The Future of Islamic Finance:
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1 The Future of Islamic Finance: Between Shariah Principles and Habib Ahmed Sharjah Chair in Islamic Law & Finance Durham University Business School United Kingdom
2 Outline Introduction: The Context Shariah Principles Dimensions: Domains and Intensities Islamic Finance & Framework and Assessment Case Studies The Way Forward
3 Introduction: The Context United Nations launched Sustainable Development Goals (SDGs) in 2015 to achieve 17 goals by 2030 At current levels of investments developing countries will face a gap of $2.5 trillion annually to achieve SDGs (UNCTAD 2014) The financial sector has an important role to fill the gap and promote SDGs Increase financial access and inclusion for individuals (SDGs1, 2, 3, 4, 10), SMEs (SDGs 5, 8) and governments (SDG 13) Help generate resources for investment in renewable energy (SDGs 6, 13) and infrastructure projects (SDGs 6, 9)
4 Economic Status of OIC/IsDB MCs 57 IsDB member countries Population 1.8 billion (23.7% of the world population) GDP US$6.4 trillion (8.2% of the global GDP) 700 million people living under US$ 2 a day (World Bank 2014) Would require huge investments to achieve the SDGs Financial inclusion (voluntary) would require Shariah compliant financing Looking forward, what has Islamic finance to offer to contribute to the SDGs (financial inclusion)?
5 Financial Services and Financial Inclusion/Exclusion Financial Functions/Products Household sector Poor (1) Non-poor (2) MSEs (3) Business Sector MLFs (4) Mobilizing savings/asset management (MS) Allocating capital/financing (AC) MS1(?) MS2( ) MS3(?) MS4( ) AC1(?) AC2( ) AC3(?) AC4( ) Managing risks (MR) MR1(?) MR2( ) MR3(?) MR4( ) Developing countries 7% of people borrowed from a financial institution (6% for the bottom 40% of the income group) (Findex 2017) 40% of MSEs (65 million) have unmet financing needs amounting to US$5.2 trillion annually (IFC 2017) Islamic micro finance is 0.5% of the total microfinance outreach (Karim et. al. 2008)
6 Islamic Finance Vision Islamic economists economy based on Islamic principles will fulfill the maqasid al Shari ah Produce a vibrant and stable economy balancing equity and growth Financial system would be Shari ah compliant, ethical, inclusive, resilient and promote social and economic development Islamic finance has had high quantitative growth rates, but questions raised about its quality Too much focus of legal compliance Social/ethical goals not achieved Achieving SDGs implies focusing more of social goals 6
7 Outline Introduction: The Context Shariah Principles Dimensions: Domains and Intensities Islamic Finance & Framework and Assessment Case Studies The Way Forward
8 Islamic Finance and Shariah Principles Shariah principles Shariah compliant: fulfilling the legal form Shariah based: fulfilling the legal form/substance and maqasid Maqasid ammah (macro/general) Macro/General: realizing human wellbeing by enhancing welfare (maslahah) and preventing harm (mafsadah) Produce an economy that protects public interests, balances between growth and equity Maqasid khassah (micro/specific) Protecting and enhancing five essentials (faith, life, intellect, posterity and wealth) of the stakeholders Fulfilling the objectives stipulated in contacts 8
9 Dimensions Domains of Organizational Markets Meanings Intensities of Incremental (or sustaining): simple/minor changes that improve existing products Radical (or disruptive): change of frame that produces new and discontinuous outcomes
10 s in Organizational and Market Domains Domains Incremental Radical Organizational Supply side innovations in technology, business models and processes Markets User or demand side Existing firms providing better services, simple and incremental improvements by better technology, business models or processes s in products and services in existing established markets Novel and unique breakthroughs implying discontinuity with the past Targeting un-served new markets that are less profitable and not served by incumbent firms
11 s in Meanings Domain Meaning? Relates to purpose of the product perceived by the user why people use/need a product Are intangible and depends on socio-cultural context in which products are used of Meaning? Output--new meaning relating to symbolic and emotional factors Changes lead to new meaningful culturally embedded experiences to the user Constructed with interactions with the society and co-created by firms and users Intensities Incremental: minor changes in existing meanings in products and services Radical: redefinition of socio-cultural paradigm resulting in products that are new and different from the dominant meaning in existing markets
12 Outline Introduction: The Context Shariah Principles Dimensions: Domains and Intensities Islamic Finance & Framework and Assessment Case Studies The Way Forward
13 Dimensions of s
14 Islamic Finance and : Assessment Framework Domain Organizational Incremental (Index value: 1) Imitating existing organizational formats of conventional finance Radical (Index value: 2) Developing innovative organizational models reflecting Islamic values and principles Market Meaning Targeting clients in existing markets (non-poor and MLFs) Legal Shariah compliance (form/ substance) but ignoring the maqasid Shariah compliance in form (Index: 0.5) Targeting clients in markets that are not served (poor and MSEs) Legal Shariah compliance (form/substance) and fulfilling maqasid (ethical and social goals)
