largely concentrated in countries where the Muslim
population was significant. Islamic finance was also for the most part governed by conventional
regulatory and accounting standards. In addition, the divergence of views on some of the outstanding issues called for greater harmonization.
Indeed, there was also some apprehension amongst the
regulatory authorities, consumers, business communities and investors on the future potential of Islamic finance.
Notwithstanding this, over the recent five years, there has been a rapid evolution and expansion of the industry.
Today, Islamic finance has been recognised as a viable and competitive form of financial
intermediation not only in Muslim countries but also outside the Muslim world and offering a wide range of financial products and services.
Licences are being issued to facilitate the establishment of
Islamic banks including in the industrial economies in Western jurisdictions. There are also an
increasing number of international conventional banking institutions offering Islamic financial products
and services through dedicated subsidiaries or branches as well as through window arrangements.
Inaddition, countries that have pockets of Muslim population,
in particular, in the Asian region are now
exploring the prospect of providing access to Islamic financial services to promote greater inclusion.
These trends have not only been in terms of numbers of Islamic financial institutions, but also in terms
of institutions with larger size of capital and a more established operational governance framework including risk management.
Islamic financial institutions that previously operated only in their own
domestic jurisdictions have also begun to venture abroad to tap new growth opportunities in other regions and forge greater cross-border linkages.
In the Islamic capital markets, there has been a growing interest in the issuance of Islamic
sukuks byboth sovereigns and multinational corporations.
At the international level, the issuance of the first
sovereign global Islamic
sukuk by the Government of Malaysia in 2002 has been followed by a series of other issues.Corporations and multilateral development institutions have also embarked to issue
Islamic financial instruments resulting in an increase in the range of products in the international capital market. Islamic sukuks have now breached the USD15 billion mark.
The Islamic sukuks have
attracted a broad range of investors. In 2004, to deepen our capital market further, Malaysia liberalized
our exchange administration rules to allow multinational corporations and multilateral agencies to raise
ringgit denominated papers in our domestic bond market. Multilateral financial institutions including the
International Finance Corporation and the World Bank have since issued Islamic based ringgit denominated instruments.
We welcome the origination and issuance of Islamic financial instruments to
be issued in Malaysia.
The growth in Islamic asset and wealth management has also been phenomenal arising from the
diverse and innovative structures of Islamic investment funds, including Islamic hedge funds. It is
BIS Review 4/2006 1
estimated that more than 250 Shariah-compliant mutual funds are currently managing approximately
USD300 billion in assets. Shariah-compliant screening techniques have been able to improve risk-adjusted
returns on Islamic investment funds which in turn have led to its adoption in improving the
risk-adjusted returns of conventional equity funds.
Benchmark indices such as the Dow Jones IslamicMarket Indexes
and the Financial Times Stock Exchange Global Islamic Index Series in the
international equity market and the listing of Islamic financial instruments on international exchanges
have all contributed to enhance the depth of the Islamic financial markets as an attractive asset class
for investment.
On the regulatory front, the standardised international rules and regulations for the Islamic financial
institutions now being issued by the Islamic Financial Services Board (IFSB) will be important in effectively ensuring the stability and soundness of the system.
Two important standards, the standards
for capital adequacy and risk management have been approved by the Council of the IFSB in 2005.
The two standards have taken into account the aspects of risks associated with the different contracts
in Islamic banking business. Proper assignment of capital charge on profit-sharing arrangement and
the introduction of profit equalization and investment risk reserve are risk-mitigating elements to ensure the soundness in Islamic banking business.
The on-going work in the area of supervisory
review process, market discipline, corporate governance and transparency will complete the range of the prudential and supervisory standards of Islamic financial institutions.
The increased participation in
the IFSB from across the globe reflects the growing interest of the global financial community to be
involved, at the onset, in the development of regulatory standards in Islamic finance. In addition to
these developments, regulatory and legal reforms are also being undertaken in a number of
jurisdictions to accommodate the unique characteristics of Islamic financial transactions to support the progressive development of Islamic finance.
