Key Statistics of Global Islamic Finance Industry

Size: px
Start display at page:

Download "Key Statistics of Global Islamic Finance Industry"

Transcription

1 Treasury Markets Association Workshop on Islamic Finance 18 August 2008 Perspectives on Development of Islamic Finance in Hong Kong Mr. Edmond Lau Executive Director (Monetary Management) Hong Kong Monetary Authority Key Statistics of Global Islamic Finance Industry Islamic finance market Conventional market More than 300 Islamic financial institutions and 80 takaful operators with assets over US$1 trillion worldwide Over 350 Shariah-compliant funds valued at over US$500 billion globally Market capitalisation of Dow Jones Islamic Index more than US$17 billion Global sukuk market valued at more than US$90 billion Financial assets in conventional banking and insurance sectors estimated to be over US$90 trillion Conventional funds industry estimated to be over US$50 trillion Market capitalisation of Dow Jones World Index valued over US$50 trillion Global bond market exceeds US$45 trillion Source: Securities Commission Malaysia, IFSL Research, Dow Jones Indexes, Bond Market Association. 2 1

2 Islamic Finance Industry Islamic Finance Islamic banking Islamic capital market Islamic money market Takaful Islamic banking window Islamic bank Intermediation services Shariah-compliant stocks Unit trust funds / ETFs / REITs Sukuk Interbank Islamic funding instruments Shariah-compliant form of insurance Retakaful Structured products Shariah-compliant derivatives 3 Developing Islamic Finance in Hong Kong - Role of the HKMA Market Enabler Infrastructure Provider Bank Supervisor 4 2

3 Market Enabler Four-pronged strategy Associate Member of IFSB Active participant in international fora Promote regional partnership - DIFC Leverage on Islamic expertise of global players in HK TMA Islamic finance workshops Supportive of industry dialogue and Islamic finance conferences in HK Build international profile Deepen market knowledge Promote Market Development Promote market infrastructure Encourage Islamic products Level playing field Taxation review Islamic equity index Retail Islamic fund based on HK blue chips Exchangeable sukuk with China exposure Pilot sukuk by Airport Authority in the pipeline 5 Tax Issues Guiding principle level playing field, i.e. equal but not preferential treatment for Islamic finance transactions Key taxation issues identified for sukuk transactions in HK Are there additional stamp duty charges arising from the sale/purchase and leasing of sukuk assets (e.g. shares and property)? In an Ijarah sukuk, the obligor sells the assets to the SPV, the SPV holds the assets on trust and issues sukuk certificates to investors, investors may transfer these certificates in the secondary market. Will the sukuk structure create a new layer of tax liability as incurred by the special purpose vehicle (SPV), which may not be incurred in a conventional bond structure? periodic payments received by the SPV is chargeable to profits tax but the distribution of these payments by the SPV to sukukholders is treated as distribution of income and not tax-deductible SPV may also be subject to property tax if underlying assets involve land and building 6 3

4 Tax Issues (Cont d) Key taxation issues identified for sukuk transactions in HK Are there further tax implications related to periodic payments? In raising conventional bonds, the issuer can deduct bond interest expenses from profits for tax purposes. In an Ijarah sukuk, can the obligor deduct the periodic lease payments from profits for tax purposes? Will sukukholders be liable to pay property tax in collecting the periodic lease payments arising from the sukuk? Upon the transfer of sukuk assets from the Obligor to the SPV, is the obligor still able to claim depreciation allowance on the assets? At present, institutional investors can enjoy tax concessions on the interest incomes and trading profits derived from Qualifying Debt Instruments (certain Hong Kong dollar bonds of specific tenors). Will the QDI scheme cover sukuk as well? 7 Infrastructure Provider A multi-currency multi-dimensional clearing and settlement platform is already in place Market-driven infrastructure enhancements New payment code for Islamic finance transactions in the HKD, USD and Euro RTGS system go live in September Extension of HKD, USD and Euro RTGS servicing window (up to 6:30pm) to better serve payments between Hong Kong and Middle East go live in November 8 4

5 Bank Supervisor Licensing Approach An Islamic bank to establish a branch or a locally incorporated subsidiary in Hong Kong approval under s.16 of the Banking Ordinance is required same licensing criteria as conventional banks apply (i.e. those in Schedule 7) A conventional bank to establish an Islamic Banking Window within an established branch in Hong Kong separate approval under the Banking Ordinance is not required viewed as a new line of business 9 Bank Supervisor Licensing Approach Conventional bank operates on interest-based debtor-creditor relationship, while Islamic bank operates on Shariah principles which entail more complex and diverse contractual relationship with customers Consideration in evaluating an application for establishment of a branch or a locally incorporated subsidiary by an Islamic bank adequacy of home supervision (are Islamic banks subject to same level of prudential supervision as conventional banks); policies, controls and procedures to ensure Shariah compliance including particularly the role and authority of Shariah board; home country s prudential standards on capital adequacy, risk management and corporate governance at the parent or head office level; financial transparency and disclosure (e.g. proper disclosure of risk and return to depositors). 10 5

