Key Statistics of Global Islamic Finance Industry

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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

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