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The Global Financial Crisis: Can Islamic Finance Help?

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The Global Financial Crisis: Can Islamic Finance Help? ISSUE NO. 170 JANUARY–MARCH 2009 MUHARRUM–RABI AL AWWAL 1430 PUBLISHED SINCE 1991 GLOBAL PERSPECTIVE ON ISLAMIC BANKING & INSURANCE THE GLOBAL FINANCIAL CRISIS: CAN ISLAMIC FINANCE HELP? COUNTRY FOCUS: BANGLADESH ISLAMIC & ETHICAL FINANCE: ON THE SAME PATH? POINT OF VIEW: ISLAMIC MORTGAGES IT FOCUS: EUROPE ARAB BANK ACADEMIC ARTICLE: A SHARI’AH SCHOLAR’S ROLE IN ISLAMIC FINANCE NEWHORIZON Muharrum–Rabi Al Awwal 1430 CONTENTS Features 24 10 Islamic and ethical finance: on the same path? Don Brownlow, NewHorizon’s contributing editor, talks to the industry experts about the differences and similarities of Shari’ah- compliant, ethical and socially responsible modes of finance. 16 Balance sheet analysis: Islamic vs. conventional 24 Islamic finance progress in Bangladesh Comparing the balance sheet structures of Being one of the largest Muslim countries in the world, Bangladesh clearly has the conventional and Shari’ah-compliant banks. potential and the market for Shari’ah-compliant finance. Abdul Awwal Sarker, who is directly involved in the central bank’s efforts to strengthen the country’s Islamic 18 In the spotlight: South Africa banking sector, talks about accomplishments and challenges of the industry. What is the current state of Islamic finance industry in South Africa, home to about one 36 Islamic mortgages: Shari’ah-based or million Muslims? Shari’ah-compliant? A controversial interview with Sheikh Haitham Al Haddad, a London-based 40 Islamic scholar and Muslim community leader. 40 IT focus: Europe Arab Bank Antoine Sreih, CEO of Europe Arab Bank, a UK-based subsidiary of Arab Bank Group, tells NewHorizon about the bank’s major IT project. 43 Book Review ‘Developments in Islamic Banking: The Case of Pakistan’ by M. Mansoor Khan and M. Ishaq Bhatti. Regulars 05 NEWS 32 IIBI LECTURES 42 APPOINTMENTS A round-up of the important stories October and November lectures Summary of appointments within the from the last quarter around the globe. reviewed. Islamic finance industry. 20 ACADEMIC ARTICLE 34 IIBI NEWS 44 DIARY The global financial crisis: can Islamic New book published in conjunction Upcoming Islamic finance events finance help? with the IIBI. worldwide endorsed by the IIBI. IIBI launches a new website and 30 ACADEMIC ARTICLE prepares online courses. 45 RATINGS & INDICES Placing faith in Islamic finance: the role More students complete the IIBI’s of a Shari’ah scholar in the industry. Post Graduate Diploma course. 46 GLOSSARY www.newhorizon-islamicbanking.com IIBI 3 EDITORIAL NEWHORIZON January–March 2009 Deal not unjustly, and ye shall not be Executive Editor’s Note dealt with unjustly. Surat Al Baqara, Holy Quran As this issue of NewHorizon comes out in the New Year, I would like to wish the very best in 2009 to all our readers, members and EXECUTIVE EDITOR supporters as well as their families. Mohammad Ali Qayyum, Director General, IIBI The global financial crisis is largely attributed to the financial liberal- EDITOR isation that took place in the last two decades and the impact of the Tanya Andreasyan financial collapse on the real economy will be significant in 2009. IIBI EDITOR The financial euphoria fuelled distorted perceptions of risk, leading Mohammad Shafique to excess leveraging. This leveraging added to the scant regulation CONTRIBUTING EDITORS of the non-traditional banking sector and already existing over- Don Brownlow indebtedness of households and businesses, all of which combined James Ling has created a huge economic burden for future generations. NEWS EDITOR Lawrence Freeborn The crisis does not signal the failure of capitalism. Financial markets IIBI EDITORIAL ADVISORY PANEL have shown that they are incapable of regulating themselves and Mohammed Amin tend towards imbalance, especially after long periods of growth and Richard T de Belder Ajmal Bhatty stability which encourage excesses. Islam is indeed compatible with Stella Cox free enterprise based on shared responsibility. Islam is not opposed to Dr Humayon Dar the creation of wealth but is opposed to the hoarding of wealth and Iqbal Khan Dr Imran Ashraf Usmani all forms of extravagance. The 14th century Muslim scholar, Ibn Khaldun, long before Adam Smith, made a case for a free economy. DESIGN CONSULTANT Emily Brown Of course, it would be wrong to say that the ongoing crisis has PUBLISHED BY IBS Publishing Ltd completely bypassed the Islamic financial sector. Islamic banks are 8 Stade Street sometimes criticised for appearing to mimic conventional banking Hythe, Kent, CT21 6BE structures, based on the securitisation of assets, devising new prod- United Kingdom Tel: +44 (0) 1303 262 636 ucts that allowed commercial banks to create and multiply money. Fax: +44 (0) 1303 262 646 The implications are felt worldwide, from Europe, where the UK Email: [email protected] Web: www.ibspublishing.com government has postponed the long-planned sukuk issuance, to the