Thursday, April 23, 2009
DIFC seeks to boost Islamic finance education
By Tamara Walid and John Irish
DUBAI (Reuters) - Dubai International Financial Center plans to set up a board to encourage education in Islamic finance, an industry that is likely to grow by 15 to 20 percent this year despite the financial crisis, it said on Monday.
With large conventional banks increasingly venturing into the Islamic arena, more educational and training resources were needed, Nik Norishky Thani, executive director of Islamic finance at Dubai's financial free zone, told the Reuters Islamic Banking and Finance Summit in Dubai.
The DIFC wants to see an international standard established for courses specifically focused on Islamic banking.
"The first step is actually to bring in education providers that we have good strong links with. We will start with having an Islamic finance education board and this will be the main platform for doing a number of interesting things," Thani said.
The Islamic finance industry has grown into a $1 trillion global industry, guided by ethical investing under Islamic law, but recent poor earnings by Gulf Islamic banks due to huge exposure to the ailing property sector have thrown the regulation of the business into the spotlight.
The DIFC is putting together a guide on sukuk, or Islamic bonds, to help potential investors navigate the types of products that are available around the world.
After an emerging focus on real estate investment trusts (REITS) last year, when the region was still in the midst of a real estate boom, the DIFC was also considering issuing a REITS guide. But Thani said that idea had been shelved pending a recovery in the property sector.
Islamic banks were exposed to the property downturn as the principle of Islamic finance means loans are linked to physical assets such as real estate.
"When the property market is down nobody wants REITS," he said. "We will gauge the demand if there is a need to move in this direction, REITS for example ... but now I think we need to revive the sukuk market."
Despite their exposure to the property downturn, Thani said he did not expect to see any Islamic banks failing as the nature of their business means they avoid speculative investments and toxic debt.
"There is no reason why we will not see 15 to 20 pct growth and I would expect the new players in the market such as Hong Kong to knock on the doors of Islamic finance as a new way of raising capital," he said.
(Editing by Sam Cage and David Holmes)
DUBAI (Reuters) - Dubai International Financial Center plans to set up a board to encourage education in Islamic finance, an industry that is likely to grow by 15 to 20 percent this year despite the financial crisis, it said on Monday.
With large conventional banks increasingly venturing into the Islamic arena, more educational and training resources were needed, Nik Norishky Thani, executive director of Islamic finance at Dubai's financial free zone, told the Reuters Islamic Banking and Finance Summit in Dubai.
The DIFC wants to see an international standard established for courses specifically focused on Islamic banking.
"The first step is actually to bring in education providers that we have good strong links with. We will start with having an Islamic finance education board and this will be the main platform for doing a number of interesting things," Thani said.
The Islamic finance industry has grown into a $1 trillion global industry, guided by ethical investing under Islamic law, but recent poor earnings by Gulf Islamic banks due to huge exposure to the ailing property sector have thrown the regulation of the business into the spotlight.
The DIFC is putting together a guide on sukuk, or Islamic bonds, to help potential investors navigate the types of products that are available around the world.
After an emerging focus on real estate investment trusts (REITS) last year, when the region was still in the midst of a real estate boom, the DIFC was also considering issuing a REITS guide. But Thani said that idea had been shelved pending a recovery in the property sector.
Islamic banks were exposed to the property downturn as the principle of Islamic finance means loans are linked to physical assets such as real estate.
"When the property market is down nobody wants REITS," he said. "We will gauge the demand if there is a need to move in this direction, REITS for example ... but now I think we need to revive the sukuk market."
Despite their exposure to the property downturn, Thani said he did not expect to see any Islamic banks failing as the nature of their business means they avoid speculative investments and toxic debt.
"There is no reason why we will not see 15 to 20 pct growth and I would expect the new players in the market such as Hong Kong to knock on the doors of Islamic finance as a new way of raising capital," he said.
(Editing by Sam Cage and David Holmes)
CIMA first chartered accountancy body with Islamic Finance global qualification
CIMA (the Chartered Institute of Management Accountants) is the first chartered accountancy body to offer a global qualification in Islamic Finance, which the CIMA Centre of Excellence is launching today (5 December).The Islamic finance industry is thought to be worth between £150bn and £250bn, and is growing at an estimated rate of 15 to 20%. In an exciting new development in meeting the needs of its employer and student stakeholders, CIMA today launches a global qualification in Islamic Finance.We believe that this is a first for a chartered accountancy body. To date, few courses are available in this area of finance and normally comprise short one- to three- day events. CIMA's self-study qualification has been developed alongside the International Institute of Islamic Finance, with detailed input from its CEO Dr Mohd Daud Bakar, a renowned Shari'ah scholar.
Robert Jelly, Director of Education at CIMA, says:
'CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market. The CIMA Islamic Finance qualification is the first to be created in conjunction with an Advisory Group made up of academics, practitioners and scholars of Shari’ah, and will assist employers in the City of London and other major financial centres throughout the world in equipping their employees to develop financial products.'
CIMA's new qualification is available at certificate level and comprises four modules: Islamic commercial law; Islamic banking and Takaful (insurance); Islamic capital markets and instruments; and accounting for Islamic financial institutions. It is estimated that a student can complete these modules in between 2 – 6 months depending upon prior experience.
The qualification is available across the globe as a series of study guides, revision kits and a microsite and provides students with a thorough knowledge of the theoretical and religious aspects that underpin Islamic finance. On completing the certificate, students will be comfortable with the array of Arabic terminology used throughout as well as the regulations which govern Islamic finance in practice.Notes to editors1. Dr Mohd Daud Bakar is a renowned Shari’ah Scholar whose expertise is in demand around the world. CEO of the International Institute for Islamic Finance, he is currently a member of both the Advisory Council of the Central Bank of Malaysia and the Securities Commission of Malaysia. He acts as Shari’ah advisor for the Accounting and Auditing Organisation for Islamic Financial Institutions, International Islamic Financial Market, BNP Paribas, Dow Jones Islamic Market Indexes, the HSBC Amanah Global Shari’ah Committee, Oasis Asset Management and Unicorn Investment Bank amongst others. Dr. Mohd Daud Bakar also consults on structuring Islamic capital market products such as sukuks.2. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. It is the voice of over 158,000 students and members in 161 countries. CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. CIMA has been nominated as a UK superbrand for a second year in a row this year and for the first time in Sri Lanka. According to independent research conducted by the University of Bath School of Management, CIMA’s syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/3. The Islamic Finance global qualification launch is being held in conjunction with World Accountancy Week, to celebrate IFAC’s (International Federation of Accountants’) 30th year anniversary.
