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VI. CONCLUSION 31. The inadequate availability of Shari’ah-compliant financial instruments seems to have forced Islamic banks to hold a significant amount of cash reserves, limiting the flexibility of the central bank’s monetary operations with IFSIs. Therefore, a key challenge is to broaden the range of Shari’ah-compliant instruments and build liquid markets. 32. The reliance of IFSIs—mainly on interbank arrangements with other IFSIs—together with the limited use of special arrangement between IFSIs and conventional banks, confirms that the interbank money market is generally segmented in many jurisdictions, including the GCC. Additionally, the development of market microstructures to enhance secondary market trade, and focusing on ways to design Shari’ah-compliant alternatives to foreign exchange hedging and risk management arrangements, are needed. 33. Active efforts are needed to develop Shari’ah-compliant instruments to improve the efficiency of monetary operations. A strong commitment by central banks in this direction would help to level the playing field by accommodating IFSIs, having them supported by central bank Shari’ah-compliant lender of last resort (S-LOLR) facilities that accommodate both IFSIs and conventional banks, and by allowing more consistent and uniform signaling of the cost of central bank financing. 34. Efforts should continue to develop the sovereign Sukuk market, which will facilitate developing the Islamic interbank market—essential for managing liquidity, deepening financial markets, and supporting monetary policy. 35. Finally, modification of existing legal frameworks to accommodate the specificities of Islamic finance is crucial for developing Islamic money markets, including banking and securities laws. ©International Monetary Fund. Not for Redistribution ANNEX 1. SUMMARY TABLES Table A1. Conventional and Islamic Banks included in Sample Country Conventional Banks Islamic Banks Bahrain Ahli United Bank BSC Al Baraka Islamic Bank BBK BSC. Al Salam Bank - Bahrain BMI Bank BSC Bahrain Islamic Bank Future Bank BSC Khaleeji Commercial Bank Gulf International Bank BSC Kuwait Finance House National Bank of Bahrain Ithmaar Bank Kuwait Al Ahli Bank of Kuwait KSC Boubyan Bank Burgan Bank SAK Kuwait Finance House Commercial Bank of Kuwait SAK Kuwait International Bank Gulf Bank KSC Ahli United Bank National Bank of Kuwait SAK Warba Qatar Ahli Bank QSC Masraf Al Rayan Al Khalij Commercial Bank Qatar International Islamic Bank Commercial Bank of Qatar QSC Qatar Islamic Bank Doha Bank Barwa Bank International Bank of Qatar QSC Qatar National Bank Saudi Arabia Arab National Bank Al Rajhi Bank Al-Jazira Bank AlBilad Banque Saudi Fransi Al Inma Bank National Commercial Bank Al Jazira Riyad Bank Samba Financial Group Saudi British Bank Saudi Hollandi Bank Saudi Investment Bank UAE Abu Dhabi Commercial Bank Abu Dhabi Islamic Bank Arab Bank for Investment & Foreign Trade-Al Masraf Al Hilal Bank Bank of Sharjah Ajman Bank Commercial Bank International PSC Dubai Islamic Bank Commercial Bank of Dubai PSC Emirates Islamic Bank Emirates NBD PJSC Sharjah Islamic Bank First Gulf Bank Dubai Bank Mashreqbank PSC Noor Bank National Bank of Abu Dhabi National Bank of Fujairah National Bank of Umm Al-Qaiwain Union National Bank ©International Monetary Fund. Not for Redistribution Table A2. GCC Countries: Conventional and Islamic Banks Balance Sheets, Selected Items Conventional Banks (Percent of Assets) Deposits 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 50.9 50.3 52.3 60.5 60.9 63.9 65.0 57.7 Kuwait 62.4 59.1 61.9 62.0 62.7 63.0 59.4 61.5 Qatar 56.5 58.8 61.9 61.0 62.7 65.3 62.3 61.2 Saudi Arabia 73.1 75.1 74.9 75.7 75.1 75.9 76.4 75.2 UAE 61.8 62.9 65.4 65.1 66.0 66.7 67.4 65.0 Simple Average 60.9 61.2 63.3 64.9 65.5 66.9 66.1 64.1 (Percent of Assets) Total Securities 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 12.6 15.4 20.7 21.7 24.3 28.5 27.4 21.5 Kuwait 13.0 16.3 19.4 19.6 18.6 18.2 17.0 17.4 Qatar 