Through analyzing key financial ratios and accounting practices of Kuwait Finance House (KFH), the document aims to assess the current state of financial reporting in the Islamic finance industry and provide recommendations. The analysis finds that while KFH's liquidity ratios are stable, its profitability ratios have declined significantly from 2009-2011. KFH also faces risks related to its high debt levels, real estate investments, and lack of adherence to global Islamic accounting standards. The document concludes KFH and the industry would benefit from improved transparency, risk management, and standardized Shari'ah-compliant financial reporting.
IFRS and Aaoifi, Harmonisation or Convergence?Nik Hasyudeen
The document discusses the convergence of accounting standards between the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards Board (IASB). It notes that while AAOIFI has developed Shariah-compliant standards, working with IASB could help further integrate Islamic finance into global standards. The document also recommends that Malaysia establish a committee to facilitate the application of IFRS to Islamic finance and position the country as a leader in the field.
Here are the accounting entries for the salam transaction described:
1. Payment to Mr. First
Debit - Salam Financing (Mr. First) A/C 10000
Credit - Cash A/C 10000
2. Receipt of goods from Mr. First
Debit - Salam Inventory A/C 10000
Credit - Salam Financing (Mr. First) A/C 10000
3. Receipt of funds from Mr. Second
Debit - Cash A/C 10125
Credit - Parallel Salam (Mr. Second) A/C 10125
4. Delivery of goods to Mr. Second
Debit - Parallel Salam (Mr
The document discusses accounting standards for Islamic banking as established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI prepares Shariah-compliant accounting, auditing, governance and ethics standards for Islamic banks. It aims to standardize practices according to Shariah principles and rules to support the growth of the Islamic finance industry. The standards address general presentation and disclosures requirements in financial statements for Islamic banks, including additional statements on restricted investments, zakat and qard funds. They also require disclosures on Shariah advisory roles, prohibited earnings, investment account types and allocation of profits.
Understandingof islamicbankbalancesheetHaraf Ahmed
This document provides an overview of Islamic banking in Malaysia, including Bank Islam. It discusses key financial ratios and market share data for Bank Islam. The presentation covers Malaysia's perspective on Islamic bank financial statements and accounting equations. It also outlines governance structures for Islamic banks, definitions of banking in Malaysia, principles of Islamic finance, and key aspects of Islamic financial transactions.
Standards & guidelines issued by accounting, auditing, governance (aaoifi)Makhluk Hasan
The document discusses standards and guidelines issued by three organizations for Islamic banking: the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and Bangladesh Bank. AAOIFI has issued 80 standards covering accounting, auditing, governance, Shariah, and other areas. The IFSB has set 12 standards on risk management, capital adequacy, and other issues. Bangladesh Bank's guidelines cover licensing, Shariah compliance, investment principles, financial statements, and profit distribution for mudaraba deposits.
This document discusses Shariah compliance in Islamic finance. It covers:
1. An overview of Shariah and its importance for Islamic financial institutions.
2. Globally accepted Shariah standards like those from AAOIFI and how they provide guidance.
3. The roles and responsibilities of Shariah advisors/supervisors in ensuring compliance.
It then discusses compliance at the strategic, tactical, and operational levels and categories of compliance. Specific internal controls for common Islamic financing modes like Murabahah are also outlined.
Structure and Legal Documentations of an iREIT and Unit Trusttaha2003
The document discusses the structure and legal documentation of an Islamic Real Estate Investment Trust (I-REIT) and unit trust in Malaysia. It provides details on the parties involved in an I-REIT such as the sponsor, manager, trustee, shariah adviser and properties. It also discusses the key legal documents such as the prospectus, trust deed and sale and purchase agreements. Additionally, it compares the regulations for I-REITs between Malaysia and Singapore and provides an overview of the structure of a Private Retirement Scheme Islamic Strategic Equity Fund, including the roles of the PRS provider, trustee and shariah adviser.
This document discusses liquidity issues in Islamic finance. It provides an overview of key regions including Malaysia, Bahrain, Pakistan, and Brunei and their respective Islamic money markets. It then examines typical balance sheets of Islamic financial institutions in the Gulf Cooperation Council and notes they have higher liquidity ratios due to assets like murabaha that have shorter tenors. The document addresses components needed for a good Islamic interbank money market, including short-term sukuk issuances, and efforts by the International Islamic Financial Market to develop the market. It concludes more issuances and greater participation is needed to further develop Islamic money markets.
IFRS and Aaoifi, Harmonisation or Convergence?Nik Hasyudeen
The document discusses the convergence of accounting standards between the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Accounting Standards Board (IASB). It notes that while AAOIFI has developed Shariah-compliant standards, working with IASB could help further integrate Islamic finance into global standards. The document also recommends that Malaysia establish a committee to facilitate the application of IFRS to Islamic finance and position the country as a leader in the field.
Here are the accounting entries for the salam transaction described:
1. Payment to Mr. First
Debit - Salam Financing (Mr. First) A/C 10000
Credit - Cash A/C 10000
2. Receipt of goods from Mr. First
Debit - Salam Inventory A/C 10000
Credit - Salam Financing (Mr. First) A/C 10000
3. Receipt of funds from Mr. Second
Debit - Cash A/C 10125
Credit - Parallel Salam (Mr. Second) A/C 10125
4. Delivery of goods to Mr. Second
Debit - Parallel Salam (Mr
The document discusses accounting standards for Islamic banking as established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI prepares Shariah-compliant accounting, auditing, governance and ethics standards for Islamic banks. It aims to standardize practices according to Shariah principles and rules to support the growth of the Islamic finance industry. The standards address general presentation and disclosures requirements in financial statements for Islamic banks, including additional statements on restricted investments, zakat and qard funds. They also require disclosures on Shariah advisory roles, prohibited earnings, investment account types and allocation of profits.
Understandingof islamicbankbalancesheetHaraf Ahmed
This document provides an overview of Islamic banking in Malaysia, including Bank Islam. It discusses key financial ratios and market share data for Bank Islam. The presentation covers Malaysia's perspective on Islamic bank financial statements and accounting equations. It also outlines governance structures for Islamic banks, definitions of banking in Malaysia, principles of Islamic finance, and key aspects of Islamic financial transactions.
Standards & guidelines issued by accounting, auditing, governance (aaoifi)Makhluk Hasan
The document discusses standards and guidelines issued by three organizations for Islamic banking: the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), and Bangladesh Bank. AAOIFI has issued 80 standards covering accounting, auditing, governance, Shariah, and other areas. The IFSB has set 12 standards on risk management, capital adequacy, and other issues. Bangladesh Bank's guidelines cover licensing, Shariah compliance, investment principles, financial statements, and profit distribution for mudaraba deposits.