“”
Courtesy By CIMA
CIMA (the Chartered Institute of Management Accountants) is the first chartered accountancy body to offer a global qualification in Islamic Finance, which the CIMA Centre of Excellence is launching today (5 December).The Islamic finance industry is thought to be worth between £150bn and £250bn, and is growing at an estimated rate of 15 to 20%. In an exciting new development in meeting the needs of its employer and student stakeholders, CIMA today launches a global qualification in Islamic Finance.We believe that this is a first for a chartered accountancy body. To date, few courses are available in this area of finance and normally comprise short one- to three- day events. CIMA's self-study qualification has been developed alongside the International Institute of Islamic Finance, with detailed input from its CEO Dr Mohd Daud Bakar, a renowned Shari'ah scholar.
Robert Jelly, Director of Education at CIMA, says:
'CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market. The CIMA Islamic Finance qualification is the first to be created in conjunction with an Advisory Group made up of academics, practitioners and scholars of Shari’ah, and will assist employers in the City of London and other major financial centres throughout the world in equipping their employees to develop financial products.'
CIMA's new qualification is available at certificate level and comprises four modules: Islamic commercial law; Islamic banking and Takaful (insurance); Islamic capital markets and instruments; and accounting for Islamic financial institutions. It is estimated that a student can complete these modules in between 2 – 6 months depending upon prior experience.
The qualification is available across the globe as a series of study guides, revision kits and a microsite and provides students with a thorough knowledge of the theoretical and religious aspects that underpin Islamic finance. On completing the certificate, students will be comfortable with the array of Arabic terminology used throughout as well as the regulations which govern Islamic finance in practice.Notes to editors1. Dr Mohd Daud Bakar is a renowned Shari’ah Scholar whose expertise is in demand around the world. CEO of the International Institute for Islamic Finance, he is currently a member of both the Advisory Council of the Central Bank of Malaysia and the Securities Commission of Malaysia. He acts as Shari’ah advisor for the Accounting and Auditing Organisation for Islamic Financial Institutions, International Islamic Financial Market, BNP Paribas, Dow Jones Islamic Market Indexes, the HSBC Amanah Global Shari’ah Committee, Oasis Asset Management and Unicorn Investment Bank amongst others. Dr. Mohd Daud Bakar also consults on structuring Islamic capital market products such as sukuks.2. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. It is the voice of over 158,000 students and members in 161 countries. CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. CIMA has been nominated as a UK superbrand for a second year in a row this year and for the first time in Sri Lanka. According to independent research conducted by the University of Bath School of Management, CIMA’s syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/3. The Islamic Finance global qualification launch is being held in conjunction with World Accountancy Week, to celebrate IFAC’s (International Federation of Accountants’) 30th year anniversary.
“”
Courtesy By CIMA
CIMA Launches Global Qualification in Islamic Finance
9/4/08 PETALING JAYA: The Chartered Institute of Management Accountants (CIMA) becomes the first chartered accountancy body to launch a global qualification for Islamic finance.According to CIMA’s director of education Robert Jelly, the qualification is co-developed with the International Institute of Islamic Finance (IIIF) in order to address the needs of employers in the fast-growing Islamic finance industry.“CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market,” said Jelly.
No doubt the Islamic finance industry is growing surpassing the growth of the available pool of talents in this field.“Islamic finance is now a global phenomenon. It goes without saying that the education and training to support knowledge development in Islamic finance must be equally global,” said Dr Mohd Daud Bakar, president and CEO of IIIF.
“The challenge now is to identify a cost-efficient as well as a time-effective way to develop the essential human capital assets that will support and escalate Islamic finance to greater heights,” he added.Launching the self-study qualification was Deputy Finance Minister Datuk Ahmad Husni Hanadzlah, who said that human capital development is crucial in ensuring the development of the industry.
"Financial centres across the globe who possess any aspiration of becoming the lead Islamic Financial Centre would have already inscribed human capital as integral to their strategic development plans,” he said, adding that the number of Islamic financial institutions worldwide has grown to over 300 today in more than 75 countries.
CIMA’s new qualification comprises four modules: Islamic commercial law; Islamic banking and takaful; Islamic capital markets and instruments; and accounting for Islamic financial institutions.
“”
Courtesy By The Edge Daily
9/4/08 PETALING JAYA: The Chartered Institute of Management Accountants (CIMA) becomes the first chartered accountancy body to launch a global qualification for Islamic finance.According to CIMA’s director of education Robert Jelly, the qualification is co-developed with the International Institute of Islamic Finance (IIIF) in order to address the needs of employers in the fast-growing Islamic finance industry.“CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market,” said Jelly.
No doubt the Islamic finance industry is growing surpassing the growth of the available pool of talents in this field.“Islamic finance is now a global phenomenon. It goes without saying that the education and training to support knowledge development in Islamic finance must be equally global,” said Dr Mohd Daud Bakar, president and CEO of IIIF.
“The challenge now is to identify a cost-efficient as well as a time-effective way to develop the essential human capital assets that will support and escalate Islamic finance to greater heights,” he added.Launching the self-study qualification was Deputy Finance Minister Datuk Ahmad Husni Hanadzlah, who said that human capital development is crucial in ensuring the development of the industry.
"Financial centres across the globe who possess any aspiration of becoming the lead Islamic Financial Centre would have already inscribed human capital as integral to their strategic development plans,” he said, adding that the number of Islamic financial institutions worldwide has grown to over 300 today in more than 75 countries.
CIMA’s new qualification comprises four modules: Islamic commercial law; Islamic banking and takaful; Islamic capital markets and instruments; and accounting for Islamic financial institutions.