6 Supervision on Islamic Banking Business General Principles supervisory approach largely the same as conventional banks focus on uniqueness of Islamic banking business adequacy of and possible reliance on home supervision risks specific to Islamic banking products (e.g. liquidity and displaced commercial risks) relevant risk management structure role and functions of Shariah compliance board compliance with Shariah principles and local regulatory or statutory requirements outsourcing arrangement, e.g. reliance on Head Office s risk management controls, if any 11 Product Introduction Ongoing compliance with authorisation requirements (Schedule 7) specifically adequate systems of control and carrying on of business with integrity, prudence and appropriate degree of professional competence Principles - level playing field, substance over form e.g. sukuk vis-à-vis bonds (not ABS) Major regulatory requirements under the Banking Ordinance Capital adequacy (s. 98); Liquidity* (s.102); Large exposures (Part XV); *apply to all authorized institutions If AIs have doubts about the regulatory treatment (e.g. capital adequacy, large exposures) of the Islamic products to be introduced, they should consult the HKMA 12 6

7 Conclusion New growth opportunities Diversification of financial markets Enhance competitiveness and profile as an IFC Capture new growth opportunities Tap a larger investor pool Abundant oil-driven liquidity and growing interest on Asian and China investment opportunities Challenges ahead Level playing field for Islamic finance transactions Regulatory and supervisory framework Standardisation Knowledge and people Late entrant perception Capitalise our strengths Free economy No capital control Premier international financial centre of China Strong and liquid capital markets Well established financial markets Critical mass of multinational financial market players Simple and low tax regime Development catalysts Proactive government Market friendly environment Islamic banking window Upgrade of sovereign rating by S&P to AA+ in July 2008 Growing trade relations between HK and Middle East 13 Thank you 14 7

Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub

Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ASLI s World Islamic Economic

More information

Malaysia s Islamic Capital Market (ICM) An Overview

Malaysia s Islamic Capital Market (ICM) An Overview Islamic Finance News Roadshow Sheraton Towers, Singapore 2 April 2008 Malaysia s Islamic Capital Market (ICM) An Overview Nik Ramlah Mahmood Securities Commission Malaysia 1 Malaysia s ICM offers a comprehensive

More information

HKMC s Model in Enhancing Risk Management

HKMC s Model in Enhancing Risk Management Hong Kong Showcase on Islamic Finance HKMC s Model in Enhancing Risk Management James H. Lau Jr. Chief Executive Officer The Hong Kong Mortgage Corporation Limited Outline of Presentation I. Strategic

More information

Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment

Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic

More information

Fundamentals of the Malaysian Capital Market

Fundamentals of the Malaysian Capital Market Fundamentals of the Malaysian Capital Market The Investors Conference 2005 - in conjunction with the 30th Annual Meeting Islamic Development Bank Ranjit Ajit Singh, Director Securities Commission Malaysia

More information

Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre

Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre Keynote address by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the International Takaful

More information

Hong Kong s s Expanding Role as an Offshore RMB Centre

Hong Kong s s Expanding Role as an Offshore RMB Centre Hong Kong s s Expanding Role as an Offshore RMB Centre Goldman Sachs Global Macro Conference Peter Pang Deputy Chief Executive Hong Kong Monetary Authority 22 February 211 Mainland s s Phenomenal Growth

More information

EXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

EXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE EXPLANATORY NOTE ON ISSUANCE AND SUBSCRIPTION OF SUKUK IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE 1.0 Introduction 1.1 As part of the efforts to facilitate and promote the development of the

More information

The Role of Sukuk in Islamic Capital Markets

The Role of Sukuk in Islamic Capital Markets The Role of Sukuk in Islamic Capital Markets Islamic Fund Management Presented by Dr Marjan Muhammad (ISRA) and Ruslena Ramli (RAM Ratings) Ruslena Ramli and Dr. Marjan Muhammad 11 th Meeting COMCEC Financial

More information

INT N RO R DU D C U T C ION N T O G LOBA B L A I SLAM A IC C F INA N N A C N E

INT N RO R DU D C U T C ION N T O G LOBA B L A I SLAM A IC C F INA N N A C N E JUNE 2010 INTRODUCTION TO GLOBAL ISLAMIC FINANCE CONTENTS Contents Section 1 Overview of the Islamic Financial Market Section 2 The Potential of Islamic Finance in Asia Section 3 Islamic Finance in Thailand

More information

Sukuk An Alternative to Bonds & A Viable Liquidity Management Tool for Financial Institutions. ISMAIL IDLE Chief Executive Officer

Sukuk An Alternative to Bonds & A Viable Liquidity Management Tool for Financial Institutions. ISMAIL IDLE Chief Executive Officer Sukuk An Alternative to Bonds & A Viable Liquidity Management Tool for Financial Institutions by ISMAIL IDLE Chief Executive Officer (1) Sukuk as a viable alternative to Conventional Bonds: DEFINING Sukuk

More information

Enhancing the Resilience and Stability of the Islamic Financial System

Enhancing the Resilience and Stability of the Islamic Financial System Enhancing the Resilience and Stability of the Islamic Financial System Regulators Forum Global Islamic Finance Forum 2010 Special Session on Islamic Finance and Financial Stability Report Dr. Zeti Akhtar

More information

Seminar on Islamic Finance. Challenges in Developing Islamic Financial Services in Europe. 11 November 2009, Rome, Italy.