This document discusses Shariah compliance in Islamic finance. It covers:
1. An overview of Shariah and its importance for Islamic financial institutions.
2. Globally accepted Shariah standards like those from AAOIFI and how they provide guidance.
3. The roles and responsibilities of Shariah advisors/supervisors in ensuring compliance.
It then discusses compliance at the strategic, tactical, and operational levels and categories of compliance. Specific internal controls for common Islamic financing modes like Murabahah are also outlined.
Structure and Legal Documentations of an iREIT and Unit Trusttaha2003
The document discusses the structure and legal documentation of an Islamic Real Estate Investment Trust (I-REIT) and unit trust in Malaysia. It provides details on the parties involved in an I-REIT such as the sponsor, manager, trustee, shariah adviser and properties. It also discusses the key legal documents such as the prospectus, trust deed and sale and purchase agreements. Additionally, it compares the regulations for I-REITs between Malaysia and Singapore and provides an overview of the structure of a Private Retirement Scheme Islamic Strategic Equity Fund, including the roles of the PRS provider, trustee and shariah adviser.
This document discusses liquidity issues in Islamic finance. It provides an overview of key regions including Malaysia, Bahrain, Pakistan, and Brunei and their respective Islamic money markets. It then examines typical balance sheets of Islamic financial institutions in the Gulf Cooperation Council and notes they have higher liquidity ratios due to assets like murabaha that have shorter tenors. The document addresses components needed for a good Islamic interbank money market, including short-term sukuk issuances, and efforts by the International Islamic Financial Market to develop the market. It concludes more issuances and greater participation is needed to further develop Islamic money markets.
Ey center-in-islamic-finance-for-africa-newBenett Momory
The document discusses Islamic finance and its potential for growth in Africa. It provides an overview of Islamic finance principles and structures like Mudaraba and Murabaha. While initially based on profit/loss sharing models, Islamic finance has diversified with many new products. It has three sectors - banking, Takaful insurance, and capital markets. The document argues Islamic finance can help fund growth in Africa as the industry and many African economies are expanding. It identifies opportunities in banking, Sukuk bonds, asset management and Takaful. The Center for Islamic Finance in Africa aims to support clients and develop the industry on the continent.
Fundraising through SME Exchange Platform Sumedha Fiscal
This document discusses the process of fundraising through an SME exchange platform. It begins with an overview of the stages of SME fundraising and the chronicle of SME exchanges in India. It then discusses some of the key challenges SMEs face in listing, the benefits of listing, eligibility criteria, and the roles of merchant bankers. It provides details on the listing procedure and getting prepared for listing. It also compares SME exchanges to the main board and discusses important post-listing considerations like corporate governance. Finally, it outlines the typical stages involved in an SME IPO process.
This document discusses Shariah supervision in Islamic financial institutions. It outlines the models of Shariah advisory services, including international Shariah boards, national Shariah boards, institutional Shariah boards, and outsourcing advisory services. It also describes the establishment of Shariah committees and their duties, which include advising the board, endorsing compliance manuals and documents, and providing written Shariah opinions. The document cautions against excessive flexibility in decisions and explores challenges in Shariah supervision, such as balancing monetary gains with Shariah objectives.
This document provides an overview of the regulatory system in the Indian financial mechanism. It discusses the key regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and their roles and functions. The RBI is the central bank and apex monetary authority that formulates monetary policy and regulates banking. SEBI regulates securities markets and protects investor interests. Other organizations discussed include the Financial Stability and Development Council, Monetary Policy Committee, and Financial Sector Legislative Reform Committee.
Kuwait Finance House: A Case-Study of Issues and Concerns in the Financial Re...camillesillapaldi
Through analyzing Kuwait Finance House's financial ratios and accounting practices, this document aims to evaluate the current state of financial reporting in Islamic banking.
The analysis finds that KFH has weak liquidity and declining profitability ratios from 2009-2011. Its use of debt financing has also increased its credit risk. KFH's accounting practices are also inconsistent, as it selectively follows IFRS and AAOIFI standards without fully adhering to either. This creates gaps in disclosure and transparency. Moody's has downgraded KFH's ratings due to asset quality issues and an overreliance on volatile investment income. The document recommends KFH improve its financial reporting consistency and practices.
Islamic financing instruments and development perspective in sub-Saharan AfricaFrancois Stepman
6 June 2017. Making Finance Work for Africa (MFW4A) and the Islamic Cooperation for the Development of Private Sector (ICD) organised a webinar on Islamic Finance: financing instruments and development perspective in sub-Saharan Africa. The keynote speaker was Salah BABALE, from ICD (Islamic Cooperation for the Development of Private Sector).
Islamic Capital Market (ICM) is the result of growing need for Islamic finance. This paper discussed various topics related to capital market and their Islamic appraisal. The sukuk market have been discussed in more detail. A global scenario have been highlighted and Islamic finance in Bangladesh have been discussed with problems and prospects.
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
This document outlines the various regulators in India's financial system. It describes the roles of the Comptroller & Auditor General of India, which audits government entities and reports to Parliament. For banks, the key regulator is the Reserve Bank of India. The banking structure includes nationalized banks, non-nationalized banks, cooperative banks, and rural banks. Companies are regulated by the Ministry of Corporate Affairs and registrars of companies. Listed companies are additionally regulated by the Securities Exchange Board of India and stock exchanges. Other regulators mentioned include credit rating agencies, debenture trustees, depositories, investment consultants, investment bankers, investor associations, mutual funds, portfolio managers, stock brokers, stock exchanges, and venture capital funds.
A report on Bangladesh Securities and Exchange CommissionHasibAlAmin
The document is a report on the Bangladesh Securities and Exchange Commission (BSEC) presented to a lecturer. It includes an abstract, table of contents, and sections on the introduction, objectives, functions, and divisions of the BSEC. The BSEC regulates capital markets in Bangladesh, aims to protect investors, and works to develop fair and transparent regulatory frameworks based on international standards. It oversees organizations like the Dhaka Stock Exchange and regulates activities such as issuing stocks, investment advising, and trading securities.
This document provides a summary of Non-Banking Financial Companies (NBFCs) in India. It defines what an NBFC is, outlines the key types of NBFCs such as asset finance companies, loan companies, investment companies, and microfinance institutions. It also describes important NBFC concepts like capital adequacy requirements, classification of assets, and the regulations applicable to different categories of NBFCs. The document is intended to serve as a quick guide to NBFCs in India.
This document discusses personal financial planning and analysis. It defines financial needs and the importance of income sources being lawful. Personal financial statements like balance sheets and income statements are explained as tools to assess a person's financial resources and goals. Key financial ratios are also introduced to analyze a person's solvency, liquidity, savings, debt coverage, and debt levels. The chapter emphasizes the importance of budgeting to monitor expenses, allocate income, and achieve financial goals.
The document discusses the Indian financial system. It defines finance and explains that the financial system comprises financial institutions, markets, and infrastructure that facilitate the flow of funds from areas of surplus to deficit. The system includes various types of markets (money market, capital market, forex market, credit market), financial institutions and intermediaries, and financial products. It outlines the key components, regulations, and reforms of the Indian financial system.