“”
Courtesy By The Edge Daily
Global takaful market could reach $11b
By Rachna Uppal, Staff ReporterPublished: April 14, 2009, 23:11
Dubai: The global market in Sharia-compliant insurance, or takaful, has the potential to reach $11 billion by 2015, but must surmount significant challenges to reach this goal.
The Gulf Cooperation Council (GCC) region will be a leading market for takaful growth. Within the region, Saudi Arabia remains the largest market for takaful.
Takaful managers and experts from around the world met in Dubai yesterday for the fourth World Takaful Conference 2009, against the backdrop of the global economic downturn, from which the industry, like all others, has not been immune.
Yet industry players are optimistic of continued growth in a sector whose potential still remains largely untapped.
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Nasser Al Sha'ali, chief executive of the Dubai International Financial Centre (DIFC) Authority, said: "As Islamic finance enters a new phase of development, takaful is one of the sectors within the industry that holds considerable potential for growth.
"Over the last few years, takaful has grown in profile as an alternative to conventional insurance and transformed itself from a regional to a global industry."
Estimates vary but it is generally accepted that the takaful industry has grown by 20 to 25 per cent in recent years. The Gulf has consistently represented around one third of the global takaful market.
Ahmad Al Janahi, Managing Director at Dubai-based Noor Takaful, and Deputy Group Chief Executive of Noor Investment Group, said: "The global takaful industry is currently estimated at $2 billion and takaful is growing 35 per cent faster than conventional insurance worldwide."
Al Janahi said conventional insurance grew by 41 per cent in the UAE in 2007, but takaful grew by 70 per cent.
"In the short term, the GCC market is a key market for takaful growth& and takaful will continue to grow faster than conventional insurance," according to Gul Khan, global head of wealth management at HSBC bank's Islamic banking arm, Amanah.
A report on the insurance industry in emerging economies by Swiss Re in 2008 reveals that Muslim countries represent 23 per cent of emerging market growth, yet insurance penetration remains comparatively very low.
Insurance penetration in Muslim countries is 1.3 per cent versus 2.8 per cent in emerging markets and well below the developed economies. A fast-growing, young, and well-educated population will be key to growth.
Yet, experts pointed to several persistent challenges stunting growth prospects.
A lack of awareness about the takaful products offered as well as a shortage of relevant skills within the sector need redressal.Outlook: Strong fundamentals Ernst & Young, a global professional business services provider, launched its World Takaful Report 2009 at the 4th World Takaful Conference on Tuesday. The report estimates the global takaful market to reach $ 7.7 billion in 2012 a more conservative estimate than others presented by industry practitioners at the conference. Saudi Arabia remains the largest market for Takaful with contributions totalling $1.7 billion in 2007, and the GCC is the largest market regionally, followed by Malaysia and Sudan. Despite challenges, the report said that the long-term outlook on fundamentals remained strong. These include shifting demographics, and increased earnings, as well as a change in social attitudes towards insurance and growing consumption levels."The financial crisis is a moment of opportunity," said Salmaan Jaffery, director Islamic financial services group, at Ernst&Young.
By Rachna Uppal, Staff ReporterPublished: April 14, 2009, 23:11
Dubai: The global market in Sharia-compliant insurance, or takaful, has the potential to reach $11 billion by 2015, but must surmount significant challenges to reach this goal.
The Gulf Cooperation Council (GCC) region will be a leading market for takaful growth. Within the region, Saudi Arabia remains the largest market for takaful.
Takaful managers and experts from around the world met in Dubai yesterday for the fourth World Takaful Conference 2009, against the backdrop of the global economic downturn, from which the industry, like all others, has not been immune.
Yet industry players are optimistic of continued growth in a sector whose potential still remains largely untapped.
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Nasser Al Sha'ali, chief executive of the Dubai International Financial Centre (DIFC) Authority, said: "As Islamic finance enters a new phase of development, takaful is one of the sectors within the industry that holds considerable potential for growth.
"Over the last few years, takaful has grown in profile as an alternative to conventional insurance and transformed itself from a regional to a global industry."
Estimates vary but it is generally accepted that the takaful industry has grown by 20 to 25 per cent in recent years. The Gulf has consistently represented around one third of the global takaful market.
Ahmad Al Janahi, Managing Director at Dubai-based Noor Takaful, and Deputy Group Chief Executive of Noor Investment Group, said: "The global takaful industry is currently estimated at $2 billion and takaful is growing 35 per cent faster than conventional insurance worldwide."
Al Janahi said conventional insurance grew by 41 per cent in the UAE in 2007, but takaful grew by 70 per cent.
"In the short term, the GCC market is a key market for takaful growth& and takaful will continue to grow faster than conventional insurance," according to Gul Khan, global head of wealth management at HSBC bank's Islamic banking arm, Amanah.
A report on the insurance industry in emerging economies by Swiss Re in 2008 reveals that Muslim countries represent 23 per cent of emerging market growth, yet insurance penetration remains comparatively very low.
Insurance penetration in Muslim countries is 1.3 per cent versus 2.8 per cent in emerging markets and well below the developed economies. A fast-growing, young, and well-educated population will be key to growth.
Yet, experts pointed to several persistent challenges stunting growth prospects.
A lack of awareness about the takaful products offered as well as a shortage of relevant skills within the sector need redressal.Outlook: Strong fundamentals Ernst & Young, a global professional business services provider, launched its World Takaful Report 2009 at the 4th World Takaful Conference on Tuesday. The report estimates the global takaful market to reach $ 7.7 billion in 2012 a more conservative estimate than others presented by industry practitioners at the conference. Saudi Arabia remains the largest market for Takaful with contributions totalling $1.7 billion in 2007, and the GCC is the largest market regionally, followed by Malaysia and Sudan. Despite challenges, the report said that the long-term outlook on fundamentals remained strong. These include shifting demographics, and increased earnings, as well as a change in social attitudes towards insurance and growing consumption levels."The financial crisis is a moment of opportunity," said Salmaan Jaffery, director Islamic financial services group, at Ernst&Young.
