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Islamic Wealth Management: A Catalyst for Global Change and Innovation

Euromoney Trading Ltd
March 3, 2009
400 Pages - SKU: BGIQ2620497

Abstract Table of Contents Related Reports

Countries covered: Middle East

Islamic wealth management has evolved significantly and offers opportunities for innovation and global growth. Several providers have now diversified their offerings beyond equities and real estate. There is now available a wide choice of structured products, multimanager funds, takaful and alternative investments available from major international, regional and national financial institutions.

PART 1 - INTRODUCTION TO ISLAMIC WEALTH MANAGEMENT
1 Untapped potential and expanding to new investment frontiers: Sohail Jaffer; Introduction; Structuring equity funds for Islamic investors; Exploring investment opportunities beyond equities; The potential of Islamic REITs; Alternative investments for Islamic high net worth individuals; The potential of Islamic hedge funds
2 Islamic capital markets in the first decade: developments and issues for the future: Michael J.T. McMillen; Introduction and background; Dow Jones fatwa and sequelae; Sukuk and the capital markets; The secondary markets enigma; Conclusion
3 Globalisation and its impact on Islamic finance: a focus on the changing landscape for Islamic finance: Hari Bhambra; Introduction; Principles of Islamic finance; Islamic finance in practice; Islamic wealth management; Islamic finance in the global markets; Needs of the industry; Regulators in Islamic finance; Regulatory objectives for Islamic finance; Islamic finance and religious alignment and prohibition in the global market; Islamic finance in Islamic secular markets; Other market opportunities; The future of Islamic finance: non-denominational products; Conclusion
4 The global potential of Islamic financial services: towards a truly global market: Nesrine Jaffer; Introduction; Progress towards a global Islamic capital market; Constraints to accelerated globalisation in Islamic capital markets; Islamic retail banking: undeveloped potential; The UK: the exception to the rule in Europe; The need for critical mass in Islamic banking in Muslim-majority countries; The proliferation in Islamic financial centres; Islamic finance hubs in Asia; Conclusion: towards a truly global marketplace for Islamic financial services
5 Emerging economies - offering the possibility for innovative product development: Majid Dawood; Introduction; Emerging markets; Demand driven; Wealth management; Emerging financial centres and Islamic finance; Innovation and trends; Conclusion
6 Contemporary developments and growing options in Islamic wealth management within: North America and beyond; Shahzad Siddiqui and Siddiq Mohamed; A compromised state; Incrementalism in Islamic finance; Regulatory roadblocks; Challenges and opportunities; Conclusion
7 Islamic finance, a global alternative and socially responsible investment: Aly Khorshid; Principles of Islamic finance; Islamic instruments for primary markets; Can Islamic investment and banking appeal to non-Muslims?; Conclusion
8 Islamic finance in Lebanon: a viable Near Eastern platform: Ghassan Chammas; Introduction; Lebanon, an emerging Islamic financial hub and market place; Lebanon landmarks: securitisation and fiduciary laws; Islamic funds: Lebanon as an investment platform; Conclusion
PART 2 - WEALTH MANAGEMENT: THE BUYSIDE
9 Beyond the transaction: pairing Islamic wealth and asset management: Douglas Clark Johnson; Missing requisites: segmentation and ideas; Expanding beyond borders; But how to design and manage a portfolio?; Strategy requires implementation; Paving the way; Call for action
10 Real wealth - an Islamic perspective: Omar Clark Fisher; Introduction; Islamic perspective of wealth; Modern dilemma; Concepts to create halal wealth; Methods to build real wealth; Avoidance of riba-based investments and guidance to live debt-free; Tips on gaining wealth through savings and investments
11 Marketing and distribution of Islamic products within a wealth management platform: Naveed Imtiaz Ahmad; The growth of Islamic finance; Retail banking and wealth management; The challenges of distribution; The future