Islamic Banker Asia - Shariah Compliance and Audit - February 2015Mujtaba Khalid
Against the backdrop of growth, a number of key industry stakeholders (including senior Shari’a scholars) have highlighted their concerns regarding the overly engineered nature of contemporary structures, which seem to lose the industry’s essence that believe in equity-based form of investment.
The document summarizes the key financial regulators in India:
- The Reserve Bank of India (RBI) acts as the central bank and regulates monetary policy, banking, and foreign exchange. It oversees banks and ensures financial stability.
- The Securities and Exchange Board of India (SEBI) regulates securities markets to protect investors and ensure orderly development. It registers and regulates stock exchanges, intermediaries, and collective investment schemes.
- The Insurance Regulatory and Development Authority (IRDA) was established in 1999 to regulate insurance companies and promote growth in the insurance sector while protecting policyholders. It issues registrations and regulates pricing, investments, and dispute resolution in insurance.
The document provides frequently asked questions and answers regarding Alternative Investment Funds (AIFs) regulated by SEBI. It defines an AIF and explains the different categories of AIFs. It also summarizes the registration process, operational requirements, and reporting obligations for AIFs. Key points covered include types of AIFs, minimum investment amounts, sponsorship requirements, and disclosure obligations to investors.
This document discusses risk management principles for Islamic finance as outlined by the Islamic Financial Services Board (IFSB). It provides an overview of the IFSB's objectives to promote prudent and transparent Islamic financial services through international standards. The key risks for Islamic financial institutions are identified as equity investment, rate of return, displaced commercial, operational, and Shariah compliance risks. The document outlines guiding principles for managing each of these risks, focusing on credit, market, liquidity, and operational risks. The principles emphasize comprehensive risk management and reporting processes, Shariah compliance, and protecting the interests of fund providers.
The document discusses several key international institutions in Islamic finance:
1. The International Islamic Financial Market (IIFM) works to standardize Islamic capital and money market products and documentation.
2. The International Islamic Liquidity Management Corporation (IILM) aims to enhance cross-border investment flows and financial stability in Islamic finance. It is headquartered in Kuala Lumpur and governed by several central banks.
3. Other organizations mentioned include the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) which issues standards and guidelines for the industry.
The document discusses financial regulation and why it is important, focusing on regulations for banks. It addresses eight categories of banking regulations: (1) government safety nets like FDIC insurance that aim to protect depositors but can encourage moral hazard; (2) restrictions on asset holdings and capital requirements to reduce risk; (3) bank supervision through chartering and examinations; (4) assessing risk management; (5) disclosure requirements to provide transparency; (6) consumer protections; (7) restrictions on competition (now eliminated); and (8) lessons from the 1980s financial crisis when deregulation increased risks. While regulations aim to promote stability, they also sometimes introduce new problems or are insufficient to prevent crises.
ISLAMIC ACCOUNTING PRACTICES - THE IMPORTANCE OF ISLAMIC CAPITAL MARKET IN MA...Nur Adillah Arifah Nazri
Capital markets are an important component of the financial system for raising funds for long-term investment. They provide opportunities for diversification of risk through cross-sectional risk sharing. The long-term investments are facilitated through a series of short-term contracts in the form of tradable securities enabling the investors an opportunity to exit or enter through trade. Thus they provide an element of liquidity to the otherwise illiquid assets. The secondary market also provides pricing and valuation of assets on a continued basis thus eliminating arbitrage and inefficiencies
the presentation will help you in understanding diffrent terms of islamic banking. also it will help you in finding the answers of your critics about islamic banking.
The document discusses the Malaysian Code on Corporate Governance 2012 (MCCG 2012) and principles of corporate governance at Tenaga Nasional Berhad (TNB).
It outlines 8 principles and 26 recommendations in MCCG 2012 relating to clear roles of the board, board composition, independence of directors, commitment of directors, and integrity in financial reporting. It also compares provisions in MCCG 2012 to the previous 2007 Code.
Ey center-in-islamic-finance-for-africa-newBenett Momory
The document discusses Islamic finance and its potential for growth in Africa. It provides an overview of Islamic finance principles and structures like Mudaraba and Murabaha. While initially based on profit/loss sharing models, Islamic finance has diversified with many new products. It has three sectors - banking, Takaful insurance, and capital markets. The document argues Islamic finance can help fund growth in Africa as the industry and many African economies are expanding. It identifies opportunities in banking, Sukuk bonds, asset management and Takaful. The Center for Islamic Finance in Africa aims to support clients and develop the industry on the continent.
Fundraising through SME Exchange Platform Sumedha Fiscal
This document discusses the process of fundraising through an SME exchange platform. It begins with an overview of the stages of SME fundraising and the chronicle of SME exchanges in India. It then discusses some of the key challenges SMEs face in listing, the benefits of listing, eligibility criteria, and the roles of merchant bankers. It provides details on the listing procedure and getting prepared for listing. It also compares SME exchanges to the main board and discusses important post-listing considerations like corporate governance. Finally, it outlines the typical stages involved in an SME IPO process.
This document discusses Shariah supervision in Islamic financial institutions. It outlines the models of Shariah advisory services, including international Shariah boards, national Shariah boards, institutional Shariah boards, and outsourcing advisory services. It also describes the establishment of Shariah committees and their duties, which include advising the board, endorsing compliance manuals and documents, and providing written Shariah opinions. The document cautions against excessive flexibility in decisions and explores challenges in Shariah supervision, such as balancing monetary gains with Shariah objectives.
This document provides an overview of the regulatory system in the Indian financial mechanism. It discusses the key regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and their roles and functions. The RBI is the central bank and apex monetary authority that formulates monetary policy and regulates banking. SEBI regulates securities markets and protects investor interests. Other organizations discussed include the Financial Stability and Development Council, Monetary Policy Committee, and Financial Sector Legislative Reform Committee.
Kuwait Finance House: A Case-Study of Issues and Concerns in the Financial Re...camillesillapaldi
Through analyzing Kuwait Finance House's financial ratios and accounting practices, this document aims to evaluate the current state of financial reporting in Islamic banking.
The analysis finds that KFH has weak liquidity and declining profitability ratios from 2009-2011. Its use of debt financing has also increased its credit risk. KFH's accounting practices are also inconsistent, as it selectively follows IFRS and AAOIFI standards without fully adhering to either. This creates gaps in disclosure and transparency. Moody's has downgraded KFH's ratings due to asset quality issues and an overreliance on volatile investment income. The document recommends KFH improve its financial reporting consistency and practices.
Islamic financing instruments and development perspective in sub-Saharan AfricaFrancois Stepman
6 June 2017. Making Finance Work for Africa (MFW4A) and the Islamic Cooperation for the Development of Private Sector (ICD) organised a webinar on Islamic Finance: financing instruments and development perspective in sub-Saharan Africa. The keynote speaker was Salah BABALE, from ICD (Islamic Cooperation for the Development of Private Sector).