FACTBOX: Who regulates the Islamic finance sector?
Mon Apr 13, 2009 3:30pm BST
(Reuters) - Overseen by a patchwork of regulators and religious authorities, the Islamic finance industry has taken major steps to standardize products and reduce the regulatory uncertainty that is seen as impeding development of the market.
The debate over regulations flared last year when compliance of some Islamic bonds with sharia law was thrown into question by the industry auditor, the Accounting and Auditing Organization for Islamic Financial Institutions
(AAOIFI).
Differing interpretations of the sharia also make regulation across jurisdictions a tricky task. For example, some Islamic contracts such as the bai bithaman ajil (deferred payment sale) are approved by Malaysian regulators but rejected by those in the Middle East.
Here is some information about the main bodies tasked with overseeing the sector at different levels, and the challenges they face.
INTERNATIONAL REGULATORS
Islamic Financial Services Board (IFSB)
---------------------------------------
The international standard-setting organization issues guiding notes on standards and principles for the industry's banking, capital markets and insurance sectors.
Its 175 members include 42 regulatory and supervisory authorities, six international inter-governmental organizations and 127 market players and professional firms.
The IFSB working groups, which include representatives from
central banks and national monetary authorities, work with other international bodies, such as the International Association of Insurance Supervisors (IAIS), to streamline the rules around integration of Islamic products such as takaful or Islamic insurance, for example.
Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI)
---------------------------------------
AAOIFI's standards have been adopted in Bahrain, the Dubai International Financial Center, Jordan, Lebanon, Qatar, Sudan and Syria; while its standards are used for guidelines issued by authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia, and South Africa, according to the auditor's website.
In 2001, AAOIFI and the Bahrain Monetary Authority developed a regulatory framework known as PIRI -- the Prudential Information and Regulatory Framework for Islamic Banks.
Created in consultation with the industry, it aims to help Islamic banks become more than niche players by integrating standards with the Basel Committee on Banking Supervision, established by central bank governors of the Group of Ten countries in 1974.
Despite these steps, analysts say there are still gaps in the industry's financial reporting and accounting.
AAOIFI ruled last year that repurchase undertakings -- a pledge found in most Islamic bonds that the borrower would pay back their face value at maturity -- violates the duty to share risk in sukuk mudaraba and musharaka.
Issuance of the two types of sukuk fell 83 percent and 68 percent respectively last year, ratings agency Moody's said,; with some bankers and scholars attributing the drop to the ruling.
NATIONAL AUTHORITIES
In Sudan, Pakistan and Iran, where Islamic banking is the national system, financial products conform to the sharia as it is defined by local authorities.
In countries where Islamic finance runs in parallel to the conventional system, such as Malaysia and Bahrain, Islamic banks are regulated separately from conventional banks.
Not all such states have applied IFSB guidances, however. This has led to criticisms that the legal and regulatory frameworks are uncoordinated and inadequate.
Insufficient sharia convergence between countries is another factor. While Gulf and Malaysian models are said to be gradually converging, differences of opinion remain between scholars.
Other state regulators have worked with Islamic financial institutions to include them in existing regulatory frameworks.
In the UK, for example, both the Bank of England and the Financial Services Authority (FSA) were involved in the establishment of the first sharia-compliant retail bank in Europe or the United States, the Islamic Bank of Britain, in 2004.
BANK LEVEL
----------
Islamic banks are structured to include a special sharia supervision board made up of scholars.
Analysts say the industry's more general problem -- a shortage of qualified people -- shows up at this level, with some of the top 20 scholars appearing on sharia compliance boards for dozens of different institutions.
Becoming an authority can take 15 years of Islamic legal studies, then years more in financial training. Forbes magazine estimates there are only 260 such scholars in the world, of whom only a handful also have the requisite grip on complex financial instruments to sit on a bank's board.
Specialized academic centers have been set up to address this, such as the Harvard Law School's Islamic Finance Project.
Conventional banks which have added new Islamic services keep sharia-compliant products separate from other products. Consultancies can help banks liaise with sharia scholars, who sit on supervisory boards.
Sources: Reuters, Financial Services Authority (FSA) (http://www.fsa.gov.uk), Islamic Financial Services Board (IFSB) (http://www.ifsb.org), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (http://www.aaoifi.com), Basel Committee for Banking Supervision (http://www.bis.org/bcbs)
(Reporting by Gillian Murdoch in Singapore and Surojit Gupta in New Delhi; Editing by Kim Coghill)
Mon Apr 13, 2009 3:30pm BST
(Reuters) - Overseen by a patchwork of regulators and religious authorities, the Islamic finance industry has taken major steps to standardize products and reduce the regulatory uncertainty that is seen as impeding development of the market.
The debate over regulations flared last year when compliance of some Islamic bonds with sharia law was thrown into question by the industry auditor, the Accounting and Auditing Organization for Islamic Financial Institutions
(AAOIFI).
Differing interpretations of the sharia also make regulation across jurisdictions a tricky task. For example, some Islamic contracts such as the bai bithaman ajil (deferred payment sale) are approved by Malaysian regulators but rejected by those in the Middle East.
Here is some information about the main bodies tasked with overseeing the sector at different levels, and the challenges they face.
INTERNATIONAL REGULATORS
Islamic Financial Services Board (IFSB)
---------------------------------------
The international standard-setting organization issues guiding notes on standards and principles for the industry's banking, capital markets and insurance sectors.
Its 175 members include 42 regulatory and supervisory authorities, six international inter-governmental organizations and 127 market players and professional firms.
The IFSB working groups, which include representatives from
central banks and national monetary authorities, work with other international bodies, such as the International Association of Insurance Supervisors (IAIS), to streamline the rules around integration of Islamic products such as takaful or Islamic insurance, for example.
Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI)
---------------------------------------
AAOIFI's standards have been adopted in Bahrain, the Dubai International Financial Center, Jordan, Lebanon, Qatar, Sudan and Syria; while its standards are used for guidelines issued by authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia, and South Africa, according to the auditor's website.
In 2001, AAOIFI and the Bahrain Monetary Authority developed a regulatory framework known as PIRI -- the Prudential Information and Regulatory Framework for Islamic Banks.
