Islamic Private Banking and Wealth Management by oex12688

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									Islamic Wealth Management: A Catalyst for Global Change and Innovation


Contents
PART 1 – INTRODUCTION TO ISLAMIC WEALTH MANAGEMENT

1 Untapped potential and expanding to new investment frontiers
Sohail Jaffer
Introduction
Structuring equity funds for Islamic investors
Exploring investment opportunities beyond equities
The potential of Islamic REITs
Alternative investments for Islamic high net worth individuals
The potential of Islamic hedge funds

2 Islamic capital markets in the first decade: developments and issues for the future
Michael J.T. McMillen
Introduction and background
Dow Jones fatwa and sequelae
Sukuk and the capital markets
The secondary markets enigma
Conclusion

3 Globalisation and its impact on Islamic finance: a focus on the changing landscape for
Islamic finance
Hari Bhambra
Introduction
Principles of Islamic finance
Islamic finance in practice
Islamic wealth management
Islamic finance in the global markets
Needs of the industry
Regulators in Islamic finance
Regulatory objectives for Islamic finance
Islamic finance and religious alignment and prohibition in the global market
Islamic finance in Islamic secular markets
Other market opportunities
The future of Islamic finance: non-denominational products
Conclusion

4 The global potential of Islamic financial services: towards a truly global market
Nesrine Jaffer
Introduction
Progress towards a global Islamic capital market
Constraints to accelerated globalisation in Islamic capital markets
Islamic retail banking: undeveloped potential
The UK: the exception to the rule in Europe
The need for critical mass in Islamic banking in Muslim-majority countries
The proliferation in Islamic financial centres
Islamic finance hubs in Asia
Conclusion: towards a truly global marketplace for Islamic financial services

5 Emerging economies – offering the possibility for innovative product development
Majid Dawood



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Introduction
Emerging markets
Demand driven
Wealth management
Emerging financial centres and Islamic finance
Innovation and trends
Conclusion

6 Contemporary developments and growing options in Islamic wealth management within
North America and beyond
Shahzad Siddiqui and Siddiq Mohamed
A compromised state
Incrementalism in Islamic finance
Regulatory roadblocks
Challenges and opportunities
Conclusion

7 Islamic finance, a global alternative and socially responsible investment
Aly Khorshid
Principles of Islamic finance
Islamic instruments for primary markets
Can Islamic investment and banking appeal to non-Muslims?
Conclusion

8 Islamic finance in Lebanon: a viable Near Eastern platform
Ghassan Chammas
Introduction
Lebanon, an emerging Islamic financial hub and market place
Lebanon landmarks: securitisation and fiduciary laws
Islamic funds: Lebanon as an investment platform
Conclusion

PART 2 – WEALTH MANAGEMENT: THE BUYSIDE

9 Beyond the transaction: pairing Islamic wealth and asset management
Douglas Clark Johnson
Missing requisites: segmentation and ideas
Expanding beyond borders
But how to design and manage a portfolio?
Strategy requires implementation
Paving the way
Call for action

10 Real wealth – an Islamic perspective
Omar Clark Fisher
Introduction
Islamic perspective of wealth
Modern dilemma
Concepts to create halal wealth
Methods to build real wealth
Avoidance of riba-based investments and guidance to live debt-free
Tips on gaining wealth through savings and investments

11 Marketing and distribution of Islamic products within a wealth management platform
Naveed Imtiaz Ahmad
The growth of Islamic finance



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Retail banking and wealth management
The challenges of distribution
The future

12 Effective wealth management – some issues to consider
Clive Mackinstosh and Mark P. Hurst

PART 3 – WEALTH MANAGEMENT: ASSET MANAGEMENT – EMERGING TRENDS AND
OPPORTUNITIES

13 Key trends in Islamic funds
Bernardo Vizcaino
Introduction
Industry size and composition
Industry growth and new launches
Fund location and geographical mandates
Asset allocation
Due diligence components
The asset class mix
Structural evolution
Fund performance
Market behaviour
Correlation analysis
Conclusion

14 Shariah compliant mutual funds
Sonia Borg
Introduction
The Islamic financial services industry
Structured products
ETFs
Multimanager funds and hedge funds
Role of regional financial centres
Future growth
Challenges
Conclusion

15 Analysis of the benefits of Shariah screening tools
Andrew Pell
Introduction
History
The Shariah consultants
Drawbacks of Shariah screening tools in relation to historical research
The study of Shariah screening tools
Conclusion

16 Shariah compliant funds in Luxembourg
Wim Piot and Mukta Attri
Luxembourg fund centre for Islamic funds
Regulation regarding funds and other vehicles
Taxation of funds
Management of funds
Islamic equity fund
Sukuk
Sukuk fund
Specific Islamic product fund



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Conclusion

17 Building an Islamic portfolio: perspectives on asset allocation and manager selection
Eric Swats and Jawad Mian
Introduction
Asset allocation
Efficient frontier: risk and return
Asset classes
Manager selection
Case study: the Rasmala experience
Challenges

18 Case study: implementing Shariah compliant investing in a multi-manager environment
– the Russell Jadwa funds
Alexandra Haggard, Brian Ingram and Shamindra S. Perera
Introduction
Why multiple managers?
Multi-manager versus manager of managers versus fund of funds
Wealth managers and multi-manager funds
The importance of manager selection for Shariah mandates
Portfolio construction and manager changes in a multi-manager fund
Who is responsible for Shariah compliance?
How to ensure a single standard of compliance?
Which Shariah standards?
Adapting day to day policies to meet Shariah requirements
Russell Jadwa products so far
The future


