Islamic Banking and Finance

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Transcript of Islamic Banking and Finance

Islamic International Exhibition

Submitted byMohammad Farooq Roll # 208

Submitted ToProf: Usman saeed

BFD Ms 7th Semester The University Of Lahore City Campus

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Table of ContentsTable of Contents....................................................................................................................2 Acknowledgment....................................................................................................................3 About AlHuda.........................................................................................................................4 SPEAKERS............................................................................................................................6 Prof. YASSIN ANWAR ........................................................................................................7 MR. DR. NADEEM M. FEROZ............................................................................................7 Islamic Banking In Pakistan...................................................................................................8 Role of Takaful in Islamic Finance.......................................................................................12 Islamic Industry Products and Services................................................................................16 The Role of IT in Islamic Banking.......................................................................................19

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A

cknowledgment

For whom who create us, fed us, brought us up and give us knowledge. Who is the most merciful, most beneficial and most forgiver. "In the name of Allah, the Merciful, the Compassionate. Say (O Muhammad SAW) He is Allah the One God, the Everlasting Refuge, who has not begotten, nor has been begotten, and equal to Him is not anyone." For whom who is more loving and kinder than a mother to her dear child? For whom who is the First and the Last?

I am very thankful to Professor Sir Usman saeed at UNIVERSITY OF LAHORE who give us a assignment of Islamic banking and finance.

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About

AlHuda

AlHuda-CIBE is a success icon in Islamic Banking and Finance sector which focuses on Education and Trainings, Advisory and Consultancy, Publications and Promotion, Islamic Financial Shariah Advisory, Islamic Microfinance Product Development in order to promote the industry worldwide. In continuation to the selfless efforts of searching the new horizons for the promotion of Islamic banking and finance globally, AlHuda CIBE is hopeful to add its integral part for the dignity of this noble cause and is much honored to announce the series of International conferences in various countries i.e. Afghanistan, South Africa, Kazakhstan, Mauritius, Sri Lanka, Kenya, Nigeria and Pakistan.This high profile Conferences will provide you practical insights into:

Recognizing the significant developments in Islamic financial infrastructure such as legal, regulatory and supervisory frameworks Global Efforts and Achievements in Islamic Banking and Takaful Islamic Financial Services Industry Latest Developments & Future Directions Demonstrating the flexibility of Islamic financial markets during the financial crisis utilizing this effective platform Optimizing performance & ensuring spirit for Islamic banks & financial institutions to tide over the current market crisis Assessing innovations in Islamic financial markets through effective growth of new products, development & research

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Mr. Hameed Rasool (Director Training Alhuda) Mr. Hameed Rasool welcomes the entire participant who were attending the 4th International Islamic Banking Conference and after that various scholars, researchers, directors, teachers all did the presentation on Islamic banking and Takaful.

SPEAKERSMr. Alberto Di Gennaro Chief Executive, Shirkah-Finance Ltd, Switzerland. Mr. Nadeem M. Firoz (Ph.D) Professor, Montclair State University, USA. Mr. Zakariya Othman Head, Islamic Ratings, RAM Rating Services Berhad Kuala Lumpur, Malaysia. Mr. Abdool Rajack Jugoo Chairman, Al Barakah Multi-purpose Cooperative Society Limited, Mauritius. Mr.Mahesh Jayanarayan Founder and Chairman Umex Capital Markets Group Plc, London. Mr. Ahmud Mustakeem Bhugaloo Director, Al Barakah Multi-purpose Cooperative Society Limited, Mauritius Dr. Muhammad Zubair Usmani Shariah Advisor, Muslim Commercial Bank Ltd, Pakistan. Dr. Muhammad Amjad Saqib Executive Director, Akhuwat-Pakistan. Mr. Shafqaat Ahmed Country Head, Al Baraka Islamic Bank, Pakistan. Mr. Mohammad Aslam Head-Islamic Banking, Mr. Mamode Raffick Nabee Mohomed Founder/ Secretary, Al Barakah Multi-purpose Co-operative Society Limited, Mauritius. Mr. Ahmud Mustakeem Bhugaloo Director, Al Barakah Multi-purpose Co-operative Society Limited, Mauritius. Mr. Mazhar Ali Bokhari Senior Islamic Banking Consultant Manchester United Kingdom Mr. Asim Khan Executive Director, Head of Consultancy & Structuring Dar Al Istithmar, UK. Mr. Faraaz Uddin Deputy Director, Security and Exchange Commission of Pakistan, Islamabad. Mr. Hamad Rasool Ex-Director, WAPDA Sukkuk. Mr. Muhammad Ayub Director Research & Training at Riphah Center of Islamic Business (RCIB), Riphah Int'l University, Ex-Director Islamic Banking, NIBAF, State Bank of Pakistan, Mr. Abdul Jabbar Karimi Head of Product Development, Mr. Nasre Nasser Eddien Business Development Manager, Path Solutions, Kuwait. Mr. Shaykh Yusuf Talal DeLorenzo General Manager, Dubai Shariah Asset Management Chief Shariah Officer and Board Member, Shairah Capital Inc. Dubai, UAE.