Created in consultation with the industry, it aims to help Islamic banks become more than niche players by integrating standards with the Basel Committee on Banking Supervision, established by central bank governors of the Group of Ten countries in 1974.
Despite these steps, analysts say there are still gaps in the industry's financial reporting and accounting.
AAOIFI ruled last year that repurchase undertakings -- a pledge found in most Islamic bonds that the borrower would pay back their face value at maturity -- violates the duty to share risk in sukuk mudaraba and musharaka.
Issuance of the two types of sukuk fell 83 percent and 68 percent respectively last year, ratings agency Moody's said,; with some bankers and scholars attributing the drop to the ruling.
NATIONAL AUTHORITIES
In Sudan, Pakistan and Iran, where Islamic banking is the national system, financial products conform to the sharia as it is defined by local authorities.
In countries where Islamic finance runs in parallel to the conventional system, such as Malaysia and Bahrain, Islamic banks are regulated separately from conventional banks.
Not all such states have applied IFSB guidances, however. This has led to criticisms that the legal and regulatory frameworks are uncoordinated and inadequate.
Insufficient sharia convergence between countries is another factor. While Gulf and Malaysian models are said to be gradually converging, differences of opinion remain between scholars.
Other state regulators have worked with Islamic financial institutions to include them in existing regulatory frameworks.
In the UK, for example, both the Bank of England and the Financial Services Authority (FSA) were involved in the establishment of the first sharia-compliant retail bank in Europe or the United States, the Islamic Bank of Britain, in 2004.
BANK LEVEL
----------
Islamic banks are structured to include a special sharia supervision board made up of scholars.
Analysts say the industry's more general problem -- a shortage of qualified people -- shows up at this level, with some of the top 20 scholars appearing on sharia compliance boards for dozens of different institutions.
Becoming an authority can take 15 years of Islamic legal studies, then years more in financial training. Forbes magazine estimates there are only 260 such scholars in the world, of whom only a handful also have the requisite grip on complex financial instruments to sit on a bank's board.
Specialized academic centers have been set up to address this, such as the Harvard Law School's Islamic Finance Project.
Conventional banks which have added new Islamic services keep sharia-compliant products separate from other products. Consultancies can help banks liaise with sharia scholars, who sit on supervisory boards.
Sources: Reuters, Financial Services Authority (FSA) (http://www.fsa.gov.uk), Islamic Financial Services Board (IFSB) (http://www.ifsb.org), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (http://www.aaoifi.com), Basel Committee for Banking Supervision (http://www.bis.org/bcbs)
(Reporting by Gillian Murdoch in Singapore and Surojit Gupta in New Delhi; Editing by Kim Coghill)
Islamic finance faces tough choices: law firm
Islamic finance faces tough choices: law firm
Thu Apr 16, 2009 1:17pm EDT
LONDON (Reuters) - Developing common standards for Islamic finance products too soon could damage the fledgling sector's long-term growth, according to Andrew Metcalf, an Islamic finance specialist with law firm King & Spalding.
Speaking at the Reuters Islamic Banking and Finance Summit in London, Metcalfe, a partner in the U.S.-based firm's Middle East and Islamic Finance Practice Group, said the industry faces tough choices between innovating further or standardizing the products it currently offers.
"The industry is at a bit of a crossroads. One path is to take stock of where we're at and develop ... an agreed way of doing things. There are other people who say: 'We don't want to standardize what we do right now, it's not developed enough'," he said.
"Personally I'm in the second camp ... It would hurt the long-term growth of the industry to freeze time now, there's a lot more the industry is capable of doing."
Islamic financial products must be sanctioned by scholars, but their interpretations of Islam's sacred texts varies, creating regional product differences.
The Malaysian school of thought is seen as innovation oriented, while Middle East scholars are seen as more conservative.
Metcalf also said the Islamic finance industry, which forbids investing based on what it sees as unjust gain or taking large risks, needs to decide its position on derivatives, which were starting to be developed prior to the credit crisis.
"Is a derivative more of a gambling concept or does it serve an economic purpose? That discussion has to happen," Metcalf said.
(Reporting by Laurence Fletcher; Editing by Jon Loades-Carter)
Thu Apr 16, 2009 1:17pm EDT
LONDON (Reuters) - Developing common standards for Islamic finance products too soon could damage the fledgling sector's long-term growth, according to Andrew Metcalf, an Islamic finance specialist with law firm King & Spalding.
Speaking at the Reuters Islamic Banking and Finance Summit in London, Metcalfe, a partner in the U.S.-based firm's Middle East and Islamic Finance Practice Group, said the industry faces tough choices between innovating further or standardizing the products it currently offers.
"The industry is at a bit of a crossroads. One path is to take stock of where we're at and develop ... an agreed way of doing things. There are other people who say: 'We don't want to standardize what we do right now, it's not developed enough'," he said.
"Personally I'm in the second camp ... It would hurt the long-term growth of the industry to freeze time now, there's a lot more the industry is capable of doing."
Islamic financial products must be sanctioned by scholars, but their interpretations of Islam's sacred texts varies, creating regional product differences.
The Malaysian school of thought is seen as innovation oriented, while Middle East scholars are seen as more conservative.
Metcalf also said the Islamic finance industry, which forbids investing based on what it sees as unjust gain or taking large risks, needs to decide its position on derivatives, which were starting to be developed prior to the credit crisis.
"Is a derivative more of a gambling concept or does it serve an economic purpose? That discussion has to happen," Metcalf said.
(Reporting by Laurence Fletcher; Editing by Jon Loades-Carter)
Islamic Finance Comes of Age
Arthur D. Little: Islamic Finance Comes of Age
With Global Financial Markets in Flux, Shariah-Compliant Banking is an Increasingly Attractive Option for Western Investors and Financial Institutions
LONDON--(BUSINESS WIRE)--A new report released today by management consultancy Arthur D. Little entitled “Islamic Finance Comes of Age” has identified a surge in activity around Islamic finance as a promising opportunity for the global financial services industry as it emerges from the current recession. With Islamic finance assets currently standing at $800 billion, Arthur D. Little expects this figure to surge to as much as $4 trillion in the next six years, representing a major opportunity for Western financial institutions looking to develop new partnerships and global markets.