Islamic Capital Market (ICM) is the result of growing need for Islamic finance. This paper discussed various topics related to capital market and their Islamic appraisal. The sukuk market have been discussed in more detail. A global scenario have been highlighted and Islamic finance in Bangladesh have been discussed with problems and prospects.
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
This document outlines the various regulators in India's financial system. It describes the roles of the Comptroller & Auditor General of India, which audits government entities and reports to Parliament. For banks, the key regulator is the Reserve Bank of India. The banking structure includes nationalized banks, non-nationalized banks, cooperative banks, and rural banks. Companies are regulated by the Ministry of Corporate Affairs and registrars of companies. Listed companies are additionally regulated by the Securities Exchange Board of India and stock exchanges. Other regulators mentioned include credit rating agencies, debenture trustees, depositories, investment consultants, investment bankers, investor associations, mutual funds, portfolio managers, stock brokers, stock exchanges, and venture capital funds.
A report on Bangladesh Securities and Exchange CommissionHasibAlAmin
The document is a report on the Bangladesh Securities and Exchange Commission (BSEC) presented to a lecturer. It includes an abstract, table of contents, and sections on the introduction, objectives, functions, and divisions of the BSEC. The BSEC regulates capital markets in Bangladesh, aims to protect investors, and works to develop fair and transparent regulatory frameworks based on international standards. It oversees organizations like the Dhaka Stock Exchange and regulates activities such as issuing stocks, investment advising, and trading securities.
This document provides a summary of Non-Banking Financial Companies (NBFCs) in India. It defines what an NBFC is, outlines the key types of NBFCs such as asset finance companies, loan companies, investment companies, and microfinance institutions. It also describes important NBFC concepts like capital adequacy requirements, classification of assets, and the regulations applicable to different categories of NBFCs. The document is intended to serve as a quick guide to NBFCs in India.
This document discusses personal financial planning and analysis. It defines financial needs and the importance of income sources being lawful. Personal financial statements like balance sheets and income statements are explained as tools to assess a person's financial resources and goals. Key financial ratios are also introduced to analyze a person's solvency, liquidity, savings, debt coverage, and debt levels. The chapter emphasizes the importance of budgeting to monitor expenses, allocate income, and achieve financial goals.
The document discusses the Indian financial system. It defines finance and explains that the financial system comprises financial institutions, markets, and infrastructure that facilitate the flow of funds from areas of surplus to deficit. The system includes various types of markets (money market, capital market, forex market, credit market), financial institutions and intermediaries, and financial products. It outlines the key components, regulations, and reforms of the Indian financial system.
Islamic Banker Asia - Shariah Compliance and Audit - February 2015Mujtaba Khalid
Against the backdrop of growth, a number of key industry stakeholders (including senior Shari’a scholars) have highlighted their concerns regarding the overly engineered nature of contemporary structures, which seem to lose the industry’s essence that believe in equity-based form of investment.
The document summarizes the key financial regulators in India:
- The Reserve Bank of India (RBI) acts as the central bank and regulates monetary policy, banking, and foreign exchange. It oversees banks and ensures financial stability.
- The Securities and Exchange Board of India (SEBI) regulates securities markets to protect investors and ensure orderly development. It registers and regulates stock exchanges, intermediaries, and collective investment schemes.
- The Insurance Regulatory and Development Authority (IRDA) was established in 1999 to regulate insurance companies and promote growth in the insurance sector while protecting policyholders. It issues registrations and regulates pricing, investments, and dispute resolution in insurance.
The document provides frequently asked questions and answers regarding Alternative Investment Funds (AIFs) regulated by SEBI. It defines an AIF and explains the different categories of AIFs. It also summarizes the registration process, operational requirements, and reporting obligations for AIFs. Key points covered include types of AIFs, minimum investment amounts, sponsorship requirements, and disclosure obligations to investors.
This document discusses risk management principles for Islamic finance as outlined by the Islamic Financial Services Board (IFSB). It provides an overview of the IFSB's objectives to promote prudent and transparent Islamic financial services through international standards. The key risks for Islamic financial institutions are identified as equity investment, rate of return, displaced commercial, operational, and Shariah compliance risks. The document outlines guiding principles for managing each of these risks, focusing on credit, market, liquidity, and operational risks. The principles emphasize comprehensive risk management and reporting processes, Shariah compliance, and protecting the interests of fund providers.
The document discusses several key international institutions in Islamic finance:
1. The International Islamic Financial Market (IIFM) works to standardize Islamic capital and money market products and documentation.
2. The International Islamic Liquidity Management Corporation (IILM) aims to enhance cross-border investment flows and financial stability in Islamic finance. It is headquartered in Kuala Lumpur and governed by several central banks.
3. Other organizations mentioned include the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) which issues standards and guidelines for the industry.
The document discusses financial regulation and why it is important, focusing on regulations for banks. It addresses eight categories of banking regulations: (1) government safety nets like FDIC insurance that aim to protect depositors but can encourage moral hazard; (2) restrictions on asset holdings and capital requirements to reduce risk; (3) bank supervision through chartering and examinations; (4) assessing risk management; (5) disclosure requirements to provide transparency; (6) consumer protections; (7) restrictions on competition (now eliminated); and (8) lessons from the 1980s financial crisis when deregulation increased risks. While regulations aim to promote stability, they also sometimes introduce new problems or are insufficient to prevent crises.
ISLAMIC ACCOUNTING PRACTICES - THE IMPORTANCE OF ISLAMIC CAPITAL MARKET IN MA...Nur Adillah Arifah Nazri
Capital markets are an important component of the financial system for raising funds for long-term investment. They provide opportunities for diversification of risk through cross-sectional risk sharing. The long-term investments are facilitated through a series of short-term contracts in the form of tradable securities enabling the investors an opportunity to exit or enter through trade. Thus they provide an element of liquidity to the otherwise illiquid assets. The secondary market also provides pricing and valuation of assets on a continued basis thus eliminating arbitrage and inefficiencies
the presentation will help you in understanding diffrent terms of islamic banking. also it will help you in finding the answers of your critics about islamic banking.
The document discusses the Malaysian Code on Corporate Governance 2012 (MCCG 2012) and principles of corporate governance at Tenaga Nasional Berhad (TNB).
It outlines 8 principles and 26 recommendations in MCCG 2012 relating to clear roles of the board, board composition, independence of directors, commitment of directors, and integrity in financial reporting. It also compares provisions in MCCG 2012 to the previous 2007 Code.
Foreign Direct Investment (FDI): Case Study on MyanmarKhaing Sape Saw
This document discusses promoting investment climate and attracting foreign direct investment (FDI) in Myanmar. It outlines types of FDI, determinants of FDI, obstacles to FDI, and how FDI relates to socio-economic development. The document then examines investment promotion strategies and provides a case study on Myanmar's investment climate. Key recommendations include focusing on labor-intensive sectors, establishing clear rules and reducing red tape to attract more FDI, which can contribute to technology transfer and skills development but requires proper policies to maximize benefits for Myanmar's development. Challenges include weak infrastructure, capacity, and rule of law as Myanmar works to reform its economy and investment environment.