15 Islamic Finance and Meaning Stakeholders Expectations a (477 respondents in Malaysia) Islamic Banks Concerns b (103 CEOs from 31 Countries) Objectives Score* Concerns Score* (Rank) Provide Shariah compliant products 4.60 Shareholders Value & Expectations 4.35 (1) Promote sustainable development 4.13 Consumer Attraction, Relation & Retention 4.26 (6) Contribute to social welfare 4.07 Shariah standards, compliance and governance framework 4.16 (8) Maximising profits 3.76 Financial Inclusion, Micro & SME Financing 3.67 (18) *Score--average of responses with the following weights: Not important at all-1; Not important- 2; Do not know-3; Important-4; and Very important-5. Source: a-nor (2012); b-cibafi (2018)
16 Practice of Islamic Finance Summary of Empirical Studies Research Papers Kamla & Rammal (2013) (19 banks) Haniffa & Hudaib (2007) (7 banks) Maali et. al. (2006) (29 banks) Mohammed & Razak (2008) (6 banks) Aribi & Arun (2015) (7 financial institutions) Shariah compliance Stakeholders Charitable Activities Social & Environmental Impact Good Moderate Insignificant Good Good Insignificant Good Moderate Moderate Insignificant Insignificant Good Insignificant Good None CONCLUSION GOOD MODORATE GOOD/MOD. INSIGNIFICANT 16
17 s in Organizational Formats Market Meaning Islamic Banking Model Baitul Maal wa Tamwil Organizational Islamic banking model Meaning: Incremental Organizational: Incremental Market: Incremental Baitul maal wa Tamwil Organizational: Radical Market: Radical Meaning: Radical
18 Financing Instruments s Market Meaning Organizational Tawarruq-based cash financing to exiting clients Islamic banks providing microfinance Tawarruq based cash financing (existing clients) Meaning: Incremental Organizational: Incremental Market: Incremental Islamic banks providing microfinance Meaning: Radical Organizational: Incremental Market: Radical
19 Islamic Investment Instruments s Market Meaning Taditional Shariah Compliant Mutual Fund Shariah Compliant Inclusive Mutual Fund 0 Organizational Sustainable Islamic Investment Fintech for Low Income Households Traditional Shariah Compliant Mutual Fund Meaning: Incremental (negative screening) Organizational: Incremental Market: Incremental Shariah Compliant Inclusive Mutual Fund Meaning: Incremental Organizational: Incremental Market: Radical Sustainable Islamic Investment Fintech for low income households Meaning: Radical Organizational: Radical Market: Radical
20 Outline Introduction: The Context Shariah Principles Dimensions: Domains and Intensities Islamic Finance & Framework and Assessment Case Studies The Way Forward
21 The Future and Islamic Finance The Future? Achieving the SDGs a huge challenge Accelerators shaping the future technology, climate change and globalization Presents both risks and opportunities How can Islamic Finance respond? Islamic finance principles can positively contribute SDGs (financial inclusion) and enhance resilience in financial systems Need to come out of straightjacket of incremental innovations of imitating conventional finance Starting point: Shift from the incremental to radical innovation of meanings
22 Islamic Finance the Way Forward Radical s of Meanings Potential s Consider both means (contracts) and ends (maqasid) Change in mind-set about radical meanings will induce different types of innovations Providing financial services to the poorer households and MSEs will be explored (radical market innovations) This would require using non-bank financial institutions (fintechs) to provide the services (radical organizational innovations)
23 An Example: myagro The Story of myagro Anushka Ratnayake worked with Kiva.org and One Acre Fund Noticed that farmers had adequate funds during harvest time but these got exhausted during the time for planting Could not buy seeds and fertilizers for the next round of crops 7% small farmers had access to loans and could buy seeds/fertilizers Low levels of production led to many families not being able to feed themselves over the year Those who got loans had to pay off the loans during harvest time and take a new round of loan during the plantation time
24 myagro... The Framework Anuskha initiated a micro-savings program myagro in Mali in 2011 Established a mobile layaway platform Farmers could save by buying mobile phone-time (mobile scratch cards) during harvest time and transfer funds to myagro s account. During the planting time, the seeds and fertilisers that are already paid for are delivered to farmers The Results myagro started operating in Senegal also and planning to start operations in Tanzania in 2018 Farmers who participated increased their annual income by %. The scheme has 50,000 clients in 2018 and the goal is to reach a million small farmers by 2025 and double their income levels
25 Salam- Linked s Market Meaning Salam-based Personal Financing Salam Financing Farmers myagro Micro-savings Scheme Organizational Salam-based personal financing Meaning : Incremental Organizational: incremental Market: incremental Salam Financing Farmers Meaning: Incremental Organizational: Incremental Market: Radical myagro Micro-Savings Scheme Meaning: Radical Organizational: Radical Market: Radical
26 THANK YOU!
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