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Islamic Banking & Takaful

Islamic Banking & Takaful

Islamic banking refers to a system of banking that complies with Islamic law also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset.

These principles are supported by Islamic banking's core values whereby activities that cultivate entrepreneurship, trade and commerce and bring societal development or benefit is encouraged. Activities that involve interest (riba), gambling (maisir) and speculative trading (gharar) are prohibited.

Through the use of various Islamic finance concepts such as ijarah (leasing), mudharabah (profit sharing), musyarakah (partnership), financial institutions have a great deal of flexibility, creativity and choice in the creation of Islamic finance products. Furthermore, by emphasising the need for transactions to be supported by genuine trade or business related activities, Islamic banking sets a higher standard for investments and promotes greater accountability and risk mitigation.

Islamic finance has grown tremendously since it first emerged in the 1970's. Current global Islamic banking assets and assets under management have reached USD750 billion and is expected to hit USD1 trillion by 2010.1

There are over 300 Islamic financial institutions worldwide across 75 countries According to the Asian Banker Research Group, The World's 100 largest Islamic banks have set an annual asset growth rate of 26.7%2 and the global Islamic Finance industry is experiencing average growth of 15-20% annually.3

Malaysia's Islamic finance industry has been in existence for over 30 years.  The enactment of the Islamic Banking Act 1983 enabled the country's first Islamic Bank to be established and thereafter, with the liberalisation of the Islamic financial system, more Islamic financial institutions have been established

Malaysia's long track record of building a successful domestic Islamic financial industry of over 30 years gives the country a solid foundation - financial bedrock of stability that adds to the richness, diversity and maturity of the financial system. Presently, Malaysia's Islamic banking assets reached USD65.6 billion with an average growth rate of 18-20% annually.4

Today, Malaysia's Islamic finance continues to grow rapidly, supported by a conducive environment that is renowned for continuous product innovation, a diversity of financial institutions from across the world, a broad range of innovative Islamic investment instruments, a comprehensive financial infrastructure and adopting global regulatory and legal best practices. Malaysia has also placed a strong emphasis on human capital development alongside the development of the Islamic financial industry to ensure the availability of Islamic finance talent. All of these value propositions have transformed Malaysia into one of the most developed Islamic banking markets in the world.

Rapid liberalisation in the Islamic finance industry, coupled with facilitative business environment has encouraged foreign financial institutions to make Malaysia their destination of choice to conduct Islamic banking business. This has created a diverse and growing community of local and international financial institutions.

Currently, Malaysia has a significant number of full-fledged Islamic banks including several foreign owned entities; conventional institutions who have established Islamic subsidiaries and also entities who are conducting foreign currency business. All financial institutions are given permission to conduct both ringgit and non-ringgit businesses.

Malaysia continues to progress and to build on the industry by inviting foreign financial institutions to establish international Islamic banking business in Malaysia to conduct foreign currency business.   

The domestic Islamic financial institutions may also apply for ICBU, a dedicated division to conduct foreign currency business. ICBU will also be accorded various tax incentives and privileges that lead to reduction in the cost of doing business and expedient market entry in foreign currency Islamic finance business. For more information on the establishment and application procedure for ICBU, please contact MIFC Secretariat.

  1 Mckinsey, The World Islamic Banking Competitiveness Report 2007-08, "Capturing The Trillion Dollar Opportunity"
2 Ibid
3 Ibid
4 Bank Negara Malaysia: Annual Banking Statistics 2007

Takaful Industry

Takaful (Islamic insurance) is a concept whereby a group of participants mutually guarantee each other against loss or damage. Each participant fulfils his / her obligation by contributing a certain amount of donation (or tabarru) into a fund, which is managed by a third party - the takaful operator.

In the event of loss or damage suffered, the takaful operator will disburse the funds accordingly to its participants.  Any surplus is paid out only after the obligation of assisting the participants has been fulfilled. Through this principle, takaful operates as a protection and profit sharing venture between the takaful operator and the participants.

Globally, the takaful industry has been growing rapidly, appealing to both Muslims and non-Muslims. The industry is expected to grow by 15-20% annually, with contributions expected to reach USD7.4 billion by 2015.1 Currently, there are more than 110 takaful operators worldwide.

