As the first foreign Islamic bank to be licensed by the Ministry of Finance, Kuwait Finance House (Malaysia) Berhad aims to ensure and maintain close relationships with customers by providing exceptional service that suits any specific need. KFHMB businesses cover divisions such as , , as well as banking.
ROLE AND ASPIRATION OF KFH IN MALAYSIA
- Provide a wide range of Shariah based products and services to meet the needs of the customers and educate the public on Islamic banking
- Complement the products and services currently offered by local Islamic Financial Institutions (IFIs)
- Support Malaysian Government’s goals of making Malaysia the Islamic financial hub in the region.
- Promote two-way trade and investment between Malaysia and the GCC countries.
Table 3: products offered by KFHMB
Source: www.kfh.com.my
COMPETITORS ANALYSIS
Kuwait Finance House is the first foreign bank that has been given license by Bank Negara Malaysia to operate in Malaysia. Few years later, two foreign banks, Al-Rajhi and Asian Finance, entered Malaysian Islamic Banking market. Hence, besides the local competitors Islamic bank in Malaysia, those three foreign banks have expand the number or competitors for KFH.
Bank Islam emerged as Malaysia’s maiden Shariah-compliant financial institution when it commenced operations in July 1983. Since then, Bank Islam has become the symbol of Islamic banking in Malaysia. From only RM80 million initially, Bank Islam’s paid-up capital swelled to RM1.73 billion as at June 2007, which was instrumental in making possible the growth of its assets and the implementation of its expansion programmes. Being a pioneer, Bank Islam has played a leading role in promoting the expansion of Malaysia’s brand of Islamic finance into other markets, especially in the region. This has helped develop Bank Islam into a well-established and universally recognized brand. With another strong earnings of RM182.3 million profit before zakat and tax (PBZT) for the six months ended 30 December 2007, Bank Islam Malaysia Berhad (Bank Islam), today signaled it will be more aggressive in growing market share.
CIMB Islamic Bank began as the Islamic financial boutique of CIMB Banking and became a universal Islamic bank following CIMB’s merger with Commerce Tijari in 2005. It has more than 100 Islamic investment bankers and specialists in shariah-compliant finance and is the leading underwriter of domestic sukuk. CIMB Islamic offers investment banking, consumer banking and asset management products and services. Last year CIMB launched Malaysia’s first private banking service based on shariah principles. It cited growing demand for Islamic wealth management products, including sukuk, equity-linked notes and structured products. CIMB Islamic has been awarded for Regional and Country Award by Islamic Financial Institutions Awards in an annual survey of Islamic finance in 2008. CIMB Islamic has been the top lead manager for Islamic bonds in Malaysia since 1990 with an average market share of 20% and it commands a 27% market share of the Sukuk market globally (Hill & Knowlton, 2005).
Maybank, one of KFH’s competitors has become the country’s Islamic banking leader with an asset size of over RM23 billion. “Over the last 5 years, we have more than doubled our total Islamic assets as well as financing and deposits, giving Maybank a clear dominance in Islamic banking. Our market share for Islamic financing for instance, stood at 25% as of end October 2007. In certain segments, our dominance is even greater. For example, in Islamic trade financing, our market share stands at 47% while in Islamic home mortgage, we have 33% market share,” said by Datuk Amirsham A Aziz, President and CEO of Maybank.
Asian Finance Bank Berhad (AFB), a full-fledged Islamic Bank, was incorporated on 28 November 2005 and backed by a consortium of Shareholders from leading Middle Eastern financial institutions which consists of Qatar Islamic Bank and associates (70%), RUSD Investment Bank Inc of Saudi Arabia (20%) and Global Investment House of Kuwait (10%). AFB believes that the way for them to grow and expand is by forging strategic collaborations with the Islamic investment banking fraternity in Malaysia and abroad. Building strategic partnerships and an ability to offer innovative products that focus on customer needs are deemed to be important foundations for the bank’s success (Dhesi, 2008). Similar with KFH strategy, AFB perceive to act as a bridge for local companies in Malaysia to venture into the Gulf Cooperation Council (GCC) countries and vice-versa.
