Exploring Islamic Retail Banking Solutions for SMEs
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1 Exploring Islamic Retail Banking Solutions for SMEs Ahmed Ali Siddiqui Executive Vice President Product Development, Shariah Compliance & Financial Advisory International Islamic Finance Forum May 19, 2010
2 Presentation Outline Overview of SME sector Financing needs of SMEs Islamic retail banking solutions for SME Short term Financing Needs Long term Financing Needs Trade Finance solutions Investment and liquidity management solutions SME focus approach
3 SMEs in the UAE Key points Over 230,000 entities Total revenue of over $1.2 billion Involved in wholesale trading, retailing, manufacturing, processing and services 30 per cent of the UAE's GDP, including the contribution from the oil sector. 70 to 80 per cent of UAE's non-oil GDP Still underserved by banking Higher demand for Islamic retail banking solutions
4 Financing Needs of SMEs Long Term Financing Needs Short Term Financing Needs Trade Finance Needs Investment and fund management needs
5 Features Islamic Retail banking Product Implementation level - usually asset backed & involve trading/renting of asset & participation on profit & loss basis - Implementation is not just a mere change of paper work and terms but it involves - having the right intention, - the correct sequence of steps and timing of execution
6 Islamic Banking Products Islamic banking now offers a complete range of Retail banking solutions for SME to cater their Financing & banking needs Financing Side modes - Murabaha Salam Istisna Tijarah Diminishing Musharakah Ijarah Mudarabah Musharakah
7 Focus on SME needs For Islamic Banking solution the center of focus is: Need of the Customer Business Cycle / Purchase Process of the customer Tenure of Financing required (Long or Short term) Rate of Financing (Fixed or Variable) Payment Flexibility (e.g. early termination)
8 Application of Mode Based on the criteria for selection of modes, the appropriate mode(s) is/(are) applied to fulfill the customer s need. Need Mode Selection Mode Application Example Murabaha Need: Raw material Tenure: 6 month Rate: Fixed Payment: At maturity
9 Short Term Financing Needs 1. Raw Material 2. Overheads / Utilities 3. Finished Goods 4. Trade receivable financing 5. Rental financing Islamic Banking solutions Murabaha - for working capital financing Salam/Istisna - for overheads, utilities & receivable Tijarah - for finished goods & receivables Lease & Sub Lease for rental financing
10 Murabaha Key features Underlying principle Tenure Rate Prepayment Discount Rescheduling of Price Uses Cost plus sales Short term - upto 1 year Fixed No No Purchase of Raw material/ Fixed asset 1. Payment of Cost 3. Payment of Murabaha price Supplier Bank Client 2. Delivery of goods
11 Salam - features Underlying principle Tenure Rate Rescheduling of Price Uses Advance payment purchase Short Term Fixed No Purchase of Agricultural/ Homogenous Comodities Customer 1. Payment of price 2. Goods delivery Bank 3. Goods delivery 3. Payment of price Market
12 Istisna - features Underlying principle Tenure Rate Rescheduling of Price Uses Made to order Short Term Fixed Possible in some cases Order to manufacture goods/assets 1. Istisna a Agreement & payment 4. Sale Proceeds Customer Bank Buyer 2. Ultimate Delivery buyer of Goods as per schedule 3. Sale of Goods
13 Tijarah - features Underlying principle Tenure Rate Rescheduling of Price Uses Finished Good Purchase Short Term Fixed Agency incentive possible Finished good & receivable financing 1. Sale Agreement & payment 4. Sale Proceeds Customer Bank Buyer Ultimate 2. Immediate buyer Delivery of Goods 3. Sale of Goods
14 Lease & Sub lease - features Underlying principle Tenure Rate Uses Operating Lease Short Term Fixed / variable Rental financing 1. Lease Agreement & upfront payment 4. Periodic Rental payments Landlord Bank Customer Ultimate 2. buyer Possession 3. Sub Lease
15 Long Term Financing Needs Acquisition/replacement/expansion of fixed assets, plant & machinery Islamic Banking solutions 1. Ijarah 2. Diminishing Musharakah
16 IJARAH Tenure Rate Early Termination Uses Long Term Fixed / Variable Yes Fixed Assets Financing VENDOR ISLAMIC BANK CUSTOMER
17 Diminishing Assets Musharakah Tenure Rate Early Termination Uses Long Term Fixed / Variable Yes Fixed Assets Financing BANK Joint Ownership Rent Gradual Transfer of Ownership Musharaka CUSTOMER
18 Trade Finance Needs - Import 1. Documentary Credits a. Sight LC / Usance LC 2. Forward Cover 3. Shipping Guarantees Possible Solutions Murabaha/Ijarah for retirement of sight LC Musawamah for Usance LC Wa ad for forward cover Kafalah for Shipping Guarantee
19 Investment Solutions Mudarabah based checking accounts and Term Deposits Value added business accounts on Mudarabah basis Collection accounts and cash management services Remittances
20 SME focused banking Fast track services & Special service counters Score card & program based approach for fast approval of financing Cash Collection service from customers locations Extended online services. e.g, issuance of PO from online services Dedicated Shariah Advisory Desks at Islamic Banks Key challenges (documentation, security)
21 Thank you Ahmed Ali Siddiqui Executive Vice President Product Development, Shariah Compliance & Advisory Services Meezan Bank Limited Tel:
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