Middle East, where the two of Dubai’s largest Islamic mortgage CONTACT Advertising companies had to be merged under a government-owned entity. IBS Publishing Ltd Paul Minister Even so, major challenges remain in terms of establishing shared Advertising Manager Tel: +44 (0) 1303 263 527 leadership with an aim of devising better rules for financial globalisa- Fax: +44 (0) 1303 262 646 tion. The Islamic finance industry can play a greater role in increas- Email: [email protected] ing awareness of its practices to help restore and maintain financial SUBSCRIPTION stability worldwide. IBS Publishing Limited 8 Stade Street, Hythe, Kent, CT21 6BE, United Kingdom Tel: +44 (0) 1303 262 636 Fax: +44 (0) 1303 262 646 Email: [email protected] Web: newhorizon-islamicbanking.com Mohammad Ali Qayyum Director General IIBI ©Institute of Islamic Banking and Insurance ISSN 0955-095X This magazine is published to provide information on developments in Islamic finance, and not to provide professional advice. The views expressed in Cover photo: the articles are those of the authors alone and should not be attributed to the organisations they are associated with or their management. Any errors © david Bronson glover, iStockphoto.com and omissions are the sole responsibility of the authors. The Publishers, Editors and Contributors accept no responsibility to any person who acts, or refrains from acting, based upon any material published in the magazine. The Editorial Advisory Panel exists to provide general advice to the editors regarding matters that may be of interest to readers. All decisions regarding the published content of the magazine are the sole responsibility of the Editors, and the Editorial Advisory Panel accepts no responsibility for the content. 4 IIBI www.newhorizon-islamicbanking.com NEWHORIZON Muharrum–Rabi Al Awwal 1430 NEWS Qatar Financial Centre First takaful product supports the largest launched in US museum of Islamic art Risk Specialists Companies, a supervisory board of UK- subsidiary of AIG Commercial based takaful operator, The Museum of Islamic Art, the museum premises, private tours Insurance, announced that it Principle Insurance. flagship project of the Qatar of the galleries, involvement is introducing a takaful home- Museums Authority, has re- with educational workshops, owners policy, the first instal- The takaful offering for cently opened in Doha. Qatar and linkage between the QFC ment in Lexington Takaful homeowners will be the first Financial Center (QFC) Author- and the museum in publica- Solutions, which will be a Islamic insurance product ity signed a partnership agree- tions, websites and other mate- number of Islamic product to be marketed in the US. ment to be its strategic financial rials, and through sponsorship offerings for the US. Abdallah Kubursi, global partner for three years from of future exhibitions. head of AIG Takaful Enaya, 2009. The agreement will allow The product has been released described the undertaking as the QFC and its staff to visit An opening ceremony for the in conjunction with AIG Taka- ‘truly a global effort’ and and benefit from the brand new, museum was held in November, ful Enaya, a Bahrain-based emphasised the commitment 45,000 square metre venue, under the patronage of HH The outfit. Its Shari’ah supervisory of the participants to offer which is the largest museum Emir Sheikh Hamad bin Khalifa board includes well-known consumers wider choice dedicated to Islamic art in the Al Thani. The project sets a names such as Sheikh Nizam ‘based not only on need but world. founding stone in the cultural Yaquby, who also sits on the also social preference’. blueprint to transform Qatar The opening of the museum, into a global capital of culture. which covers 1400 years of The museum, designed by Islamic creativity, has been Pritzker Prize (an architectural German bank ties up with billed as one of the most signifi- award) laureate Ieoh Ming Pei, cant cultural events in the his- is inspired by the 13th century Al Salam Investment tory of Qatar, and the staff of ablutions fountain at the 9th QFC will benefit from its state- century Mosque of Ahmad ibn Al Salam Investment in Dubai, vious levels of transactions and of-the-art hospitality and educa- Tulun in Cairo. The museum’s which has identified Islamic ultimately the confidence in tional facilities. Also included in artworks, dating from the 7th finance as a big driver for the the financial system needed to the agreement will be hosting to the 19th century, are drawn regional financial sector, has reverse the move away from corporate and social events on from three continents. launched a major initiative and growth.’ Haghshenas went on signed an agreement to partner to explain that the Middle East with Germany-based HSH will be a region of change and Museum of Islamic Art, Doha Nordbank, specialising in ship- opportunity, and the partnership ping and renewable energy fi- is a way of ensuring Al Salam nance. The agreement initially Investment is well placed to covers the GCC but the inten- capitalise on it.
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