Al-Rajhi Bank is the largest Islamic banking group in the world recognized for being instrumental in bridging the gap between modern financial demands and intrinsic Islamic values. One of the fastest growing and most progressive banks in Saudi Arabia, it owes its banking excellence to its unwavering commitment to Shariah principles and the use of technology to offer diverse products to meet customer needs. Though Kuwait Finance House can be said that it is the second largest Islamic bank worldwide after Al-Rajhi, nevertheless, KFH does not consider Al-Rajhi as one of its competitors as Al-Rajhi has more focus on retail banking services (B2C) while KFH focuses more on B2B relationship (loans to businesses).
ISSUE 1: WHY MALAYSIA?
Comprehensive and Progressive Islamic Finance Industry
Source: Kuwait Finance House
The Chairman of Kuwait Finance House-Malaysia Berhad Shaheen Al-Ghanim stated during a press release that the Malaysian economy is estimated to have expanded by 6.0% in 2007, with strong domestic consumption and private investments. Malaysia is in a strategic position to serve the East Asian region effectively, being centrally located in the Asian time zone, to facilitate expansion in investment and trade between the region with the Middle East, West Asia and North Africa, and to strengthen relationships between international Islamic financial markets.
On the back of the upbeat economy and the socio-economic advantages, Malaysia has become a major player and innovator in the global Islamic finance industry with the Government's dedicated role in promoting the country as an international Islamic finance hub.
The main components of the Malaysian Islamic financial system, comprising Islamic banking, takaful, money and capital markets, are highly integrated to create a comprehensive system and constructive marketplace.
KFHMB are grateful to the Malaysian Government for its decision to open up the country's Islamic banking industry to three qualified foreign-owned Islamic banks in 2004, as recommended under its Financial Sector Master Plan. Beginning from May 8 2005, Kuwait Finance House (Malaysia) Berhad was licensed to operate as a full-fledged Islamic bank in Malaysia, stated Al-Ghanim. KFH's decision for choosing Malaysia was partly reinforced by the possibility that we are able to work our business objectives alongside the government's aspirations. KFHMB is also the only foreign Islamic bank licensed by the Securities Commission Malaysia to be accorded a Dealer's license. Therefore, apart from commercial, retail & consumer banking, we are able to conduct corporate & investment banking which includes undertaking fund management, investment, advisory and securities services.
Malaysia as a Halal Hub
- Sustaining Malaysia’s competitive edge as leading IFC following:
- Progressive development
- Achievements of domestic market
- Integration and liberalization
- Moving forward, hub envisioned in Financial Sector Master Plan.
- Growing interest from Middle East investors now seen
- Opportunity to improve trade and investment ties and linkages between Malaysia and other parts of the world.
The Malaysian government, which has long identified the Halal industry as a new source of economic growth, has put in place key strategies to promote the country as a leading global Halal hub. The emphasis is in sync with the country's quest for new sources of economic growth, which are synergistic with the country's social characteristics and economic resources.
ISSUE 2: HARMONIZATION OF SHARIAH VIEW
The issue of harmonization of Shariah view between Malaysia and other regions like Middle East country arise when there is a different view and opinion on how to implementing Shariah law into practice to provide a product that can be accepted in all countries notably to all consumer of Islamic banking. This different way of viewing Shariah happened because different country used a different school to be referred to. Malaysia follows Shafi’i school while Kuwait follows Maliki School. This different school has scholar that will view thing quiet differently from one another. Some may see the product that acceptable here are not acceptable in Kuwait and vice versa. Thus, it creates some problem for product development and innovation for KFHMB since a product in Kuwait cannot be sold here because of different view by local customer and it creates ambiguity among them that makes the level of acceptance is low.
The issue of try to harmonize Shariah view arise in Islamic banking when the certain brands for Islamic banking in Malaysia are not acceptable in GCC. Then the issue of trying to harmonize the various Shariah thinking come across in order to standardize the Shariah view so that it can be use in all part of the world.
In terms of the number of Sharia principles, Islamic banks in many countries (especially Middle Eastern countries) operate with a minimum number of principles. In Malaysia, Bangladesh, Pakistan and Iran there is numbers of additional principles have been introduced to be used. In the case of Malaysia, there are fourteen Sharia principles and all these principles bear Arabic names. This disparity could raise many hypotethical questions to both Muslims and non-Muslims. Non-Muslims might view this as a disparity within the Islamic financial system (Sudin, 1998). Then the issue of trying to harmonize all those view and principle take into account to make sure there is no misunderstanding and to ensure greater acceptance among Muslim and non-Muslim.