A global market overview
Arthur D. Little’s latest report investigates 10 capital markets in selected Islamic countries, each of which offers the Western investor different opportunities, due to their varied levels of market maturity and sophistication. Arthur D. Little groups the 10 markets into three clusters, helping financial players to identify the best strategies for entering each Islamic finance market. The full report includes a detailed analysis of the current state of development in all 10 capital markets.
The Big Four – The Kingdom of Saudi Arabia (KSA), Kuwait, the UAE, and Malaysia have highly developed capital markets, which are supported by both government and private sector initiatives to promote financial education and diversify the range of available financial products. For instance, KSA and Kuwait hold the largest concentrations of Islamic financial assets of 40% and 21% respectively.
The Challengers – Qatar, Bahrain, and Oman are rapidly growing Middle Eastern economies, and market growth as well as a range of government incentives has meant that these emerging players are quickly climbing the global Islamic finance ranks.
The Newcomers – Morocco and Tunisia authorized Islamic finance markets in 2007, while in Egypt Shariah-compliant products were only recognized last year. Despite this, the new players have government backing, and in the cases of Tunisia and Egypt, policy makers are doing what they can to encourage the inflow of investment. This is not the case in Morocco, however, where regulation remains tight.
"The collapse of conventional financial markets has left many traumatized investors seeking a return to conservative and ethical financial practices, and we believe Islamic finance is now one of the most attractive alternatives to conventional finance in this regard, but inherent risks of these 'other structured products' have to be carefully considered" said Dr. Gerrit Seidel, Managing Director and Global Head of Arthur D. Little’s Financial Services Practice. "With such huge growth over the last two decades, the Middle East and North Africa’s capital markets are now ready to shine on the world stage, and smart investors from the West will act quickly to make the most of these alternative markets.”
Opportunities & Challenges for market players
Given the current economic situation, banks are understandably cautious about making investments into vast new product ranges. However, a wide variety of products and services exist across the spectrum of Islamic finance, which are likely to expand further as the industry develops. Along with the popular sukuk or Islamic bonds, syndicated lending, project finance, and refinancing, and equity markets all represent real opportunities for growth.
However, despite the tremendous progress it has made in recent years, the MENA capital markets still face many challenges:
Vulnerable to sector-specific shocks – fluctuations in the property or oil industries, for example, will affect MENA finance disproportionately
Inflation – many of the major players in Islamic finance do not have robust inflation-fighting policies in place
Legal, institutional, and regulatory environment – despite progress, many Islamic finance markets still operate with relatively new or incomplete regulatory and compliance regimes in place that risk the transparency and smooth operation of capital markets
"Western private banks and wealth managers can gain credibility in Islamic finance by offering strong market-specific research reports on Arabic local markets, or even volunteering to host exchange programs to help financial market specialists from Islamic banks gain knowledge of the traditional financial market," added Dr. Gerrit Seidel, Managing Director and Global Head of Arthur D. Little’s Financial Services Practice. “Collaboration between established Western banks and the rapidly growing Islamic finance industry can be mutually beneficial. We have already seen leading players such as Deutsche Bank, Barclays Capital, and HSBC initiate such partnerships.”
“Islamic Finance Comes of Age” is now available for download at www.adlittle.com/islamic_finance
About Arthur D. Little
Arthur D. Little (ADL), founded in 1886, is a leading global management consulting firm that links strategy, innovation and technology to master complex business challenges while delivering sustainable results to our clients. Arthur D. Little has a collaborative client engagement style, exceptional people and a firm-wide commitment to quality and integrity. ADL is proud to serve many of the Fortune 100 companies globally in addition to many other leading firms and public sector organizations.
With Global Financial Markets in Flux, Shariah-Compliant Banking is an Increasingly Attractive Option for Western Investors and Financial Institutions
LONDON--(BUSINESS WIRE)--A new report released today by management consultancy Arthur D. Little entitled “Islamic Finance Comes of Age” has identified a surge in activity around Islamic finance as a promising opportunity for the global financial services industry as it emerges from the current recession. With Islamic finance assets currently standing at $800 billion, Arthur D. Little expects this figure to surge to as much as $4 trillion in the next six years, representing a major opportunity for Western financial institutions looking to develop new partnerships and global markets.
A global market overview
Arthur D. Little’s latest report investigates 10 capital markets in selected Islamic countries, each of which offers the Western investor different opportunities, due to their varied levels of market maturity and sophistication. Arthur D. Little groups the 10 markets into three clusters, helping financial players to identify the best strategies for entering each Islamic finance market. The full report includes a detailed analysis of the current state of development in all 10 capital markets.
The Big Four – The Kingdom of Saudi Arabia (KSA), Kuwait, the UAE, and Malaysia have highly developed capital markets, which are supported by both government and private sector initiatives to promote financial education and diversify the range of available financial products. For instance, KSA and Kuwait hold the largest concentrations of Islamic financial assets of 40% and 21% respectively.
The Challengers – Qatar, Bahrain, and Oman are rapidly growing Middle Eastern economies, and market growth as well as a range of government incentives has meant that these emerging players are quickly climbing the global Islamic finance ranks.
The Newcomers – Morocco and Tunisia authorized Islamic finance markets in 2007, while in Egypt Shariah-compliant products were only recognized last year. Despite this, the new players have government backing, and in the cases of Tunisia and Egypt, policy makers are doing what they can to encourage the inflow of investment. This is not the case in Morocco, however, where regulation remains tight.
"The collapse of conventional financial markets has left many traumatized investors seeking a return to conservative and ethical financial practices, and we believe Islamic finance is now one of the most attractive alternatives to conventional finance in this regard, but inherent risks of these 'other structured products' have to be carefully considered" said Dr. Gerrit Seidel, Managing Director and Global Head of Arthur D. Little’s Financial Services Practice. "With such huge growth over the last two decades, the Middle East and North Africa’s capital markets are now ready to shine on the world stage, and smart investors from the West will act quickly to make the most of these alternative markets.”
