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Course 1 Chapter 2 Principles and Practices of Islamic Banking Khalifa M Ali Hassanain Principles and Practices of Islamic Banking Hassanain, Khalifa M ISBN 9960-32-304-8 Islamic development Bank, 2016 King Fahd National library cataloging –Publication Data Copy Rights Notice © Islamic research and Training Institute 2016 All rights reserved. All parts of this work are subject to sole ownership of Islamic research and Training Institute (hereinafter referred to as ‘Copyright Holder’) and remains exclusive property of the Copyright Holder. No part of this work may be copied, reproduced, adapted, distributed, modified or used in any other manner or media without prior written authorization of the Copyright Holder. Any unauthorized use of this work shall amount to copyright infringement and may give rise to civil and criminal liability. Enquiries and communications concerning authorization of usage may be made to the following: Islamic Research and Training Institute Member of the Islamic Development Bank Group P.O.Box 9201 - 21413 Jeddah Kingdom of Saudi Arabia E-Mail:[email protected] Disclaimer The content of these course have been developed solely for educational and training purposes. They are meant to reflect the state of knowledge in the area they cover. The content does reflect the opinion of the Islamic Development Bank Group (IDBG) nor the Islamic Research and Training Institute (IRTI). Acknowledgement This textbook was developed as part of the IRTI e-Learning Program (2010), which was established and managed by Dr. Ahmed Iskanderani and Dr. Khalifa M. Ali. Page 2 of 122 Table of Contents Chapter 1 – Fundamentals of Islamic Financial Intermediation .......................... 8 Chapter Introduction ................................................................................... 8 Islamic Intermediation Contracts .................................................................. 9 Basic Nature of Islamic Financial Intermediation ............................................. 9 Understanding the Balance Sheet of an Islamic Bank ...................................... 9 Financing Instruments in Islamic Finance..................................................... 11 Investing Instruments in Islamic Finance ..................................................... 12 Types of Islamic Financial Institutions ......................................................... 13 Chapter Summary .................................................................................... 16 Chapter 2 – Framework for Risk Analysis of Islamic Banks.............................. 17 Chapter Introduction ................................................................................. 17 Types of Risks for a Bank .......................................................................... 18 Basics of Risk Management ........................................................................ 19 Components of the Risk Management Process .............................................. 19 Motivation for a Better Risk Management Process ......................................... 21 Modes of Evaluation of a Bank .................................................................... 21 Framework of Appraisal ............................................................................. 22 Analysis of the Overall Banking Sector ........................................................ 23 Financial Analysis of Banks ........................................................................ 24 Framework for Risk Analysis of Banks ......................................................... 25 Principles of an Effective Risk Analysis ......................................................... 25 More Principles of an Effective Risk Analysis ................................................. 26 Analytical Tools ........................................................................................ 27 Chapter Summary .................................................................................... 29 Chapter 3: Credit Risks with Assets and Their Management ............................ 31 Chapter Introduction ................................................................................. 31 Standards and Types of Policies .................................................................. 32 Policies to Reduce Credit Risk ..................................................................... 33 Credit Risks Specific to Islamic Banks.......................................................... 35 More Credit Risk Specific to Islamic Banks ................................................... 35 Analysis of Credit Risk in Asset Portfolio ...................................................... 36 Credit Review of Individual Customers ........................................................ 36 Interbank Deposits ................................................................................... 37 Review of Off- Balance Sheet Items ............................................................ 38 Chapter Summary .................................................................................... 38 Chapter 4: Managing Nonperforming Assets ................................................. 38 Chapter Introduction ................................................................................. 38 Page 3 of 122 Review of Nonperforming Assets ................................................................ 39 Reasons for an Increase in Nonperforming Assets ......................................... 39 What is Asset Classification? ...................................................................... 41 Rules of Asset Classification ....................................................................... 42 Loss Provisioning ...................................................................................... 43 Standards for Level of Provisioning ............................................................. 43 Approaches for Managing Asset Losses ........................................................ 44 Workout Procedures .................................................................................. 44 Chapter Summary .................................................................................... 45 Chapter 5 – Operational and Specific Risks for Islamic Banks .......................... 45 Chapter Introduction ................................................................................. 45 Operational Risks for Islamic Banks ............................................................ 46 Adapting Basel III Measures for Islamic Banks ............................................. 47 Risks Arising from Islamic Banking Principles ............................................... 47 Practices to Manage Displaced Commercial Risk ........................................... 49 The Use of PER & IRR ................................................................................ 50 Managing Risk for Mudarabah Accounts ....................................................... 50 Governance Issues in PER & IRR ................................................................ 50 Fiduciary Risk........................................................................................... 51 Consequences of Fiduciary Risk .................................................................. 51 Reputational Risk...................................................................................... 52 Chapter Summary .................................................................................... 53 Chapter 6 – Asset Liability Management and Liquidity Risk ............................. 53 Chapter Introduction ................................................................................. 53 The Main Risks for Islamic Banks ................................................................ 53 ALM and Islamic Banks .............................................................................. 54 The Risk of ALM for Islamic Banks .............................................................. 55 Deviations That Increase the ALM Risk ........................................................ 55 Liquidity Risk ........................................................................................... 56 Approach to Liquidity Management ............................................................. 57 Determining and Fulfilling Liquidity Needs .................................................... 57 Liquidity Risk for Islamic Banks .................................................................. 58 Liquidity Risk Mitigation by IFIs .................................................................. 58 Chapter Summary .................................................................................... 59 Chapter 7: Market Risk .............................................................................. 59 Chapter Introduction ................................................................................. 59 Market Risk ............................................................................................. 60 Price Volatility .......................................................................................... 61 Types of Market Risks for IFIs .................................................................... 61 Page 4 of 122 Market Risk from Mudarabah and Musharakah ............................................. 64 Issues due to Mudarabah and Musharakah ................................................... 65 More Market Risks for IFIs ......................................................................... 66 Measuring
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