GCC Islamic Finance

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Tables 19
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Charts 24
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The traditional system of Islamic finance based on the principles of Sharia emerged as recently as in the 1970s. From being a concept popular only in .....

Summary

The traditional system of Islamic finance based on the principles of Sharia emerged as recently as in the 1970s. From being a concept popular only in the countries with Muslim-majority population, such as the Middle East and Malaysia in the 1980s and the 1990s, Islamic finance has expanded significantly in size and presence over the past decade. More particularly for the GCC region, a variety of factors have contributed in the growth of Islamic finance industry like growing GDP, improving economic environment, increasing oil prices, rising middle class society, the perception of Islamic finance being a relatively ‘risk-averse’ system and most importantly increased awareness of the concept of Islamic Finance. In this report we provide details about the size and growth of the GCC Islamic finance industry along with Global Islamic Finance Industry.
 
The report includes performance of key GCC Islamic finance institutions. The report provides details of GCC region wise split, trends and outlook for individual segments of GCC Islamic Finance like Islamic Banking, Sukuk, Takaful and Islamic Mutual Funds. The report also discusses some other types of GCC Islamic Finance Products, growth drivers for GCC Islamic Finance, regulatory framework and challenges for GCC Islamic finance.

TOC

  1. Executive Summary
  2. Overview of Islamic Finance
    • Principles of Islamic Finance
    • Benefits and critics of Islamic Finance
    • Tax regulation for Islamic Financial Transactions
  3. Industry size and growth
    • Growth of Islamic Finance globally
    • Growth and Size of Islamic Finance Industry in the GCC
  4. Performance of Key Islamic Finance Institutions in the GCC
    • Islamic Banks
    • Islamic Insurance Companies
    • Islamic Investment Firms
  5. Trends and Potential for Islamic Banking
    • Introduction
    • Size of Islamic Banking
    • Challenges for Islamic Banking
    • Outlook for Islamic Banking
  6. Trends and Potential for Sukuk
    • Introduction
    • Sukuk Issuance
    • Impact of Oil prices on Sukuk Markets
    • Challenges
    • Outlook
  7. Trends and Potential for Takaful (Insurance)
    • Size
    • Outlook
  8. Islamic Funds
    • Structure
    • Size
    • Challenges
    • Outlook
  9. Growth Drivers for the GCC Islamic Finance
    • Increasing popularity of Islamic Finance with Investors
    • Young, fast growing Muslim population wanting more of such banking products
    • Presence of Foreign Islamic banks
    • Conventional banking problems uncovered during the financial crisis
    • Opportunities for GCC Islamic Banks which are less adversely affected
    • Improving economic environment
    • Revival in consumer spending on the back of rise in purchasing power
    • Economic diversification
    • Islamic financing options for upcoming large projects
    • Government Policy (legislation and regulation) role in development of Islamic Finance
  10. Regulatory Framework for Islamic Financial Institutions in the GCC
    • Key regulatory bodies
    • Corporate governance structure
    • Comparison of the GCC corporate governance model with the global market
    • Key areas of improvement
  11. Challenges for Islamic Finance in the GCC
    • Limitation of Sharia complaint investment avenues
    • Limited Assets Size
    • Increasing competition
    • Pressure to create a constant flow of new financial products
    • Unhealthy cost structure
    • Underdeveloped legislative framework and Islamic banking standards
    • Underdeveloped Capital Markets
    • Dearth of experienced and skilled professionals
    • Dearth of Sharia scholars
    • Mechanism to dealing with failure and insolvency
  12. Opportunities in Islamic finance
    • Growth of Islamic Products
    • More Customer Focused
    • Operational Efficiency
  13. Appendix
    • Key Islamic Financial Contracts
    • Sukuk (Bonds)
    • Takaful (Insurance)
    • The Financing structures include the following:
    • Sukuk Structures
    • Difference between asset-based and asset-backed financing
    • Other Islamic Finance Products
    • Structure
    • Challenges
    • Islamic Real-Estate Financing
    • Structure
    • Opportunities
    • Sharia compliant consumer credit options
    • Structure
    • Challenges

Tables & Charts

Tables
3.1: 15 Largest Islamic Finance Economies  (USD Mn), 2013 
3.2: Islamic Finance Industry growth by sector and region (in USD bn)
4.1: Performance of Key Islamic Banks in the GCC 
4.2: Performance of Key Islamic Insurance Companies in the GCC
4.3: Performance of Key Islamic Investment Firms in the GCC 
5.1: Balance Sheet of Islamic and Conventional Banks 
6.1: GCC Country Wise Sukuk Issuances (in USD Bn)
6.2: Sukuk Supply and Demand 
7.1: Takaful Contributions by country in terms of Gross Written Premiums (USD Mn)
7.2: Region Wise Expected Growth of Takaful Insurance Premiums in the GCC (in USD Mn)
8.1: GCC Islamic Funds Number of Funds by Mandate Coverage and Asset Class, 2015 
8.2: GCC Islamic Funds AuM by Mandate Coverage and Asset Class, 2015
13.1: Growth Rate Matrix based on Co-relation values
13.2: Growth Rate Matrix based on Co-relation values
13.3: Differences between Conventional and Islamic Banking
13.4: Classification of banks
13.5: List of Islamic Banks in GCC
13.6: List of insurance Companies in GCC
13.7: List of Investment Firms in GCC

Charts
2.1: Basic Principles of Islamic Finance
3.1: Global Islamic assets by sector (USD bn) 2014
3.2: Distribution of global Islamic assets, 2014
3.3: Global Islamic Finance assets by sector, 2014
3.4: Share of Islamic Banking Industry in the GCC, 2014
3.5: Composition of the Islamic Finance Industry in the GCC (in 2014)
5.1: Comparison of the Islamic Banking Industry in the GCC and the World (in USD Bn)
5.2: Region wise split of Islamic Banking Assets in the GCC (2013) (USD Mn)
5.3: Expected Growth of the Islamic Banking Industry in the GCC (in USD Bn)
5.4: Islamic Banking Asset Growth (2009 -2013) 
6.1: Total Global Sukuk Outstanding Historical Trend (2008 – Q3 2014)
6.2: Sukuk Issuances across GCC and World (in USD Bn)
6.3: GCC Countries Sukuk Outstanding Vs Issued Amount (USD Mn)- 2013
6.4: Split up of Global Outstanding Sukuk Market - 2013
6.5: Expected Growth of the Sukuk Issuances in the GCC (in USD Bn)
7.1: Simplified form of Takaful based on Mudharabah and Wakalah Models
7.2: Expected Growth of Takaful Insurance Premiums in the GCC (in USD Bn)
8.1: Global Assets under Management (AuM) of Islamic Funds, Break Down by Asset Class (in USD Bn)
9.1: – GDP growths by Country
10.1: Corporate Governance Structure for Islamic Financial Institutions
11.1: – Breakdown of Banking Assets
11.2: Stock Market Capitalization in Billion USD
11.3: Top 20 Scholars based on Overall Positions
13.1:  Structure of Islamic REITs

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