Wednesday, September 24, 2014

Return, revisit, renew



   24th September 2014 (Volume 11 Issue 38)

Return, revisit, renew

Sometimes a crisis can show us a new way of approaching a problem, while sometimes it just takes a little time to recuperate before we revisit. While Islamic finance put in a sturdy performance through the economic turbulence of the last decade it has not been immune, and one of its biggest blows was the extinguishment of American aspirations, as US markets recoiled hurt and investors pulled back. But as health returns to the global financial markets we are seeing rising interest on both sides: and our cover story this week explores the renewal of participation from one of the world’s biggest economies.

Our IFN reports continue the journey with encouraging developments in the field of human capital, a look at the long-awaited sovereign from South Africa, a review of the burgeoning market in the Maldives and of course our weekly sovereign Sukuk round-up among a host of other material; while our case study features the recent Bank of Tokyo-Mitsubishi (Malaysia)-ICD Murabahah financing agreement and our in-house analyses look at Singapore and the derivatives market. Our correspondents this week come to you from Sri Lanka and Saudi Arabia; while we also have a feature on the Indonesian infrastructure sector from Instansyah Ichsan of Samuel Aset Manajemen and a country feature from George Mickhail of the University of Wollongong, Australia. Our special reports this week come from M Mahbubi Ali and Dr Romzie Rosman of ISRA writing on capital charges for non-compliance risk, and an update from the ICD on the opportunities with its new Ijarah companies.

With an international issue spanning the globe and multiple sectors within it, we hope you enjoy the final issue of September and we look forward to the birth of a new month bringing with it new challenges and new goals.



Cover Story


Home of the brave: Where next for Islamic finance in the US?
With the surprise return of Goldman Sachs to the Islamic debt capital market last week, a groundswell of new funds entering the asset management arena and increasing activity in the US property market, it looks as if Islamic finance could be back on the map for the world’s biggest economy. But will the US remain a featherweight or finally step up to fight in its own division?

IFN Reports



IFN Country Correspondents



IFN Sector Correspondents



IFN Country Analysis



IFN Sector Analysis



Shariah Pronouncement




A first for BTMU Malaysia
The Malaysian operations of Japanese banking conglomerate Bank of Tokyo-Mitsubishi UFJ provided a US$100 million Shariah compliant financing facility to the Islamic Corporation for the Development of the Private Sector (ICD)

Special Reports


ICD Ijarah companies – rationale and strategy
An integral part of ICD’s mandate is to promote development and growth in member countries by developing new Islamic finance channels such as specialized Ijarah companies that focus on the under-banked SME segment in these markets.

Is there a need for capital charge on Shariah non-compliance risk?
Shariah non-compliance risk is a unique type of risk in Islamic banking operation, which indicates a significant portion of risk that Islamic banks are exposed to.

Features


Is there hope for Islamic banking in Libya?
Libya has had a long and troubled relationship both with Islam and Islamic finance, and as the country continues to suffer through internal divisions and warring factions the future for a framework for Shariah compliant banking in the country looks less than positive. GEORGE MICKHAIL provides his personal views on the issues keeping the country from unison.

Indonesian infrastructure and Islamic finance
Infrastructure is an important sector that plays a major role in the Indonesian economy: as it directly contributes to GDP formation and provide additional input in the production process of other sector while indirectly raising the nation productivity through the reduction of the transaction costs (Indonesia’s logistics cost accounts for approximately 25% of GDP a level higher than its regional peers).



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