Seminar on Islamic Finance. Challenges in Developing Islamic Financial Services in Europe. 11 November 2009, Rome, Italy. Seminar on Islamic Finance Challenges in Developing Islamic Financial Services in Europe 11 November 2009, Rome, Italy Speech by Professor Rifaat Ahmed Abdel Karim Secretary-General Islamic Financial Services

More information

8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)

8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits) c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE

More information

Opportunities for SMEs in the New Era of Islamic Financing

Opportunities for SMEs in the New Era of Islamic Financing 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

More information

Indonesia Sovereign Sukuk: Policy and Strategy

Indonesia Sovereign Sukuk: Policy and Strategy Indonesia Sovereign Sukuk: Policy and Strategy Directorate of Islamic Financing Directorate General of Debt Management Ministry of Finance Republic of Indonesia IFN Indonesia Roadshow Jakarta, 22 nd March

More information

ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION

ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION PRESENTED AT: 9th IDB Global Forum on Islamic Finance 24 June 2014 Jaseem Ahmed Secretary General ISLAMIC FINANCIAL

More information

AN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE

AN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE AN INTRODUCTION TO ISLAMIC FINANCE AND THE MALAYSIAN EXPERIENCE by Renuka Bhupalan, Director, TAXAND MALAYSIA 1. Introduction Islamic financing is a burgeoning area in the field of banking and finance.

More information

The Evolution of Islamic Finance

The Evolution of Islamic Finance The Evolution of Islamic Finance Islamic finance lexicon/1 Ijara: leasing transaction where the purchase of the leased equipment at the end of the rental period is optional Mudaraba: form of financial

More information

The Future of Islamic Wealth Management in Malaysia and the OIC World: Challenges and Opportunities Iqbal Khan

The Future of Islamic Wealth Management in Malaysia and the OIC World: Challenges and Opportunities Iqbal Khan The Future of Islamic Wealth Management in Malaysia and the OIC World: Challenges and Opportunities Iqbal Khan Twitter: @IqbalKhanCEO BNP Paribas - INCEIF Centre of Islamic Wealth Management Inaugural

More information

The Regulatory Challenge. Islamic Alternative Strategy Funds and Venture Capital. 13 November 2008 Securities Commission

The Regulatory Challenge. Islamic Alternative Strategy Funds and Venture Capital. 13 November 2008 Securities Commission The Regulatory Challenge Islamic Alternative Strategy Funds and Venture Capital 13 November 2008 Securities Commission Agenda Malaysia s Approach to Alternative Investments Regulatory Framework for the

More information

CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS. Research, Market Infrastructure and Product Development

CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS. Research, Market Infrastructure and Product Development CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS CONSULTATIVE FORUM Research, Market Infrastructure and Product Development 19 TH OCTOBER 2011 PRESENTATION OUTLINE Introduction Historical Development

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1. It is important to read the before deciding

More information

Mr. D.A.N. EKE DEPUTY DIRECTOR

Mr. D.A.N. EKE DEPUTY DIRECTOR AN OVER-VIEW OF CBN NON-INTEREST (ISLAMIC) BANKING FRAMEWORK Mr. D.A.N. EKE DEPUTY DIRECTOR BANKING SUPERVISION DEPARTMENT 29 TH JULY, 2009 Central Bank of Nigeria 1 Outline Central Bank of Nigeria 1.

More information

GLOBAL ISLAMIC BANKING AND FINANCE INDUSTRY: THE WAY FORWARD. Jamelah Jamaluddin RHB Islamic Bank, Kuala Lumpur, Malaysia.

GLOBAL ISLAMIC BANKING AND FINANCE INDUSTRY: THE WAY FORWARD. Jamelah Jamaluddin RHB Islamic Bank, Kuala Lumpur, Malaysia. SEGi Review ISSN 1985-5672 Vol. 4, No. 1, July 2011, 37-43 Corresponding author. E-mail: mohd_zain_othman@rhbislamicbank.com.my GLOBAL ISLAMIC BANKING AND FINANCE INDUSTRY: THE WAY FORWARD Jamelah Jamaluddin

More information

DISCOVER LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

DISCOVER LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE DISCOVER LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE LABUAN IBFC IS THE OFFICIAL AGENCY SANCTIONED BY THE MALAYSIAN GOVERNMENT TO MARKET LABUAN AS THE PREMIER INTERNATIONAL BUSINESS AND FINANCIAL

More information

Inquiry into Regulatory Impediments in the Financial Services Sector Islamic Finance and Opportunities in the Wholesale Market