12 Effective wealth management - some issues to consider: Clive Mackinstosh and Mark P. Hurst
PART 3 - WEALTH MANAGEMENT: ASSET MANAGEMENT - EMERGING TRENDS AND OPPORTUNITIES
13 Key trends in Islamic funds: Bernardo Vizcaino; Introduction; Industry size and composition; Industry growth and new launches; Fund location and geographical mandates; Asset allocation; Due diligence components; The asset class mix; Structural evolution; Fund performance; Market behaviour; Correlation analysis; Conclusion
14 Shariah compliant mutual funds: Sonia Borg; Introduction; The Islamic financial services industry; Structured products; ETFs; Multimanager funds and hedge funds; Role of regional financial centres; Future growth; Challenges; Conclusion
15 Analysis of the benefits of Shariah screening tools: Andrew Pell; Introduction; History; The Shariah consultants; Drawbacks of Shariah screening tools in relation to historical research; The study of Shariah screening tools; Conclusion
16 Shariah compliant funds in Luxembourg: Wim Piot and Mukta Attri; Luxembourg fund centre for Islamic funds; Regulation regarding funds and other vehicles; Taxation of funds; Management of funds; Islamic equity fund; Sukuk; Sukuk fund; Specific Islamic product fund; Conclusion
17 Building an Islamic portfolio: perspectives on asset allocation and manager selection: Eric Swats and Jawad Mian; Introduction; Asset allocation; Efficient frontier: risk and return; Asset classes; Manager selection; Case study: the Rasmala experience; Challenges
18 Case study: implementing Shariah compliant investing in a multi-manager environment - the Russell Jadwa funds: Alexandra Haggard, Brian Ingram and Shamindra S. Perera; Introduction; Why multiple managers?; Multi-manager versus manager of managers versus fund of funds; Wealth managers and multi-manager funds; The importance of manager selection for Shariah mandates; Portfolio construction and manager changes in a multi-manager fund; Who is responsible for Shariah compliance?; How to ensure a single standard of compliance?; Which Shariah standards?; Adapting day to day policies to meet Shariah requirements; Russell Jadwa products so far; The future
19 Socially responsible investing: Zaha Rina Zahari and Bala Shanmugam; Introduction; Defining socially responsible investing; History of SRI; Categories of SRI participation; Value based SRI approaches; Trend of SRI; Contributing factors of SRI growth; Factors limiting growth of SRI; Adverse effects of SRI; SRI index monitor; Major providers of SRI investments; Case study: Islamic finance; Conclusion
20 Can Islamic asset management aim a little higher? Achieving maturity and the impact of socially responsible investment: Mark Stanley and Salmaan Jaffery; Introduction; Demand - the future looks bright; Supply - the nascent Islamic fund universe; Widening the investor base - socially responsible investment; Conclusions
PART 4 - WEALTH MANAGEMENT: TAKAFUL
21 The application of takaful to Islamic wealth management: Peter Vayanos and Philipp Wackerbeck; Introduction; Fundamentals of takaful; Background and development of takaful; The role of insurance in wealth management; Opportunities for takaful in Shariah compliant wealth management; Business models to deliver takaful products; Challenges to be addressed; Conclusion
22 Bancatakaful: Ajmal Bhatty; Introduction; The prospects; Key drivers; The stakeholders; Bancatakaful models; Cost benefits; The financial motivation; Conclusions
23 Takaful as a dedicated wealth management tool: Azeem Iqbal Pirani and Farhan Noor; Introduction; Takaful (Islamic insurance); Takaful as a wealth management firm; Takaful as a wealth preservation/protection tool; Takaful as a wealth multiplication tool; Takaful as a wealth transfer tool; Takaful as a wealth purification tool; Conclusion
24 Takaful and re-takaful: using the UK as a platform to Europe: Susan Dingwall and Ffion Flockhart; The potential for takaful in Europe; The regulation of takaful in Europe; The regulation of re-takaful in Europe; The importance of choosing a suitable home state regulator; Conclusion
PART 5 - WEALTH MANAGEMENT: ALTERNATIVE INVESTMENT STRATEGIES
