Mobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing

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1 Mobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing Hatim El-Tahir, PhD, FCIB, FCISI Director, Islamic Finance Group Deloitte & Touche (ME) The Marmara Taksim, Istanbul, Turkey November,

2 Create an Enabling Environment for Long-Term Islamic Financing The value proposition of Sukuk Creating incentives for Sukuk structures with long-term maturities Recent regulatory developments in the industry The impact of Basel III and tax concerns on Long-term Islamic Finance 2

3 Setting the Context Incentives fostering long-term finance

4 Incentives to Foster Long-Term Finance Enablers and influences of Sukuk with long-term maturities The increasing contribution of emerging markets to world economy signify a careful analysis of investment enablers Government Support Regulatory framework Focus on Products Market Education Secure the buy-in and commitment of government leadership, to build enabling regulatory environment. Empower corporate governance practices, legal system. Improve Trust Laws + Tax incentives + Land Registry Cultivating a Sharia compliance business. Embrace innovative capital market instruments approach emphasizing on local market and customer requirements Communicate a market education strategy to stakeholders, to build capabilities and competencies in the industry 4

5 Islamic Capital Market - Blue print Key stakeholders & their impact When thinking about Islamic capital markets, we identify 4 key stakeholders and their impact upon the capital market. Appropriate regulatory and dispute settlement environment Sophisticated managers aware of industry Active engagement of market participants High levels of transparency Regulators Investors Investment practices based on sound, proven Islamic financial principles Limiting speculative investments Islamic Capital Markets Sharia Compliance Appropriate Investment advice High ethical standards driving client relationships Financial Intermediaries Corporates, and Issuers of Islamic Securities Good governance practices - disclosure and transparency Leadership and quality of management 5

6 Islamic Capital Market - Blue print Key stakeholders & their impact Four broad categories that will drive incentives to long term financing instruments Islamic Financial Instruments Range of instruments available? State of their development? How well are they regulated? E.g. listed equities, debt instruments, OTC and interbank markets, Islamic funds & collective investment schemes...etc Infrastructure How developed and sophisticated are the exchanges? How well is technology employed (e.g. e-trading platforms)? How efficient are regulatory reporting and oversight systems Policy Frameworks What are the stated policy goals and objectives of the regulator? How does the policy allocate decision rights and accountability across different players (e.g. oversight, checks and balances...etc)? Institutions and Systems What are the bodies / boards / committees, both permanent and ad hoc, that regulate and manage the capital market? How well do they work with each other? What is level of support they provide to Islamic finance industry? 6

7 Recent Regulatory Development Best practices initiatives

8 Industry Standard setters Industry Business Support Regulatory & Standards Development Initiatives Collaborative approach to best practices National Regulatory Authorities Banking Capital Market Wealth Management Takaful Insurance Ownership transfer Land registry laws Double tax issues Basel III support Industry screening guidance SPVs and Trust laws Funds and FoFs Tax incentives Collective investment rules Business Models Capital adequacy Solvency II-III 8 Entry level CIMA Certificate in banking and Takaful IFSB Guidance on Quantitative Measures for Liquidity Risk Management Revised (2015) Guidance on Key Elements in The Supervisory Review Process of IIFS (2014) Revised Capital Adequacy Standard for IIFS (2013) Professional development Chartered Institute for Securities & Investments (CISI) IFQ & Risk Management AAOIFI Discussed the revision of Sukuk standards with leading international Islamic finance shareholders On-going revision and development project for Sharia Standard No. (17) on Sukuk. Applied Research IFP - Harvard University of Durham Thomson Reuters IILM Successful rounds of Sukuk issuances to stimulate liquidity Emphasis on HQLAs Executive Education INCEIF Banking Capital Market Wealth Management IIFM Master Collateralized Murabahah Agreement. Guidelines for Islamic hedging and liquidity management.

9 Keep a Pace with Regulatory Development Collaborative approach to best practices National Regulatory Authorities (NRAs) International Islamic Financial Market (IIFM) International Islamic Fiqh Academy (IIFA) Islamic International Rating Agency (IIRA) Islamic Financial Services Board (IFSB) International Islamic Center for Reconciliation and Arbitration (IICRA) Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) International Liquidity Management Corporation (IILM) Business Supporting Institutions (BSIs) 9

10 Keep a Pace with Regulatory Development Strengthening capabilities Governance - Embracing good business conduct - CG Business models - Board oversight Process - Sharia Audit Process & procedures - Standardizations of documents & contracts People - Have the right skilled people - Outreach programs for community leaders - Communicate awareness program goals to all stakeholders Technology -IT systems used to analyze business and market opportunities - Core banking systems Treasury and investment systems 10

11 The Impact of Basel III On Islamic Finance

12 Basel III and its Impact on Long-term Financing Emphasis on leverage & liquidity Endorsement and enforcement of the essence of equity-based that IF advocates Capital Leverage Credit & Market Liquidity Created opportunities for long-term Sukuk issuances Risk free asset Helped IIFS design safe investment (perpetual sukuk) and help meet capital adequacy & liquidity requirements Public finance Address and fill gap in governments' budget deficit Corporate Sukuk Address and fill gap in governments' budget deficit Harness Corporate Issuance Provide a benchmark yield curve and international issuances as an alternative funding sources 12

13 Opportunities in the Infrastructure Transport & renewable energy Leading infrastructure Sukuk issues: Taqa General Authority of Civil Aviation Saudi Electricity Global Sukuk Co DanaInfra Sukuk Malaysia Airports Holdings Berhad Syarikat Prasarana Year of Issuance Issue size RM3.5 billion US $4.56 billion US $4.56 billion US $ 300 million RM2.5 billion RM2 billion Country UAE Saudi Arabia Saudi Arabia Malaysia Malaysia Malaysia Structure type Sukuk Murabahah Sukuk Murabahah Sukuk Ijarah Sukuk Murabahah Sukuk Musharakah MTN Ijarah 13

14 Opportunities in the Banking Sector Improve regulatory capital requirements Abu Dhabi Islamic Bank Tier 1 Dubai Islamic Bank Tier 1 Al Hilal Bank Tier 1 Issuer ADIB Capital Invest 1 Ltd. DIB Tier 1 Sukuk Ltd AHB Tier 1 Sukuk Limited Ratings Moodys/S&P/Fitch: A2/ /A+ Moodys/S&P/Fitch:: Baa1/ /A A (S&P) / A (Fitch) Structure Sukuk Mudharabah Sukuk Mudharabah Sukuk Mudharabah Issue Date 19 November March July 2014 Coupon rate 6.375% 6.25% 5.5% Tenor 72 Months Perpetual Perpetual Currency USD USD USD Issue Size $1000,000,000 ($1 Billion) $1,000,000,000 ($1 Billion) USD 500 million Stock Exchange London Stock Exchange Irish Stock Exchange, Nasdaq Dubai/DFM Irish Stock Exchange Governing Law English law English law English law Arrangers Abu Dhabi Islamic Bank, HSBC, Morgan Stanley, National Bank of Abu Dhabi, Standard Chartered Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered Al Hilal Bank, Citigroup, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered 14

15 About Deloitte: Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence. Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities. About Deloitte & Touche (M.E.): Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 87 years. Deloitte is among the region s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,500 partners, directors and staff. Deloitte has been annually classified as a Tier 1 Tax advisor in the GCC region since 2010 by the International Tax Review World Tax Rankings. 15

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