Inquiry into Regulatory Impediments in the Financial Services Sector Islamic Finance and Opportunities in the Wholesale Market 21 May 2010 Financial Services Inquiry Victorian Competition and Efficiency Commission GPO Box 4379 Melbourne Victoria 3001 Dear Sir/Madam Inquiry into Regulatory Impediments in the Financial Services

More information

SNA Treatment of Islamic Windows of Conventional Banks

SNA Treatment of Islamic Windows of Conventional Banks SNA Treatment of Islamic Windows of Conventional Banks 2 August 2017 Windows - UNSD A significant complication in the SNA treatment of Islamic finance is the treatment of Islamic windows, which are Islamic

More information

Islamic Finance Rules (IFR)

Islamic Finance Rules (IFR) Islamic Finance Rules (IFR) IFR VER02.150617 TABLE OF CONTENTS The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 2. ISLAMIC FINANCE... 2

More information

Shariah compliant securitization challenges under Kuwait Law & Practice a Case Study

Shariah compliant securitization challenges under Kuwait Law & Practice a Case Study Shariah compliant securitization challenges under Kuwait Law & Practice a Case Study ALEX SALEH Partner & Head of Kuwait Office 19 October 2015 OUR REGIONAL FOOTPRINT ABOUT AL TAMIMI & COMPANY With a focus

More information

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

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

More information

LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE Labuan IBFC s Shariah-Compliant Products & Solutions 8 th May 2018 Aderi Adnan Director, Business Development, Labuan IBFC Inc. Where is Labuan? Off the

More information

The DFSA Rulebook. Islamic Finance Rules (IFR) IFR/VER3/

The DFSA Rulebook. Islamic Finance Rules (IFR) IFR/VER3/ The DFSA Rulebook Islamic Finance Rules (IFR) IFR/VER3/02-11 060 Contents The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION...1 1.1 Application...

More information

Malaysia : Wealth Management Opportunities

Malaysia : Wealth Management Opportunities Malaysia : Wealth Management Opportunities Najmuddin Mohd Lutfi Deputy Director, MIFC Promotions Unit, Bank Negara Malaysia Islamic Finance News Forum Riyadh, Saudi Arabia 11 November 2012 www.mifc.com

More information

The DFSA Rulebook. Islamic Finance Rules (IFR) IFR/VER12/01-18

The DFSA Rulebook. Islamic Finance Rules (IFR) IFR/VER12/01-18 The DFSA Rulebook Islamic Finance Rules (IFR) IFR/VER12/01-18 Contents The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 1.1 Application...

More information

The Role of Sukuk in Islamic Capital Markets

The Role of Sukuk in Islamic Capital Markets The Role of Sukuk in Islamic Capital Markets Islamic Fund Management Presented by Dr Marjan Muhammad (ISRA) and Ruslena Ramli (RAM Ratings) Dr. Marjan Muhammad and Ruslena Ramli 11 th Meeting COMCEC Financial

More information

Diversification of Islamic Financial Instruments in Turkey

Diversification of Islamic Financial Instruments in Turkey Republic of Turkey Undersecretariat of Treasury Diversification of Islamic Financial Instruments in Turkey Utku ŞEN Treasury Expert 9 th MEETING OF THE COMCEC FINANCIAL COOPERATION WORKING GROUP October

More information

BOC Hong Kong ( Holdings ) delivered solid results with profit attributable to the equity holders of HK$11.2 billion

BOC Hong Kong ( Holdings ) delivered solid results with profit attributable to the equity holders of HK$11.2 billion 29 Aug 2013 BOC Hong Kong ( Holdings ) delivered solid results with profit attributable to the equity holders of HK$11.2 billion BOC Hong Kong ( Holdings ) Limited 2013 Interim Results Financial Highlights

More information

Technical Assistance Consultant s Report

Technical Assistance Consultant s Report Technical Assistance Consultant s Report Project Number: 4520-012 April 2011 REG: Development of Prudential and Supervision Standards for Islamic Financial Markets Financed by the Islamic Financial Services

More information

RISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT

RISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT RISING UP TO THE CHALLENGES IN ISLAMIC LIQUIDITY MANAGEMENT An Exchange s Perspective November 2010 Raja Teh Maimunah Global Head, Islamic Markets Contemporary Issues Managing liquidity is arguably the

More information

China may allow commercial banks to enter Futures Trading Market. Hong Kong plays a key role in facilitating One Belt One Road initiative

China may allow commercial banks to enter Futures Trading Market. Hong Kong plays a key role in facilitating One Belt One Road initiative RMB Focus JUNE 2016 I. China further details CIBM access for offshore investors Cross-border RMB Bond Scheme is launched in Shanghai FTZ Pilot Offshore Financing Scheme expands nationwide II. More investment

More information

Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010

Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010 SIARAN AKHBAR Ref No.: 04/10/01 EMBARGO: For immediate release Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010 Bank Negara Malaysia is pleased to host the second Global Islamic Finance Forum

More information

Address by THE NATIONAL BANK OF KENYA

Address by THE NATIONAL BANK OF KENYA CENTRAL BANK OF KENYA Address by PROF. NJUGUNA NDUNG U GOVERNOR CENTRAL BANK OF KENYA at the OFFICIAL LAUNCH OF THE NATIONAL BANK OF KENYA SHARIA COMPLIANT BANKING THE NATIONAL AMANAH Sarova Stanley Hotel