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Habib Bank Limited, Pakistan. Dr Shabbir Hussain Managing Director, Microfinance & Economic Empowerment, Helping Hand for Relief & Development, Islamabad. Justice Khalil ur Rehman Chairman Shairah Board Munich Re ReTakaful Malaysia Chairman Shariah Board - Emirate Galobal Islamic Bank Limited - Pakistan Mr. Abdul Samad Kazi Shariah Advisor, Bank of Khyber, Peshawar - Pakistan Mr. Azeem Iqbal Pirani Regional Manager FWU AG, Pakistan. Dr. Shahzad Afzal Director, Pakistan Standards & Quality Control Authority, Lahore-Pakistan. Mr. Hamid Ahmad Ex-Principal Scientific Officer, Biotech. and Food Research Centre, Pakistan Council of Scientific & Industrial Research (PCSIR), Lahore Prof. Dr. Faqir Muhammad. Anjum Director General, National Institute of Food Science and Technology, University of Agriculture, Faisalabad- Pakistan. Prof. YASSIN ANWAR Professor and also the member of Islamic Banking and finance.

Habib Metropolitan Bank Ltd, Karachi. Khawaja Amjad Saeed Principle, Hailey Collage of Banking and Finance, Punjab University, Lahore Pakistan Mufti Ehsan Waqar Shariah Advisor UBL Ameen, Karachi - Pakistan

Capt. Jamil Akhtar Khan Managing Director Universal Insurance Pakistan. Mr. P. Ahmed Chief Executive Officer, Pak Qatar Family Takaful, Pakistan. Mr. Raheel Iqbal Partner Halal Industry Research Centre Pakistan

Prof. Dr. Javaid A Awan Country Director, Islamic Food & Nutrition Council of America. Pakistan. Mr. Abdul Basit Chairman Big Bird Group- Pakistan MR. DR. NADEEM M. FEROZ Professor and also the member of Islamic Banking and finance. He is a guest. and give us about the knowledge of technical sector of about banking and finance.

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Islamic Banking In Pakistan

Prof. Dr. Khawaja Amjad SaeedProfessor Emeritus & Founder Principal, Hailey College of Banking & Finance, University of the Punjab, Lahore Pakistan (2003) Member Governing Council, International Federation of Accountants (IFAC), New York (1997-2000),

State Bank of Pakistan, in its role as central bank, has developed the following aspects: 1. Vision To make Islamic Banking the baking of first choice for the providers and users of financial services. 2. Mission To promote and develop Islamic Banking industry in line with the best intersectional practices, ensuring Shariah compliance and transparency. It is very important that the stakeholders to revisit the above aspects reflected as vision and mission. Motivated by the enlightened guidance provided by State Bank of Pakistan, all Islamic Banks must follow sunshine vision and driving mission. These aspects need to be indoctrinated in the minds of all stakeholders so that their efforts are reflected in real life situation as achievement motivation. Dr. khawaja amjad also give the information of Growth of Islamic banks. Growth of Islamic bank during (2003-2009) and also 2010. The total asset in 2003 of Islamic bank is 13 Billion and in 2010(March) approximately 371billion. Means that during 2003 to 2010 the growth is 358billion in 8years. And Deposits during 2003 to 2010 is increase by (2003,8and 2010,289) 281billion.Financing investment during 2003 to 2010 is increase by 219billion (2003,10 and 2010,229). Branches of Islamic banking in pakistan (Punjab ,Sindh ,Khyber pakhtoonkhan ,Baluchistan,federal capital, Azad Kashmir, northern Area).

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Prof. YASSIN ANWARProfessor and also the member of Islamic Banking and finance.

Technicals explanation:There are many side effects on Islamic Banking (religious etc). Malaysia has 25% shares of Islamic Banking. The financial statement of conventional and Islamic banking is very different. There are issues to Islamic Banking. But the Islamic Banking gives economic benefits , equitable distribution and growth of business. There is only 11% - 14% people use banking system.

How satisfy customer?Increasing competition (whether for-profit or nonprofit) is forcing businesses to pay much more attention to satisfying customers. (It may help the reader to notice the role of customer satisfaction in the overall context of product or service development and management . How a product is developed or managed is depends very much on the nature of the organi