Opportunities for SMEs in the New Era of Islamic Financing
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1 Opportunities for SMEs in the New Era of Islamic Financing ABAC Malaysia - SME Finance Forum Workshop on Innovative Financing for SMMEs InterContinental Kuala Lumpur, Malaysia May 2015 Ahmed Rostom Financial Sector Specialist Finance and Markets Global Practice
2 Shariah Compliant Financing Supports Economic Development A Global Snapshot of Islamic Finance WBG s multi-pronged approach for Islamic finance activities WBG s Lending, Investments and Guarantees for Reality Vs. Potential Gap Challenges Islamic SME Financing Looking Foreword Key Questions Going Forward 2
3 A Global Snapshot of Islamic Finance: Uptrend Persists USD Billion e Takaful Assets Under Management Sukuk Outstanding Banking Assets 3
4 A Global Snapshot of Islamic Finance: Sukuk Market is Maturing Developments of Sovereign Sukuk Issuances in Selected Countries ([Jan. - Sep.]: 2013 Vs. 2014) 5.0 Malaysia 3.0 Change in 2.0 Number Indonesia 1.0 Turkey Bahrain -4-2 Pakistan UAE Qatar -3.0 Change in Volume Number of Issuances New Entrants to Global Sovereign Sukuk Markets (Selected Countries) Jan. - Sep Sov Bonds Vols Sov Bonds # Bangladesh Senegal UK Sounth Africa Honk Kong Volume of Issuance (USD Bn) Yield to Maturity Oversubscriptions Vs. Yields to Maturity (Jan. - Sep. 2014) Dubai (UAE) Indonesia South Africa Luxembourg Hong Kong Sharjah (UAE) , , , , UK No. of times Oversubscribed Amount and Number of Deals of Sukuk Issuances* #Deals USD (Mln) , , , , Q Q Q Q Q Q Q Q2 4 *
5 A Global Snapshot of Islamic Finance: Efficiency is Picking Up 0.75 Murabaha Rate vs LIBOR Mar-14 Mar-14 Apr-14 Apr-14 May-14 May-14 Jun-14 Jun-14 Jul-14 Aug-14 Aug-14 Sep-14 Sep-14 Oct-14 Oct-14 Nov-14 Nov-14 Dec-14 Jan-15 Jan-15 Feb-15 Feb-15 Mar-15 Mar-15 Apr-15 Apr Dow Jones Global vs Dow Jones Islamic Indices May-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Jan-15 Feb-15 Mar-15 Apr-15 Dow Jones Global Index Dow Jones Islamic Market World Index 6 Month USD Murabaha 6 Month LIBOR USD 5
6 WBG s multi-pronged approach for Islamic finance activities Lending and Investments Global Influence Guarantees Knowledge and Learning TA and Advisory Services 6
7 WBG s Lending, Investments and Guarantees Egypt: Inclusive Financial Access includes an Islamic finance component providing Shariacompliant financing to MSMEs Turkey: The Third Access to Finance for SME Project (SME III) includes an Islamic finance component, whereby Participation Banks (i.e. Islamic banks) will finance leases to SMEs under a Shariah compliant Wakalah contract Jordan: SME Access to Finance Loan that includes a Shariah compliant component availing finance for rural areas with a Shariah compliant third party guarantee (kafalah) West Bank and Gaza: Setting up a Shariah compliant partial credit guarantee scheme that allows for financing SMEs affected in Gaza by recent aggressions. Indonesia: IFC invested in a Mudarabah fund managed by Bank Muamalat for financing SMEs Global Issuance: World Bank Treasury successfully arranged an SRI Murabahah sukuk to finance immunization in poor countries Djibouti: MIGA used an Islamic financing structure to guarantee the construction of the Doraleh Container Terminal in Djibouti and finance Axis Telecoms Project in Indonesia 7
8 Innovative Finance for SMEs: Egypt s Inclusive Financial Access Project (2014) Conventional finance Shariah compliant finance Instrument IBRD Investment Project Finance Musharakah (Risk Sharing) Murabahah, Ijarah, Mudarabah etc. Islamic Commercial Banks IBRD matching 1:1 Musharakah IBRD SFD PFI SME/ MCE 8
9 Long Term Finance for SMEs: Turkey s Access to Finance for SME Project III (2014) Instrument Wakalah and Kafalah Murabahah, Ijarah etc. IBRD Wakalah IBRD TSKB PFI SME/ MCE TSKB repayments repayments repayments Kafalah TSKB PFI SME/ MCE Nonrepayment repayments based on Kafalah 9
10 Rural SMEs Access to Finance: Jordan s Access to Finance Project (2015) Instrument Wakalah and Kafalah Murabahah, Ijarah etc. IBRD Wakalah IBRD CBJ PFI: IIAB SME/ MCE TSKB repayments repayments repayments Kafalah CBJ repayments based on Kafalah Guarantor: JLGC Nonrepayment SME/ MCE 10
11 Shariah Compliant Partial Credit Guarantee for SMEs: Gaza PCG Facility (2015: Pipeline) Instrument Wakalah and Kafalah Murabahah, Ijarah etc. Seed Contributions/ Management Fee Wakalah Donors PMA (Takaful Pool) Managers repayments based on Kafalah PFI repayments SME/ MCE Kafalah PMA (Takaful Pool) Nonrepayment SME/ MCE 11
12 Mudarabah SMEs Fund: Bank Muamalat Indonesia Syariah (BMIS) (2014: IFC) Shariah compliant finance Instrument Mudarabah Investment (Risk Sharing) IFC Mudarabah IFC (Rab Almal) BMIS (Mudarib) Shariah Compliant SME financing Mudarabah income Mudarabah SMEs Fund Murabahah, Ijarah, Mudarabah etc. SME/ MCE 12
13 International Finance Facility for Immunization -SRI Sukuk (2015: WB-TRE) Certificates Sukuk Holders Proceeds Periodic Distributions Issuer/Trustee/Seller IFFIm/ Purchaser Cost Price Delegate under the Declaration. Trust Cost Price Agent Supplier for On-Sale Cost Price Source: World Bank Treasury Supplier for Purchase 13
14 International Finance Facility for Immunization -SRI Sukuk (2015: WB-TRE) Certificates Undertaking to Purchase Sukuk Holders Proceeds Periodic Distributions Issuer/Trustee/Seller Sale of Deferred Price IFFIm/ Purchaser Cost Price Delegate under the Declaration. Trust Cost Price Agent Supplier for On-Sale Cost Price Source: World Bank Treasury Supplier for Purchase 14
15 Guarantee for SC Financing for Axis Telecoms Project: Indonesia (2011: MIGA) Seller Price Deutche Bank Luxembourg (Facility Agent)) Funding Syndicate Banks (Financiers) Option to Sell Back Murabaha Price Buyer NTS Capex and services Contractors / Suppliers Price Payment for Capex and other costs 15
16 Guarantee for SC Financing for Doraleh Container Terminal Project: Djibouti (2007: MIGA) 16
17 Reality Vs. Potential Gap Challenges Islamic SME Financing Short term murabahah financing is still predominant Doubts about the consistent application of profit and loss-sharing principle Increasing tendency to mimic conventional products 17
18 Looking Foreword: Islamic Finance Development Remains a Function of: Enhancing corporate governance and risk management Enhancing the regulatory and supervisory framework Promoting standardization of products and documentation Strengthening bankruptcy and insolvency frameworks Raising public awareness (financial literacy) Increasing the number of skilled professionals 18
19 Thank you
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