Memahami Kepentingan Operasi dan Instrumen Perbendaharaan Dalam

Transcription

Proposed Suitable Islamic Financial
Instruments for Central Asia Countries
Assoc. Prof. Dr. Mohamad Akram Laldin
Executive Director of ISRA
1
ISRA
‫األكاديمية العالمية للبحوث الشرعية‬
International Shari’ah Research Academy for Islamic Finance

Introduction

Developing Islamic Finance in Central Asia: Issues &
Challenges

Developing Islamic Finance Infrastructure: Malaysian
Experience

Suitable Islamic Financial Instruments

Conclusion
ISRA
Introduction
Islamic Finance is a progressing industry.
Viable alternative to conventional finance.
Adopted across the globe.
Many developments has taken place and Islamic
Finance has a lot of potentials.
Advantages:





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

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Based on the Principle of Shari’ah
Variety of contracts and allow dynamism and flexibility in
products development and innovations.
Promise growth in accordance with stability
ISRA
DEVELOPING ISLAMIC FINANCE
IN CENTRAL ASIA: ISSUES &
CHALLENGES
4
Wide ranges issues
Legal
Uncertainity
Issues in Islamic
Finance
Development:
WHAT TO BE
DONE to SOLVE
these issues &
trends?
Standardization
Efforts eg.
Contracts
Worldwide
Acceptance
Exploring new
Shariah
Contracts
Current
Trends
Emphasis on
Shariah Audit
Emphasis on
Shariah
Governance
Cross Border
Deals
Promotion of
ADR
5
ISRA
CHALLENGES in Developing Solid Islamic Finance
INFRASTRUCTURE:
1.
2.
3.
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Building
national
financial
architecture
Addressing
Industry
challenges –
human capital,
regulations,
standards, tax,
incentives etc
Movement
towards Global
integration
System’s
Framework
&
infrastructure
Innovation &
Shari’ah
issues
Global
integration
Challenges
human capital
requirements
Product
development
Standards&
Regulations
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Towards a Robust Islamic Finance
As the challenges
seem to be
complex, the
responses should
also be
comprehensive,
systematic and
systemic in
nature….
Internationalization &
Collaboration
Product
Development:
Innovation &
Originality
Database:
Academic
Research
Well-conceived,
consistent &
integrated framework
Human capital
development
7
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Market
Research
Regulation,
Governance,
Supervision
SUITABLE ISLAMIC FINANCE
INSTRUMENTS
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The Islamic Financial System
ISLAMIC ASSET MANAGEMENT
1. Unit Trusts
2. Mutual Funds
3. I-Reits
ISLAMIC BANKING
1. Deposits
2. Financing
3. Payment facility
ISLAMIC CAPITAL MARKET
1. Sukuk (Islamic Bond)
2. Structured products
3. Investment Funds
Islamic
Finance
TAKAFUL (ISLAMIC
INSURANCE)
1. General Takaful
2. Family Takaful
ISLAMIC MONEY MARKET
OTHER SEGMENTS
1. Islamic Endowment (Waqf)
2. Baitul Mal (Islamic
Treasury)
1. Various liquidity facility
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FUNDING
Islamic vs. Conventional banks:
Different nature of liabilities & assets....
Mudharabah
deposit
Deposit
(Interest-bearing)
Qard deposit
(profit sharing)
Islamic Banks
FINANCING
Trading
contracts
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Leasing
• Ijarah (lease)
Sale
•Murabahah
(cost-plus)
•Istisna
(Manufacture)
•Salam
(Fwd delivery)
Investment
contracts
Supporting
contracts
• Mudharabah
(profit sharing
& loss bearing)
• Musharakah
(profit and loss
sharing)
•Kafalah
(Guarantee)
•Rahn
(Pledge)
•Wakalah
(Agency)
•Hiwalah
(Debt transfer)
•Wadiah (Safe
custody)
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Conventional
Banks
Gratuitous
contracts
•Qard Al-Hasn
(Loan)
•Ibra’ (Waiver)
Loan
(Interest-based)
Murabahah Contract
1
Commodity or Asset
Simple
Murabahah
Seller
Purchaser
Price: Cost + Profit
2
1. Order + Promise
to purchase
Murabahah To The
Purchase Orderer
2. Commodity or Asset
Seller
Purchaser
3. Price: Cost + Profit
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Ijarah (Lease) Contract
ISLAMIC BANK


Ijarah is a lease whereby lessor buys and then leases out an asset required by lessee
for an agreed rental amount and period in exchange for the benefits resulting from
the use of the asset.
TYPES OF IJARAH:


Ijarah – OPERATING LEASE. Does not conclude in a transfer of the leased assets to the lessee.
Ijarah Muntahiah Bittamleek/ Ijarah Thumma al-Bai’ (AITAB)/ Ijarah wa Iqtina – FINANCE LEASE.
Offers the lessee an option to own the asset at the end of the lease period either by (a) gift or (b)
a sale at a specified consideration
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Mudarabah Contract

•
An agreement between a
capital provider (rabbul mal)
and an entrepreneur (mudarib)
whereby the rabbul mal would
contribute capital to the
business which is to be
managed by the mudarib.
Profits generated by the business are shared accordance with the terms
of the mudarabah agreement whilst losses to be borne solely by the
rabbul mal unless the losses are due to the customer’s misconduct,
negligence or breach of contracted terms.
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Musharakah Contract

Musharakah - A contract between two or more parties to contribute capital in a
partnership.