25 Islamic banks and sukuk: growing fast, but still fragmented: Anouar Hassoune; Introduction; Sukuk are always structured products; Islamic banks perform specific financial intermediation; The future is full of challenges and constraints for the Islamic financial industry
26 A promising future for the sukuk market: Moyn Uddin and Andre Portelli; Introduction; Global sukuk market; Structuring sukuk; Structures being used; Key differences; Musharaka, mudaraba, wakala sukuk? Or ijara sukuk?; Recent innovations in sukuk structures; What happens in the event of a default or bankruptcy?; Issuers looking to sukuk as a viable alternative; Access to European, Far East and US assets; Market status; Conclusion
27 The practitioners’ working guide to sukuk: John H.C. Yip; Background; Introduction; What exactly is a sukuk?; How to originate a sukuk issuance?; Sukuk origination and structuring issues; Conclusion
28 Innovation and new opportunities: sukuk in the West: Tricia Boutros; Introduction to sukuk: becoming familiar with Islamic finance in the West; Applicability and accessibility of Islamic finance to western enterprise; Practical considerations for western sukuk issuances: forum selection, taxation and regulation; Nature of the assets: specific requirements under Shariah; Recent examples and future considerations; Conclusion
29 Real estate for the investor portfolio: Abdulkader Thomas; Introduction; Real estate risk and opportunity; Direct real estate investment; Real estate funds; REITs and REOCs; Leveraging real estate investments; Frontiers of real estate investment; Screening; Purification of incidental impermissible income; Tax and nationalisation risks; Conclusions
30 Shariah compliant private equity finance: Rodney Wilson; The role of private equity finance in the Islamic world; The emergence of private equity finance in the MENA region; Screening criteria for private equity investment; Shariah compliant venture capital in Malaysia; Potential and limitations of diminishing musharakah; Principles of musharakah; An adaptive musharakah structure; Overcoming moral hazard; Musharakah as an equity or debt instrument?; Future prospects
31 Islamic private equity: an examination of opportunities and issues for an evolving: industry; Dilip N. Massand and Paul C. Homsy; Introduction; Shariah requirements and private equity; Sample Shariah structures for private equity transactions; Investment opportunities for Islamic private equity; Issues concerning different share classes, rewards, protection; Conclusion
PART 6 - REGULATORY, LEGAL AND RISK MANAGEMENT
32 Regulatory, supervisory and legal implications relating to Islamic wealth management: Simon Archer; Introduction; Investment accounts with Islamic banks; Investment products offered by takaful undertakings; Islamic mutual funds; Islamic investment certificates (sukuk); Conclusion
33 Corporate governance in Islamic finance: Nasser Saidi; Introduction; Corporate governance; Islamic banking; Corporate governance framework of Islamic banks and financial institutions; IFSB principles and AAOIFI governance standards; Internal and external Shariah compliance for IFIs; Corporate governance in takaful and re-takaful industry; Common corporate governance practices in banks and other institutions; Conclusions
34 Risk management issues of Shariah compliant wealth management: Zamir Iqbal; Introduction; Risk exposures; Risk management strategy; Conclusion
35 When finance converges with faith: Christopher O’Brien and Alka Banerjee; Introduction; Where a growing offer is answering to latent demand; Creating Shariah compliant equity indices; Construction of Shariah compliant indices; Generally accepted principles of Shariah compliance; Returns from the Shariah indices; Commercial applications of Shariah equity indices; Comparison to the Dow Jones Islamic market indexes; Conclusion
36 Taxation of investment funds: Mohammed Amin and Elizabeth Stone; Tax treatment of UK funds; Offshore funds distributing into the UK

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Islamic Wealth Management: A Catalyst for Global Change and Innovation

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