Malaysian Code on Corporate Governance (MCCG)nabaz4u
The document summarizes the Malaysian Code on Corporate Governance (MCCG), including its origins, revisions over time, and key principles in the 2012 version. The MCCG was introduced in 2000 based on the British model and revised several times to improve directors' roles, foster commitment, promote board effectiveness, and establish principles like clear board responsibilities, independent oversight, risk management, and shareholder engagement. The 2012 principles focused on strengthening independence, composition, disclosure and relationships between companies and stakeholders.
This document discusses various types of risks faced by Islamic banks, including market risk, interest rate risk, credit risk, liquidity risk, operational risk, legal risk, equity investment risk, rate of return risk, displaced commercial risk, fiduciary risk, Shari'ah compliance risk, reputation risk, and strategies for managing these risks. It provides details on the sources and impacts of each risk and emphasizes the importance of comprehensive risk management systems, internal controls, oversight committees, regular reporting, and adherence to Shari'ah principles for Islamic banks.
Islamic banking provides financial services that adhere to Islamic law and avoid interest. It differs from conventional banking by prohibiting riba, or usury. The three main principles of Islamic banking are profit and loss sharing, asset backing, and the avoidance of uncertainty. Islamic banks also emphasize ethical investing and equitable distribution of wealth.
This document provides an overview of Islamic banking through a presentation by several members. It begins with an introduction to Islamic banking principles such as prohibiting interest and encouraging profit and loss sharing. It then discusses various Islamic financing modes like murabaha, ijara, musharakah, and sukuk. The document also covers the history and development of Islamic banking, current practices in countries like the UK, and challenges related to standardization and a shortage of qualified scholars and professionals.
This document provides an overview of Islamic banking in Pakistan, including:
1. It briefly discusses the historical development of Islamic banking in Pakistan from the early 20th century through various government initiatives starting in the 1970s-1980s.
2. It outlines the current strategy being pursued, which takes a gradual phased approach to transitioning to an interest-free economy through expanding Islamic banking options.
3. It discusses the establishment of the State Bank of Pakistan Shariah Board to advise on Islamic banking regulations and oversee Shariah compliance.
The document discusses Enron's rise and fall and the causes of its corporate scandal. It summarizes how Enron grew rapidly through the 1990s by evolving its business model to focus on energy trading and contracts. However, cracks began to emerge in 2001 as Enron restated earnings and losses came to light. Enron filed for bankruptcy in December 2001 after it was revealed that special purpose entities were used to hide debt and losses. The failures of corporate governance mechanisms like the board, executives, and auditors allowed improper accounting practices that inflated financial reports and hid Enron's true financial situation.
Follow up discussion response two paragraph Further the dialogue by .docxalfred4lewis58146
Follow up discussion response two paragraph Further the dialogue by providing more information and clarification two reference
Ford Motor Company reviews its statement and in many cases provides its quarterly report. The quarterly report helps executives, bankers, and investors to examine the financial statements of the company in detail. The quarterly comprehensive report that includes all of the company's financial information for the current year as well as previous years. The balance sheet is included in the report. The balance sheet is critical because it displays the company's assets, liabilities, and equity. It may show a two-year or longer comparison and detail revenue increases and decreases. The balance sheet is divided into three parts.
The assets, liabilities, and equities are all listed here. The organization's financial capability is shown in all three sections. The Ford Company's balance sheet detailed the divisions of assets, liabilities, and equity. When insolvency happens, the balance sheet may assist in identifying when debts are due. A balance sheet will help determine if a person's liabilities have surpassed their available assets. The aim of these sections is to draw the reader's attention to the current state of working capital and the current ratio. The ratios are important pieces of financial data because they display the organization's financial patterns.
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Issues and Concerns in the Financial Reporting of Islamic Banks: A Case-Study of Kuwait Finance House
1. Kuwait Finance House Case-
Study: Financial Reporting
as a Method of Risk
Mitigation
BY: CAMILLE PALDI
2. Introduction
In this financial analysis of Kuwait Finance House Group (KFH), I
have conducted a ratio analysis of key liquidity, profitability, and
efficiency ratios and compared KFH to one of its main competitors,
Gulf Finance House (GFH) in order to illuminate the financial health
of KFH.
I have also examined the accounting and business practices,
disclosure, corporate and Shari’ah governance mechanisms, and
Notes to the Financial Statements .
I conclude with recommendations to KFH and the industry for the
best way forward in terms of financial reporting practice.
3. Aim
Through financial analysis of Kuwait Finance House, I aim to show the
current state of financial reporting in the Islamic finance industry and
make recommendations for improvement.
4. Objective
By examining KFH accounting, disclosure, and reporting practices and
their suitability for an Islamic bank, remuneration practice, corporate
and Shari’ah governance, strategy and their possible financial
impact, and through discussing risk mitigation and capital structure, I
plan to provide a snapshot of the financial and nonfinancial health of
the institution for the benefit of a potential investor/depositor and also
the state of financial reporting for the Islamic finance industry.
5. Kuwait Finance House
KFH is organized into three major business segments including
treasury, investment, and banking (KFH 2011: 78).
In 2011, KFH had 54 branches and was ranked among the best
Islamic banks in the world.
KFH activities are conducted in accordance with the Shari’ah as
approved by the Bank’s Fatwa and Shari’ah Supervisory Board
(SSB) (KFH 2011: 51).
6. Ratio Analysis: Current Ratio
Kuwait Finance House (KFH) has a fairly consistent current ratio for
2009 (.73:1), 2010(.73:1), and 2011(.70:1). Although the ratio is
below 1:1, this doesn’t necessarily indicate that KFH is headed for a
financial disaster, however, it does mean that KFH is working with
negative working capital.
The current ratio for Gulf Finance House (GFH) gives a gloomy
outlook for this international financial institution in 2009 (.48:1), 2010
(.08:1), and 2011 (.01:1). In 2011, GFH only had .01 cents of assets
for every $1 of liability. Both banks are relying heavily on the fact
that depositors do not withdraw their deposits, however, GFH
seems to be in a more vulnerable position.
7. Earnings Per Share
In terms of Earnings Per Share (EPS), initially, a potential investor
may feel uncomfortable with KFH as KFH starts in 2009 with (18. 1
cents), 2010 (15.4 cents), and ends in 2011 at (10.8 cents).
However, the reason for the sudden decline in EPS may be due to
a bonus share issue.
8. Earnings Per Share
GFH starts out in 2009 with an EPS of 272.17 cents, 2010 (76.84
cents), and ends in 2011 with .04 cents.