Opportunities & Challenges for market players
Given the current economic situation, banks are understandably cautious about making investments into vast new product ranges. However, a wide variety of products and services exist across the spectrum of Islamic finance, which are likely to expand further as the industry develops. Along with the popular sukuk or Islamic bonds, syndicated lending, project finance, and refinancing, and equity markets all represent real opportunities for growth.
However, despite the tremendous progress it has made in recent years, the MENA capital markets still face many challenges:
Vulnerable to sector-specific shocks – fluctuations in the property or oil industries, for example, will affect MENA finance disproportionately
Inflation – many of the major players in Islamic finance do not have robust inflation-fighting policies in place
Legal, institutional, and regulatory environment – despite progress, many Islamic finance markets still operate with relatively new or incomplete regulatory and compliance regimes in place that risk the transparency and smooth operation of capital markets
"Western private banks and wealth managers can gain credibility in Islamic finance by offering strong market-specific research reports on Arabic local markets, or even volunteering to host exchange programs to help financial market specialists from Islamic banks gain knowledge of the traditional financial market," added Dr. Gerrit Seidel, Managing Director and Global Head of Arthur D. Little’s Financial Services Practice. “Collaboration between established Western banks and the rapidly growing Islamic finance industry can be mutually beneficial. We have already seen leading players such as Deutsche Bank, Barclays Capital, and HSBC initiate such partnerships.”
“Islamic Finance Comes of Age” is now available for download at www.adlittle.com/islamic_finance
About Arthur D. Little
Arthur D. Little (ADL), founded in 1886, is a leading global management consulting firm that links strategy, innovation and technology to master complex business challenges while delivering sustainable results to our clients. Arthur D. Little has a collaborative client engagement style, exceptional people and a firm-wide commitment to quality and integrity. ADL is proud to serve many of the Fortune 100 companies globally in addition to many other leading firms and public sector organizations.
Malaysia Has Good Base To Lead The World In Islamic Finance
Malaysia Has Good Base To Lead The World In Islamic Finance
By: Ramjit-->
KUALA LUMPUR, April 16 (Bernama) -- Malaysia has a good base to lead the world in integrating the Islamic financial system due to its full range of Islamic financing institutions, said Prof. Mervyn K. Lewis from the University of South Australia.A professor of banking and finance at the university's school of commerce, he said that Malaysia had good financial infrastructure and a full range of Islamic financing based institutions namely banks, takaful, investment fund and sukuk.Lewis was speaking to reporters after presenting a public lecture titled, "An Islamic Economic Perceptive On The Global Financial Crisis", organised by the Securities Commission (SC), here Thursday.Also present was the SC's chairman Datuk Seri Zarinah Anwar.Lewis is the first visiting scholar for the SC-University of Malaya (UM) Islamic finance collaboration agreement signed last year. The collaboration is to bring in eminent international scholars to be attached to UM.The visiting scholars will deliver a series of lecture, assist in academic research as well as provide consultation on dissertations and thesis by post graduate students.Lewis also stated that beside the full range of Islamic financing institutions, Malaysia also has a good regulatory system with Bank Negara Malaysia and the SC being knowledgeable in Islamic finance and sympathetic towards its development."A good attraction factor for Malaysia is that the country already has foreign banks operating here and has attracted Islamic finance," he said.According to Lewis, Malaysia is the largest individual market for investment funds in terms of issuance, adding the country had developed a very strong presence in Islamic finance."It has got a good overall mix of attributes for it to be a leading centre for Islamic finance. People are talking about two hubs of Islamic finance, in the Middle East and in Southeast Asia, where Malaysia is no doubt the leading player," he added.Lewis said that if the Islamic principle had been followed, the world would not have the subprime crisis and the credit crunch."But, it (Islamic finance) can't pull us out of the system now because it has already ensnared us. Even if everyone switched over to Islamic finance now, there is nothing that can be done about the current crisis," he added.Pointing out that the worst is not over for the global economy, Lewis said Malaysia is likely to see a hard landing this year because of the impact of trade due to the falling demand.-- BERNAMA
By: Ramjit-->
KUALA LUMPUR, April 16 (Bernama) -- Malaysia has a good base to lead the world in integrating the Islamic financial system due to its full range of Islamic financing institutions, said Prof. Mervyn K. Lewis from the University of South Australia.A professor of banking and finance at the university's school of commerce, he said that Malaysia had good financial infrastructure and a full range of Islamic financing based institutions namely banks, takaful, investment fund and sukuk.Lewis was speaking to reporters after presenting a public lecture titled, "An Islamic Economic Perceptive On The Global Financial Crisis", organised by the Securities Commission (SC), here Thursday.Also present was the SC's chairman Datuk Seri Zarinah Anwar.Lewis is the first visiting scholar for the SC-University of Malaya (UM) Islamic finance collaboration agreement signed last year. The collaboration is to bring in eminent international scholars to be attached to UM.The visiting scholars will deliver a series of lecture, assist in academic research as well as provide consultation on dissertations and thesis by post graduate students.Lewis also stated that beside the full range of Islamic financing institutions, Malaysia also has a good regulatory system with Bank Negara Malaysia and the SC being knowledgeable in Islamic finance and sympathetic towards its development."A good attraction factor for Malaysia is that the country already has foreign banks operating here and has attracted Islamic finance," he said.According to Lewis, Malaysia is the largest individual market for investment funds in terms of issuance, adding the country had developed a very strong presence in Islamic finance."It has got a good overall mix of attributes for it to be a leading centre for Islamic finance. People are talking about two hubs of Islamic finance, in the Middle East and in Southeast Asia, where Malaysia is no doubt the leading player," he added.Lewis said that if the Islamic principle had been followed, the world would not have the subprime crisis and the credit crunch."But, it (Islamic finance) can't pull us out of the system now because it has already ensnared us. Even if everyone switched over to Islamic finance now, there is nothing that can be done about the current crisis," he added.Pointing out that the worst is not over for the global economy, Lewis said Malaysia is likely to see a hard landing this year because of the impact of trade due to the falling demand.-- BERNAMA
Bankers eye Islamic finance jobs as crisis hits
Bankers eye Islamic finance jobs as crisis hits
Thu Apr 16, 2009 11:10am EDT
By Raissa Kasolowsky
MANAMA (Reuters) - A growing number of investment bankers whose jobs have been axed due to the global financial crisis are leaving conventional banking to move into Islamic finance, banking executives say.
