Difference between revisions of "Islamic Banking And Finance Malaysia’s Experience And Achiev"

From HodHood
Jump to: navigation, search
(Imported from text file)
 
Line 1: Line 1:
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 – 15.4 m (59%)
 
                • Strong GDP growth
 
                    • 1st 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
 
• 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
+
== Top 20 FREQUENT WORDS ==
• Comprehensive Islamic financial system covering all financial sectors
+
islamic 72
      – operating in parallel with conventional financial system
+
banking 37
• Diversities of players
+
malaysia 36
      – Twelve full-fledged Islamic banking institutions
+
finance 32
          – 2 domestic Islamic banks
+
financial 29
          – 3 full-fledged foreign owned Islamic banks
+
takaful 23
          – 7 Islamic banking subsidiaries
+
islam 21
      – 9 takaful operators
+
kewangan 20
• Sound and robust Islamic          financial  institutions    governed          by
+
malays 20
  international best practices
+
sektor 20
• Rapid growth with wide range of product and services
+
investment 14
      – Retail, corporate & investment banking
+
shariah 14
• Internationally integrated with international Islamic financial system
+
banks 13
                                                                        ISLAMIC BANKING &
+
institutions 9
                                                    SEKTOR KEWANGAN ISLAM DI MALAYSIA
+
international 8
                                                                      FINANCE IN MALAYSIA
+
profit 8
 +
development 7
 +
equity 6
 +
management 6
 +
account 5
 +
comprehensive 5
 +
foreign 5
 +
global 5
 +
knowledge 5
 +
legal 5
 +
participants 5
  
                            STAGES OF DEVELOPMENT
 
    Gradual and pragmatic
 
                                                Milestones
 
1969                          1983                    1993                        2003
 
    Pilgrimage Fund Board
 
                  Full-fledged    Bank Islam                          Bank Muamalat            Foreign Islamic
 
                Islamic banks    Malaysia Bhd.                      Malaysia Bhd.            banks
 
                                                                Conventional banks offer Islamic window
 
                                                                                            Islamic subsidiary
 
                                                                Islamic money markets
 
                      Takaful      Syarikat Takaful      Takaful Nasional, Mayban Takaful, Takaful
 
                    Operators      Malaysia Bhd.          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
 
                                          Product and market
 
knowledge and
 
                                              development
 
    expertise
 
                    Legal and Shariah
 
                        framework
 
                                                          ISLAMIC BANKING &
 
                                        SEKTOR KEWANGAN ISLAM DI MALAYSIA
 
                                                          FINANCE IN MALAYSIA
 
  
              ENABLING INFRASTRUCTURE
+
== DOCUMENT KEY POINTS ==
Legal
+
*a c low inflation islamic banking sektor kewangan islam di malaysia finance in malaysia
 Islamic Banking Act, 1983
+
*m a c strong gdp growth a c st quarter
 Takaful Act, 1984
 
 Government Investment Act, 1983
 
 Legal Redress Framework
 
Shariah
 
 Two Shariah governing committees
 
    • National Shariah Advisory Council at
 
      Bank Negara Malaysia
 
    • Shariah committee at Islamic financial
 
      institution
 
Regulatory
 
 Adopted international standards
 
                                                                ISLAMIC BANKING &
 
                                            SEKTOR KEWANGAN ISLAM DI MALAYSIA
 
                                                              FINANCE IN MALAYSIA
 
  
            ROLE OF BANK NEGARA MALAYSIA
+
*banks conventional banks offer islamic window islamic subsidiary islamic money markets takaful syarikat takaful takaful nasional mayban takaful takaful operators malaysia bhd
                                                          Islamic Banking Act 1983
+
*stages of development gradual and pragmatic milestones pilgrimage fund board full fledged bank islam bank muamalat foreign islamic islamic banks malaysia bhd
              Islamic financial system
 
                                                          Takaful Act
 
Islamic banks
 
Takaful operators
 
                          Money market  Capital market
 
Non-banking
 
institutions                                                                      Supervisory
 
                                                                                  objective
 
                                                                                      • Financial
 
                                                                                        stability
 
                                                                                      • Consumer
 
                                                                BNM                    protection
 
                                                          - Separate clearing    Malaysia Deposit
 
                                                              and settlement      Insurance
 
                                                              system              Corporation
 
                          Customer
 
                                                          - Liquidity
 
                                                                                  Dispute resolution
 
                                                              management
 
                                                                                       Judicial
 
                                                                 Specific
 
                                                                                        system
 
                                                                  monetary
 
                                                                  policy               KL Regional
 
                                                                  instruments            Arbitration
 
                                                                                        Centre
 
Conventional banks
 
Insurance companies                                                                   Financial
 