This is an alarming rapid decline and also means that for every 1$
invested, the return for GFH is only .04 cents, indicating very low
profitability for GFH.
9. Debt-to-Equity
KFH has a debt- to- equity ratio of 5.9 in 2009, 6.5 in 2010, and 7.3 in
2011. GFH’s debt-to-equity ratio is 2009(2.7), 2010(7.7), and
2011(2.53).
It seems that KFH has been more aggressive than GFH in financing
its growth with debt in 2011 and appears to be a credit risk.
If the cost of debt-financing becomes greater than the return, this
could negatively impact KFH’s business.
Therefore, KFH should seek the right balance of debt and equity
finance so as to leverage its assets correctly, especially with a
declining EPS and turbulent economic conditions.
10. Return- on- Equity
Return on equity for KFH amounts to 2009(22%), 2010(4%), 2011(9%)
and for GFH 2009(13%), 2010(7%), 2011(31%).
It appears that in 2011, GFH has a better ROE than KFH.
Furthermore, KFH’s ROE steadily declined from 2009 to 2011.
This is a worrying signal for potential KFH investors.
11. Return- on- Assets
Return on assets for KFH in 2009 is 6.4%, 2010(5.7%), and 2011(.01%)
and for GFH in 2009(.03%), 2010(7.96%), and 2011(.09%).
Once again, GFH is more efficient in terms of return on assets
although GFH also has a low figure and KFH sees a rapid decline in
ROA from 2009 to 2011, possibly worrying investors.
12. Moody’s
In fact, in 2011, Moody’s was reviewing a downgrade for KFH due
to the fact that the overall coverage level of provisions to problem
loans remained relatively low, approximately 73%.
Provisioning needs also continued to weigh down KFH's profitability,
with the bottom-line only stabilizing through relatively volatile
investment income.
Moody’s cited inefficient reporting as one KFH’s key problems in
addition to weak asset quality, financing, and loan books, and
problems in management and internal controls.
13. Moody’s
Moody’s stated that the poor asset quality was due to
concentrated exposures to non-banking financial institutions, real
estate, and underperforming investments.
In fact, in May 2013, Moody's downgraded KFH’s long term ratings
by one notch to A1 from Aa3. Moody's also downgraded KFH's
baseline credit assessment (BCA) and bank financial strength
rating (BFSR) by two notches to ba1/D+ from baa2/C- respectively.
14. Moody’s
The Prime-1 short term rating was confirmed.
All ratings assigned to KFH in 2013 carry a negative outlook.
Moody’s reported that the rating actions reflect (1) continued
asset quality pressures; (2) an increasing reliance on volatile
investment income; and (3) the current organizational complexity
and overall risk profile inconsistent with global peers.
15. Overextension and Wrong Direction
The exposure from excessive derivatives trading most likely added
to the poor asset quality.
In addition, the bank may be overextended in real estate and
investment.
16. Overextension and Wrong Direction
In 2011, KFH launched a one billion KD real estate portfolio in
collaboration with the Kuwait Investment Authority and KFH
initiated several real estate and special purpose financial funds
including a gold traded fund and introduced investment portfolios.
KFH also partnered with Grosvenor Fund Management to invest up
to £380m in US healthcare real estate, having a combined
investment capacity of £900m (Gassner 2011).
Perhaps KFH should redirect some of these efforts towards its
banking section.
17. Accounting Practices
Although an Islamic bank and an associate member of AAOIFI, KFH
Group does not officially adhere to the AAOIFI standards in its
financial reporting.
KFH financial statements are prepared in accordance with IFRS,
however, KFH selectively and unofficially follows FAS guidelines in
some areas of reporting.
18. Accounting Practices
IFRS does not equip KFH with the necessary degree of disclosure and
transparency in light of Islamic modes of finance, as risk exposures of
assets vary according to different types of contracts and the mode
may be used for sale or finance, which would result in different
reporting implications.
19. Accounting Practices
Furthermore, there are many rules in the Shari’ah, which the IFI must
abide by, which may affect reporting requirements.
General disclosures unique to IFI’s are information about the
Shari’ah Advisory Board, policies on zakat, policies of profit
distribution with IAHs, disclosures on prohibited earnings and
disclosures of concentration of asset risks involving unrestricted
investment accounts.
Many gaps in disclosure occur due to use of conflicting standards.
20. Accounting Practices
For example, in regards to investment accounts, some IFIs treat
such accounts as equity or liability, while others report them as off-balance
sheet items.
Jordan Islamic Bank, Bahrain Islamic Bank and Qatar Islamic Bank
treat investment accounts that are based on mudarabah
contracts as liabilities and report them on- balance sheet.
Other banks treat investment accounts as fiduciary investments
and report them off-balance sheet (Al Rajhi Bank and Shamil Bank
of Bahrain)(Sarea 2012:27).
21. Accounting Practices
KFH reports restricted investment accounts off-balance sheet and
discloses joint financial assets and percentages of funds involving
unrestricted investment account funds, which mitigates agency risk
involved with the commingling of funds (FAS1).
22. Accounting Practices
Furthermore, in terms of FAS1, KFH discloses compensating
balances as balances with banks and financial institutions -
exchange of deposits, both on the assets and liabilities sides of the
balance sheet (Shabbir, 2012).
According to Abdel Karim, reporting off balance sheet allows IFI’s
to hide negative information such as losses because of misconduct
or negligence (Safiddiene 2007:144).
23. Accounting Practices
Under mudarabah investment management, the IFI is not liable for
loss arising from investments according to Shari’ah.
In IFRS, this would be presented as a liability along with other
deposits, however, under AAOIFI, unrestricted investment funds are
to be presented as a separate item between liabilities and owners’
equity.
24. Accounting Practices
In terms of Ijarah, AAOIFI requires both operating ijarah and ijarah
muntahia bittamleek to be treated as an operating lease.
In IFRS, both operating ijarah and ijarah muntahia bittamleek are
classified as finance leases.
Due to Shari’ah requirements, Ijarah contracts cannot be
accounted for as finance leases.
The leased assets are recognized in the books of the bank and not
capitalized in the customers books.
25. Accounting Practices
The leased assets are then depreciated in the books of the bank,
contravening IAS 17 (Ibrahim 2007).
The 2011 KFH Annual report states that capitalized leased assets are
depreciated over the estimated useful life of the asset (KFH
2011:54).
26. Accounting Practices
It is required for leasing with gradual sale that the inventory be
valued at fair values, not lower of historical cost or net realizable
value. Hence, IAS2 cannot be followed (Ibrahim 2007).
The 2011 KFH Annual report states that finance leases are
capitalized at inception of the lease at fair value, or if lower, the
present value of the minimum lease payments (2011:54).
27. Accounting Practices
The special nature of Islamic banking requires tailored standards in
order to promote full disclosure and transparency of the IFI (See Table
on Next Slide).
28. Disclosure Requirements for Islamic Finance
(AAOIFI)
Capital Based on trust, profit
sharing contract with
no executive
involvement.