The Sharia principles adopted by Islamic banks can be divided into four categories, namely, (i) profit and loss sharing, (ii) fees based, (iii) free services, and (iv) ancillary principles.
Source : Sudin (1998)
Table 4: Number of Shariah principle adopted in Malaysia and Kuwait
ISSUE 3: Extensive Competition in Islamic Banking in Malaysia
With a population of some one billion Muslims worldwide, Islamic banking had a huge market base to capitalize. Meanwhile, Islamic banking industry is expected to grow by 15-20% annually with a forecast of US$1 trillion in assets by 2010. Competition is fierce and growth is global from the West to the Far East. As growing numbers of both purely Islamic banks and conventional banks with Islamic banking windows in the Islamic banking in 1993 after Islamic Banking Scheme (IBS) was being introduced, the competition has become more intense. The ability to acquire market share is heavily dependent on a bank’s ability to readily offer innovative Shariah-compliant products and services. Islamic banks must offer Shariah-compliant solutions that offer customers a competitive alternative to conventional banking. From Islamic deposits, loans, cards, trade and treasury, a whole range of products must be readily offered to increasingly sophisticated customers.
Innovative products have been evolving and being introduce by banks from time to time to existing as well as potential customers as it is being seen despite the fact that Malaysia has a population. In targeting RM100 million deposits next year and practicing new products to help deposit growth strategy, CIMB Islamic Bank Bhd has successfully launched environmental-friendly EcoSave Account. EcoSave is a paperless, online account that offers an attractive indicative profit rate of 0.5% per annum from the very first RM1, and enables customers to contribute towards the environment and be rewarded for their efforts. By having many products available in the Islamic Banking with different nature of each product structure, it makes potential customers confuse and do not understand it clearly as one needs to understand the basic concept of Islamic Banking in order to comprehend the products that those banks offered. Hence, with regards to the issue, Kuwait Finance House need to cope up with the rigorous product development by other Islamic banks and conventional banks and ensuring those products that are being launched fulfill the needs of its target market, compliance with Shariah law and state apparent descriptions with regards to the products.
ISSUE 4: Differences between Islamic banking and Conventional banking
To know the differences between Islamic banking and Conventional banking we have to know first the meaning of each. Islamic banking is a banking activity based on Islamic principles (Sharia), which do not allow the paying and receiving of interest (riba’) and promotes profit sharing in the conduct of banking business as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam). A conventional bank is a type of financial intermediary and is also known as business banking. From the meaning it self we can find that the most important difference between Islamic and conventional banking is the prohibition of interest in Islamic banking. Islamic banking activity must comply with Shariah principles and avoid prohibited activities such as gharar (excessive uncertainty). For example, instead of lending with interest, Islamic banks provide financing based on Bai’ Bithaman Ajil whereby it is based on trade.
Difference between KFH and other banks in Malaysia
At KFHMB, they aim to bring their international expertise to the Malaysian market to complement the existing products offered by the Banks in Malaysia. They offer innovative products and services which are fully Shariah-compliant. Their products have been accepted by the international banking community and designed to meet the demands of customers seeking for fair, transparent and equitable banking product and services. They also act as an intermediary and facilitator to promote two-way investments between Malaysia and the Middle East.
CONCEPTS OF CONVENTIONAL BANKING AND SHARIAH CONCEPTS IN ISLAMIC BANKING
Wadiah (Safekeeping) Deposit
In Islamic banking the deposit product or Wadiah (Safekeeping) contract, a bank is the custodian and trustee of funds. A person deposits funds in the bank and the bank guarantees refund of any part or the whole amount of the deposit when requested by the depositor. The depositor, at the bank's discretion, may be given 'hibah' (gift) as a form of appreciation for the use of funds by the bank. As a trustee of the items, the custodian may charge a fee to the customer.
While in the conventional banks they have deposit but some banks charge a fee for this service, while others may pay the customer interest on the funds deposited.
Mudharabah (Profit Sharing)
Mudharabah is a profit sharing arrangement or agreement between a capital provider and an entrepreneur. The entrepreneur is provided with funds by the capital provider to undertake a business activity. Any profits made will be shared between the capital provider and the entrepreneur according to the pre-determined profit-sharing ratio. However, losses shall be borne by the capital provider.
In the conventional banking the losses will be borne by the borrower of the money and the bank will not lose anything.
