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February 2014 GUIDE February 2014 editor’s note Editor’s Note Managing Lauren Mcaughtry Editor [email protected] Contributions Sasikala Thiagaraja Editor [email protected] In this edition of the Islamic Finance news Guide 2014 we bring our valued News Editor Nabilah Annuar [email protected] readers a comprehensive summary of the peaks and troughs following an eventful year for the industry. Senior Journalist & Vineeta Tan Copy Editor [email protected] Over the year we have witnessed the rise (and fall!) of new markets such as Turkey, Journalist Rebecca Simmonds Indonesia and North Africa. We have seen a slight slump in Sukuk as Fed tapering [email protected] hit, but a concurrent surge in Islamic equities which has boosted emerging markets and given the fund space a much-needed shot in the arm. Contributing Ellina Badri Editor [email protected] We have seen landmark issuances in the debt capital markets such as the IILM Correspondents Kamal Bairamov, Shabbir Kazmi, Shirene Shan Sukuk, which should go a long way towards providing the industry with the tools it so desperately needs to self-regulate its liquidity; while new issuances from entrants Production Hasnani Aspari Manager [email protected] such as Nigeria demonstrate the ever-strengthening scale of the industry. Production Norzabidi Abdullah While the core markets of the GCC and Southeast Asia remain strong, Islamic Editor [email protected] finance is escalating into every corner of the globe. The UK this year announced Graphic Eumir Shazwan Kamal Bahrin its debut sovereign Sukuk and other non-Muslim majority markets including Designer [email protected] Luxembourg, South Africa and Hong Kong may soon follow. Momentum is building, and the trend for international expansion shows no sign of slowing down, as cross- Senior Production Mohamad Rozman Besiri Designer [email protected] border transactions become easier and regulation and legislation across jurisdictions becomes increasingly standardized. And with the Sukuk market set to pick up this Business Steve Stubbs Development [email protected] year and major growth expected across the MENA region, we can only hope for a Manager Tel: +603 2162 7800 x 55 continuation of this tremendous trajectory. Subscriptions Musfaizal Mustafa Director [email protected] Covering 30 countries across every major Islamic market and asset class, this Tel: +603 2162 7800 x 24 issue of the IFN Guide traverses the global Islamic financial landscape: covering the diverse sectors of debt capital markets, leasing, microfinance, regulation, Subscriptions Ifran Tarmizi securitization, Sukuk, Takaful, technology and tax. We hope, as always, that you Manager [email protected] Tel: +603 2162 7800 x 63 find it a rewarding read, and we look forward to providing you with continued and unrivalled Islamic coverage throughout 2014. Subscriptions Mithun Gangolli Account Manager [email protected] Tel: +971 4 427 3638 Admin & Support Nurazwa Rabuni Executive [email protected] Tel: +603 2162 7800 x 68 Financial Faizah Hassan Controller [email protected] Deputy Publisher Geraldine Chan & Director [email protected] Managing Director Andrew Tebbutt [email protected] Managing Director Andrew Morgan & Publisher [email protected] Published by: MALAYSIA Lauren Mcaughtry, Suite 22-06, 22nd Floor, Menara Tan & Tan, 207, Jalan Tun Razak, Managing Editor 50450 Kuala Lumpur, Malaysia Tel: +603 2162 7800 Fax: +603 2162 7810 UNITED ARAB Emirates 3rd Floor, X2 Towers, Jumeirah Lake Towers (JLT), Jumeirah Bay, PO Box 126732, Dubai, UAE Tel: +971 4 427 3623 Fax: +971 4 431 4614 Printed by: Zenpress Innovation DISCLAIMER No 2 , Jalan SR 4/19, Ground Floor , Taman Serdang Raya All rights reserved. No part of this publication may be reproduced, duplicated or copied 43300 Seri Kembangan, Selangor by any means without the prior consent of the holder of the copyright, requests for which should be addressed to the publisher. www.IslamicFinanceNews.com While every care is taken in the preparation of this publication, no responsibility can be accepted for any errors, however caused. February 2014 1 CONTENTS INTRODUCTION 45 Czech Islamic finance – not quite there 4 Islamic capital markets: Here to stay 46 Egypt: Remaining strong in the face of heated political battles GLOBAL REPORTS 8 Outlook for the Global Sukuk market in 2014 47 India: Towards a more inclusive growth story 48 The development of the Indonesian Islamic 10 Global Takaful: Pausing for breath? finance industry: Restraining growth and 12 How Islamic investors can benefit from global reinforcing business foundation resources 50 Iranian capital market: Considerable growth, 14 Technology