Executives from Islamic banks told a Reuters Islamic Banking and Finance Summit this week the number of applications from conventional bankers wanting to enter the industry, seen as having huge growth potential, was rising sharply.
And most agreed the move from conventional to Islamic banking was relatively straightforward.
"It's totally changing. I'm seeing CVs from the London market, also the Far East, and more than anywhere else, from Dubai," said Nabeel Kazerooni, head of private equity at Bahrain-based Islamic investment bank Gulf Finance House (GFH) GFHB.BH.
Earlier this week Japanese brokerage Nomura Holdings Inc (8604.T: Quote, Profile, Research, Stock Buzz) said it would cut another 50 investment banking jobs, while UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) said it was culling 8,700 posts, almost half in its wealth management division.
With all these bankers out of work, the appetite for jobs in Islamic finance is picking up, executives said.
"The days of a shortage of Islamic bankers and the outrageous compensation that some were being paid are finished," said Simon Eedle, managing director of Global Islamic Banking at France's Calyon.
GFH's Kazerooni, who is based in Bahrain, said jobseekers were also pushing harder than ever to get themselves noticed.
"People buy the ticket and fly out here and say, 'I'm here, please interview me'," he said.
A number of banks are building up their Islamic finance units in the wake of the global credit crisis, tapping into a nascent industry estimated at $700 billion to $1 trillion in asset size and enjoying 15 to 20 percent annual growth.
ISLAMIC KNOW-HOW
Most participants at the summit agreed a background in Islamic law was a bonus but not a must. Many banks have in-house scholars who are consulted on whether a structure is sharia-compliant, and know-how of conventional banking is actually highly prized, especially in the Gulf Arab region.
"Today the Islamic element of the transactions is relatively straightforward," Kazerooni said. "You have good scholars who help a lot. You need good lawyers, then you are fine."
Objections which could arise are more related to fears that conventional investment banking practices, blamed by many for being at the root of global financial crisis, could spill over.
"There is a danger of these conventional investment bankers trying to impose their ideas onto Islamic structures. It is very dangerous," said M. Hidayathullah Baig, head of Islamic finance and advisory at Bahrain-based investment bank First Energy Bank.
Most, however, see an inflow of skilled investment bankers as a huge opportunity.
"You need more bankers who can do what the conventional guy does, the proper analysis, due diligence, proper structuring, that's what we need in the region," Kazerooni said. "It's a great opportunity for us to get access to these talented people."
Majid al-Sayed Bader al-Refai, chief executive of investment bank Unicorn, agreed: "I'm interested in those big smart players that are being kicked out in Europe and America, that's who I want to get my hands on. We've always had very high-caliber Westerners with us, but now you have even more to choose from."
(Editing by David Holmes)
Thu Apr 16, 2009 11:10am EDT
By Raissa Kasolowsky
MANAMA (Reuters) - A growing number of investment bankers whose jobs have been axed due to the global financial crisis are leaving conventional banking to move into Islamic finance, banking executives say.
Executives from Islamic banks told a Reuters Islamic Banking and Finance Summit this week the number of applications from conventional bankers wanting to enter the industry, seen as having huge growth potential, was rising sharply.
And most agreed the move from conventional to Islamic banking was relatively straightforward.
"It's totally changing. I'm seeing CVs from the London market, also the Far East, and more than anywhere else, from Dubai," said Nabeel Kazerooni, head of private equity at Bahrain-based Islamic investment bank Gulf Finance House (GFH) GFHB.BH.
Earlier this week Japanese brokerage Nomura Holdings Inc (8604.T: Quote, Profile, Research, Stock Buzz) said it would cut another 50 investment banking jobs, while UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) said it was culling 8,700 posts, almost half in its wealth management division.
With all these bankers out of work, the appetite for jobs in Islamic finance is picking up, executives said.
"The days of a shortage of Islamic bankers and the outrageous compensation that some were being paid are finished," said Simon Eedle, managing director of Global Islamic Banking at France's Calyon.
GFH's Kazerooni, who is based in Bahrain, said jobseekers were also pushing harder than ever to get themselves noticed.
"People buy the ticket and fly out here and say, 'I'm here, please interview me'," he said.
A number of banks are building up their Islamic finance units in the wake of the global credit crisis, tapping into a nascent industry estimated at $700 billion to $1 trillion in asset size and enjoying 15 to 20 percent annual growth.
ISLAMIC KNOW-HOW
Most participants at the summit agreed a background in Islamic law was a bonus but not a must. Many banks have in-house scholars who are consulted on whether a structure is sharia-compliant, and know-how of conventional banking is actually highly prized, especially in the Gulf Arab region.
"Today the Islamic element of the transactions is relatively straightforward," Kazerooni said. "You have good scholars who help a lot. You need good lawyers, then you are fine."
Objections which could arise are more related to fears that conventional investment banking practices, blamed by many for being at the root of global financial crisis, could spill over.
"There is a danger of these conventional investment bankers trying to impose their ideas onto Islamic structures. It is very dangerous," said M. Hidayathullah Baig, head of Islamic finance and advisory at Bahrain-based investment bank First Energy Bank.
Most, however, see an inflow of skilled investment bankers as a huge opportunity.
"You need more bankers who can do what the conventional guy does, the proper analysis, due diligence, proper structuring, that's what we need in the region," Kazerooni said. "It's a great opportunity for us to get access to these talented people."
Majid al-Sayed Bader al-Refai, chief executive of investment bank Unicorn, agreed: "I'm interested in those big smart players that are being kicked out in Europe and America, that's who I want to get my hands on. We've always had very high-caliber Westerners with us, but now you have even more to choose from."
(Editing by David Holmes)
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