Retail Banking Issues in Pakistan

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Islamic Retail Banking and Finance: Global Challenges and
Opportunities

Description:    With conventional banks in the west opening Islamic windows to service their Islamic customers,
                the establishment of the first discrete Islamic retail bank in Europe, and the conversion of entire
                banking functions to Islamic alternatives, Islamic retail products are increasingly moving to the
                mainstream. Offerings of Islamic mortgages, savings, insurance and retail investment products are
                part of a global expansion of the financial industry which are increasingly competitive with
                conventional financial products.

                Islamic Retail Banking and Finance is the first book of its kind bringing together the leading banks,
                lawyers, accountants and retail product providers who have been involved in the rapid expansion of
                the Islamic retail industry throughout the globe.

                Our contributors provide the reader with discussions of :
                -the market for Islamic retail products
                -the products available, how they differ from conventional alternatives, and their basis in Islamic
                law
                -the development of mortgage and home finance schemes, takaful, savings plans, auto finance
                products and equity investment products
                -how banks, insurance providers and asset managers can manage consumer education, what are
                the cultural and ethical constraints
                -the experience of training Islamic bankers
                -how to manage liquidity and credit issues
                -what are the regulatory constraints and challenges faced by Islamic retail product providers, and
                the experience of those who have successfully launched their products
                -the experience of those involved in conversion of Islamic retail banking functions
                -legal and taxation issues
                -the views from regulatory authorities themselves

                If you are involved in the launch of Islamic retail products, work in an Islamic bank, or are a
                finance professional interested in how Islamic products are structured you must read this book.

                With contributions from institutions and individuals including Clifford Chance, Deutsche Bank, Ernst
                and Young, Failaka, Financial Services Authority, FWU Group, London Special Risks, Meezan Bank,
                Shape, Sharjah Islamic Bank, State Bank of Pakistan, Vinson and Elkins, Volaw Trust, Shaykh Yusuf
                deLorenzo and Prof. Rodney Wilson.



Contents:       Author biographies
                 The editor
                 The contributors

                Part I An introduction to Islamic retail banking and finance


                 1 Editor's introduction
                 Sohail Jaffer, Managing Director, FWU Group, Luxembourg

                 2 The Shari'a scholar's view of Islamic consumer finance and retail products
                 Yusuf Talal DeLorenzo, Shari'a Supervisor and Director, Yasaar Limited United States
                 Introduction
                 Origins of modern retail Islamic finance
                 Retail markets
                 Shari'a-compliant products and services
                 Conclusion
3 The growth of Islamic banking and product development among
 Islamic retail banks
 Professor Rodney Wilson, University of Durham, Institute for Middle Eastern and Islamic Studies,
 United Kingdom
 Introduction
 Jordan Islamic Bank
 Dubai Islamic Bank
 Bank Islam Malaysia
 Islamic Bank of Britain
 Lessons from Islamic retail banking experience

Part II Islamic retail banking: Growth opportunities and
 market developments

4 Establishing Islamic banks in the West:
The case of the Islamic Bank of Britain
Tim Plews, Joint Managing Partner, London Finance and Capital Markets Practices,
Clifford Chance LLP, United Kingdom
Introduction
Islamic financial institutions in the United Kingdom
The FSA's approach to new proposals
Making an Islamic bank proposition to the FSA
Five key factors for a successful licence application
What does IBB offer Muslim believers?
Product puzzles
The role of the Shari'a committee of scholars
Taxation of Shari'a-compliant financial products
Developments elsewhere?

5 Converting a conventional retail bank to Islamic banking
Nathif Adam, Head of Investment and International Banking, Sharjah Islamic Bank, UAE
Introduction
UAE institutions ring in a new era
Conversions in Saudi Arabia: A springboard for growth
Varying approaches to conversions
Planning the conversion
The conversion process
Conclusion

6 Survival of the fittest: The future of Shari'a-compliant retail banking
 in the GCC
 Sameer Abdi, Senior Manager, Islamic Financial Services Group, Ernst & Young, Bahrain
 Introduction
 Market realities drive the retail banking industry
 Is retail expansion sustainable in the long run?
 How can regional retail banks sustain future growth and performance?
 Competitive pressures in Islamic retail banking
 The way forward for retail Islamic banks

7 Global challenges for Islamic retail banking: Developments in Pakistan
 Zafar Ali Khan, Vice President and Head of Marketing,
 Liability Products and Housing Finance, Meezan Bank Limited, Pakistan
 Introduction
 Historical overview of Islamic banking
 Islamic retail finance in Pakistan
 Conclusion

Part III The development of Islamic finance products


8 Structuring Islamic mortgage and home finance products
 Abdulkader Thomas, CEO, SHAPETM Financial Corporation, United States, with
 Waheed Qaiser, Assistant General Manager, Islamic Bank of Britain, United Kingdom;
Bader Al-Bahar, Deputy General Manager, Al Dar Finance, Kuwait; and
Professor Sudin Haron, Universiti Utara Malaysia, Malaysia
Introduction
The history of Islamic home finance
Capital adequacy concerns
Home financing developments among Muslim majority populations
Home financing instruments, and the concerns of Islamic scholars
Successful minority experimentation in the United States
Methods and structures for home financing
Securitising home finance
Who leads the market?
Future challenges