                          Money market    Capital market
 
Non-banking                                                                              Mediation
 
institutions                                                                            Bureau
 
                                                          BAFIA 1989
 
            Conventional financial system                Insurance Act 1996
 
                                                                                      ISLAMIC BANKING &
 
                                                                  SEKTOR KEWANGAN ISLAM DI MALAYSIA
 
                                                                                    FINANCE IN MALAYSIA
 
  
  COMPREHENSIVE ISLAMIC FINANCIAL SYSTEM
+
*family general reciprocally help each other against defined loss agreement to relinquish certain portion of tabarru contribution as donation to fulfil obligation donation of mutual help and joint guarantee profit sharing on commercial profit sharing contract surplus between participants and takaful operator islamic banking sektor kewangan islam di malaysia finance in malaysia
                                          Institutional development
+
*conceptstakaful takaful a contract among participants to e
              • 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 legislation
 
• Comprehensive product                                                              • Dispute resolution
 
  range in banking, takaful                                                                 o Dedicated high court
 
  & financial markets                                                                      o Arbitration centre
 
• Global sukuk - sovereign                                                                  o Financial Mediation
 
  & multilateral institutions                                                                Bureau
 
                                                                                      • Tax neutrality policy
 
                                                                                      • Shariah Advisory Council
 
                                                                                        and its governance
 
                                            Knowledge and education                  • 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
 
 Sustaining Malaysia’s competitive
 
  edge as leading IFC following:-
 
     progressive development
 
     achievements of domestic mkt
 
     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
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
Malaysia as                                                    International
+
== DOCUMENT WORD ANALYSIS ==
                      Financial    2002      Islamic
+
=== Main Category ===
                                                              Islamic standard-
+
: AlHuda Material\takaful
international hub/  Sector Master          Financial
 
Labuan’s niche in                                              setting body
 
                          Plan          Services Board
 
Islamic finance
 
                                                              Foreign Islamic FIs,
 
First global      Malaysia global 2003    Financial        49% foreign equity
 
sovereign sukuk        sukuk            liberalisation      in Islamic banks and
 
                                                              takaful companies
 
Promotion of
 
trade, investment,  Malaysia-IDB  2004    Financial        Attract
 
takaful, financial        MoU            Market Islamic      international
 
market & ICT                                  Index          investors
 
Greater Shariah  Shariah scholars 2005      Islamic
 
harmonisation        dialogue              securities/      Forex liberalisation
 
                                            Sukuks by
 
                                            multilateral
 
                                          dev’t banks
 
  … for global integration
 
                                                                      ISLAMIC BANKING &
 
                                                  SEKTOR KEWANGAN ISLAM DI MALAYSIA
 
                                                                    FINANCE IN MALAYSIA
 
  
Human Capital Development in Islamic Finance
 
      IBFIM                        INCEIF                          ICLIF
 
Level of knowledge:          Level of knowledge:            Focus:
 
Elementary                  Intermediate &                  Leadership programs
 
                            advanced
 
Focus:
 
Short training courses      Focus:
 
to meet industry’s          International
 
needs                        professional
 
                            certification and post-
 
                            graduate programs
 
                Institutions                            Other
 
                of higher                            training
 
                  learning                            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
+
=== KeyWords ===
              Part 1                                    Part 2                                  Part 3
+
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
      (Building Knowledge)                          (Building Skills)                        (Actual Work)
 
•  Islamic Economics and            Common Modules                                  Articleship
 
  Finance                          • Structuring Financing Requirements
 
•  Theory & Ethics                  • Issuing & Managing Islamic Securities
 
•  Islamic Financial Institutions    • Shariah Audits and Compliance
 
  and Markets                      • Customer Relationship Management
 
•  Islamic Finance Regulations      • Issues in Islamic Financial Institutions &
 
  and Governance                      Markets
 
•  Applied Shariah in Financial      Specialized (Banking) Modules
 
  Transactions                      • Deposit & Financing Practices of Islamic
 
•  Deposits Mobilization and          banks
 
  Financing Management              • Managing Islamic Banks
 
•  Wealth Planning and              • Treasury and Risk Management for
 
  Management                          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                      PRACTISING MEMBER
 
Pedagogical approach:                                                                  Hands-on activities &
 
Self-study (on-site and online learning), exams, case studies, simulation              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 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
 