trends in Islamic finance looking at new horizons 51 Iraq: Changes in the banking system needed Sector REPORTS Debt capital markets: Weathering the storm 52 Kazakhstan: No buzz despite attractive 17 prospects Islamic leasing: The more realistic choice 19 53 Kuwait: Advancing through regulation New trends in global Islamic microfinance 21 54 Luxembourg: A confirmation of the leadership 23 Islamic finance regulatory developments point position in Europe to positive growth 55 Malaysia: A continuous evolution Securities and securitization in Islamic finance 25 56 Maldives proved that nothing is impossible Sukuk – Going steady 26 57 Nigeria: Making waves Real estate 28 59 Oman – Catching up fast Global tax developments 30 61 Pakistan: A growing Islamic finance market COUNTRY REPORTS 63 Qatar, a year of change 31 Islamic banking to boost Afghan financial system 64 Russia and Islamic finance: A brief 360-degree review 32 Australia: Minimal reform needed 65 Saudi Arabia: Potential in the non-oil sector, 33 Islamic banking in Bangladesh Zakat and Waqf 35 Islamic economy in Belgium: Evolution and 66 Growth of Islamic finance in Singapore perspectives 67 Turkey: A rising star 36 Bosnia: A pioneering Islamic banking model in 68 Dubai steps up, lifting the UAE in the eyes of Southeast Europe the industry 38 Brazil in evidence 69 UK: Stepping up its game 40 Canada: Islamic finance potential lies in Toronto 70 US: Halal investing, gaining currency Greater China & Islamic finance: A perspective 42 AWARD RESultS 44 Croatia: An emerging market struggling to 71 Best Islamic Banks 2013 report emerge 2 February 2014 Established in 2004, Islamic Finance news covers all realms of Islamic finance, providing professionals around the globe with a vehicle to educate and understand the market, the players, the individuals and perhaps more importantly, the benefits over and comparisons with the conventional banking system. Published every Wednesday, Islamic Finance news is the industry’s leading, e-newsletter providing over 21,000 individuals with unrivaled editorial coverage of the global Islamic financing market. Request for a complimentary trial subscription by emailing subs@islamicfinancenews.com or simply call +603 2162 7800. www.islamicfinancenews.com INTRODUCTION Islamic capital markets: Here to stay In the backdrop of capricious global financial markets, 2013 was a year the Islamic capital markets were presented with the opportunity to demonstrate their resilience in the face of challenging economic conditions. With US$66.6 billion-worth of Sukuk issuance for the first Emergence of different asset classes nine months of 2013 (according to Dealogic), the Islamic Since the inception of Islamic banking operations in the 1970s, debt sector missed the projections of optimistic bankers and Shariah-seeking investor appetite has grown in its sophistication analysts with its less-than-robust performance, particularly reflected in the innovative Islamic financial products available. when compared to the record-breaking year of 2012 Moving away from senior unsecured debt capital market which saw total Sukuk offering of US$140 billion. A major instruments, which were most popular in 2012, 2013 saw the contributing factor to the slow-down in Islamic issuance last emergence of different assets classes and notably the rise of year was the uncertainty surrounding the tapering of the US syndicated financing. Federal Reserve’s quantitative easing program which sent shockwaves across markets shaking investor confidence, “Within the Sukuk space itself, we have seen the transition and in turn led to a three-month market “shutdown” from from pure debt capital instruments into hybrid and equity-like July to September. structures,” elucidated Ahsan Ali, the head of Islamic origination at Standard Chartered Bank (Dubai), to Islamic Finance news. Despite this, the year was nonetheless stage to a steady “This allows concepts such as Mudarabah and Musharakah to be performance by the industry’s leading markets (Malaysia and applied instead of just Ijarah,” added Ahsan. Saudi Arabia), which continued to enhance their positions as industry stalwarts, as well as an arena for the showcase of Last year marked the debut of the Arabian Gulf’s first-ever hybrid formidable strength by new entrants such as Turkey. Beyond Sukuk issue by Saudi Arabia-based dairy producer Almarai the Sukuk sector, the overall Islamic funds sector demonstrated followed by global private school operator GEMS Education. considerable growth in 2013 with the launch of at least 78 new Facing a dearth of hard assets, companies and governments Shariah compliant funds, marking
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