19 Socially responsible investing
Zaha Rina Zahari and Bala Shanmugam
Introduction
Defining socially responsible investing
History of SRI
Categories of SRI participation
Value based SRI approaches
Trend of SRI
Contributing factors of SRI growth
Factors limiting growth of SRI
Adverse effects of SRI
SRI index monitor
Major providers of SRI investments
Case study: Islamic finance
Conclusion

20 Can Islamic asset management aim a little higher? Achieving maturity and the impact of
socially responsible investment
Mark Stanley and Salmaan Jaffery
Introduction
Demand – the future looks bright
Supply – the nascent Islamic fund universe
Widening the investor base – socially responsible investment
Conclusions

PART 4 – WEALTH MANAGEMENT: TAKAFUL




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21 The application of takaful to Islamic wealth management
Peter Vayanos and Philipp Wackerbeck
Introduction
Fundamentals of takaful
Background and development of takaful
The role of insurance in wealth management
Opportunities for takaful in Shariah compliant wealth management
Business models to deliver takaful products
Challenges to be addressed
Conclusion

22 Bancatakaful
Ajmal Bhatty
Introduction
The prospects
Key drivers
The stakeholders
Bancatakaful models
Cost benefits
The financial motivation
Conclusions

23 Takaful as a dedicated wealth management tool
Azeem Iqbal Pirani and Farhan Noor
Introduction
Takaful (Islamic insurance)
Takaful as a wealth management firm
Takaful as a wealth preservation/protection tool
Takaful as a wealth multiplication tool
Takaful as a wealth transfer tool
Takaful as a wealth purification tool
Conclusion

24 Takaful and re-takaful: using the UK as a platform to Europe
Susan Dingwall and Ffion Flockhart
The potential for takaful in Europe
The regulation of takaful in Europe
The regulation of re-takaful in Europe
The importance of choosing a suitable home state regulator
Conclusion

PART 5 – WEALTH MANAGEMENT: ALTERNATIVE INVESTMENT STRATEGIES

25 Islamic banks and sukuk: growing fast, but still fragmented
Anouar Hassoune
Introduction
Sukuk are always structured products
Islamic banks perform specific financial intermediation
The future is full of challenges and constraints for the Islamic financial industry

26 A promising future for the sukuk market
Moyn Uddin and Andre Portelli
Introduction
Global sukuk market
Structuring sukuk
Structures being used



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Key differences
Musharaka, mudaraba, wakala sukuk? Or ijara sukuk?
Recent innovations in sukuk structures
What happens in the event of a default or bankruptcy?
Issuers looking to sukuk as a viable alternative
Access to European, Far East and US assets
Market status
Conclusion

27 The practitioners’ working guide to sukuk
John H.C. Yip
Background
Introduction
What exactly is a sukuk?
How to originate a sukuk issuance?
Sukuk origination and structuring issues
Conclusion

28 Innovation and new opportunities: sukuk in the West
Tricia Boutros
Introduction to sukuk: becoming familiar with Islamic finance in the West
Applicability and accessibility of Islamic finance to western enterprise
Practical considerations for western sukuk issuances: forum selection, taxation and regulation
Nature of the assets: specific requirements under Shariah
Recent examples and future considerations
Conclusion



29 Real estate for the investor portfolio
Abdulkader Thomas
Introduction
Real estate risk and opportunity
Direct real estate investment
Real estate funds
REITs and REOCs
Leveraging real estate investments
Frontiers of real estate investment
Screening
Purification of incidental impermissible income
Tax and nationalisation risks
Conclusions

30 Shariah compliant private equity finance
Rodney Wilson
The role of private equity finance in the Islamic world
The emergence of private equity finance in the MENA region
Screening criteria for private equity investment
Shariah compliant venture capital in Malaysia
Potential and limitations of diminishing musharakah
Principles of musharakah
An adaptive musharakah structure
Overcoming moral hazard
Musharakah as an equity or debt instrument?
Future prospects




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31 Islamic private equity: an examination of opportunities and issues for an evolving
industry
Dilip N. Massand and Paul C. Homsy
Introduction
Shariah requirements and private equity
Sample Shariah structures for private equity transactions
Investment opportunities for Islamic private equity
Issues concerning different share classes, rewards, protection
Conclusion

PART 6 – REGULATORY, LEGAL AND RISK MANAGEMENT

32 Regulatory, supervisory and legal implications relating to Islamic wealth management
Simon Archer
Introduction
Investment accounts with Islamic banks
Investment products offered by takaful undertakings
Islamic mutual funds
Islamic investment certificates (sukuk)
Conclusion

33 Corporate governance in Islamic finance
Nasser Saidi
Introduction
Corporate governance
Islamic banking
Corporate governance framework of Islamic banks and financial institutions
IFSB principles and AAOIFI governance standards
Internal and external Shariah compliance for IFIs
Corporate governance in takaful and re-takaful industry
Common corporate governance practices in banks and other institutions
Conclusions

34 Risk management issues of Shariah compliant wealth management
Zamir Iqbal
Introduction
Risk exposures
Risk management strategy
Conclusion

35 When finance converges with faith
Christopher O’Brien and Alka Banerjee
Introduction
Where a growing offer is answering to latent demand
Creating Shariah compliant equity indices
Construction of Shariah compliant indices
Generally accepted principles of Shariah compliance
Returns from the Shariah indices
Commercial applications of Shariah equity indices
Comparison to the Dow Jones Islamic market indexes
Conclusion

36 Taxation of investment funds
Mohammed Amin and Elizabeth Stone
Tax treatment of UK funds
Offshore funds distributing into the UK



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Tax implications of an offshore fund with a UK investment manager or UK director




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