More information

IFSB FORUM THE EUROPEAN CHALLENGE

IFSB FORUM THE EUROPEAN CHALLENGE IFSB FORUM THE EUROPEAN CHALLENGE ROME, 9 APRIL 2013 Opening address by Governor Ignazio Visco Ladies and gentlemen, I am pleased to welcome you today to this Seminar, organized by the Islamic Financial

More information

BUILDING THE FOUNDATIONS IN CMP1

BUILDING THE FOUNDATIONS IN CMP1 CHAPTER 1 BUILDING THE FOUNDATIONS IN CMP1 1 CHAPTER 1 BUILDING THE FOUNDATIONS IN CMP1 Launched ten years ago, the first Capital Market Masterplan (CMP1) guided the development of the Malaysian capital

More information

Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB

Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Workshop: The Global Financial Crisis and the Reform of the Financial Regulatory

More information

Ladies and gentlemen. Page 1 of 6. 1 MIFC publication statistics, September 2017

Ladies and gentlemen. Page 1 of 6. 1 MIFC publication statistics, September 2017 Keynote Presentation By Zainal Izlan Zainal Abidin Managing Director, Development & Islamic Markets Securities Commission Malaysia at the KLIFF 2017 Kuala Lumpur 4 October 2017 Ladies and gentlemen 1.

More information

Leveraging China and RMB Internationalisation

Leveraging China and RMB Internationalisation Leveraging China and RMB Internationalisation Goldman Sachs Luncheon Presentation Charles Li Chief Executive, HKEx 28 September 2010 4 0 0 3 0 0 2 0 0 1 0 0 0 First Phase: Primary Market Has Driven Growth

More information

BEA Union Investment Capital Growth Fund

BEA Union Investment Capital Growth Fund Product Key Facts APRIL 2018 BEA Union Investment Capital Growth Fund BEA Union Investment Hong Kong Growth Fund BEA Union Investment Greater China Growth Fund BEA Union Investment Asia Strategic Growth

More information

A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets

A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets The Investors Conference 2005 - in conjunction with the 30 th Annual Meeting Islamic Development Bank 22 nd June 2005 A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets

More information

HKMA consults on amendments to the Guideline on Authorization of Virtual Banks - what do you need to know about setting up a virtual bank?

HKMA consults on amendments to the Guideline on Authorization of Virtual Banks - what do you need to know about setting up a virtual bank? February 2018 HKMA consults on amendments to the Guideline on Authorization of Virtual Banks - what do you need to know about setting up a virtual bank? On 6 February 2018, the Hong Kong Monetary Authority

More information

Islamic Financial Services Board (IFSB)

Islamic Financial Services Board (IFSB) Islamic Financial Services Board (IFSB) Mutual Insurance and Takāful in a Changing World 12-13 November 2012 27-28 Zulhijjah 1433 Ceylan Intercontinental Hotel Istanbul, Turkey www.ifsb.org AGENDA About

More information

Asian Development Bank

Asian Development Bank Asian Development Bank FIGHTING POVERTY IN ASIA AND THE PACIFIC Bretton Woods: Multilateral Roundtable Discussion by Thierry de Longuemar Vice President for Finance and Risk Management 15 February 2013

More information

UNAUDITED SUPPLEMENTARY FINANCIAL INFORMATION

UNAUDITED SUPPLEMENTARY FINANCIAL INFORMATION 1. Capital charge for credit, market and operational risks The bases of regulatory capital calculation for credit risk, market risk and operational risk are described in Note 4.5 to the Financial Statements

More information

PROPOSED ESTABLISHMENT OF A PERPETUAL SUKUK PROGRAMME OF UP TO RM5.0 BILLION IN NOMINAL VALUE ( SUKUK PROGRAMME ) SUKUK DIAGRAM

PROPOSED ESTABLISHMENT OF A PERPETUAL SUKUK PROGRAMME OF UP TO RM5.0 BILLION IN NOMINAL VALUE ( SUKUK PROGRAMME ) SUKUK DIAGRAM Sukuk Wakalah transaction structure SUKUK DIAGRAM 7. Purchase Undertaking Sukuk Trustee (acting on behalf of Sukukholders) 1. Appoint as Wakeel 2 (a). Issue Sukuk Wakalah 2 (b). Proceeds 8. Sale Undertaking

More information

International Swaps and Derivatives Association, Inc.