Musyarakah (Joint Venture)
This concept is normally applied for business partnerships or joint ventures. The profits made are shared on an agreed ratio while losses incurred, will be divided based on the equity participation ratio. In the joint venture the conventional banks losses will only be on the bank and the partner will not be involved in the loss.
Bai' Bithaman Ajil (Deferred Payment Sale)
The selling of goods on a deferred payment basis at a price, which includes a profit margin agreed by both parties.
While in the conventional banks the profit will be based on percentage that can be increased with time and with the delay of payment.
Qard (Interest-free Loan)
A loan extended on a goodwill basis and the borrower is only required to repay the amount borrowed. However, the borrower may, at his discretion, pay extra (without promising it) as a token of appreciation.
In the conventional banks they got three types of loans secured loan, mortgage loan and unsecured loan and all these loans got interest. This interest may be fixed for the life of the loan or variable, and change at certain pre-defined periods; the interest rate can also, of course, be higher or lower.
Also there is another services in Islamic banking that differs in their concept from conventional banking, like Murabahah (Cost Plus) Wakalah (Agency) Ijarah Thumma Bai' (Hire Purchase) Hibah (Gift). As I mentioned before the main difference is the interest from the Islamic banking as well the share of loss or profit between both sides.
ISSUE 5: DAOH PUNYE PART……………
LITERATURE REVIEW ON ISSUE OF WHY MALAYSIA?
To truly understand the current interest in the development of Islamic banking and finance in South-East Asia and how it is different from the conventional banking system, one must first understand the religious relationship originating from the Qur’an, and then trace the historical geographic and political developments of Islam over recent centuries. Only on this basis can the reader, without prejudice or cynicism, begin to appreciate Shari'ah law and Islamic jurisprudence. With this platform established in the first part of the book, readers are invited to learn about the financial products and services offered, understand the challenges in their development, and ultimately recognize the significant opportunities that Islamic banking and finance can provide both Muslims and non-Muslims. (Angelo M Venardos, 2006)
Malaysia has emerged as the first country to implement a dual banking system where Islamic banking system where Islamic banking system operates side-by-side with the conventional banking system. The Malaysian model has been recognized by many Islamic countries as the model of the future and many countries have shown interest in adopting this system. In fact, delegates from various countries, mainly Muslim countries, have come to Malaysia, particularly to the Central Bank and Bank Islam Malaysia Berhad (BIMB), to study how the dual banking system works. (Hamim S. Ahmad Mokhtar, Naziruddin Abdullah and Syed M. Al-Habshi, 2006)
LITERATURE REVIEW ON ISSUE OF HARMONIZATION OF SHARIAH VIEW
One of the issues faced by Islamic financial industry is lack of standardization of Shariah rulings within the same jurisdictions and among various regions (Shamshad, 2006). The issues of harmonization of Shariah view arise when there are differing opinions of how to apply or interpret Sharia'h law amongst the different banking regions, notably between the Middle East and Malaysia (). Most issues and concerns concerning Sharia law is differ from country to country (Schmitz, Stansberry & Schumacher, 2002).
Since Islamic banks are founded on the same Islamic business principles and are governed by the same law i.e. Sharia laws, there should be no differences in terms of operations and practices amongst them. In reality however, many differences in practices do occur among the Islamic banks in various Muslim countries (Sudin, 1998). The diversity provided by different schools of thoughts on same issues at times creates confusion in the minds of general public, but if properly harmonized across the globe, can become a great strength for the Islamic financial services industry thereby providing different options suitable to the varying needs of customers. (Shamshad, 2006).
Such debates emanate from the fact that there are number of faiths and disciplines across Muslim jurisdictions (for example Syria and Pakistan predominantly follow the Hanafi School, Bahrain, Dubai, Kuwait and Abu Dhabi follow Maliki School while Saudi Arabia and Qatar draws principles from Hanbali school). Even within a single country there may exist followers of different schools and hence similar debates. Subsequently each faith is developing its own applications rather than pursuing harmonized views. These differences along with different interpretations of Shariah Scholars create doubts on viability of Islamic Finance, confusing the general masses. They further limit the extent of product innovation and carry the risk of Shariah arbitrage which creates more complications. It has to be recognized that Islamic Finance is still in its evolutionary stage and its sustainability in the future depends critically on its ability to provide consumers with flexible and shared, if not unified, understandings on principle elements at international level, despite differences in faiths and disciplines. (Treasury & FX Group, 2008).
