PROCESS AND PROCEDURES

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1 PROCESS AND PROCEDURES FROM CONVENTIONAL TO ISLAMIC BANKING AMIR ALFATAKH YUSOF ISLAMIC BANKING

2 SPEAKER PROFILE 1. Started in Conventional Banking Sales for OCBC Bank Retail, Business Banking and Corporate Banking, Kuala Lumpur Main Branch ( ) 2. Grabbed opportunity to become OCBC Bank Islamic Banking Windows (IBW) Product Developer ( ) 3. Led the Islamic Banking Personal Financial Services to build business ( ) 4. Jumped : Kuwait Finance House (2007), ABN AMRO for IBW ( ), Al-Khaliji Commercial Bank Qatar ( ), AmIslamic Bank ( ), Standard Chartered Saadiq ( ) AMIR ALFATAKH UITM, HULL (UK), IIUM 5. Now Acting Country Head for IBW UOB Bank (2016-Present), recently launched IBW business (July 2016) 6. Committee Member of AIBIM s Qard WG, Investment Account WG, Tawarruq WG. Industry awareness task-force for BNM. IBFIM trainer (Deposits & Financing products). 7. Maintains a free-to-use website Islamic Bankers Resource Centre (

3 INTRODUCTION TO ISLAMIC BANKING INDUSTRY OUTLOOK BEYOND 2017

4 INTRODUCTION Islamic Banking to the Forefront For some time now, Islamic Banking has been the focus of the Banking world, arising from greater acceptance and faster growth in the industry than the conventional space. There is also greater awareness on the structures being offered On Par Recent developments on Shariah views or Business Practices = on par with conventional features & global standards Ethical Banking Desire to include Islamic Banking as Ethical Banking in practice puts responsibility to Shariah Committee to re-look at banking rules more carefully Segment Banking, Not Religion Better understanding that Islamic Banking is NOT religion banking, especially for non-muslim customers. It is an alternative model or infrastructure, that follows certain rules which complies with the requirements of the Shariah

5 THE GLOBAL ARENA The Global Profit of Islamic Banks set to TRIPLE and is in line to reach USD$1.6 trillion in Assets by Islamic Assets in 6 core markets (Qatar, Indonesia, Saudi Arabia, Malaysia, UAE, Turkey) set to show double digit growth in The YOY growth is expected to sustain at 16%-17% growth until Malaysia is expected to sustain the 2015 growth of 11% for Source: World Islamic Banking Competitiveness Report (EY2016)

6 OPPORTUNITIES ABOUND Overseas work opportunities for Islamic Banking Specialists (4-6 years background) Active hiring of experienced individuals esp for short-term contracts in Middle East Consultancy work / start-ups Support Areas Legal / Advisory / Shariah Consultancy / Operations / IT Growth in Islamic Financial Institutions: Local Islamic Banks Locally Incorporated Foreign Islamic Banks Islamic Subsidiaries of Local / Foreign Banks Development Financial Institutions (DFI) Islamic Banking Windows of Conventional Banks Islamic Investment Banks Takaful Companies Highest Growth Emerging Markets Untapped Potential Middle East North Africa South East Asia (+Malaysia) Eastern Europe / Turkey Hong Kong / Singapore United Kingdom China Western Europe Russia

7 GROWTH OF ISLAMIC BANKING ISLAMIC BANKING FINANCIAL INSTITUTIONS (MALAYSIA) excluding DFI & IBW 1. Affin Islamic Bank 2. Al Rajhi Banking & Investment Corp 3. Alliance Islamic Bank 4. AmIslamic Bank 5. Asian Finance Bank 6. Bank Islam 7. Bank Muamalat 8. CIMB Islamic 9. HSBC Amanah 10. Hong Leong Islamic Bank 11. Kuwait Finance House 12. Maybank Islamic 13. OCBC Al Amin 14. Public Islamic Bank 15. RHB Islamic Bank 16. Standard Chartered Saadiq BECOMING AN ISLAMIC BANKING HUB There is an on-going push by BNM to position Malaysia as the foremost leader in Islamic Banking products and services: ü Clear Guidelines ü Business-Friendly ü Close Supervision ü SAC Oversight BNM target for the industry : 40% of all Banking Assets to be booked under Islamic Banking by 2020

