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Project2 3/3/09 1:15 PM Page 1 Islamic Bankingislamic in Banking the MENA in Region the MENA Region Project2 3/3/09 1:15 PM Page 1 Islamic BankingIslamic in Banking the MENA in Region the MENA Region For your Queries Economic Research Department Marwan Mikhael Head of Research [email protected] Tel: +961 1 737 247 Fax: +961 1 737 414 Alexandre Mouradian Deputy Head of Research [email protected] Tel: +961 1 737 247 Ext: 1414 Fax: +961 1 737 414 Cynthia Zeilah Analyst [email protected] Tel: +961 1 737 247 Ext: 1413 Fax: +961 1 737 414 Rebecca Nakhoul Analyst [email protected] Tel: +961 1 737 247 Ext: 1418 Fax: +961 1 737 414 Yasmina Merhi Analyst [email protected] Tel: +961 1 737 247 Ext: 1410 Fax: +961 1 737 414 Jean-Claude Cherfane Analyst [email protected] Tel: +961 1 737 247 Ext: 1416 Fax: +961 1 737 414 Research Department [email protected] Tel: +961 1 737 247 +961 1 747 812 Fax: +961 1 737 414 2 February 2009 IMPORTANT DISCLAIMER This research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. Blom Bank SAL or Blom Invest SAL can have investment banking and other business relationships with the companies covered by our research. We may seek investment banking or other business from the covered companies referred to in this research. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. We and our affiliates, officers, directors, and employees, excluding equity analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice. The price and value of the investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Copyright 2009 Blom Invest SAL. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of Blom Invest SAL. 3 Islamic BankingIslamic in Banking the MENA in Region the MENA Region Table of Contents For your Queries ........................................................................................................................................................... 2 Table of Contents ......................................................................................................................................................... 4 Executive Summary ...................................................................................................................................................... 6 1. Global Islamic Banking Overview ............................................................................................................................ 7 1.1 Global Islamic Banking Regulatory Environment ........................................................................................................... 9 1.2 Islamic Banking during the Economic Crisis ................................................................................................................. 10 1.3 Growth Drivers for Islamic Banking ............................................................................................................................. 11 1.3.1 Large and Young Muslim population globally ......................................................................................................... 11 1.3.2 Low penetration in Muslim‐majority nations – for both conventional and Islamic products ............................... 11 1.3.3 Increasing wealth of Muslim nations, due to higher oil prices ............................................................................. 12 1.3.4 Spiritual attraction: a greater focus on Islamic identity ....................................................................................... 13 1.3.5 Government and regulatory support for the development and promotion of Islamic banking ............................ 13 1.3.6 Demand from non‐Muslims, wider acceptance of Islamic banking products ....................................................... 14 1.3.7 Participation of conventional banks in Islamic banking ........................................................................................ 14 2. Regional Islamic Banking Overview ........................................................................................................................ 15 2.1 Economic Overview ........................................................................................................................................................ 15 2.1.1 Comparative Economic Indicators and Ranking ..................................................................................................... 17 2.2 Regional Industry Overview – MENA .............................................................................................................................. 18 2.3 Competitive Landscape ................................................................................................................................................... 20 2.3.1 Metrics for listed banks in the region ....................................................................................................................... 20 2.3.2 Multiples Comparison .............................................................................................................................................. 21 2.4 Market Dynamics ........................................................................................................................................................... 22 2.4.1 Country‐wise regulatory frameworks for Islamic banking ...................................................................................... 22 2.4.2 Banking Laws and the growth of Islamic banking................................................................................................... 22 2.4.3 Availability of financial products ............................................................................................................................. 23 2.4.4 Availability of support services ................................................................................................................................ 23 2.4.5 Trends in Islamic banking ........................................................................................................................................ 24 2.5 Recent Developments ...................................................................................................................................................... 24 2.5.1 Impact of the Economic crisis in the MENA region ................................................................................................ 25 3 Critical Success Factors ...................................................................................................................................... 26 4. Opportunities and Challenges ................................................................................................................................. 28 4.1 Opportunities .............................................................................................................................................................. 28 4.1.1 Islamic Microfinance and Socially Responsible Investments ................................................................................. 28 4.1.2 Infrastructure and Project Financing .................................................................................................................... 28 4.1.3 The role of Islamic investment funds in promoting cross‐border Islamic investments ......................................... 29 4.1.4 Tapping the non‐Muslim market in times of a worldwide meltdown ................................................................... 29 4.1.5 Islamic insurance................................................................................................................................................... 30 4.2 Challenges ................................................................................................................................................................... 30 4.2.1 Risk management ................................................................................................................................................
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