Profits generated by the partnership are shared in accordance with the terms of
musharakah contract.

Losses are shared in proportion to the respective contributor’s share of capital.
Application:
• Home Financing:
Diminishing
Musharakah
• Sukuk
• Equity Shares
• Project Financing
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Musharakah Mutanaqisah
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TAKAFUL
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 fulfill obligation
of mutual help and joint guarantee
PROFIT SHARING ON
SURPLUS
Commercial profit sharing contract
between participants and takaful operator
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MODUS OPERANDI
(WAKALAH MODEL)
Takaful
Participants
Wakalah
fee
1st contract
Tabarru`
Contribute
2nd Contract
Wakalah
-retakaful
-reserves
-claims
-investment income
-stabilization reserves
Risk Fund
Manage
Takaful Operator
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Surplus
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ISRA
‫الشرعية‬
‫للبحوثالشرعية‬
‫العالميةللبحوث‬
‫األكاديميةالعالمية‬
‫األكاديمية‬
International
InternationalShari’ah
Shari’ahResearch
ResearchAcademy
Academyfor
forIslamic
IslamicFinance
Finance
Sukuk
Asset
Based
Asset
Backed
Sale Based
Lease Based
Partnership
Based
Agency Based
Murabahah
Ijarah
Mudarabah
Wakalah bil
Istismar
Salam
Ijarah
Muntaahiya
Bittamlik
Istisna’
Ijarah Mausufah
fi Zimmah
Musharakah
AAOIFI
Sukuk is certificates of ownership of a pool of
underlying assets, in which the certificates are of
equal value, issued with the aim of using the
mobilized funds for establishing a new project,
developiong an existing project, or financing a
business activity as per their respective shares.”
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Sample 1: Sukuk ijarah
1.
Investor
2.
3.
4.
2
5
5.
1
Company/
Obligor
3
SPV/Issuer
6.
4
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The Company sells asset that it
owns to the SPV/Issuer for
cash.
SPV issues sukuk to raise fund
from investors to buy the asset.
SPV leases the asset back to
the company (ijarah)
The company gives a purchase
undertaking to buy the asset
back and ensure redemption of
sukuk.
The company makes periodic
rental payment and SPV
distributes payments to
investors
Upon maturity, the purchase
undertaking is exercised and
the company buys the asset
back.
Sample 2: Musharakah Sukuk
Capital Proceeds
Investment
Venture
Investor
Capital
Issuer
X%
Loss shared on basis of equity participation
Outcome
Y%
Profit shared based on pre-agreed ratio X:Y
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DEVELOPING ISLAMIC FINANCE
INFRASTRUCTURE: MALAYSIAN
EXPERIENCE
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Malaysia
MalaysiaIslamic
IslamicFinance
Financeinfrastructure
infrastructure
• Malaysia has, over the last decade
or so, spearheaded development
and reforms in the Islamic finance
industry
• The Malaysian Islamic financial
sector is seen as one of the most
progressive and attractive in the
world given the numerous
incentives planned and further
liberation in the coming years.
1. Regulatory
Framework
GOVERNING
INFRASTRUC
- TURE
3. Shari’ah
Governance
framework
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2. Legal
Framework
3. Malaysia Shari’ah Governance Framework
Shari’ah Governance refers to structures and process adopted by Islamic financial
institutions to ensure compliance with Shari’ah rules and principles…
Shari’ah Governance must be observed by all stakeholders
the industry.
‫الشرعية‬in‫للبحوث‬
‫األكاديمية العالمية‬
ISRA
Malaysia adopts two-tier Shari’ah Governance Infrastructure in the
decision making process …
SAC SC
SC IFIs
MacroLevels
• National Shari’ah Advisory Council of the
Central Bank & Securities Commission
• Roles:
• Highest Shari’ah authority
• Standardization of fatwa
• Law harmonisation
Microlevels
• Shari’ah Committee of respective Islamic
financial institutions (IFIs)
• Shari’ah advisory firms to IFIs
• Roles:
• Product development
• Reviewing and approving matters
related to shari’ah
• Ensuring Shari’ah compliance
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SAC BNM
SC IFIs
New laws aim to strengthen Malaysian financial
systemTakaful – IFSA 2013
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Codification & Specification of Specific Roles and
Responsibilities of Key Functionaries
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CONCLUSION
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
Islamic banking and finance impressively gain global
acceptance





Customers: to meet the financial needs
Government: to absorb as tools in monetary policy and means to
realize society’s welfare
People of the world: to have a good financial system that is more
just, fair, pro-poor, anti-exploitation, stable and not fragile.
The future of Islamic banking and finance is very promising
More efforts to be put to ensure the sustainability of Islamic
finance
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ISRA



Competition is high and requires innovations in products and
services to meet the ever-changing customer needs and
expectations
More initiatives from government or private are needed to set
a solid and coherence International Islamic Finance
Architecture
More global collaboration is needed to develop Islamic
finance to be a viable international financial system
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ISRA
Thank You
30
ISRA

Memahami Kepentingan Operasi dan Instrumen Perbendaharaan Dalam

Transcription

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