8 BUT WHY IS ISLAMIC BANKING GROWING? There is a sizeable demand for Islamic products, based on a more ethical & fair adoption of banking practice Market Demand BNM Push Shariah Compliance Strong support and incentives given by government to support the BNM vision and desired infrastructure Shariah requirements allow for compliant activites which allows for a bigger access to investors. Asset Backed transactions Not overly-geared as deals are based on real assets Prudent products the limited range of sophisticated products limits the risks Financing of stable activities real economies Growing Confidence removal of many contentious conventional and old skool Islamic Banking practices Demand by Customers

9 11% Non-Muslims DEMAND BY THE CUSTOMERS 35% MUSLIM CUSTOMERS i. Greater awareness of Shariah requirements in Banking ii. iii. iv. Comfort of being involved in Shariah-compliant businesses only Good measure of fairness Prefers simple to use products NON-MUSLIM CUSTOMERS i. Attractive features of Islamic Products (at par) ii. iii. iv. Reasonable treatment for penalties on their financing Fair terms and conditions = maximise financial benefits No inclination to religion, just on features and benefits 54% FUN FACT : ON AVERAGE, NON-MUSLIMS MAKES UP TO 80% OF CUSTOMERS-BASE FOR ISLAMIC BANKING

10 BANK NEGARA MALAYSIA AS THE DRIVER ISLAMIC FINANCIAL SERVICES ACT 2013 (IFSA) i. The Islamic Financial Services Act 2013 (IFSA) was introduced to re-align all the existing Acts governing Islamic Banking into a single Act. ii. iii. iv. The scope of business has been re-defined to encompass all entities offering Islamic product and services Some contracts nature were also re-defined The responsibilities of all the stakeholders in an Islamic Banking business is emphasized, especially Shariah Committee BNM POLICY DOCUMENTS & GUIDELINES i. Since 2013 when IFSA was introduced, BNM had released multiple Guidelines and Concept Papers to be discussed with the industry players ii. iii. iv. Comments and feedback on the intended guidelines were received from the various industry players Shariah Advisory Council (SAC) of BNM is also consulted before the paper is finalised. The final version : Policy Documents are introduced to Banks to comply

11 BRIDGING THE GAP CONVERSION TO ISLAMIC BANKS ROAD TO COMPLIANCE

12 CONVENTIONAL BANKING STRUCTURE A conventional bank is designed to have 2 main functions i.e. 1) Collect Deposits and 2) Give Loans. As such, income and pricing becomes important when introducing their products. Under the Conventional Banking, the modus operandi is: 1. Shareholders gives capital 2. Bank receives customer deposits & invest 3. interest received are distributed Customer Deposits Invest / Utilise TREASURY FUNCTION Interest Income 4. Customer request for loans 5. Bank borrows interbank funds 6. Bank lends the funds at an interest rate Interest Income Customer Lending Interbank Borrowing 7. Customer pays interest + principal

13 Sources of Funds ISLAMIC BANKING STRUCTURE Distribution of Income (less Expenses) Pool of Funds In Islamic Banks, while income and pricing remains important, there is also consideration on why a product is launched and the impact it has on customers. Not all fees can be charged, and not all features can be used in Islamic Banking. The Islamic Banking Model itself is not a standalone arrangement. Income from Activities Application of Funds THE MOST SUITABLE APPLICATION IS THE MUDHARABAH Islamic Banking Contracts There is linkage between Sources and Application of Funds TREASURY OPERATIONS LEGAL SHARIAH REVIEW & AUDIT SHARIAH COMMITTEE Manage liquidity end to end Invest in compliant instruments Manage cost of funds Detailed workstream Commodity Desk Sequencing & Aqad Completion Contractual Relationships Aqad & Transactional Documents Islamic Terms & Conditions Execution of documents Completion of Aqad Shariah Non-Compliant Events Deliberation of New Products & Issues Decisions on SNC Events Approval of Products, Processes, Structures

