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World Bank Document Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized ISLAMIC FINANCE AND PUBLIC-PRIVATE PARTNERSHIP: VIABILITY, OPPORTUNITIES AND RECOMMENDATIONS Securities Commission Malaysia – World Bank Conference 8-9 May 2017, Kuala Lumpur, Malaysia Report on Islamic Finance and Public-Private Partnership for Infrastructure Development Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations Published in January 2018 by SECURITIES COMMISSION MALAYSIA 3, Persiaran Bukit Kiara, Bukit Kiara 50490 Kuala Lumpur, MALAYSIA www.sc.com.my All rights reserved. No part of this publication may be reproduced in whole or in part or transmitted in any form or by any means, or stored in any retrieval system, or transmitted in any form or by any means (geographical, electronic, mechanical, photocopying, recording, taping or otherwise) of any nature without the prior written permission of the Securities Commission Malaysia, except for educational or non-profit purposes, provided always that acknowledgment of the source is made. 2 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations About the Report Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations is a joint publication of the Securities Commission Malaysia and the World Bank Group. The views expressed in this publication are those of the authors and do not necessarily reflect the views of the Securities Commission Malaysia and the World Bank Group. The designation of geographical entities in this report, and presentation of the material herein, does not imply the expression of any opinion whatsoever on the part of the publisher or the participating organizations concerning the legal status of any country, territory, or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. While reasonable efforts have been made to ensure that the contents of this publication are factually correct and properly referenced, Securities Commission Malaysia and the World Bank Group do not accept responsibility for the accuracy or completeness of the content and shall not be liable for any loss or damage that may be occasioned directly or indirectly through the use of, or reliance on, the content of this publication, including its translation into languages other than English. 3 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations 4 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations Contents Acknowledgement 6 Glossary of Terms 7 Acronyms and Abbreviations 9 List of Figures 10 List of Tables 10 List of Boxes 10 Executive Summary 11 CHAPTER 1: INTRODUCTION 16 CHAPTER 2: BUILDING THE CASE AND CONTEXT SETTING 22 Global Infrastructure Needs and Financing Gap 23 Global Islamic Finance Development and its Current Roles in Supporting Infrastructure Needs 24 Growth Prospects of Islamic Finance in Addressing Infrastructure Gap 27 Concepts and Frameworks 28 Global and Regional Experiences – Situating the Malaysian Case 30 Applicability of Islamic Finance in Existing PPP Frameworks 34 CHAPTER 3: OFFERING VALUE-ADDED PROPOSITIONS 36 FOR ISLAMIC FINANCE Mobilizing Islamic Finance for PPPs 37 Cases for Islamic Finance in PPPs 38 Limitations and Constraints of Islamic Finance in PPPs 42 CHAPTER 4: ENABLING PPPs VIA ISLAMIC FINANCE: 44 KEY RECOMMENDATIONS Pillar 1: Political Will and Global Coordination 46 Pillar 2: Modalities & Structures 49 Pillar 3: Enabling Ecosystem 53 Pillar 4: Awareness and Capacity Building 57 Conclusion 60 References 61 Appendices 62 5 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations Acknowledgement Securities Commission Malaysia (SC), together with the World Bank Group, convened a two-day conference on Islamic Finance and Public-Private Partnership (PPP) for Infrastructure Development from 8 to 9 May 2017 at SC in Bukit Kiara, Kuala Lumpur. The lead authors of this report are: Wan Abdul Rahim Kamil, Syed Azhan Syed Mohd Bakhor (SC); Jose De Luna-Martinez, Wei Zhang, Ahmad Hafiz Abdul Aziz (World Bank Group). Other contributors include Mohd Lukman Mahmud, Hanif Mohsein Mohd Fauzi (SC), and Aijaz Ahmad (World Bank Group). The team worked under the overall guidance of Zainal Izlan Zainal Abidin, Managing Director of Development & Islamic Markets, SC and Abayomi A Alawode, Head of Islamic Finance, World Bank Group. This report benefited from presentations and insightful discussions provided by the speakers (Refer to Appendices for Conference agenda and list of speakers) and participants of the Conference. We are grateful to the Public-Private Partnership Unit in the Prime Minister’s Department of Malaysia for the invaluable knowledge-sharing and discussion on PPPs in Malaysia. 6 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations Glossary of Terms Ijarah A contract whereby a lessor (owner) leases out an asset to a lessee at an agreed lease rental for a predetermined lease period. The ownership of the leased asset shall always remain with the lessor. Istisna` A purchase order contract where a buyer requires a seller or a contractor to deliver or construct the asset to be completed in the future according to the specifications given in the sale and purchase contract. The payment term can be as agreed by both parties in the contract. Murabahah A contract that refers to the sale and purchase of an asset whereby the cost and profit margin (mark-up) are made known. Musharakah A partnership arrangement between two or more parties to finance a business venture whereby all parties contribute capital either in the form of cash or in kind for the purpose of financing the said venture. Any profit derived from the venture will be distributed based on a pre-agreed profit-sharing ratio, but a loss will be shared on the basis of capital contribution. Public-Private A long-term contract between a private party and a government entity Partnership to provide a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration, is linked to performance.a Shari`ah The corpus of Islamic law based on the Quran and the Sunnah. Special purpose vehicle This is the corporate entity created to manage the project. It is usually incorporated in the hosting country and in most cases the company is quoted as the project name.b Sukuk Certificates of equal value which evidence undivided ownership or investment in the assets in accordance with Shari`ah principles and concepts. 7 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations Sustainable Sustainable Development Goals are a set of 17 Global Goals initiated by Development Goals the United Nations covering a broad range of sustainable issues which include reducing poverty and hunger, improving health and education, combating climate change, and protecting oceans and forests. Takaful Islamic insurance; ‘mutual guaranteeing’ through mutual support and shared responsibility whereby a group of people agree to jointly guarantee one another against a defined loss. Wakalah A contract where a party authorises another party to act on behalf of the former based on the agreed terms and conditions as long as he or she is alive. Notes: a Definitions from the PPP Reference Guide, Version 3.0 (World Bank Group et al. 2017), https://library.pppknowledgelab. org/documents/4699 b Definitions from the Private Participation in Infrastructure database. 8 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations Acronyms and Abbreviations ADB Asian Development Bank APEC Asia-Pacific Economic Cooperation BOT Build-operate-transfer BTO Build-transfer-operate DCT Doraleh Container Terminal EKVE East Klang Valley Expressway EMDE Emerging markets and developing economies EPF Employee Provident Fund GDP Gross domestic product GLC Government-linked company ICIEC Islamic Corporation for the Insurance of Investment and Export Credit ICM Islamic capital market IFSB Islamic Financial Services Board I3P Islamic Infrastructure Investment Platform IOSCO International Organization of Securities Commissions IRTI Islamic Research and Training Institute IsDB Islamic Development Bank KLIA Kuala Lumpur International Airport MDB Multilateral Development Bank MIFC Malaysia International Islamic Financial Centre MIGA Multilateral Investment Guarantee Agency MP Malaysia Plan OIC Organisation of Islamic Cooperation PPIAF Public-Private Infrastructure Advisory Facility PLUS PLUS Berhad PMB PLUS Malaysia Berhad PFI Private finance initiative PPP Public-Private Partnership SC Securities Commission Malaysia SDG Sustainable Development Goal SPV Special purpose vehicle UK United Kingdom 9 Securities Commission Malaysia–World Bank Conference Islamic Finance and Public-Private Partnership: Viability, Opportunities and Recommendations List of Figures Figure 1: Expected Annual Investment Requirements by Sector 2014–2020 23 (at 2011
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