Performance of
fund (net asset
value) and/or
dividend return.
State outstanding
balance, change in
value and profit
distributed (FAS 6).
Commingling
of
Funds
IFI can utilise the
funds and pool for
financing or
investment.
Funds utilised are
to be identified
visà-vis
shareholders and
other deposit
funds.
Disclose joint financial
assets and percentages
of
funds involving
unrestricted investment
account funds (FAS 1).
Investment
Policy
IFI can adopt a flexi
investment policy in
utilising IAH funds.
Decisions should
be taken in the
interest of an IAH.
Provide adequate
disclosure on basis of
investment policy when
mobilizing IAH funds.
29. Disclosure Requirements for Islamic Finance
(AAOIFI)
Profit and
Loss
Distribution
Mutually agreed
profit distribution
ratio and basis to be
specified.
Mechanisms are
specified and
effectively
communicated.
State PSR, income
determination method,
allocation basis and
reserve management
policy (FAS 5).
Reasonable
Return
Effective return to
IAHs is realised.
Smoothing of rate
of return to IAHs.
Report policies, amount,
and movements within
PER (FAS 11).
Capital
Recovery
Fund is safeguarded
by ensuring capital is
recovered prior to
profit distribution.
Accrued profit not
distributed until
assurance
provided that
capital is not
depleted.
Report policies, amount
and movements of
Investment Risk Reserve
IRR (FAS 11).
30. Accounting Practices
Capital adequacy and the use of regulatory capital are governed
by the Basel Committee on Banking Supervision (KFH 2011: 87)
rather than the standards issued by AAOIFI and the IFSB.
However, Islamic finance standards are required to regulate
deposits based on Wadi’ah (guaranteed safe custody) or Qard
Hassan (interest free loan) contracts, which are reported as
liabilities in the balance sheet.
31. Accounting Practices
At 31 December 2011, the total Capital Adequacy ratio for KFH
was 13.73% and Tier (1) 13.51% (2010: 14.22% and Tier (1) 14.15%)
compared to the ratio required by the regulatory authorities of 12%
(KFH 2011 Annual Report, 31).
However, as KFH does not use the IFSB and AAOIFI standards for
capital adequacy, this may not truly reflect KFH’s capital structure
and stakeholders cannot truly assess whether capital structure
decisions were made to maximize shareholder equity.
32. IFSB Capital Adequacy Standard
The IFSB has issued a capital adequacy standard, which is based on the
Basel II standardized approach with a similar approach to risk weights.
However, the minimum capital adequacy requirements for both credit and
market risks are set out for each of the Shari’ah compliant financing and
investment instruments (Van Greuning and Iqbal 2008:83).
33. AAOIFI Statement on Purpose and
Calculation of the Capital Adequacy Ratio
for Islamic Banks
The AAOIFI Statement on the Purpose and Calculation of the Capital
Adequacy Ratio for Islamic Banks takes into account the differences
between deposit accounts in conventional banking and investment
accounts in Islamic banking (Van Greuning and Iqbal, 2008:59)
recommending not including the risk-sharing account deposits in
capital (Van Greuning and Iqbal 2008:81).
34. Accounting Practices
The 2011 KFH Annual Report states that no changes were made in
respect to capital management objectives, policies, and processes
from the previous years, however, the dividend pay- out to
shareholders significantly decreased from 2010 to 2011, while
directors’ salaries increased.
Furthermore, profits distributed to investment account holders
(IAH’s) decreased from 2010 to 2011 as seen in the table on the
next slide.
35. Profits Distributed to Investment Account
Holders (IAH’s) Decreased from 2010 to
2011
Deposit Type 2011% of Profit Distribution
to IAH’s
2010 % of Profit Distribution
to IAH’s
Khumasia: 2011 (1.920%)
Mustamera: 2011(1.728%) 2010 (2.378%)
Sedra: 2011(1.344%) 2010(1.850)
Tawfeer: 2011(1.152%) 2010(1.585%)
36. Investment Accounts
The Bank receives deposits from customers as part of several
unrestricted investment accounts “On Balance Sheet” and
restricted “Off Balance Sheet.” In Unrestricted Deposits, these are
invested by the bank as Mudarib investing funds for limited or
renewable periods at various investment ratios.
Investment returns are distributed among the bank as a Mudarib
and investment account holders on proportionate basis for each
type of these accounts and the elapsed investment period (KFH
2011).
37. Investment Accounts
Investors’ capital is not guaranteed and they incur losses if the
bank does (Van Greuning and Iqbal 2008:35).
KFH acts as an investment agent in restricted deposits.
38. Investment Accounts
In terms of depositors’ accounts, non-investment deposits in the
form of current accounts are not entitled to any profits nor do they
bear any risk of loss as the Bank guarantees to pay the related
balances on demand. Accordingly, these deposits are considered
Qard Hasan from depositors to the Bank under Islamic Shari’ah.
Investment deposits comprising of Khumasia, Mustamera, and
Sedra deposits are for an unlimited period, initially valid for one
year, and are automatically renewable for the same period unless
notified to the contrary in writing by the depositor.
The Tawfeer savings accounts are investment savings accounts
valid for an unlimited period. In all cases, the investment deposits
receive a proportion of the profit as the board of directors of the
Bank determines or bear a share of loss based on the results of the
financial year.
39. Investment Accounts
The bank generally invests approximately 100% of investment
deposits for an unlimited period (Khumasia), 90% of investment
deposits for an unlimited period (Mustamera), 70% of investment
deposits for an unlimited period (Sedra) and 60% of investment
saving accounts (Tawfeer).
The bank guarantees to pay the remaining un-invested portion of
these investment deposits. Accordingly, this portion is considered
Qard Hasan from depositors to the Bank under Islamic Shari’ah.
Investing such Qard Hasan is made at the discretion of the Board of
Directors of the Bank, the results of which are attributable to the
equity-holders of the Bank (KFH 2011:71).
40. Investment Accounts
According to the AAOIFI Shari’ah Standard No. 40 Distribution of
Profit in Mudarabah-based Investment Accounts, section 4/1, the
method of profit distribution should be well-known so that no room
is left for uncertainty and dispute.
Distribution of profits should also be in terms of ratios and not at all
by specifying a lump sum amount or a percentage of the capital
for any party or any other method that could lead to avoidance of
sharing of the profit between the two parties (2004: 723).
KFH has not specified in its annual report the method of profit
distribution, however, has listed the concerned ratio.
41. Investment Accounts
According to section 5/1, Distribution of Profit, Application of
Scoring Method of Profit Distribution, the scoring method for
distribution of profit among the participants of general investment
accounts should be used.
From the 2011 report, we cannot deduce the method used,
however, all we can see is that the ratio of profit decreases from
2010 to 2011 due to a decision of the Board of Directors (AAOIFI
2004: 723).