International Swaps and Derivatives Association, Inc. International Swaps and Derivatives Association, Inc. REGULATORY MARGIN SELF-DISCLOSURE LETTER HONG KONG SUPPLEMENT published on December 23, 2016 by the International Swaps and Derivatives Association,

More information

ISWGNA Task Force on Islamic Banking. Sectorization of Islamic Financial Corporations and Windows. Russell Krueger

ISWGNA Task Force on Islamic Banking. Sectorization of Islamic Financial Corporations and Windows. Russell Krueger ISWGNA Task Force on Islamic Banking Sectorization of Islamic Financial Corporations and Windows Russell Krueger Economic and Social Commission for Western Asia (ESCWA) Beirut October 24 26, 2017 5 Overview

More information

HONG LEONG BANK BERHAD (97141-X) (Incorporated in Malaysia)

HONG LEONG BANK BERHAD (97141-X) (Incorporated in Malaysia) Condensed Financial Statements Unaudited Statements of Financial Position As At 30 June 2017 ASSETS As at As at As at As at Note Cash and short-term funds 10,823,310 7,473,964 10,199,194 5,657,847 Deposits

More information

Gold in Islamic Finance. Andrew Naylor, Director, Central Banks and Public Policy May 2018

Gold in Islamic Finance. Andrew Naylor, Director, Central Banks and Public Policy May 2018 Gold in Islamic Finance Andrew Naylor, Director, Central Banks and Public Policy May 2018 About the World Gold Council The World Gold Council is the market development organisation for the gold industry

More information

Performance of Foreign Mutual Funds marketed in Portugal

Performance of Foreign Mutual Funds marketed in Portugal 10 21 30 31 42 47 48 49 51 73 74 85 75 76 77 79 86 Performance of Foreign Mutual Funds marketed in Portugal Date: 02/09/2016 DISCLAIMER The information contained in this file has been drawn up in accordance

More information

INFRASTRUCTURE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS 18 NOVEMBER Global Leader In Takaful Expertise

INFRASTRUCTURE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS 18 NOVEMBER Global Leader In Takaful Expertise INFRASTRUCTURE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS 18 NOVEMBER 2015 Global Leader In Takaful Expertise CONTENTS 1 SUKUK MARKET OVERVIEW 2 FINANCING INFRASTRUCTURE PROJECTS 3 FINANCING

More information

GROWING DEMAND FOR CORPORATE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS

GROWING DEMAND FOR CORPORATE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS GROWING DEMAND FOR CORPORATE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS IFN EUROPE FORUM 2013 28 MAY 2013 OUTLINE Global Sukuk Issuances growing Malaysia & the Ringgit dominate Corporate

More information

Guide to Islamic Finance in Russia

Guide to Islamic Finance in Russia in Russia Part I: Infrastructure 2009 About the Guide 2 This Islamic Finance Guide in Russia is the result of research work by specialists of IFC Linova, corroborated in practice and expressed for the

More information

Belt and Road Initiative (BRI) Clement Cheung Chief Executive Officer Insurance Authority 12 October 2018

Belt and Road Initiative (BRI) Clement Cheung Chief Executive Officer Insurance Authority 12 October 2018 Belt and Road Initiative (BRI) Clement Cheung Chief Executive Officer Insurance Authority 12 October 2018 1 What is BRI Source: Swiss Re Economic Research & Consulting. 2 What is BRI Five Areas of Connectivity

More information

Presentation Outline Copyright Bank Nizwa. All Rights Reserved. 2

Presentation Outline Copyright Bank Nizwa. All Rights Reserved. 2 Presentation Outline Real Economy VS Capitalism PREAMBLE Overview of Islamic Finance Section 1 Islamic Banks VS Conventional Banks Section 2 A Glimpse Into Islamic Finance Products and Services Section

More information

PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund

PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund a sub-fund of the BOCHK Investment Funds Issuer: BOCI-Prudential Asset Management Limited 1 December 2017 This statement provides you with key information

More information

CUTTING EDGE WEALTH MANAGEMENT FROM LABUAN IBFC AN ISLAMIC PERSPECTIVE

CUTTING EDGE WEALTH MANAGEMENT FROM LABUAN IBFC AN ISLAMIC PERSPECTIVE CUTTING EDGE WEALTH MANAGEMENT FROM LABUAN IBFC AN ISLAMIC PERSPECTIVE LABUAN IBFC IS THE OFFICIAL AGENCY SANCTIONED BY THE MALAYSIAN GOVERNMENT TO MARKET LABUAN AS THE PREMIER INTERNATIONAL BUSINESS AND

More information

TABLE OF CONTENTS. (A) Consolidated Profit and Loss Account (B) Consolidated Balance Sheet (C) Selected Notes to The Account...

TABLE OF CONTENTS. (A) Consolidated Profit and Loss Account (B) Consolidated Balance Sheet (C) Selected Notes to The Account... TABLE OF CONTENTS (A) Consolidated Profit and Loss Account... 2 (B) Consolidated Balance Sheet... 3 (C) Selected Notes to The Account... 4 (D) Unaudited Supplementary Financial Information... 14 (E) Summary

More information

Click to edit Master title style

Click to edit Master title style Click to edit Master title style REVIEW OF THE NIFC AND OFFICE OF THE NIGERIAN FINANCIAL OMBUDSMAN LEGISLATION: Presented by Mr. Haruna Jalo-Waziri EXECUTIVE DIRECTOR Business Development For Joint Senate