Hence in order to enhance public acceptability and thereby allow the industry to grow and compete on level playing field, it is important that scholars of diverse views reach a consensus and develop a more unified institutional mechanism for adoption of common Shariah standards, ensuring proper enforcement through effective internal controls for their compliance. (Treasury & FX Group, 2008)
Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) has taken a lead by preparing Shariah standards approved by 14 renowned Shariah scholars across the world. Some countries have recognized these standards in their regulatory framework, and adoption of these standards in other countries will pave the way not only for Shariah compliance but also product innovation. In addition, the central banks/regulatory agencies monitoring the performance of Islamic financial institutions also need to establish their own Shariah Board for guiding them in formulation of policies and rules as well as for resolution of conflicting Shariah opinions (Shamshad, 2006).
LITERATURE REVIEW ON ISSUE OF EXTENSIVE COMPETITION IN ISLAMIC BANKING IN MALAYSIA
There is no doubt that, today, Islamic financial systems and interest-free banking have become reality. From early, tentative beginnings, the number of institutions has multiplied and the level of banking has become more sophisticated. This is not only in traditional Islamic countries but across the globe. All of the indications are that the growth will continue, with Islamic banking now that more accessible to would-be customers. It is centered on dedicated Islamic banking institutions as well as traditional banks offering Islamic products (Alford, 2005).
As the Islamic banking industry has grown, conventional international banks have followed suit by offering products to investors and even dedicated ATM or deposit windows for Muslim customers who want to know that their money has been treated in a religiously pure manner (Knowledge@Wharton, 2004).
DAOH PUNYE PART……….
SOURCES OF DATA
The information gathered in conducting this research was solely based on primary data and secondary data. Primary data, we had interview the Country Head Commercial, Retail and Consumer Banking of Kuwait Finance House which is Mr Ab. Jabar Ab. Rahman to get the information of the Islamic baking and more in the company perspective. We had the interview on October 20 in the head office at Etiqa Twins, Kuala Lumpur.
Secondary data are already published information that has been previously collected for the purposes than the specific research needs by certain individual and organizations (Sekaran, 2003). The main Islamic banking data and information about the company’s background, products and services were obtained from the Kuwait Finance House website. For the purpose of this report, data were sorted from the following sources by Bank Negara websites, GIFC websites, MIFC websites, Bank Negara Annual Report, Journal of Economic and Finance, Related bulletins and journals of businesses, finance and economics that are extracted from the internet.
KFH Blue Ocean strategy
KFH's Blue Ocean Strategy- As per point 2, KFHMB embarked on doing not only sectors frowned upon by other banks such as oil and gas, aviation, property development and cooperative financing, but they also introduced new concepts in financing such as Musyarakah and Mudharabah which until recently were not available in the local market. This has enabled the bank to grow its financing books. Now that many Islamic banks are coming into these areas they have to look for new "Blue Ocean" to tap.
New strategies regarding to the blue ocean strategy
-
Bai salam
It is means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver, or currencies. Barring this, Bai Salam covers almost everything that is capable of being definitely described as to quantity, quality, and workmanship.
- Al Salam Sukuk
Sukuk Musyarakah is a partnership arrangement between two parties or more to finance a business venture whereby all parties contribute capital either in the form of cash or in kind for the purpose of financing the business venture. Any profit derived from the venture will be distributed based on a pre-agreed profit sharing ratio, but a loss will be shared on the basis of equity participation.
A Sukuk Musyarakah programme shall be established to facilitate the issuance of the Sukuk Musyarakah from time to time.
The parties in Musyarakah programme are:
- the Company (Issuer);
- the Lead Arranger/Facility Agent;
- the Investors (Musyarakah Partners); and
- the Trustee.
• Explanation (1): The Musyarakah Venture (partnership arrangement) shall be entered into between the Investors (Musyarakah Partners) to finance the Musyarakah venture or construction of the project whereby all Musyarakah Partners shall contribute capital contribution for such purpose and any profits and/or loss from the Musyarakah venture shall be distributed among the Musyarakah Partners based on the profit sharing ratio as pre-agreed amongst themselves.
• Explanation (2): The Musyarakah Venture shall be carried out through the Issuer in its capacity as an agent to construct and/or oversee the overall development project and to receive the capital contribution in the Musyarakah Venture.
• Explanation (3): In return for the Musyarakah Partners’ capital contribution under the Musyarakah Venture, the Issuer shall issue the Sukuk Musyarakah to the Musyarakah Partners.
