L27. Dr. Asyraf Wajdi Dusuki - ASIDCOM

The First Gulf Conference on Halal Industry and its Services. 24-26 January 2011. Salmiyah ... London as a global gateway for Islamic finance. ▫ 5 FSA-approved ...
1MB Sizes 0 Downloads 40 Views
Role of Islamic Finance in Supporting the Halal Industry and its Services Dr. Asyraf Wajdi Dusuki Head of Research Affairs, International Shariah Research Academy for Islamic Finance (ISRA) Malaysia The First Gulf Conference on Halal Industry and its Services 24-26 January 2011 Holiday Inn Hotel, Al-Salmiyah, State of Kuwait

‫دور التمويل اإلسالمي في دعم صناعة‬ ‫الحالل وخدماته‬

‫د‪ .‬أشرف وجدي الدسوقي‬ ‫رئيس شؤون البحث العلمي‪ ،‬األكاديمية الدولية للبحوث الشرعية للتمويل‬ ‫اإلسالمي‪ ،‬ماليزيا‬ ‫مؤتمر الخليج األول لصناعة الحالل وخدماته‬ ‫‪ 26-24‬يناير ‪2011‬‬ ‫فندق ھوليدي إن – السالمية – دولة الكويت‬

Global Outlook of Islamic Finance

The First Gulf Conference On Halal Industry and its Services

2

Why Islamic Finance?

3

Shariah Compliant Framework

4

Salient Features of Islamic Finance

5

Various Forms of Islamic Contracts

6

Islamic Asset Classes

7

Role of Islamic Finance in Halal Industry

8

Conclusion

Emerging interest on Islamic finance as viable alternative to the global financial system … Germany 

UK 



Gov’t sets an objective to ‘entrench London as a global gateway for Islamic finance

Saxony-Anhalt state issued government sukuk First Islamic bank to operate in 2010

Turkey  Announced IFC Istanbul in Sep ’09 with focus includes interest-free  Plans to issue sovereign sukuk, amend financial business tax law on IF Iran Bahrain Qatar Pakistan France Malta Saudi Arabia UAE Kuwait Thailand  Passed rules/regulations to  Plans to position Malaysia support Islamic finance as Islamic finance Sudan  activities hub for the Mediterranean  In process of licensing Indonesia  Islamic banks  Jordan  Made fiscal & legal adjustment for IF  Plans to tap sukuk market to transaction i.e. taxation finance its deficit Singapore guidelines on sukuk &  Established first Islamic bank murabaha  Introduced tax neutrality for Islamic finance 

South Korea Parliament expected to pass the law related to offering of tax waiver on foreign investors’ interest income from sukuk issued

5 FSA-approved Islamic banks and Takaful operators



Aspiring to be centre for Islamic finance



Launched Islamic ETF

Japan Law passed allowing banks to do Islamic finance Hong Kong Aims to become Islamic finance gateway to China Plans to issue sovereign sukuk Hang Seng Islamic China Index Fund in 2007

Brunei Aim to become Islamic financial services hub for Asia

Muslim-majority countries offering Islamic finance (IF) Non-muslim countries starting to offer IF

Courtesy of Bank Negara Malaysia

Islamic finance… fastest growing segment in global financial system… Islamic Assets under Management

USD750 billion & expected to hit USD1 trillion by 2010 Average growth rate of 15-20% p.a.

Islamic Mutual Funds

USD300 billion Average growth rate of 23% p.a.

Takaful Contributions

USD7.2 billion Growth rate of 13% p.a.

Global Market Capitalization of Dow Jones Islamic Index

USD10 trillion

Shariah Compliant Global Funds

680 funds

Global Outstanding Sukuk

USD107 billion Average growth rate of 22% p.a.

Number of Islamic Financial Institutions (IFIs)

> 600 IFIs in the world

Enormous potential in Islamic Finance… Sources: McKinsey, The World Islamic Banking Competitiveness Report 2007-08, “Capturing the Trillion Dollar Opportunity”; PriceWaterHouseCoopers, Islamic Finance News, IFSB & National Authorities; Islamic Banker Research Group; Islamic Finance & Insurance & Investor Offshore Review

Demographically, Muslims population are huge.. research s