14 CONVERSION TYPES Windows Infrastructure: Conventional Bank Description: Islamic Banking products offered via Conventional Banking channels Advantage: Low cost, existing infrastructure Disadvantage: Dependent on Conventional Bank Conversion Complexity: Low. Subsidiary Infrastructure: Islamic Subsidiary leveraged on Conventional Bank (parent) Description: Islamic Banking products offered via Conventional Banking channels & Standalone Branches Advantage: Medium cost, existing infrastructure. Independent Management Disadvantage: High cost to set up Islamic Branches Conversion Complexity: High Full Fledged Infrastructure: Islamic Bank Description: Islamic Banking products offered via Islamic Banking channels Advantage: Standalone Management & Banking Infrastructure. Disadvantage: High Operating costs Conversion Complexity: Medium

15 ISLAMIC BANKING WINDOWS Conversion into Islamic Banking Windows are mainly the following: 1. New documents 2. New processes 3. New systems Allocated Capital Leverage Structure Shared Balance Sheet Banking Structure System Documents Processes Aqad Treasury Accounting Management Team = Conventional Conventional Core Banking System Terminologies change + enhancements Document Enhancements to Shariah contents Identify Shariah touch-points to enhance processes Design based on Islamic contracts Separate Treasury structure to be built and managed independently Separate General Ledgers to be built and flow through into different books

16 ISLAMIC BANKING SUBSIDIARY Banking Structure System Management Team = Islamic Conventional Core Banking System Terminologies change + enhancements Conversion into Islamic Banking Subsidiary are mainly the following: 1. New documents Leverage Structure Documents Processes Document according to Shariah contents Identify Shariah touch-points to enhance processes (leverage) 2. New processes 3. New systems Capital from Parent Aqad Design based on Islamic contracts 4. New governance 5. Migration to Islamic (optional) 6. Vesting Order Standalone Balance Sheet Treasury Accounting Separate Treasury structure to be built and managed independently Separate General Ledgers to be built and flow through into different books

17 ISLAMIC BANK (FULL FLEDGE) Conversion into Islamic Bank (Full Fledge) are mainly the following: 1. New documents 2. New processes 3. New systems 4. New governance 5. New Capital 6. Migration to Islamic (mandatory) 7. Vesting Order 8. Sell of Conventional Portfolio Standalone Capital Standalone Structure Standalone Balance Sheet Banking Structure System Documents Processes Aqad Treasury Accounting Management Team = Islamic Islamic Core Banking System Document according to Shariah contents Shariah based processes Design based on Islamic contracts Islamic Treasury structure General Ledgers for Islamic transactions

18 EXAMPLES OF KEY DIFFERENCES (PRODUCT) Facility Amount Over Financing Period While most of the features between Islamic Banking and Conventional Banking products are the same, there are differences arising from Shariah requirements that provides better justice and fairness to the customers. Shariah Committee plays an Important role to regulate the rules against business requirements. Consideration of fair-play and justifiable charges forms part of the decisions made by Shariah Committee For each product, Shariah Committee is responsible to assess the features, conditions, operations, and fees & charges. Increases as amount is compounded and capitalised as new Principal Amount Capped at the Maximum Selling Price agreed in the Aqad Calculation of Installment and Profit Calculation based on Base Rate + Margin Calculation based on Base Rate + Margin, capped to the Maximum Ceiling Rate Penalty Rate (Punitive) on Non Performing Accounts Pre-Judg: Up to BR+3.5% x new Principal Post-Judg: Up to 8.0% x new Principal In-Ten: Up to BR+3.5% or CR x O/S Princ Off-Ten : IIMM Rate x O/S Balance Late Payment Charges 1.0% on the amount in arrears compounding into new Principal 1.0% on the amount in arrears noncompounding into Principal Early Settlement Charges Based on Lock-in period, ES charges = 1.0% of the Amount Settled Not Allowed (unless to recover actual costs incurred)

