O slideshow foi denunciado.
Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. Altere suas preferências de anúncios quando desejar.

Regulating the Islamic Financial Products

2.740 visualizações

Publicada em

The presentation highlights the tree of Islamic financial products. It proposes a model to orchestrate the relationship between the the product structure from one hand, and the regulatory bodies and standards setters from the another.

The document also sheds some lights on the sufficiency of regulation and identify areas for further development.

For further information please contact Tanmia Capital Limited bassel@tanmiacapital.com

Publicada em: Economia e finanças
  • Seja o primeiro a comentar

Regulating the Islamic Financial Products

  1. 1. Distribution is restricted to … Regulating the Islamic Financial Products Bassel Nadim March 10, 2014
  2. 2. © 2014 AAA2 Profession - The Managing Director of Tanmia Capital Limited, London - Bassel is a the ex-CEO of the UAE Accounting and Auditing Association, a semi- regulatory body that supervises the non-financing financial services in the country - Ex-Deloitte Consulting and a Co-leader of the Islamic banking strategy offerings - more than 15 year of management consulting experience of which 10 year were dedicated to provide strategy advice and leadership assistance to financial institutions in general with a focus on Islamic finance across the Gulf countries, MENA, CIS and Caribbean’s Education - MPhil in monetary policy from the UK, with a focus on financial labialization and monetary regulation in developing countries in 2002 - Certified Islamic Public Accountant, CIPA - Risk in Financial Services, CISI - Insurance Certificate, CII - Strategic Planning, George Washington - Leadership Program, Harvard Business School His recent works address issues around capacity building and financial inclusion.He was actively involved in the ethical finance debate at the Scottish Parliament last winter and had led a world class conference on Islamic banking in Dubai in March 2014 and participate in a workshop with the World Bank and IFAC on small and medium practitioners in June 2014. About the Author Bassel Nadim www.basselnadim.net bassel@tanmiacapital.com
  3. 3. The Approach • Financial Products • The Sharia Compliance Dimension • The standards Setting and Regulatory Bodies • Sufficiency of Regulation • The Expected Role of the Concerned Bodies 3
  4. 4. 1- Financial Products 4 overdraft Micro finance IPO Corporate loans Investment certificate Home loans Forex ATM Debit cards Sukuk Credit cards Personal lines Saving accounts Brokerage Transfer Funds Car loans Private banking
  5. 5. Provide Transfer Advise Rates Added value Tariff Product Fees 3 Infrastructure 4 2 1 5 Creation Govern ResourcesRisk management and reporting Facilitate Price Reach out Service Delivery 1- A Financial product model 5
  6. 6. 2- The Islamic Products 6 Islamic financial products Islamic Banking Deposits and Investment Financing Islamic Capital Market Equity Islamic Securities/Sukuk REITs Funds & Unit Trust Islamic Venture Capital/ Private Equity, Derivatives Takaful (insurance) Takaful Re-takaful The paper’s focus
  7. 7. 2- Islamic products 7 Deposits and Investment Current account Savings account Investment account Fixed-income deposit account Wadiah or Qard/Hassan Wadiah Unrestricted Mudarabah Murabahah-Tawarruq • Non-dividend bearing • Returns given at the banks’ discretion (Hibah=gift) • Wadiah Yad-Amanah (Trustee safe custody) • Wadiah Yad Dhamanah (Guaranteed safe custody) • Unlimited investment contract • The Islamic bank has authority and flexibility to manage fund • The Islamic bank purchases commodity by bank on behalf of client and resells it on a cost-plus-profit basis Mudarabah Mudarabah Restricted Mudarabah • Profit-sharing partnership between capital provider (depositor) and entrepreneur (the Islamic bank) • Profit-sharing partnership between capital provider (depositor) and entrepreneur (the Islamic bank) • Funds are managed according to specific instructions by investors
  8. 8. 2- Islamic products 8
  9. 9. 3- The standards Setting and Regulatory Bodies 9
  10. 10. Product components The Islamic Banking Unit 10 The Sharia governance Structuring Forms Capital adequacy Risks Reporting Enabling and Internal Capacity SOP Licensing SLA Liquidity Internal audit Talent Risk management Reach out and external capacity Communication Awareness Consumer rights Delivery channels Information IT Branding 4- Sufficiency of Regulation Below Average Good Average
  11. 11. 5- The Expected Role of the Concerned Bodies 11 Professional Body Share Legislate Capacity building Review