Following these institutional enhancements, the significant growth of Islamic financial markets and the development of the supporting financial infrastructure,
the international financial architecture for Islamic finance has been strengthened considerably.
Established international financial centers have
now included the development of Islamic finance as part of their agenda.
Also emerging on the
horizon are new Islamic financial centers in which innovative and competitive Islamic financial services industry is evolving.
With the supporting comprehensive Islamic financial infrastructure in place in
Malaysia and the diversity of Islamic financial players following the recent increased liberalization in
the Islamic finance sector, Malaysia is positioning itself as an international Islamic financial center.
Key Challenges Ahead
While Islamic finance has made significant strides, there are key challenges that needs to be
addressed for Islamic finance to sustain its development in the global financial system. My remarks will
focus on four of these challenges.
The development of robust Islamic financial system at the national level
Firstly, there is the challenge to develop a robust Islamic financial system at the national level. The level of development of Islamic finance across jurisdictions varies significantly.
While in some, Islamic
finance is at an advanced stage of development, in others, more meaningful progress is yet to be
made. To foster greater international linkages and cross-border transactions, the level of development
of Islamic finance needs to reach a certain threshold of development and sophistication. It requires the
development of a robust Islamic financial system which encompasses both the banking and the nonbank
Islamic financial intermediaries, the Islamic financial markets, offering the range of Islamic
financial products that is supported by a developed Islamic financial infrastructure.
The formulation of the ten-year masterplan for the Islamic financial services industry by the Islamic
Development Bank and the Islamic Financial Services Board, marks an important step in setting the
blueprint for leading the development of Islamic finance in a systematic and synchronized manner
across jurisdictions to achieve the common goal of a vibrant and comprehensive Islamic financial
services industry. Malaysia had five years ago launched our own Financial Sector Masterplan which
includes the strategic direction for the development of Islamic finance forward in Malaysia. It has now
culminated in the progress that Malaysia has achieved today.
2
BIS Review 4/2006Malaysia has now evolved a comprehensive domestic Islamic financial system that is diversified in
terms of its institutions, markets and players. The strategy has been to institute the entire financial
system chain to ensure the smooth functioning of the system.
The initiatives include building the
required financial institutions including, the Islamic banking institutions, the takaful industry, the nonbanking
institutions and developing the Islamic money and capital markets. These respective
components have recently been progressively liberalized to become internationally more integrated.
The supporting financial infrastructure includes a robust regulatory and supervisory framework
reinforced by the legal and Shariah framework, the payment and settlement systems, the development
of the pool of talent and the mechanism for the liquidity operations of the Central Bank as part of its monetary policy.
The development of efficient and active international Islamic financial markets
The second challenge is to advance further the development of an efficient and active international
Islamic financial market. Well-developed international Islamic financial markets enhance the liquidity of
the instruments and risk management capacity of the players. This would promote the efficient
functioning of the markets and thus facilitate capital flows and thereby strengthen global integration.
Coordinated initiatives are therefore essential to foster the development of an efficient and vibrant
international Islamic financial market. Sustainable supply of sukuks on a regular basis needs to be
ensured. The participation of issuers including multilateral organizations, governments and
multinational corporations would contribute to this process. In Malaysia, the domestic bond market
now accounts for 80% of GDP. Of this, 44% of the papers are Islamic based.
A fundamental pre-requisite is to promote innovation in the development of a broader range of Islamic
financial market instruments. These include instruments with equity ownership features, Islamic assetbacked
securities, inclusion of permissible forms of credit enhancements as well as Shariah-compliant
risk mitigating instruments. The development of an Islamic derivatives market for hedging is required
for market-making activities to support the development of secondary markets. Research and
development therefore need to be intensified. The Shariah fund recently established by Malaysia is to
support research activities in these areas. This initiative is also to facilitate annual dialogues amongst
international Shariah scholars. It is to provide a platform for deliberation on the Shariah compatibility of
newly developed Islamic financial instruments and markets.