19 SHARIAH AS THE ULTIMATE LINE OF DEFENSE WITH GREAT POWERS COMES GREAT RESPONSIBILITIES i. IFSA 2013 outlined the roles and responsibilities of bank s Shariah Committee ii. iii. iv. Shariah Committee are required to discuss, deliberate and decide on all matters pertaining Islamic Banking in the bank Responsibility is on the Shariah Committee to make quality decisions, backed by proper research and robust deliberations Stiff penalties for negligence : RM25 million fine and/or 8 years jail SHARIAH GOVERNANCE FRAMEWORK (SGF) i. One of the important requirements by BNM on the operations of Islamic Banking business is the establishment of the Shariah Governance Framework (SGF) ii. iii. iv. SGF governs the operations of the Islamic Banking business including all review and oversight functions in the bank SGF outlines the roles and responsibilities of Shariah Committee and all other internal committees for Islamic Banking Detailed requirements to be set by bank.

20 CHALLENGES AND ISSUES MAKING THINGS WORK WITHOUT COMPROMISE

21 DECISION CONSIDERATION How much capital do we need? How much system enhancement must we do? What do we do with existing customers who do not want to convert? Can we legally auto convert existing customers? How do we treat Shariah non-compliant income? What products should we develop? How do we sustain profitability? How do we create awareness on Shariah? Shariah Compliance Expenses Profitability VIABLE ISLAMIC FINANCIAL INSTITUTION

22 EVOLUTION OF ISLAMIC BANKING Since the introduction of Islamic Banking Act in 1983, the industry has slowly evolved in terms of the following: v Guiding principles of Islamic contracts by BNM v Suitability of products towards customers needs v Operational efficiency of Islamic products and services Draft Principles discussed with industry Idea Looking at Market Needs for design Concept Robust discussion on structure Develop Based on principles and competition Policy Detailed and specific instructions Enhance Catering for specific needs via new design v Shariah increased depth and quality of decision making Guided Shariah looks at existing regulations Discuss Questions the status quo and directs compliance Research Provides solutions based on specific research

23 OPERATIONALISING REQUIREMENTS Ensuring the requirements are captured into the products and processes EXTERNAL BNM Policy Documents IFSA Laws of Malaysia Best Practices INTERNAL Shariah Rules Internal Guidelines Custom (Urf) Customer Needs UNDERSTANDING REQUIREMENTS Policy & SOP Product Design Processes & Controls Documents Operations System Accounting & Finance

24 OPERATIONAL CHALLENGES IN ISLAMIC BANKING vthe key challenge in Islamic Banking is the BALANCE between Shariah Requirements & Business Needs vadditional Shariah Requirements becomes a RISK for the Bank if fail to be observed vinadequate Controls, Human Error and Wrong Understanding of Requirements often leads to SHARIAH NON COMPLIANT EVENTS (SNCE) vwith IFSA 2013, Banks do not have a choice but to comply Shariah Business

25 SUMMARY Strong push from BNM for Islamic Hub Demand for Islamic Banks = consistent There is a lot of opportunities for the development of Islamic Banks over conventional banks. Due to the interest in Islamic financial institutions (especially from Middle East), Malaysian Financial Institutions find ways to offer an alternative structure under Islamic Finance. However, the Shariah Compliant requirements must remain valid to attract investors. Various Options Available for Conversions Islamic Banking Windows : Small but Efficient Islamic Banking Subsidiary : Teenage Participant Islamic Bank : Independent Entity Decision on which Model = careful thinking

26 THANK YOU FOR LISTENING QUESTIONS AND ANSWERS

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