8.9 13.2 17.8 21.1 22.2 22.3 16.7 17.5 Saudi Arabia 28.3 25.6 27.9 27.1 25.6 26.1 27.8 26.9 UAE 7.9 7.4 7.8 9.2 9.0 9.4 10.7 8.8 Simple Average 14.1 15.6 18.7 19.7 20.0 20.9 19.9 18.4 (Percent of Assets) Liquid Assets 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 31.7 33.6 33.0 35.0 29.8 28.0 27.0 31.1 Kuwait 25.6 21.0 19.6 20.8 16.1 16.8 19.1 19.8 Qatar 26.5 24.4 21.1 15.2 13.3 11.5 14.8 18.1 Saudi Arabia 10.4 14.9 12.4 12.7 13.3 9.5 8.0 11.6 UAE 14.0 18.0 19.9 18.9 20.5 19.1 17.4 18.2 Simple Average 21.6 22.4 21.2 20.5 18.6 17.0 17.3 19.8 (Percent of Gross Loans) Non Performing Loans 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 2.5 6.1 9.2 10.3 10.6 10.0 7.2 8.0 Kuwait 4.7 13.0 9.3 7.7 5.7 3.4 2.4 6.6 Qatar 1.2 2.3 2.2 1.7 1.6 2.1 2.2 1.9 Saudi Arabia 1.3 3.7 3.1 2.6 1.7 1.3 1.1 2.1 UAE 3.0 5.4 8.4 9.8 10.2 9.7 6.7 7.6 Simple Average 2.6 6.1 6.5 6.4 6.0 5.3 3.9 5.2 (Percent of Assets) Return on Assets 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 1.3 1.0 1.2 1.2 1.3 2.0 1.6 1.4 Kuwait 0.0 0.7 1.2 1.2 1.0 0.9 1.1 0.9 Qatar 2.3 1.9 2.4 2.5 2.2 2.0 1.9 2.2 Saudi Arabia 2.0 1.6 1.7 2.0 2.0 2.0 2.1 1.9 UAE 1.9 1.7 1.6 1.3 1.9 2.0 2.1 1.8 Simple Average 1.5 1.4 1.6 1.6 1.7 1.8 1.7 1.6 (Percent of Equity) Return on Equity 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 5.7 5.6 5.8 8.8 9.8 11.3 4.6 7.4 Kuwait -15.2 4.1 9.0 8.3 7.2 6.5 8.4 4.0 Qatar 18.4 18.1 17.7 18.9 17.8 13.9 12.0 17.3 Saudi Arabia 13.6 11.2 9.8 10.6 11.2 12.0 12.5 11.6 UAE 13.8 10.7 9.9 8.8 11.5 11.9 12.7 11.3 Simple Average 7.2 9.9 10.4 11.1 11.5 11.1 10.0 10.2 Sources: Bankscope and MF Staff Calculations ©International Monetary Fund. Not for Redistribution Table A2. GCC Countries: Conventional and Islamic Banks Balance Sheets, Selected Items (concluded) Islamic Banks (Percent of Assets) Deposits 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 55.6 48.9 49.9 42.1 43.8 57.7 63.4 51.6 Kuwait 62.3 65.4 63.7 49.8 60.0 62.9 64.9 61.3 Qatar 57.2 49.0 53.8 46.5 65.0 68.2 68.5 58.3 Saudi Arabia 54.2 58.3 67.9 73.0 75.6 77.7 80.0 69.5 UAE 70.0 70.2 70.4 68.8 72.1 71.6 73.3 70.9 Simple Average 59.9 58.3 61.1 56.0 63.3 67.6 70.0 62.3 (Percent of Assets) Total Securities 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 20.7 20.8 21.3 24.0 24.3 21.6 20.3 21.9 Kuwait 15.4 12.8 8.8 9.5 7.8 8.2 7.2 10.0 Qatar 9.5 7.9 14.4 24.3 22.2 22.4 19.6 17.2 Saudi Arabia 31.7 7.6 11.6 11.1 10.5 12.2 11.8 13.8 UAE 11.1 11.1 13.6 9.1 8.6 7.7 8.4 9.9 Simple Average 17.7 12.0 14.0 15.6 14.7 14.4 13.5 14.6 (Percent of Assets) Liquid Assets 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 32.0 28.3 24.6 29.8 29.0 25.2 21.9 27.2 Kuwait 23.3 21.9 24.3 37.1 27.7 23.8 23.9 26.0 Qatar 14.1 28.5 32.5 22.2 18.1 12.4 11.9 20.0 Saudi Arabia 20.3 41.2 23.3 21.4 19.3 15.4 16.5 22.5 UAE 22.3 16.8 18.7 20.0 20.0 20.5 16.5 19.3 Simple Average 22.4 27.3 24.7 26.1 22.8 19.4 18.1 23.0 (Percent of Gross Loans) Non Performing Loans 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 2.4 2.5 0.4 1.2 13.4 10.6 8.1 5.5 Kuwait 4.4 5.3 5.3 3.7 4.1 3.5 2.8 4.2 Qatar 1.5 1.0 6.5 2.0 1.5 1.0 1.0 2.1 Saudi Arabia 1.7 4.1 3.6 2.6 2.4 1.3 1.1 2.4 UAE 2.5 4.2 6.8 13.2 10.1 7.1 5.5 7.1 Simple Average 2.5 3.4 4.5 4.6 6.3 4.7 3.7 4.2 (Percent of Assets) Return on Assets 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 4.7 0.2 -1.1 -0.3 -0.6 -0.4 0.6 0.4 Kuwait 1.5 -1.6 0.7 -0.1 0.6 0.6 0.9 0.4 Qatar 6.5 2.8 2.7 2.6 2.1 2.1 2.2 3.0 Saudi Arabia 2.6 1.2 1.1 1.8 2.3 2.0 1.8 1.8 UAE 1.1 -0.4 0.2 0.6 0.9 1.1 1.4 0.7 Simple Average 3.3 0.4 0.7 0.9 1.1 1.1 1.4 1.3 (Percent of Equity) Return on Equity 2008 2009 2010 2011 2012 2013 2014 Average Bahrain 15.6 -0.5 -8.2 -3.5 -7.2 -2.0 4.6 -0.2 Kuwait 10.4 -12.5 5.8 3.0 5.9 5.8 7.6 3.7 Qatar 22.5 11.1 12.0 12.6 11.5 12.7 14.4 13.8 Saudi Arabia 9.7 4.8 6.7 10.5 15.3 13.3 12.4 10.4 UAE 9.7 -2.4 1.5 3.9 6.7 8.3 11.2 5.6 Simple Average 13.6 0.1 3.6 5.3 6.4 7.7 10.0 6.7 Sources: Bankscope and MF Staff Calculations ©International Monetary Fund.
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