9 Home finance schemes in the UAE: A case study
 Sohail Zubairi, Vice President and Head of Shari'a Structuring, Documentation and
 Product Development, Dubai Islamic Bank, Dubai
 Introduction
 Background
 Birth of an idea
 Issues remaining to be resolved
 Shari'a parameters for home financing
 Conclusion

10 Islamic investment opportunities in the OIC:
 Alternative investments to reverse capital flight
 Rushdi Siddiqui, Head of Business Development, Dubai Bank, Dubai
 Introduction
 Islamic alternative asset classes
 Reversing Shari'a-compliant capital flight?
 Conclusion

11 Recent developments in Islamic auto finance products
 Ibrahim A. Mardam-Bey, Executive Vice President, BSEC, Bemo Securitisation SAL, Beirut
 Introduction
 Market profile
 Recent market drivers
 Islamic auto finance products
 Islamic versus conventional auto finance
 Market evolution

Part IV Islamic wealth management products


12 Wealth building blocks: The growth of takaful savings,
 Islamic life insurance and bancassurance
 Omar Fisher, Deputy General Manager, Takaful Business Development,
 Unicorn Investment Bank, Bahrain
 Introduction
 Highlights of Islamic life insurance
 Insurance in the Arab world
 Realignment of Islamic banking and life insurance to promote savings
 Customising products and delivery of advice
 Conclusion

13 Takaful: Islamic insurance in Malaysia
Zainal Abidin Mohd. Kassim, FIA, ASA, Principal and Actuary,
Mercer Zainal Consulting Sdn. Bhd., Kuala Lumpur, Malaysia
Introduction
Islamic religious law (Shari'a)
Investments and interest
Commercial contracts
Underwriting risk
Takaful in Malaysia
Issues arising in implementing takaful in Malaysia
The future of takaful

14 Takaful: Models and markets in the United Kingdom and Europe
 Bilal Aquil, Solicitor, Clyde & Co., Middle East Regional Office, Dubai
 Introduction
 Overview of takaful
 The established takaful market
 The UK and European insurance market
 Legal and regulatory issues
 Financial services regulation
 Practical challenges
 Conclusion

15 Islamic wealth management: Innovative product designs
 Sohail Jaffer, Managing Director, FWU Group, Luxembourg
 Introduction
 Strategic product partner selection
 Product innovation
 Global opportunities

16 Islamic EquityBuilder CertificatesTM:
 Islamic innovation in quantitative modelling
 Markus E. Barth, CFA, Global Equity Quantitative Strategist & Investment Products Group,
 Deutsche Bank AG, United Kingdom
 Introduction
 Determining the criteria
 Analysing the benchmarks
 Determining the stock selection model
 Performance assessment: Testing the model
 Creating the wrapper and securing approvals
 Summary

17 Trends and performance monitoring of Islamic equity funds
 Tariq Al-Rifai, Director, Failaka International, United States
 Introduction
 Diversification and growth
 Understanding the market
 Monitoring funds
 Current market trends

Part V Legal and regulatory issues


18 Expanding the scope of retail investment products: Key legal issues,
 conflict of laws considerations and success stories
 Ayman H. Abdel-Khaleq, Associate, Vinson & Elkins LLP, Dubai
 Introduction
 Legal considerations affecting the structuring of Shari'a-compliant
 retail investment products
 Examples of Shari'a-compliant retail investment products
 Conclusion

19 Trusts and Shari'a law
Trevor Norman, Director, Volaw Trust and Corporate Services Limited, Jersey
Introduction
What is a trust?
The main components of a trust
Practical uses of trusts
Shari'a compliance
The main types of trust
Trusts and companies
The duties and powers of trustees
            Influencing the actions of the trustee
            Conclusion

            20 The view from the regulators in the United Kingdom
             Toby Fiennes, Manager, Wholesale Banks, Financial Services Authority, United Kingdom
             Introduction
             The FSA's approach to regulation
             Authorisation of the Islamic Bank of Britain
             Conclusion

            21 The view from the regulators in Pakistan
             Pervez Said, Director/Adviser to the Governor, State Bank of Pakistan, Pakistan
             Introduction
             Past issues
             Key stakeholder needs analysis
             The strategy
             Supporting systems for the Islamic banking model
             Outstanding issues
             Market response and current status

            Appendices
             Training Islamic bankers: Back to basics on Islamic finance
             for the uninitiated
             Atif Raza Khan, Program Director, Islamic Banking,
             Bank Training & Development Limited, United Kingdom
             Introduction
             General principles
             Applying general principles
             Conclusion

            Basel II - Capital adequacy for Islamic retail products
            Bilal Aquil, Solicitor, Clyde & Co., Middle East Regional Office, Dubai
            International regulation

            Glossary



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