More information

The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility

The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility 2015/FMP/WKSP2/018 Session 4.2 The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility Submitted by: Credit Guarantee and Investment Facility (CGIF) Workshop

More information

Chapter 5: Summary and Conclusion

Chapter 5: Summary and Conclusion Chapter 5: Summary and Conclusion 5.1 Introduction This chapter comprises of five sections. A summary of findings is provided under-section 5.2. It highlights the issues and challenges in introducing Islamic

More information

Fund Guide. Prudential International Investment Bond International Prudence Bond

Fund Guide. Prudential International Investment Bond International Prudence Bond Fund Guide Prudential International Investment Bond International Prudence Bond Contents 03 Funds that are open to new and existing investors 05 Information to read before making a decision 07 Funds that

More information

1.75 TRILLION 60% WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market

1.75 TRILLION 60% WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market 1.75 TRILLION MARKET CAPITALISATION IN US$ Asian fixed income is a dynamic market opening up

More information

Regulation of Islamic Finance in the UK and France

Regulation of Islamic Finance in the UK and France Regulation of Islamic Finance in the UK and France Mohammad Farrukh Raza Managing Director IFAAS UK & France Islamic Finance Regulation Mechanisms in Post-crisis Period 3 rd Astana Economic Forum Astana

More information

EXPANDING ISLAMIC FINANCE HOW REGULATORS ARE CHANGING THE WORLD

EXPANDING ISLAMIC FINANCE HOW REGULATORS ARE CHANGING THE WORLD HOW REGULATORS ARE CHANGING THE WORLD By implementing reforms and amendments to national financial legislations, many of the world s regulators and government institutions are creating environments for

More information

Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road

Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at GIFF Investors & Issuers Forum:

More information

PRODUCT KEY FACTS. Premier II Premier II January 2018

PRODUCT KEY FACTS. Premier II Premier II January 2018 PRODUCT KEY FACTS Premier II Premier II January 2018 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this

More information

REGULATORY APPROACHES TO MONITORING LIQUIDITY MANAGEMENT IN ISLAMIC FINANCIAL SERVICES INDUSTRY

REGULATORY APPROACHES TO MONITORING LIQUIDITY MANAGEMENT IN ISLAMIC FINANCIAL SERVICES INDUSTRY REGULATORY APPROACHES TO MONITORING LIQUIDITY MANAGEMENT IN ISLAMIC FINANCIAL SERVICES INDUSTRY PRESENTED AT: Conrad Istanbul Hotel, Istanbul, Turkey 6-7 April 2011 Seminar on Managing Liquidity in the

More information

BOCHK achieved 17.7% year-on-year growth in profit attributable to equity holders from continuing operations in the first half

BOCHK achieved 17.7% year-on-year growth in profit attributable to equity holders from continuing operations in the first half 28 August 2018 BOCHK achieved 17.7% year-on-year growth in profit attributable to equity holders from continuing operations in the first half BOC Hong Kong (Holdings) Limited ( the Company, stock code

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE 1

SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Country Partnership Strategy: Pakistan, 2015 2019 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 1. Sector Performance, Issues and Opportunities 1. Financial sector participants. Pakistan s financial sector is

More information

CONSULTATION PAPER NO.114

CONSULTATION PAPER NO.114 CONSULTATION PAPER NO.114 LIQUIDITY REQUIREMENTS REVIEW 22 JUNE 2017 PREFACE Why are we issuing this consultation paper (CP)? The DFSA proposes to amend the provisions on Liquidity Risk contained in the

More information

TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI. KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA

TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI. KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA It is indeed a pleasure and an honour for me to address participants

More information

HONG LEONG BANK BERHAD (97141-X) (Incorporated in Malaysia)

HONG LEONG BANK BERHAD (97141-X) (Incorporated in Malaysia) Condensed Financial Statements Unaudited Statements of Financial Position As At 30 September 2016 ASSETS As at As at As at As at 30/09/2016 30/06/2016 30/09/2016 30/06/2016 Note Cash and short-term funds

More information

FINANCIAL MARKET PROGRESS LABUAN AS INTERNATIONAL ISLAMIC FINANCE PLATFORM

FINANCIAL MARKET PROGRESS LABUAN AS INTERNATIONAL ISLAMIC FINANCE PLATFORM FINANCIAL MARKET PROGRESS LABUAN AS INTERNATIONAL ISLAMIC FINANCE PLATFORM LABUAN IBFC IS THE OFFICIAL AGENCY SANCTIONED BY THE MALAYSIAN GOVERNMENT TO MARKET LABUAN AS THE PREMIER INTERNATIONAL BUSINESS

More information

Investment Product Guide- Interest Rate Swap (IRS)

Investment Product Guide- Interest Rate Swap (IRS) Investment Product Guide- Interest Rate Swap (IRS) I have read the Investment Product Guide of the above product, and I acknowledge that I understand its features and risks. Signature: Print Name: Date:

More information

Takaful and Retakaful Challenges and Opportunities for Actuaries

Takaful and Retakaful Challenges and Opportunities for Actuaries Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk

More information

SUKUK Islamic Bonds. by Mr. Hamad Rasool.