Malaysia has achieved significant milestones in the development of its takaful industry. With the enactment of the Takaful Act 1984, the first takaful company was established in 1985. Since then, Malaysia's takaful industry has been gaining momentum and increasingly recognised as a significant contributor to Malaysia's overall Islamic financial system.

As at 2007, total assets of Malaysia's takaful industry amounted to USD2.8 billion, with market penetration of 7.2%.2 Takaful assets and net contributions experienced strong growth with an average annual growth rate of 27% and 19% respectively from 2003 to 2007.3

The rapid liberalisation of Malaysia's Islamic financial industry has encouraged foreign institutions' participation in Malaysia, thus creating a diverse and growing community of domestic and international takaful operators. There are currently eight takaful operators and two retakaful operators, with five foreign participations from the UK, Bahrain, Germany and Japan. These takaful operators conduct both domestic and foreign currency business.

Malaysia continues to progress and build on the industry's rapid development by inviting financial institutions across the world to establish takaful and retakaful operations in Malaysia to conduct foreign currency business.

The domestic Islamic financial institutions may also apply for ICBU, a dedicated division to conduct foreign currency business. ICBU will also be accorded various tax incentives and privileges that lead to reduction in the cost of doing business and expedient market entry in foreign currency Islamic finance business. For more information on the establishment and application procedure for ICBU, please contact MIFC Secretariat.

1 Based on projection by Institute of Islamic Finance and Insurance & Investor Offshore Review, February 2006
2 Bank Negara Malaysia: Annual Takaful Statistics 2007
3 MIF Monthly 2008 Supplement Series - Takaful Industry in Malaysia: Performance and Key Developments

Shariah resolutions in Islamic finance

Bank Negara Malaysia has published the second edition of the Shariah Resolutions in Islamic Finance Book in October 2010.

This second edition of the SAC resolutions, which is a compilation of all Shariah resolutions made between 1997 and 2009, is a continuation of the earlier efforts of Bank Negara Malaysia to deepen the understanding on the Shariah interpretations and the juristic reasoning for the rulings. It aims to increase the level of transparency on juristic reasoning in Islamic finance and thus, an increased appreciation and acceptance of Shariah decisions. It would also allow for more efficient Shariah governance at institutional level, whilst catalysing greater cross-border harmonisation in the interpretation and application of Shariah.

This edition supersedes the Shariah Resolutions in Islamic Finance (First Edition) published in 2007 and the Summary of National Shariah Advisory Council Decisions for Islamic Banking and Takaful (Summary of NSAC Decisions) issued in 2002. Accordingly, all new Islamic financial products that are going to be offered by Islamic financial institutions or any existing products to be offered to new customers must comply with the rulings of this Shariah Resolutions in Islamic Finance (Second Edition). However, for Islamic financial products which have been contracted between the customers and Islamic financial institutions based on the Shariah rulings published in the First Edition and the Summary of NSAC Decisions, the contracts remain in force until maturity.

The book (in PDF format) is available for download below :
  1. The complete book (English version)(2.2 MB - Note: large file size)
  2. Keseluruhan Buku (versi Bahasa Malaysia) (5.4 MB - Nota: saiz fail besar)

Or you may download by these topics:
  1. Contents (English)
    Kandungan (Bahasa Malaysia)
  2. Foreword by Governor of Bank Negara Malaysia (English)

    Perutusan Gabenor Bank Negara Malaysia (Bahasa Malaysia)

  3. Foreword by Chairman of Shariah Advisory Council of Bank Negara Malaysia (English)

    Prakata Pengerusi Majlis Penasihat Syariah Bank Negara Malaysia (Bahasa Malaysia)

  4. Shariah Advisory Council of Bank Negara Malaysia (English)

    Majlis Penasihat Syariah Bank Negara Malaysia

  5. Members of the Shariah Advisory Council of Bank Negara Malaysia (1997 – 2010)(English)

    Ahli-Ahli Majlis Penasihat Syariah Bank Negara Malaysia (1997-2010) (Bahasa Malaysia)