• Explanation (4): The Trustee shall declare a trust over the Trust Asset and all rights under the Musyarakah Venture for the benefits of the Musyarakah Partners.
Documentation
• Musyarakah Facility Agreement between the Issuer, the Lead Arranger and the Facility Agent.
• Trust Deed between the Issuer and the Trustee (acting for the Musyarakah Partners) (called the ‘Sukuk Musyarakah holders’ in the Trust Deed).
• Musyarakah Declaration of Trust made between the Issuer and the Trustee (acting for the benefits of Musyarakah Partners).
• Other documents, including, Subscription Agreement, Project Management Agreement, Depository and Paying Agency Agreement, Issue Agency Agreement, Security Agency Agreement and other documents as may be advised by Lead Arranger.
• Security Documents, for instance, Debenture, Memorandum of Charge (Designated Accounts), Assignment of Project Agreement and Assignment of Insurance.
- KFH E-Mobile
Web portal in customers’ hand phone device in giving them the benefit of get connected and make transaction with regards to their respective account. Collaboration with Celcom Bhd gives the option of surfing the internet to browse through KFH web portal by not being charge if KFH’s customers are currently using Celcom network. Those customers will only be charged RM1.00 per transaction done such as paying bills online, transfer of funds and buying Celcom prepaid reload.
The objective of this strategy is to provide greater flexibility to customers and giving them more convenience at their finger tips. None of KFH’s competitors has developed web portal specifically for mobile that could be accessed by their customers. With having this strategy, it is foresee that more new customers will sign up for an account in KFH and gives more benefit to the current customers.
Islamic banking was established in 1983 in Malaysia and since that day there is a clear increase in Islamic banking all around the world. Kuwait Finance House (Malaysia) Berhad was the 1st Islamic bank to be licensed by the Ministry Of Finance, and this helped the bank to have a clear touch in the market of Islamic banking in Malaysia. Kuwait Finance House (Malaysia) Berhad is one of the biggest Islamic banks in the world.
For any company or industry to be competitive it should have its own Blue Ocean. For Kuwait Finance House (Malaysia) Berhad embarked on doing not only sectors frowned upon by other banks such as oil and gas, aviation, property development and cooperative financing, but they also introduced new concepts in financing such as Musyarakah and Mudharabah which until recently were not available in the local market.
So in fact to be having their own blue ocean some new competitive strategies should be added to the bank. Our suggestions where that KFHMB can add few new services like Bai salam which means a contract in which advance payment is made for goods to be delivered later on. And Al Salam Sukukn which is a partnership arrangement between two parties or more to finance a business venture whereby all parties contribute capital either in the form of cash or in kind for the purpose of financing the business venture. KFH E-Mobile Web portal in customers’ hand phone device in giving them the benefit of get connected and make transaction with regards to their respective account. These will help the bank to be more competitive with providing more services to the customers.
At the end we can say that Islamic banking is growing in Malaysia and in the world in general, even some of the conventional banks starting to have their own Islamic banking zone.
WEBSITES:
JOURNALS:
Islamic Banking and Finance: Growth and Challenges Ahead (2008), available at (accessed 20 October 2008).
Kuwait Finance House (Malaysia) Berhad (2007), Annual Report, KFHMB, Kuala Lumpur
Schmitz, A., Stansberry, T., & Schumacher, L., (2007). Islamic Banking.
Shamshad Akhtar, (2006). Shariah compliant corporate governance, Keynote address by Dr Shamshad Akhtar, Governor of the State Bank of Pakistan, at the Annual Corporate Governance Conference, Dubai, 27 November 2006.
Sudin Haron, (1998). A Comparative Study of Islamic Banking Practices, School of Management, University Utara, Malaysia, J.KAU: Islamic Econ., Vol. 10, pp. 23-50
Treasury & FX Group, (2008). Economic report : New Deposits; New Returns, Issue 56, MCB Bank Limited
Alford, T. (March 2005). Islamic banking goes mainstream. IBS Publishing. Retrieved from
http://www.ibspublishing.com/articles/pdf/Islamic_Banking_Supplement_Mar05.pdf on 15 October 2008.
Islamic banking comes of age – But what’s next?. Knowledge@Wharton. Retrieved from http://knowledge.wharton.upenn.edu/article.cfm?articleid=944&CFID=49736860&CFTOKEN=51716640 on 15 October 2008.
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