The dilemma currently experienced in terms of the divergence of
accounting standards and their implementation poses a great
threat to the sustainability of Islamic financial institutions.
42. Investment Accounts
Appropriate management of PSIA, with proper measurement,
control, and disclosure of the extent of risk sharing and IAH’s can
be a powerful risk mitigant in Islamic finance (Van Greuning and
Iqbal 2008:59).
The AAOIFI and the Islamic Finance Supervisory Board recommend
that Islamic banks accurately disclose the returns on IAH and
shareholder funds, the bases and the percentages for the
allocation of assets, and profits and expenses in a way to enhance
transparency and enable investors to monitor the performance of
their investments (Safieddine 2009: 144).
43. Remuneration Committee
The Board of Directors of the Bank proposed a cash dividend of
15% for the year ended 31 December 2011 decreasing from 20% in
2010. At the same time, Directors’ fees increased to KD 260
thousand in 2011 from KD 160,000 in 2010 (KFH 2011: 74).
As the Annual Report does not contain a remuneration committee
report, we cannot see how and why these decisions were made.
44. Shari’ah Governance Board
A transparent financial institution would ideally reveal the duties,
decision-making, competence, and composition of the Shari’ah
Board, as well as publish all fatwa issued by the Board.
However, in a one page report, KFH merely certifies that most
decisions made were Shari’ah compliant and for those that were
not, the funds have been donated to charity and provides the
names and pictures of the members (Van Greuning and Iqbal,
2008:36).
KFH unofficially adheres to FAS 1 in terms of zakat and qard-hassan
reporting. In 2011, zakat was calculated at 2.5777% and charged
to the consolidated statement of income (KFH 2011:59).
45. Corporate Governance
KFH lacks any meaningful corporate governance structure to address
potential agency problems concerning investment accounts nor for
the organization as a whole, except through unofficial compliance
with minimal FAS standards.
46. Disclosure
Although the statements have been certified by Ernst and Young as a
true and fair representation and KFH compliance with capital
adequacy regulations, if KFH does not adhere to the standards set out
specifically for Islamic banking, the statements may not in reality be a
true and fair representation of the position of KFH and the capital
structure management may not have been carried out in a manner
to truly maximize shareholder’s equity and this would remain unknown
to the stakeholder.
47. Risk Mitigation
KFH slightly reduced liquidity risk even though credit risk increased,
indicating effective capital structure management in the advent of
business expansion and a slightly increasing ability to meet
demand deposit withdrawals.
One cause for concern is the use of derivatives by KFH, which is not
Shari’ah compliant and which exposes the assets of its business to a
whole new set of risks, potentially resulting in loss of profits in the
long-run.
49. Notes to Financial Statements
As KFH Group adheres to IFRS, gaps in disclosure may occur and there
runs a risk of non-Shari’ah compliance.
50. Notes to Financial Statements
Standard Yes No
FAS No.1 requires that restricted investment accounts should be reported
x
off balance sheet in the statement of the changes in restricted
investments.
FAS No.3 disclosure should be made in the notes to the financial
statements for a financial reporting period if the Islamic bank has made
during that period a provision for decline in the value of Mudarabah
assets.
x
FAS No.4 disclosure should be made in the notes to the financial
statements for a financial reporting period if the Islamic bank has made
during that period a provision for a loss of its capital in Musharaka
financing transactions.
x
51. Notes to Financial Statements
FAS No.5 requires bank to disclose percentages for profit-allocation
between investment account holders and the bank.
x
FAS No.6 disclosure should be made, in the notes on significant
accounts, of the percentage of the funds of unrestricted investment.
Distinguishes reporting requirements of unrestricted (on balance sheet
item) and restricted (off balance sheet item) investment accounts.
x
Fas No. 9 on Zakat x
FAS No.10 requires that the Islamic bank shall disclose in its financial
statements revenues and profits of Istisna’a contracts recognized for the
financial period.
x
52. Notes to Financial Statements
FAS No.11 requires that the Islamic bank shall disclose in the notes any
deductions, either as a percentage or an amount, from mudarabah
income. Introduces the Profit Equalisation Reserve (PER) and Investment
Risk Reserve
(IRR) to protect IAHs’ interests by ensuring stable distribution rate of return
to IAHs as well as ensuring capital recovery prior to realisation of
distributable profit.
x
Fas No. 14 on Investment Funds x
FAS No. 17 on Investments x
FAS No.20 requires that the bank shall disclose in the notes to the
x
financial statements the policy adopted in financing deferred payment
sale transactions.
53. Notes to Financial Statements
FAS No.21 require that disclosures shall be made of the accounting
policies adopted in the transfer of assets from unrestricted investment
accounts to restricted investment accounts.
x
FAS No.23 requires consolidated financial statements shall be prepared
by combining the financial statements of the IFI.
x
54. Conclusion
It appears that KFH follows the basic disclosure requirements of
AAOIFI even though it officially adheres to IFRS, however, there is a
gap in relation to the more detailed requirements of the AAOIFI
standards.
However, all of these requirements appear to have been met in
the KFH (Bahrain) B.S.C.(c) Public Disclosure Report, as AAOIFI
standards are officially followed in Bahrain prepared in
accordance with the Central Bank of Bahrain’s requirements
outlined in its Public Disclosure Module, Section PD 3.1.6 Additional
Requirements for Semi Annual Disclosures, CBB Rule Book, Volume II
for Islamic banks.
55. Conclusion
Concerns for investors include the worrying debt-to-equity, ROE,
and ROA ratios, overextension in the real estate and investment
businesses, the declining dividend pay-outs and increasing salaries
along with the decreasing percentage of profits to investment
account holders, and the Moody’s downgrade.
Another destabilizing factor could be the use of derivatives to
hedge risk and/or speculate and the lack of transparency in the
reporting of the investment accounts, remuneration committee,
Shari’ah Board, and the Group as a whole.
Agency problems involving the investment accounts can be
mitigated if KFH Group opted to adopt the structure of the KFH
Bahrain Public Disclosure Report in its financial reporting, which
adheres to AAOIFI standards.
56. Conclusion
My recommendation to KFH is to utilize the Bahrain Public Disclosure
Report in the KFH Group consolidated financial statements either as a
separate additional report or included in the Notes to the Group
consolidated financial statements.
57. Conclusion
Furthermore, I recommend KFH to issue a Remuneration Report and
to develop a comprehensive corporate governance structure as
well as issue a more substantial Shari’ah Supervisory Board Report
so as to ensure Shari’ah compliance.
KFH should also consider taking the lead as one of the first Islamic
banks to introduce a system of guaranteeing deposits in order to
attract greater clientele and ensure industry-wide stability.
Otherwise, KFH remains the best Islamic bank in Kuwait and the
Middle East.
58. Conclusion
Bibliography Available Upon Request.
Full Report and Bahrain Disclosure Report for KFH available on my
Academia Profile.
https://durham.academia.edu/CamillePaldi