  6. Introduction (English)
    Pengenalan (Bahasa Malaysia)

  7. Part 1: Shariah Contracts (English)
    1. Ijarah
    2. Istisna'
    3. Mudarabah
    4. Musyarakah
    5. Qard
    6. Rahn
    7. Takaful
    8. Tawarruq
    9. Wadi'ah
    10. Wakalah
    11. Bai' Dayn
    12. Bai' 'Inah

    Bahagian I: Kontrak Syariah (Bahasa Malaysia)
    1. Ijarah
    2. Istisna'
    3. Mudarabah
    4. Musyarakah
    5. Qard
    6. Rahn
    7. Takaful
    8. Tawarruq
    9. Wadi'ah
    10. Wakalah
    11. Bai' Dayn
    12. Bai' 'Inah
  8. Part II: Supporting Shariah Concepts (English)
    1. Hibah
    2. Ibra'
    3. Ta'widh dan Gharamah

    Bahagian II: Konsep Syariah Sokongan (Bahasa Malaysia)
    1. Hibah
    2. Ibra'
    3. Ta'widh dan Gharamah
  9. Part III: Islamic Financial Products (English)
    1. Financial Derivative Instruments
    2. Islamic Credit Card
    3. Hybrid Products
    4. Sukuk Based On Bai' Bithaman Ajil (BBA)

    Bahagian III: Produk Kewangan Islam (Bahasa Malaysia)
    1. Instrumen kewangan Derivatif
    2. Kad Kredit Secara Islam
    3. Produk Hibrid
    4. Sukuk Berasaskan Bai' Bithaman Ajil (BBA)
  10. Part IV: Shariah Issues in Relation to the Operations of Supporting Institutions in Islamic Finance (English)
    1. Credit Guarantee Corporation (M) Berhad
    2. Danajamin Nasional Berhad
    3. Malaysia Deposit Insurance Corporation
    4. National Mortgage Corporation (Cagamas)

    Bahagian IV: Isu-Isu Syariah Berkaitan Operasi Institusi-Institusi Sokongan Dalam Kewangan Islam (Bahasa Malaysia)
    1. Credit Guarantee Corporation (M) Berhad
    2. Danajamin Nasional Berhad
    3. Perbadanan Insurans Deposit Malaysia
    4. Perbadanan Gadai Janji Nasional
  11. Part V: Shariah Issues in Islamic Finance (English)
    1. Winding Up of Islamic Banking Institutions
    2. Accounting and Reporting Standards in Islamic Finance
    3. Other Matters

    Bahagian V: Isu-Isu Syariah Berkaitan Kewangan Islam (Bahasa Malaysia)
    1. Pembubaran Institusi Perbankan Islam
    2. Piawaian Perakaunan dan Pelaporan Kewangan Islam
    3. Lain-Lain
  12. Glossary (English)
    Glosari (Bahasa Malaysia)

* Latest updates on Shariah Resolutions are available on SAC page.

Perbankan Islam dan Takaful

Industri Perbankan Islam

Perbankan Islam merujuk kepada sistem perbankan yang mematuhi undang-undang Islam yang juga dikenali sebagai undang-undang Syariah. Prinsip-prinsip asas yang mentadbir perbankan Islam ialah perkongsian untung dan risiko antara pihak-pihak yang berurus niaga, jaminan keadilan untuk semua dan urus niaga berdasarkan aktiviti perniagaan atau berasaskan aset.

Prinsip-prinsip ini disokong oleh nilai-nilai teras perbankan Islam yang menggalakkan aktiviti yang memupuk keusahawanan, perdagangan dan membawa kepada pembangunan kemasyarakatan atau manfaat. Kegiatan yang melibatkan faedah (riba), perjudian (maisir) dan urus niaga spekulatif (gharar) adalah dilarang.

Melalui penggunaan pelbagai konsep kewangan Islam seperti ijarah (sewaan), mudharabah (perkongsian keuntungan), musyarakah (perkongsian), institusi perbankan mempunyai fleksibiliti, kreativiti dan pilihan dalam penghasilan produk kewangan Islam. Tambahan pula, dengan menekankan keperluan untuk urus niaga yang disokong oleh kegiatan perdagangan atau perniagaan sebenar, perniagaan perbankan Islam menetapkan piawaian yang lebih tinggi untuk pelaburan serta menggalakkan kebertanggungjawaban dan penghindaran risiko.