SUKUK Islamic Bonds. by Mr. Hamad Rasool. SUKUK Islamic Bonds by Mr. Hamad Rasool 1 2 Sukuk is the Arabic name for a financial certificate, Islamic alternative to conventional bonds, Sukuk is a Trust certificate in which investor returns are derived

More information

Methodology for Takaful & Retakaful Firms

Methodology for Takaful & Retakaful Firms Methodology for Takaful & Retakaful Firms By: Sobia Maqbool Senior Manager JCR-VIS Credit Rating Company Limited Singapore, November 25, 2008 Takaful Market Global Takaful market estimated at $ 4 billion

More information

Public Mutual Private Retirement Scheme (PRS) Shariah-based Series Public Mutual PRS Islamic Strategic Equity Fund (PRS-ISEQF)

Public Mutual Private Retirement Scheme (PRS) Shariah-based Series Public Mutual PRS Islamic Strategic Equity Fund (PRS-ISEQF) 30 January 2018 Public Mutual Private Retirement Scheme (PRS) Shariah-based Series Public Mutual PRS Islamic Strategic Equity Fund (PRS-ISEQF) RESPONSIBILITY STATEMENT This Product Highlights Sheet has

More information

Securitization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007

Securitization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007 Securitization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007 Ladies and Gentlemen: 1. Thank you for inviting me to

More information

PRODUCT KEY FACTS BOCIP Hong Kong Low Volatility Equity Fund

PRODUCT KEY FACTS BOCIP Hong Kong Low Volatility Equity Fund PRODUCT KEY FACTS BOCIP Hong Kong Low Volatility Equity Fund a sub-fund of the BOCIP Asset Management Investment Funds Issuer: BOCI-Prudential Asset Management Limited 30 April 2018 This statement provides

More information

BMO Global Asset Management (Asia) Limited 20 April 2018

BMO Global Asset Management (Asia) Limited 20 April 2018 Product Key Facts BMO MSCI ASIA PACIFIC REAL ESTATE ETF BMO Global Asset Management (Asia) Limited 20 April 2018 This is an exchange traded fund. This statement provides you with key information about

More information

Understanding Key Features of Basel III and Its Implications on Islamic Banking Industry

Understanding Key Features of Basel III and Its Implications on Islamic Banking Industry Understanding Key Features of Basel III and Its Implications on Islamic Banking Industry 29 January 2016 International Institute of Advanced Islamic Studies (IAIS) Malaysia Abozer Majzoub Background: Regulatory

More information

Public Mutual Private Retirement Scheme Shariah-based Series. Public Mutual PRS Islamic Strategic Equity Fund

Public Mutual Private Retirement Scheme Shariah-based Series. Public Mutual PRS Islamic Strategic Equity Fund Public Mutual Private Retirement Scheme Shariah-based Series Public Mutual PRS Islamic Strategic Equity Fund RESPONSIBILITY STATEMENTS This Product Highlights Sheet has been reviewed and approved by the

More information

Mobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance. Ana Carvajal

Mobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance. Ana Carvajal Mobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance Ana Carvajal Istanbul, November 2015 The Context: Gaps in long term finance Infrastructure Financing gap estimated

More information

Tax Treatment of Islamic Financial Transactions

Tax Treatment of Islamic Financial Transactions Tax Treatment of Islamic Financial Transactions This document should be read in conjunction with Part 8A Taxes Consolidation Act 1997 Document created November 2018. 1 Table of Contents 1 Introduction

More information

CHEVALIER & SCIALES LUXEMBOURG: A HUB FOR ISLAMIC FINANCE

CHEVALIER & SCIALES LUXEMBOURG: A HUB FOR ISLAMIC FINANCE CHEVALIER & SCIALES LUXEMBOURG: A HUB FOR ISLAMIC FINANCE client memorandum banking & finance summary Well established as a world leader in the investment funds industry (second only to the USA), Luxembourg

More information

Principal Global Investors. Investment expertise with a purpose

Principal Global Investors. Investment expertise with a purpose Principal Global Investors Investment expertise with a purpose 1 Whether you re investing personally or on behalf of your business, you want an investment manager who empowers you to reach your financial

More information

Swiss Re s new sigma study explores the growth of insurance in emerging markets and the prospects for Islamic insurance

Swiss Re s new sigma study explores the growth of insurance in emerging markets and the prospects for Islamic insurance Media release ab Swiss Re s new sigma study explores the growth of insurance in emerging markets and the prospects for Islamic insurance Contact: Patrizia Baur, Zurich Telephone +41 43 285 3153 Clarence

More information

THE LUXEMBOURG FINANCIAL CENTRE!

THE LUXEMBOURG FINANCIAL CENTRE! THE LUXEMBOURG FINANCIAL CENTRE! A WORLD OF OPPORTUNITIES! DUBAI! 3 March 2015! 2! Our panellists! Moderator:!! Tom Theobald, Deputy CEO, Luxembourg for Finance!! Experts:!! Hugues Delcourt, CEO, Banque

More information