A further pre-requisite is to ensure sufficient availability of liquidity to support the intermediation of
funds in the Islamic financial system. The demand for central bank discount window operations is
inevitable. Central banks must therefore have sufficient Islamic financial instruments at its disposal to
manage the liquidity conditions in the Islamic financial system. This is an area that has yet to be fully
developed. In relation to this, Malaysia has developed Islamic monetary instruments that includes both
the government and our own Bank Negara Malaysia Islamic financial instruments. We have also a
dedicated clearing and settlement mechanism to ensure the smooth functioning of the Islamic financial
system. To add to the existing range of Islamic financial instruments, Bank Negara Malaysia will in
February this year issue an Ijarah paper to further meet the requirements of Islamic market players in
the domestic Islamic money market and also for the purpose of conducting monetary policy. Of equal
importance is having in place appropriate regulatory and legal framework to support the development
of Islamic financial instruments and markets to ensure investor protection, uphold market integrity in addition to containing systemic risks.
The adoption of IFSB standards
The third is to ensure the adoption of the IFSB standards. The standards on capital adequacy and risk
management that have now been approved by the Council of the Islamic Financial Services Board in
December in 2005 is scheduled for implementation in 2007. Islamic financial institutions must
therefore be equipped with the required capacity and infrastructure to capture the respective risk
weights and assign appropriate amount of regulatory capital at each of the different stages of the
Islamic financial transaction. The exclusion of risk-weighted assets funded by the profit-sharing
investment accounts from the calculation of regulatory capital requirement places critical emphasis on
a comprehensive infrastructure in the Islamic financial institutions to clearly segregate the restricted
and unrestricted profit-sharing investment accounts from the non-profit-sharing accounts and
shareholders funds and to track their respective flows in financing and investment transactions.
BIS Review 4/2006
3Strategic investments in the state-of-the-art IT and risk management systems are integral to this process.
Supervisory authorities need to be equipped with the specialized skills necessary to have the right
assessments on the level of risks that the Islamic financial institutions are exposed to and the
effectiveness of the risk management infrastructure in the Islamic financial institutions in mitigating these risks.
The development of a sufficient pool of talent in Islamic finance
Finally, the development of a sufficient pool of appropriately skilled Islamic finance practitioners needs
to be accorded the highest priority. The required skill set in Islamic finance is unique. It needs to have
the right blend of knowledge of finance with the understanding of the Shariah as being central. The
Shariah principles must be embedded in each and every operational aspect of the Islamic financial
institution, including in the design of financial products and financing structures, financial contracts and
their execution, liquidity and balance sheet management, risk management as well as asset andwealth management.
The upholding of Shariah principles must permeate from the highest level,
including at the board and senior management levels, which provide the strategic direction for the
Islamic financial institution and to the operational levels. Sound policies and practices premised on
Shariah principles will evolve the Islamic financial system into a financial system that is distinctively
ethical and that which promotes economic justice.
To meet this objective of providing a total talent management solution for the global Islamic financial
services industry and to meet the educational needs of the different levels of Islamic finance
practitioners, including professionals and specialists in Islamic finance, Malaysia is establishing an
International Centre for Education in Islamic Finance (INCEIF). INCEIF will commence operations in
March this year and will offer professional certification programmes in Islamic finance. INCEIF will also
forge strategic alliances with domestic and foreign academic institutions to offer post-graduate programmes, namely Masters and Doctorates in Islamic Finance with specific areas of specialization.
A professional association for Islamic finance professionals will also be established for the alumni of INCEIF to keep abreast with the latest developments in Islamic finance.
Conclusion
Building the foundations on which Islamic finance has been able to advance forward has been vital to its viability, competitiveness and sustainability in this challenging global financial environment. With its integration into the international financial system, it would strengthen further the global economic andfinancial inter-linkages and in so doing would open new frontiers towards achieving more balanced global growth and greater shared global prosperity.
Thank you.
4
BIS Review 4/2006Islamic finance: BIS
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