Kewangan Islam telah berkembang dengan pesat sejak mula diperkenalkan pada tahun 1970-an. Aset semasa dan aset di bawah pengurusan perbankan Islam global telah mencapai USD750 bilion dan dijangka mencecah USD1 trilion menjelang tahun 2010.

Terdapat lebih daripada 300 institusi kewangan Islam di seluruh dunia beroperasi di 75 negara. Menurut Asian Banker Research Group, 100 bank Islam terbesar di dunia telah mencatatkan kadar pertumbuhan aset tahunan sebanyak 26.7%2 dan industri kewangan Islam global mengalami pertumbuhan tahunan purata sebanyak 15-20%.

Industri kewangan Islam di Malaysia telah wujud lebih daripada 30 tahun. Penguatkuasaan Akta Bank Islam 1983 membolehkan Bank Islam yang pertama ditubuhkan di negara ini dan seterusnya, dengan liberalisasi sistem kewangan Islam, lebih banyak institusi kewangan Islam telah ditubuhkan.

Rekod prestasi Malaysia yang panjang dalam membangunkan industri kewangan Islam domestik selama lebih 30 tahun telah memberikan asas yang kukuh - dasar kestabilan kewangan yang utuh yang melengkapkan kekayaan, kepelbagaian dan kematangan sistem kewangan. Pada masa ini, aset perbankan Islam Malaysia berjumlah USD65.6 bilion dengan kadar pertumbuhan purata sebanyak 18-20% setahun.

Hari ini, kewangan Islam Malaysia terus berkembang pesat, disokong oleh persekitaran yang kondusif yang terkenal dengan inovasi produk yang berterusan, kepelbagaian institusi kewangan dari seluruh dunia, rangkaian instrumen pelaburan Islam yang inovatif dan meluas, infrastruktur kewangan yang komprehensif serta menerima pakai rangka kerja pengawalseliaan dan amalan terbaik perundangan global. Malaysia juga telah memberikan lebih penekanan terhadap pembangunan modal insan seiring dengan pembangunan industri kewangan Islam bagi memastikan ketersediaan tenaga kerja mahir dalam kewangan Islam. Semua tawaran nilai ini telah menjadikan Malaysia salah satu pasaran perbankan Islam yang paling maju di dunia.

Liberalisasi yang pesat dalam industri kewangan Islam, bersama-sama dengan persekitaran yang memudahkan aktiviti perniagaan telah menggalakkan institusi kewangan asing untuk menjadikan Malaysia sebagai destinasi pilihan mereka untuk menjalankan perniagaan perbankan Islam. Ini telah mewujudkan komuniti institusi kewangan tempatan dan antarabangsa yang pelbagai dan semakin berkembang.

Pada masa ini, Malaysia mempunyai banyak bank Islam yang beroperasi sepenuhnya termasuk beberapa entiti milik asing; institusi konvensional yang telah menubuhkan subsidiari perbankan Islam dan juga entiti yang menjalankan perniagaan mata wang asing. Semua institusi kewangan diberikan kebenaran untuk menjalankan perniagaan dalam ringgit dan bukan ringgit.

Malaysia terus berkembang maju dan membangunkan industri ini dengan menggalakkan institusi kewangan asing untuk menubuhkan perniagaan perbankan Islam antarabangsa di Malaysia bagi menjalankan perniagaan mata wang asing.

Institusi kewangan Islam domestik juga boleh memohon untuk menubuhkan Unit Perniagaan Mata Wang Antarabangsa (International Currency Business Unit, ICBU), iaitu bahagian khusus untuk menjalankan perniagaan mata wang asing. ICBU juga akan diberikan pelbagai insentif dan keistimewaan percukaian yang akan mengurangkan kos menjalankan perniagaan dan memudahkan penyertaan dalam perniagaan kewangan Islam dalam denominasi mata wang asing. Untuk maklumat lanjut mengenai penubuhan dan prosedur permohonan ICBU, sila hubungi Sekretariat MIFC.