  
  CHARACTERISTICS OF ISLAMIC BANKING
+
== RELATED DOCUMENTS ==
Islamic financial transactions based on Shariah
+
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
  principles:
+
:[[Agency Management,Training and Incentive Programme]]
    • Contract (aqad)
+
:[[Audit Issue of Islamic Banking]]
    • No elements of usury (riba)
+
:[[Banca Takaful by Faisal Shahzad Abbassi]]
    • No elements of uncertainty (gharar) and gambling
+
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
    (maisir)
+
:[[Calculated Risks, Measurable Results]]
• Multi-faceted roles based on nature of financial
+
:[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]]
  transactions engagement:
+
:[[Co-Operative Insurance and Takaful]]
    ISLAMIC FINANCIAL CONTRACTS
+
:[[Current Achievements of Takaful by Dr. S. J Malaikah]]
    • Savings and Current Accounts
+
:[[International Cooperative & Mutual Insurance Federation]]
    • Investment Account
+
:[[Islamic Banking And Finance Malaysia’s Experience And Achiev]]
    • Asset Creation
+
:[[Islamic Finance & Investment Symposium by Sohail Jaffar]]
                                                                    BANKING &&
+
:[[Islamic Insurance in 21st Century by Ahmad Feizal]]
                                                            ISLAMICBANKING
+
:[[Islamic Insurance Opertunities and Challenges]]
                                                          ISLAMIC
+
:[[Issues and Challenges in Retakaful by Azman Ismail]]
                                      SEKTOR KEWANGAN ISLAM  DI MALAYSIA
+
:[[Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai]]
                                                          FINANCE
+
:[[Life Family Takaful by Mr. P Ahmed]]
                                                        FINANCE  ININ MALAYSIA
+
:[[Micro Insurance Co-Operative and Takaful]]
                                                                      MALAYSIA
+
:[[Micro Takaful by Shabir Patal]]
 +
:[[Microinsurance and Takaful]]
 +
:[[Microinsurance, cooperatives and Takaful]]
 +
:[[MicroTakaful – the way forward by Capt. M. Jamil Akhtar]]
 +
:[[Opertunities in Islamic Insurance]]
 +
:[[Present Scenario and Future Potentials of Takaful by Kazi Md]]
 +
:[[ReTakaful by Rohail Ali Khan]]
 +
:[[Syariah Compliant General Takaful Products by Sami Guellouz]]
 +
:[[Takaful and Mutuality by Mohd. Masua Billah]]
 +
:[[Takaful by Abdul Rahim]]
 +
:[[Takaful for Microfinance]]
 +
:[[Takaful Opperunities and Challenges By Azeem Pirani]]
 +
:[[Takaful Products Family Takaful Linked Investment Plans by S]]
 +
:[[Takaful World Prospective Middle East & North Africa]]
 +
:[[Takaful]]
 +
:[[Takful - Zubair Mughal]]
 +
:[[Takful Report]]
 +
:[[The Islamic Vision Presentation]]
 +
:[[The Success of Retakaful by Farid Benbouzid]]
  
              ISLAMIC BANKING OPERATIONS
 
Sources of funds      Application of funds Profit        Distribution of profit
 
Non-mudharabah                                                Depositors
 
    deposits                General
 
                                            
 
                              pool
 
                                                                Bank
 
  Mudharabah
 
    deposits
 
                      Specific account I                    Depositors
 
      SHF          or
 
                      Specific account II  
 
                                                                              BANKING &&
 
                                                                    ISLAMICBANKING
 
                                                                  ISLAMIC
 
                                                SEKTOR KEWANGAN ISLAM  DI MALAYSIA
 
                                                                    FINANCE
 
                                                                  FINANCE  ININ MALAYSIA
 
                                                                              MALAYSIA
 
  
            STYLIZED BALANCE SHEET OF AN IIFS
 
ASSETS                                LIABILITIES
 
Cash & cash equivalents              Current accounts
 
Sales receivables                    Other liabilities
 
Investment in securities
 
Investment in leased assets          Equity of Profit Sharing Investment
 
                                      Accounts (PSIA)
 
Investment in real estate
 
Equity investment in joint ventures  Profit sharing investment accounts
 
                                      Profit equalization reserve
 
Equity investment in capital ventures
 
                                      Investment risk reserve
 
Inventories
 
Other assets
 
                                      Owners’ Equity
 
Fixed assets
 
                                                                        ISLAMIC BANKING &
 
                                                    SEKTOR KEWANGAN ISLAM DI MALAYSIA
 
                                                                      FINANCE IN MALAYSIA
 
  
                          Based on…….
+
== DOCUMENT REFERENCES ==
                ConceptsTakaful
 
      TAKAFUL          A contract among participants to
 
(e.g. Family, General) reciprocally help each other against
 
                      defined loss
 
                      Agreement to relinquish certain portion of
 
    TABARRU’          contribution as donation to fulfil obligation
 
      (Donation)      of mutual help and joint guarantee
 
PROFIT SHARING ON      Commercial profit sharing contract
 
      SURPLUS        between participants and takaful operator
 
                                                              ISLAMIC BANKING &
 
                                          SEKTOR KEWANGAN ISLAM DI MALAYSIA
 
                                                            FINANCE IN MALAYSIA
 
  
                              Takaful Model
+
 
2 Models: Mudharabah or Wakalah
+
=== Number of Pages ===
                                                                            x%
+
20
                                                  Surplus on Maturity
+
 
                        Participants
+
 
              x%
+
=== Published Date ===
Wakalah fees          Contributions
+
2016-09-17 01:18:02
              Participants’      Participants’ Risk    Less  •Retakaful
+
 
              Account (PA)          Account (PRA)              •Reserves
+
 
                                                                •Claims
+
== Full Document ==
                      Investment Profit
+
 
                x%                             x%
+
 
                                                                  Surplus/
+
[http://45.40.136.134/~hodhood/HodHoodDocuments/IslamicFinance/Takaful/Islamic%20Banking%20And%20Finance%20Malaysia’s%20Experience%20And%20Achiev.pdf Read the Full Document]
                                100%
+
 
                                  -x%
+
 
                                                                  (Deficit)
+
[[Category:Islamic Finance]]
                                                  100% -x%
+
 
                            Takaful
+
[[Category: Takaful]]
                            Operators
 
                                Less
 
                          Operating
 
                          Expenses
 
                                                                                ISLAMIC
 
                                                                                  ISLAMIC BANKING &&
 
                                                                                          BANKING
 
                                                              SEKTOR KEWANGAN ISLAM  DI MALAYSIA
 
                                                                                FINANCE INMALAYSIA
 
                                                                                FINANCE  IN MALAYSIA
 

Revision as of 02:23, 21 September 2016


Top 20 FREQUENT WORDS

islamic 72 banking 37 malaysia 36 finance 32 financial 29 takaful 23 islam 21 kewangan 20 malays 20 sektor 20 investment 14 shariah 14 banks 13 institutions 9 international 8 profit 8 development 7 equity 6 management 6 account 5 comprehensive 5 foreign 5 global 5 knowledge 5 legal 5 participants 5


DOCUMENT KEY POINTS

  • a c low inflation islamic banking sektor kewangan islam di malaysia finance in malaysia
  • m a c strong gdp growth a c st quarter
  • banks conventional banks offer islamic window islamic subsidiary islamic money markets takaful syarikat takaful takaful nasional mayban takaful takaful operators malaysia bhd
  • stages of development gradual and pragmatic milestones pilgrimage fund board full fledged bank islam bank muamalat foreign islamic islamic banks malaysia bhd
  • family general reciprocally help each other against defined loss agreement to relinquish certain portion of tabarru contribution as donation to fulfil obligation donation of mutual help and joint guarantee profit sharing on commercial profit sharing contract surplus between participants and takaful operator islamic banking sektor kewangan islam di malaysia finance in malaysia
  • conceptstakaful takaful a contract among participants to e


Please note, This is an auto generated summary based on sentances position in the document and other factors

DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\takaful


KeyWords

taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme


RELATED DOCUMENTS

A Review of Takaful by Prof. Khawaja Ahmed Saeed
Agency Management,Training and Incentive Programme
Audit Issue of Islamic Banking
Banca Takaful by Faisal Shahzad Abbassi
Best Practices from e- Insurance to e-Takaful by Sami Guello
Calculated Risks, Measurable Results
Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz
Co-Operative Insurance and Takaful
Current Achievements of Takaful by Dr. S. J Malaikah
International Cooperative & Mutual Insurance Federation
Islamic Banking And Finance Malaysia’s Experience And Achiev
Islamic Finance & Investment Symposium by Sohail Jaffar
Islamic Insurance in 21st Century by Ahmad Feizal
Islamic Insurance Opertunities and Challenges
Issues and Challenges in Retakaful by Azman Ismail
Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai
Life Family Takaful by Mr. P Ahmed
Micro Insurance Co-Operative and Takaful
Micro Takaful by Shabir Patal
Microinsurance and Takaful
Microinsurance, cooperatives and Takaful
MicroTakaful – the way forward by Capt. M. Jamil Akhtar
Opertunities in Islamic Insurance
Present Scenario and Future Potentials of Takaful by Kazi Md
ReTakaful by Rohail Ali Khan
Syariah Compliant General Takaful Products by Sami Guellouz
Takaful and Mutuality by Mohd. Masua Billah
Takaful by Abdul Rahim
Takaful for Microfinance
Takaful Opperunities and Challenges By Azeem Pirani
Takaful Products Family Takaful Linked Investment Plans by S
Takaful World Prospective Middle East & North Africa
Takaful
Takful - Zubair Mughal
Takful Report
The Islamic Vision Presentation
The Success of Retakaful by Farid Benbouzid


DOCUMENT REFERENCES

Number of Pages

20


Published Date

2016-09-17 01:18:02


Full Document

Read the Full Document